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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/27/24 Grindrod Shipping Holdings Ltd. 20-F 12/31/23 195:88M DataTracks Svcs Ltd./FA |
Document/Exhibit Description Pages Size 1: 20-F Annual or Annual-Transition Report by a Foreign HTML 21.42M Non-Canadian Issuer 2: EX-4.22B Instrument Defining the Rights of Security Holders HTML 450K 3: EX-4.23B Instrument Defining the Rights of Security Holders HTML 505K 4: EX-4.24A Instrument Defining the Rights of Security Holders HTML 197K 5: EX-4.25E Instrument Defining the Rights of Security Holders HTML 789K 6: EX-4.33 Instrument Defining the Rights of Security Holders HTML 7.76M 7: EX-8.1 Opinion of Counsel re: Tax Matters HTML 112K 10: EX-13.1 Annual or Quarterly Report to Security Holders HTML 52K 11: EX-13.2 Annual or Quarterly Report to Security Holders HTML 52K 13: EX-97.1 Clawback Policy re: Recovery of Erroneously HTML 359K Awarded Compensation 8: EX-12.1 Statement re: the Computation of Ratios HTML 60K 9: EX-12.2 Statement re: the Computation of Ratios HTML 58K 12: EX-15.2 Letter re: Unaudited Interim Financial Info HTML 48K 19: R1 Cover Page HTML 119K 20: R2 Consolidated Statements of Financial Position HTML 149K 21: R3 Consolidated Statements of Profit or Loss HTML 124K 22: R4 Consolidated Statements of Comprehensive Income HTML 88K 23: R5 Consolidated Statements of Changes in Equity HTML 91K 24: R6 Consolidated Statements of Cash Flows HTML 174K 25: R7 Consolidated Statements of Cash Flows 1 HTML 56K 26: R8 General Information HTML 55K 27: R9 Material Accounting Policies HTML 148K 28: R10 Critical Accounting Judgements and Key Sources of HTML 100K Estimation Uncertainty 29: R11 Financial Instruments, Financial Risks and Capital HTML 978K Management 30: R12 Holding Company, Related Company and Related Party HTML 318K Transactions 31: R13 Cash and Bank Balances Including Restricted Cash. HTML 143K 32: R14 Trade Receivables HTML 265K 33: R15 Contract Assets HTML 49K 34: R16 Other Receivables and Prepayments HTML 115K 35: R17 Derivative Financial Instruments HTML 852K 36: R18 Inventories HTML 129K 37: R19 Ships, Property, Plant and Equipment HTML 952K 38: R20 Right-Of-Use Assets HTML 543K 39: R21 Subsidiaries HTML 733K 40: R22 Interest in Joint Ventures HTML 116K 41: R23 Intangible Assets HTML 524K 42: R24 Goodwill HTML 185K 43: R25 Other Investments HTML 144K 44: R26 Deferred Tax HTML 150K 45: R27 Trade and Other Payables HTML 101K 46: R28 Contract Liabilities HTML 48K 47: R29 Leases and Ship Charters HTML 74K 48: R30 Lease Liabilities HTML 350K 49: R31 Bank Loans and Other Borrowings HTML 193K 50: R32 Provisions HTML 109K 51: R33 Retirement Benefit Obligation HTML 251K 52: R34 Share Capital HTML 132K 53: R35 Other Equity and Reserves HTML 297K 54: R36 Revenue HTML 198K 55: R37 Segment Information HTML 2.29M 56: R38 Other Operating (Expense) Income HTML 166K 57: R39 Interest Income HTML 88K 58: R40 Interest Expense HTML 114K 59: R41 (Loss) Profit Before Taxation HTML 209K 60: R42 Income Tax Expense (Benefit) HTML 273K 61: R43 Discontinued Operation HTML 278K 62: R44 Acquisition of Subsidiaries HTML 330K 63: R45 Earnings Per Share HTML 324K 64: R46 Dividends HTML 154K 65: R47 Commitments HTML 65K 66: R48 Events After the Reporting Period HTML 57K 67: R49 Material Accounting Policies (Policies) HTML 155K 68: R50 Financial Instruments, Financial Risks and Capital HTML 890K Management (Tables) 69: R51 Holding Company, Related Company and Related Party HTML 315K Transactions (Tables) 70: R52 Cash and Bank Balances Including Restricted Cash HTML 137K (Tables) 71: R53 Trade Receivables (Tables) HTML 261K 72: R54 Other Receivables and Prepayments (Tables) HTML 111K 73: R55 Derivative Financial Instruments (Tables) HTML 851K 74: R56 Inventories (Tables) HTML 125K 75: R57 Ships, Property, Plant and Equipment (Tables) HTML 938K 76: R58 Right-Of-Use Assets 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(Tables) HTML 262K 98: R80 Discontinued Operation (Tables) HTML 276K 99: R81 Acquisition of Subsidiaries (Tables) HTML 321K 100: R82 Earnings Per Share (Tables) HTML 321K 101: R83 Dividends (Tables) HTML 153K 102: R84 Commitments (Tables) HTML 62K 103: R85 Critical Accounting Judgements and Key Sources of HTML 78K Estimation Uncertainty (Details Textual) 104: R86 Financial Instruments, Financial Risks and Capital HTML 69K Management (Details) 105: R87 Financial Instruments, Financial Risks and Capital HTML 57K Management (Details 2) 106: R88 Financial Instruments, Financial Risks and Capital HTML 49K Management (Details 3) 107: R89 Financial Instruments, Financial Risks and Capital HTML 83K Management (Details 5) 108: R90 Financial Instruments, Financial Risks and Capital HTML 83K Management (Details 6) 109: R91 Financial Instruments, Financial Risks and Capital HTML 60K Management (Details 7) 110: R92 Financial Instruments, Financial Risks and Capital HTML 61K Management (Details 8) 111: R93 Financial Instruments, Financial Risks and Capital HTML 83K Management (Details Textual) 112: R94 Holding Company, Related Company and Related Party HTML 57K Transactions (Details 1) 113: R95 Holding Company, Related Company and Related Party HTML 64K Transactions (Details 2) 114: R96 Holding Company, Related Company and Related Party HTML 51K Transactions (Details 3) 115: R97 Holding Company, Related Company and Related Party HTML 47K Transactions (Details Textual) 116: R98 Cash and Bank Balances Including Restricted Cash HTML 63K (Details) 117: R99 Trade Receivables (Details) HTML 50K 118: R100 Trade Receivables (Details 1) HTML 59K 119: R101 Trade Receivables (Details 4) HTML 55K 120: R102 Trade Receivables (Details 5) HTML 58K 121: R103 Trade Receivables (Details Textual) HTML 46K 122: R104 Contract Assets (Details Textual) HTML 50K 123: R105 Other Receivables and Prepayments (Details) HTML 59K 124: R106 Derivative Financial Instruments (Details) HTML 53K 125: R107 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R125 Goodwill (Details Textual) HTML 61K 144: R126 Other Investments (Details) HTML 55K 145: R127 Other Investments (Details Textual) HTML 51K 146: R128 Deferred Tax (Details) HTML 67K 147: R129 Deferred Tax (Detail Textuals) HTML 47K 148: R130 Trade and Other Payables (Details) HTML 58K 149: R131 Leases and Ship Charters (Details) HTML 49K 150: R132 Leases and Ship Charters (Details Textual) HTML 53K 151: R133 Lease Liabilities - (Details) HTML 95K 152: R134 Lease Liabilities - (Details 1) HTML 53K 153: R135 Bank Loans and Other Borrowings (Details) HTML 65K 154: R136 Bank Loans and Other Borrowings (Details Textual) HTML 120K 155: R137 Provisions (Details) HTML 48K 156: R138 Provisions (Details 1) HTML 50K 157: R139 Retirement Benefit Obligation (Details) HTML 75K 158: R140 Retirement Benefit Obligation (Details 1) HTML 54K 159: R141 Retirement Benefit Obligation (Details 2) HTML 47K 160: R142 Retirement Benefit Obligation (Details Textual) HTML 46K 161: R143 Share Capital (Details) HTML 64K 162: R144 Share Capital (Details Textual) HTML 62K 163: R145 Other Equity and Reserves (Details) HTML 52K 164: R146 Other Equity and Reserves (Details 1) HTML 50K 165: R147 Other Equity and Reserves (Details 2) HTML 50K 166: R148 Other Equity and Reserves (Details 3) HTML 72K 167: R149 Other Equity and Reserves (Details Textual) HTML 63K 168: R150 Revenue (Details) HTML 65K 169: R151 Revenue (Details Textual) HTML 45K 170: R152 Segment Information (Details) HTML 188K 171: R153 Other Operating (Expense) Income (Details) HTML 70K 172: R154 Interest Income (Details) HTML 51K 173: R155 Interest Expense (Details) HTML 57K 174: R156 (Loss) Profit Before Taxation (Details) HTML 77K 175: R157 Income Tax Expense (Benefit) (Details) HTML 62K 176: R158 Income Tax Expense (Benefit) (Details 1) HTML 65K 177: R159 Income Tax Expense (Benefit) (Details Textual) HTML 63K 178: R160 Discontinued Operation (Detail) HTML 73K 179: R161 Discontinued Operation (Detail 1) HTML 52K 180: R162 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Grindrod Shipping Holdings Ltd. |
i ¨ |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i x |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ¨ |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of Each Class |
|
Trading Symbol |
|
Name of Each Exchange on Which Registered |
i Ordinary shares, no par value |
|
i GRIN |
|
i NASDAQ Global Select Market |
Large accelerated filer ¨ |
Accelerated filer ¨ |
i Non-accelerated filer x |
Emerging growth company i x |
† |
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP ¨ |
i International Financial Reporting Standards as issued x |
Other ¨ |
· | our future operating or financial results; |
· | the
strength of world economies, including, in particular, in China and the rest of the Asia-Pacific region; |
· | cyclicality of the drybulk industry, including general drybulk shipping market conditions and trends, including fluctuations in charter hire rates and vessel values; |
· | changes in supply and demand in the drybulk shipping industry, including the market for our vessels; |
· | changes
in the value of our vessels; |
· | changes in our business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs; |
· | competition within the drybulk industry; |
· | seasonal
fluctuations within the drybulk industry; |
· | our ability to employ our vessels in the spot market and our ability to enter into time charters after our current charters expire; |
· | general economic conditions and conditions in the coal industry; |
· | our
ability to satisfy the technical, health, safety and compliance standards of our customers; |
· | the failure of counterparties to our contracts to fully perform their obligations with us; |
· | our ability to execute our growth strategy; |
· | international
political conditions, including additional tariffs imposed by China and the United States; |
· | potential disruption of shipping routes due to weather, accidents, political events, natural disasters or other catastrophic events; |
· | vessel breakdowns; |
· | corruption,
piracy, military conflicts, political instability and terrorism in locations where we may operate, including the conflict between Russia and Ukraine; |
· | fluctuations in interest rates and foreign exchange rates and changes in the method pursuant to which the Secured Overnight Financing Rate (“SOFR”) and other benchmark rates are determined; |
· | changes in the costs associated with owning and operating our vessels; |
· | changes
in, and our compliance with, governmental, tax, environmental, health and safety regulations; |
· | potential liability from pending or future litigation; |
· | our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; |
· | the
continued borrowing availability under our debt agreements and compliance with the covenants contained therein; |
· | our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels; |
· | our dependence on key personnel; |
· | our
expectations regarding the availability of vessel acquisitions and our ability to buy and sell vessels and to charter-in vessels as planned or at prices we deem satisfactory; |
· | adequacy of our insurance coverage; |
· | effects of new technological innovation and advances in vessel design; |
· | the
effects of any outbreaks of epidemic or pandemic diseases, and governmental responses thereto on our operations and the demand and trading patterns for the drybulk markets, and the duration of these effects; and |
· | the other factors set out in “Item 3. Key Information—Risk Factors”. |
Page | |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
OFFER STATISTICS AND EXPECTED TIMETABLE |
KEY INFORMATION |
1 |
· | Global economic conditions could negatively affect the markets in which we operate and could affect our results; |
· | Charter rates and spot markets for drybulk carriers are volatile, which could affect our results; |
· | The
fair market values of our vessels are volatile which could limit our borrowings, cause us to breach covenants or result in impairment losses; |
· | Inflation could continue to adversely affect our business and financial results; |
· | An inability to effectively time investments in and divestments of vessels could affect our business strategy; |
· | An
over-supply of drybulk carrier capacity may lead to a reduction in drybulk carrier charter rates; |
· | We operate in the highly competitive international shipping industry and we may not be able to successfully compete; |
· | Our drybulk shipping charter rates and spot rates will be subject to seasonal and cyclical fluctuations; |
· | We
are subject to complex laws and regulations, that can affect the cost, manner or feasibility of doing business; |
· | Climate change and greenhouse gas restrictions may adversely affect our operating results; |
· | Our growth depends on continued growth in demand for commodities and the seaborne transportation of such cargoes; |
· | If
we cannot meet our customers’ requirements we may not be able to operate our vessels profitably; |
· | World events, including terrorist attacks and regional conflict, could affect our results; |
· | Increasing trade protectionism and unraveling multilateral trade agreements could impact our client’s and our business; |
· | Acts
of piracy on ocean-going vessels may impact our business; |
· | We are subject to international safety regulations and requirements imposed by our classification societies and the failure to comply with these regulations may affect our business; |
· | Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business; |
· | Changes
in fuel, or bunker, prices may adversely affect our profits; |
· | Long-term technological innovations could expose us to lower vessel utilization and/or decreased charter rates; |
· | We operate drybulk carriers worldwide and, as a result, our business has inherent operational risks; |
· | Maritime
claimants could arrest or attach one or more of our vessels, which could interrupt our cash flows; |
· | Labor interruptions could disrupt our business; |
· | Our vessels may call on ports located in countries that are subject to restrictions which could affect our reputation; |
· | We
could be adversely affected by violations of worldwide anti-corruption laws; |
· | The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us; |
· | Governments could requisition our vessels during a period of war or emergency, which could affect our results ; and |
· | Outbreaks
of epidemic and pandemic diseases and governmental responses thereto, could affect our results. |
· | Our drybulk vessels are employed in the spot market and a decrease in drybulk spot rates could affect our results; |
· | A reduction in charter rates, spot market rates, market deterioration or the aging
of our Fleet may result in impairment charges against our vessels; |
· | We depend on certain customers for our revenue who could default on their obligations; |
· | A drop in spot market rates may provide an incentive for customers to default on their charters and contracts; |
· | We
are subject to certain risks with respect to our counterparties to contracts, which could cause us to suffer losses; |
· | We may be unable to attract and retain key management personnel and other employees, which could affect our results; |
2 |
· | The
aging of our vessels may result in increased operating costs in the future, which could affect our results; |
· | We may not have adequate insurance to compensate us for losses due to the inherent risks in the industry; |
· | We may have difficulty managing our planned growth properly; |
· | Grindrod
Shipping depends on its subsidiaries to distribute funds to it; |
· | Our future capital needs are uncertain and we may need to raise additional funds in the future; |
· | Servicing our current or future indebtedness and meeting certain financing obligations limits available funds; |
· | We
are exposed to volatility in benchmark rates (in particular Term SOFR) which could affect our results; |
· | We are leveraged, which could significantly limit our ability to execute our business strategy; |
· | Utilising derivative instruments, such as forward freight or bunker swap agreements, could affect our results; |
· | We
may be subject to litigation that could affect our results; |
· | Some of the vessels in our Fleet are operated by third-party technical managers which may affect our results; |
· | Some of the third-party managers are privately held companies with limited public information available; |
· | Security
breaches and disruptions to our information technology infrastructure could affect our operations; |
· | Exchange rate fluctuations could cause exchange rate losses; |
· | If we are unable to operate our financial and operations systems effectively, our performance may be affected; |
· | We
need to maintain our relationships with local shipping agents, port and terminal operators; |
· | Prolonged disruption in the loading and unloading of our vessels and port congestion could affect our operations; |
· | If we acquire and/or operate secondhand vessels, we could be exposed to increased operating costs; |
· | Technological
innovation could reduce our charter hire income and the value of our vessels; |
· | Newbuilding projects are subject to risks that could cause delays, cost overruns or cancellations; |
· | Our failure to comply with data privacy laws could damage our customer relationships and expose us to litigation; and |
· | We
currently bank with a limited number of financial institutions, which subjects us to credit risk. |
· | There may not be a liquid market for the Grindrod Shipping ordinary shares; |
· | Certain shareholders own large portions of our ordinary shares, which may influence the outcome of significant votes; |
· | The
Grindrod Shipping ordinary shares are traded on two stock exchanges and this may result in price variations; |
· | If analysts do not publish research or reports about our business, our share price and trading volume could decline; |
· | Grindrod Shipping may not have sufficient distributable profits to distribute dividends or assets to shareholders; |
· | Any
shareholder whose principal currency is not the U.S. dollar is subject to currency risk on dividends paid; |
· | Grindrod Shipping is a Singapore company, and shareholder rights differ from those under U.S. law; |
· | Grindrod Shipping is subject to the laws of Singapore, which differ from the laws of the United States; |
· | Anti-takeover
provisions under Singapore law may affect a future takeover or change of control of Grindrod Shipping, which could affect the share price; |
· | Under Singapore law, shareholder approval is required to allow us to issue new shares; |
· | The Jumpstart Our Business Startups Act of 2012 allows us to postpone the date by which we must comply with some disclosure and investor protection laws; |
· | As
a “foreign private issuer” we are permitted to follow certain home country corporate governance practices; |
· | If we lost foreign private issuer status, we would be required to comply with the Exchange Act’s domestic reporting regime; |
· | If we fail to establish and maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired; |
· | We
incur certain significant costs as a company whose ordinary shares are publicly traded in the United States; |
· | We are subject to significant scrutiny and expectations with respect to our Environmental, Social and Governance (“ESG”) policies; and |
· | Certain of Grindrod Shipping’s directors may have actual or potential conflicts of interest. |
· | We
may have to pay tax on U.S. source income, which would reduce our earnings; |
· | U.S. tax authorities could treat us as a passive foreign investment company; |
· | We may be subject to taxes, which may reduce our cash available for distribution to our shareholders; and |
· | Grindrod
Shipping shareholders may be subject to Singapore taxes. |
3 |
4 |
· | low
charter rates, particularly for vessels employed on short-term time charters or in the spot market; |
· | decreases in the market value of drybulk carriers and limited second-hand market for the sale of vessels; |
· | limited financing for vessels; |
· | widespread
loan covenant defaults; and |
· | declaration of bankruptcy by certain vessel operators, vessel owners, shipyards and charterers. |
5 |
· | supply of and demand for energy resources, commodities, consumer and industrial products; |
· | changes
in the exploration or production of energy resources, commodities, consumer and industrial products; |
· | the location of regional and global production and manufacturing facilities; |
· | the location of consuming regions for energy resources, commodities, consumer and industrial products; |
· | the
globalization of production and manufacturing; |
· | global and regional economic and political conditions, including armed conflicts and terrorist activities, embargoes, tariffs and strikes; |
· | disruptions and developments in international trade including additional trade tariffs imposed; |
· | economic
slowdowns caused by public health events; |
· | the cost of steel and labor; |
· | the cost and availability of financing; |
· | changes in seaborne
and other transportation patterns, including the distance cargo is transported by sea; |
· | environmental and other regulatory developments; |
· | competition from alternative sources of energy; |
· | international
sanctions, embargoes, import and export restrictions, nationalizations and wars; |
· | currency exchange rates; and |
· | weather, natural disasters and other catastrophic events may disrupt drybulk trading patterns. |
· | the
number of newbuilding orders and deliveries, including slippage in deliveries; |
· | the number of shipyards and ability of shipyards to deliver vessels; |
· | port or canal congestion; |
· | the
scrapping rate of older vessels; |
· | environmental concerns and regulations; |
· | changes in international regulations that may result in the reduced carrying capacity of vessels or early obsolescence of tonnage; |
· | speed
of vessel operation; |
· | vessel casualties; |
· | weather; and |
· | the
number of vessels that are out of service, namely those that are laid-up, drydocked, awaiting repairs or otherwise not available for hire. |
6 |
· | prevailing levels of charter rates; |
· | general
economic and market conditions affecting the shipping industry; |
· | competition from varying types and sizes of vessels; |
· | the ages of vessels; |
· | the
supply of and demand for vessels; |
· | other modes of transportation; |
· | the cost of newbuildings; |
· | governmental and other regulations; |
· | the
need to upgrade vessels as a result of charterer requirements, technological advances in vessel design or equipment or otherwise; |
· | bunker prices; |
· | competition from other shipping companies; and |
· | the
duration and impact of epidemic and pandemic diseases. |
7 |
8 |
9 |
· | technology developments and their effect on factors such as cost, alternative or substitute products, alternative methods of production and the location of production; |
· | the
economic and financial developments globally, including actual and projected global economic growth; |
· | decreases in the consumption of coal due to increases in its price relative to other energy sources, and other factors making consumption of coal less attractive or energy conservation measures; |
· | availability of new, alternative energy
sources; and |
· | negative or deteriorating global or regional economic or political conditions, particularly in coal-consuming regions, which could reduce energy consumption or its growth. |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
· | identify suitable drybulk carriers, including newbuilding slots at shipyards and/or shipping companies for acquisition at attractive prices; |
· | sell
older vessels at an appropriate time in the market; |
· | obtain required financing for our existing and new vessels and operations; |
· | identify businesses engaged in managing, operating or owning drybulk carriers for acquisition or joint ventures; |
· | integrate
any acquired drybulk carriers or businesses successfully with our existing operations, including obtaining any approvals and qualifications necessary to operate vessels that we acquire; |
· | hire, train and retain qualified personnel and crew to manage and operate our growing business and Fleet; |
· | identify additional new markets; |
· | enhance
our customer base; and |
· | enhance our operating, financial and accounting systems and controls. |
20 |
· | our
financial performance; |
· | our credit ratings; |
· | the liquidity of the overall capital markets; |
· | the state of the Singapore, South African,
United States and global economies; |
· | general economic conditions and other contingencies and uncertainties that are beyond our control; and |
· | the state of the drybulk industry. |
21 |
· | seeking to raise additional capital; |
· | refinancing or restructuring our debt; |
· | selling our vessels; or |
· | reducing
or delaying capital investments. |
22 |
· | incur additional indebtedness on the relevant vessels securing that facility; |
· | sell
any collateral vessel (unless a corresponding amount under the relevant facility were prepaid in accordance with its terms); |
· | upon the happening of an event of default or potential event of default, make additional investments or acquisitions; |
· | upon the happening of an event of default or potential event of default, pay dividends; or |
· | effect
a change of ownership or control of the relevant borrower group under each facility. |
23 |
24 |
25 |
26 |
27 |
28 |
29 |
30 |
· | the provisions of the Sarbanes-Oxley Act of 2002, as amended, or Sarbanes-Oxley Act, requiring that Grindrod Shipping’s independent registered public accounting firm provide an attestation report on the effectiveness of Grindrod Shipping’s internal control over financial reporting; |
· | Section 107
of the JOBS Act, which provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting standards. This means that an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. Grindrod Shipping currently prepares its financial statements in accordance with IFRS as issued by the IASB, which do not have separate provisions for publicly traded and private companies. However, in the event Grindrod Shipping converts to U.S. GAAP in the future while it is still an emerging growth company, Grindrod Shipping may be able to take advantage of the benefits of this extended transition period and, as a result, during the time that Grindrod Shipping delays such adoption of new or revised accounting standards Grindrod
Shipping’s financial statements may not be comparable to companies that comply with all public company accounting standards; and |
· | any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement to the auditor’s report on the financial statements. |
31 |
32 |
33 |
34 |
35 |
INFORMATION ON THE COMPANY |
A. | History and Development of the Company |
B. | Business Overview |
36 |
37 |
• | Established shipping track record in key geographic markets. The Grindrod Shipping business has been involved in various sectors of the shipping industry for more than 100 years. With a core presence and primary offices in Africa and Asia, we maintain a strong focus and local business relationships with critical end-users in geographic regions that have been key to drybulk demand
growth. |
• | Quality fleet built to high specifications. We operate a quality fleet of drybulk carriers predominantly built in Japan with an average age of approximately eight years, including our long-term charter-in fleet. We believe that owning and maintaining a quality fleet of Japanese vessels reduces off-hire time and operating costs, improves safety and environmental performance and provides us with a competitive advantage in securing employment for our vessels. Additionally, we believe that quality vessels built in Japan are able to retain value over market cycles. Our quality fleet will also better allow us to cost effectively comply with increasing environmental regulations
that may be applicable to our vessels. |
• | Vessel employment supported by cargo contracts and strong relationships with key counterparties . We continue to operate strategic cargo contracts and we believe that our focus on these contracts supports the employment and regional positioning of our vessels. We have also established strong long-term global relationships with shipping companies, charterers,
shipyards, trading houses, brokers and commercial shipping lenders. |
• | Experienced management team. Our management team is led by Edward Buttery, who was appointed Chief Executive Officer, effective April 1, 2023. Mr. Buttery is the Founder, Chief Executive Officer and Executive Director of Taylor Maritime Investments Limited and has extensive experience in the shipping and maritime finance fields over the last 18 years. Our management team has considerable shipping experience, and has developed industry relationships with charterers,
lenders, shipbuilders, insurers and other industry participants. |
• | Long-standing risk management model and liquidity model. We operate a risk management model and a liquidity model that have been in place for many years and quantify the extent to which our financial position may be at risk to freight market movements and assess our liquidity position under various scenarios. We utilize these models to evaluate and attempt to mitigate market risk during any portion of a shipping cycle with a primary focus on maintaining acceptable levels of equity and liquidity in any potential market downturn. |
• | Primarily focus on handysize and supramax/ultramax drybulk market. We intend to continue focusing our operations in the key drybulk market segments in which we have historically excelled. We completed our exit from the tanker segment in 2022 and do not anticipate reinvesting in the sector at this time. |
• | Maintain
balance sheet flexibility and liquidity. We continue to take a prudent approach in managing our Fleet to ensure balance sheet flexibility and liquidity. Our Goal is to strengthen our balance sheet over time by reducing net leverage, with a long-term commitment to be free of structural debt. We expect to achieve this through a combination of vessel sales and operating cash flow. |
• | Utilize a dynamic approach to fleet development . We believe that our approach to fleet management, which utilizes a combination of owned vessels, long-term charter-in vessels and short-term charter-in vessels, allows us significant flexibility to adjust our
market exposure depending on market conditions. Our focus on Japanese-built vessels and our long-term charter-in fleet with attractive purchase options relative to prevailing market prices allows us to better manage our fleet renewal options while fulfilling our cargo contracts. |
• | Leverage our commercial management expertise. We intend to optimize the employment of our drybulk carriers to maximize charter revenues while mitigating risk through a combination of charters, FFA’s and COA’s, when appropriate, to secure future earnings and create cash flow visibility. |
• | Continue
to grow our relationships with key industry players. We continue to maintain our relationships with key industry players in Japan which has historically provided us with access to attractive financing terms and high quality vessels for charters and acquisitions. |
38 |
Vessel Name | Built | Country of Build | DWT | Type
of Employment | ||||||||||||
Handysize – Eco | ||||||||||||||||
IVS
Tembe | 2016 | Japan | 37,740 | IVS
Commercial (1) | ||||||||||||
IVS Sunbird | 2015 | Japan | 33,400 | IVS
Handysize Pool | ||||||||||||
IVS Thanda | 2015 | Japan | 37,720 | IVS
Commercial (1) | ||||||||||||
IVS Phinda | 2014 | Japan | 37,720 | IVS
Commercial (1) | ||||||||||||
IVS Sparrowhawk | 2014 | Japan | 33,420 | IVS
Handysize Pool | ||||||||||||
Handysize | ||||||||||||||||
IVS
Kinglet (2) | 2011 | Japan | 33,130 | IVS
Handysize Pool | ||||||||||||
IVS Magpie (2) | 2011 | Japan | 28,240 | IVS
Handysize Pool | ||||||||||||
IVS Knot (2) | 2010 | Japan | 33,140 | IVS
Handysize Pool | ||||||||||||
IVS Merlin | 2011 | Japan | 38,468 | IVS
Handysize Pool | ||||||||||||
HB Imabari | 2024 | Japan | 39,640 | IVS
Commerical (1) | ||||||||||||
Supramax/Ultramax – Eco | ||||||||||||||||
IVS
Prestwick | 2019 | Japan | 61,300 | IVS
Supramax Pool | ||||||||||||
IVS Okudogo | 2019 | Japan | 61,330 | IVS
Supramax Pool | ||||||||||||
IVS Phoenix (2) | 2019 | Japan | 61,470 | IVS
Supramax Pool | ||||||||||||
IVS Swinley Forest | 2017 | Japan | 60,490 | IVS
Supramax Pool | ||||||||||||
IVS Gleneagles | 2016 | Japan | 58,070 | IVS
Supramax Pool | ||||||||||||
IVS North Berwick | 2016 | Japan | 60,480 | IVS
Supramax Pool | ||||||||||||
IVS Wentworth | 2015 | Japan | 58,090 | IVS
Supramax Pool |
Vessel Name | Built | Country of
Build | DWT | Charter- in Period (3) | Purchase Option Price (Millions) | Type of Employment | ||||||||||||||||||
Handysize
– Eco | ||||||||||||||||||||||||
IVS
Kestrel (4) | 2014 | Japan | 32,770 | 2023-24 | $ | - | IVS
Handysize Pool | |||||||||||||||||
Supramax/Ultramax – Eco | ||||||||||||||||||||||||
Aries
Karin (5) | 2021 | Japan | 64,230 | 2024-25 | $ | - | IVS
Supramax Pool | |||||||||||||||||
IVS Atsugi (6) | 2020 | Japan | 62,660 | 2023-24 | $ | 25.2 | IVS
Supramax Pool | |||||||||||||||||
IVS Pebble Beach (7) | 2020 | Japan | 62,660 | 2023-24 | $ | 25.2 | IVS
Supramax Pool | |||||||||||||||||
IVS Windsor (8) | 2016 | Japan | 60,280 | 2023-26 | $ | - | IVS
Supramax Pool | |||||||||||||||||
IVS Crimson Creek (9) | 2014 | Japan | 57,950 | 2023-24 | $ | - | IVS
Supramax Pool | |||||||||||||||||
IVS Naruo (10) | 2014 | Japan | 60,030 | 2023-24 | $ | ~12.0 | IVS
Supramax Pool |
(1) | Commercially managed by Grindrod Shipping alongside the IVS Handysize Pool. |
(2) | IVS Knot, IVS Kinglet, IVS Magpie and IVS Phoenix have each undergone separate financing arrangements in which we sold these vessels but retained the right to control the use of these vessels for a period up to
2030, 2031, 2031 and 2036, respectively, and we have an option to acquire IVS Knot, IVS Kinglet and IVS Magpie commencing in 2021 and IVS Phoenix in 2023. We regard the vessels as owned since we have retained the right to control the use of the vessels. |
(3) | Expiration date range represents the earliest and latest re-delivery periods due to extension options. |
(4) | Chartered-in until Q2 2024 with one one-year option
to extend. |
(5) | Chartered-in until Q4 2024 with one one-year options to extend. |
(6) | Chartered-in until Q4 2024. The purchase option is exercisable beginning in Q4 2022 and any time thereafter to expiry date, subject to contract terms and conditions. The purchase option price reduces with a linear depreciation of $1.0 million per year or prorate. |
39 |
(7) | Chartered-in
until Q3 2024. The purchase option is exercisable beginning in Q3 2022 and any time thereafter to expiry date, subject to contract terms and conditions. The purchase option price reduces with a linear depreciation of $1.0 million per year or prorate. |
(8) | Chartered-in until Q3 2024 with one one-year option and one nine-month option to extend. |
(9) | Chartered-in for a period of 12 to 15 months
until January 2025. |
(10) | Chartered-in until Q4 2024. The purchase option was exercised in November 2023 and is subject to contract terms and conditions. The IVS Naruo has been contracted for sale and time charter in, with planned delivery to new owners on or before June 30, 2024. The option includes a Japanese Yen denominated component which has been hedged at a rate of 142 Yen to $1. |
40 |
41 |
42 |
43 |
44 |
45 |
46 |
• | injury
to, destruction or loss of, or loss of use of, natural resources and the costs of assessment thereof; |
• | injury to, or economic losses resulting from, the destruction of real and personal property; |
• | net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources; |
• | loss
of subsistence use of natural resources that are injured, destroyed or lost; |
• | lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and |
• | net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards. |
47 |
48 |
49 |
50 |
2023 | 2022 | |||||||
General | ||||||||
Fleet
average age mid-period (years) | 8.8 | 7.5 | ||||||
CO 2 Emissions generated during the period (metric tonnes) | 272,880 | 317,809 | ||||||
Annual
Efficiency Ratio for the period (grams CO 2 / deadweight ton-mile)(2) | ||||||||
All drybulk vessels | 5.93 | 6.27 | ||||||
Handysize
drybulk carriers | 7.64 | 7.86 | ||||||
Supramax / ultramax drybulk carriers | 4.65 | 4.88 | ||||||
Energy
Efficiency Operational Indicator for the period (grams CO 2 / cargo ton-mile)(3) | ||||||||
All drybulk vessels | 9.96 | 11.33 | ||||||
Handysize
drybulk carriers | 13.5 | 14.79 | ||||||
Handysize general cargo | 9.34 | 9.82 | ||||||
Supramax
/ ultramax drybulk carriers | 7.98 | 8.27 |
(1) | Our emissions data is based on the reporting tools and information reasonably available to Grindrod Shipping and its applicable third-party technical
managers. Grindrod Shipping assesses such data from time to time and may adjust and restate data to reflect latest information. |
(2) | AER is reported in unit grams of CO 2 per deadweight ton-mile and is calculated by dividing (i) mass of fuel consumed by type, converted to equivalent mass CO2 by (ii) the design deadweight tonnage of the vessel (in metric tons) multiplied by distance travelled, both laden and in ballast (in nautical miles). |
(3) | EEOI
is reported in unit grams of CO 2 per cargo ton-mile and is calculated by dividing (i) mass of fuel consumed by type, converted to equivalent mass of CO2 by (ii) cargo carried (in metric tons) multiplied by laden voyage distance (in nautical miles). This calculation is performed as per IMO MEPC.1/Circ.684 |
51 |
• | on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped vessels and shore stations, including information on a vessel’s identity, position, course, speed and navigational status; |
• | on-board installation
of vessel security alert systems, which do not sound on the vessel but only alert the authorities on shore; |
• | the development of a vessel security plan; |
• | vessel identification number to be permanently marked on a vessel’s hull; |
• | a
continuous synopsis record kept onboard showing a vessel’s history including the name of the vessel, the state whose flag the vessel is entitled to fly, the date on which the vessel was registered with that state, the vessel’s identification number, the port at which the vessel is registered and the name of the registered owner(s) and their registered address; and |
• | compliance with flag state security certification requirements. |
52 |
53 |
54 |
55 |
C. | Organizational
Structure |
D. | Property, Plants and Equipment |
UNRESOLVED
STAFF COMMENTS |
56 |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
57 |
Commercial Pool | Spot
Market | Time Charters | ||||
Typical contract length | Varies | Varies | Varies | |||
Charter hire rate basis (1) |
Varies | Varies | Daily | |||
Voyage expenses | Pool pays | We or customer pays | Customer pays | |||
Vessel operating costs for owned vessels |
We pay | We pay | We pay | |||
Charter hire costs for vessels chartered-in by us | We pay | We pay | We pay | |||
Off-hire (2) |
Pool does not pay | Customer does not pay | Customer does not pay |
(1) | “Charter hire rate” refers to the basic payment from the charterer for the use of the vessel under time charter. |
(2) | “Off-hire”
refers to the time a vessel is not available for service due primarily to scheduled and unscheduled repairs or drydockings. For time chartered-in vessels, we do not pay the charter hire cost when the vessel is off-hire. And for time chartered-out vessels, the charterer is not obliged to pay us the charter hire when the vessel is off-hire. |
58 |
• | strength of world economies, in particularly in China and the rest of the Asia-Pacific region; |
• | cyclicality in the drybulk industry and volatility of charter rates which is impacted by supply
and demand; |
• | seasonality; |
• | our ability to successfully compete in the drybulk markets and employ or procure the employment of our vessels at economically attractive rates; |
• | changes
in supply of drybulk vessels; |
• | the duration of our charter contracts and market conditions when charters expire; |
• | our decisions relating to vessel acquisitions and disposals and our ability to buy and sell vessels, and to charter-in vessels at prices we deem satisfactory; |
• | the
strength of and growth in the number of our customer relationships; |
• | an increase in the price of bunker or other market-related increases to components of our costs of sales, including the costs associated with the IMO 2020 regulations limiting sulfur content in fuels; |
• | depreciation on our vessels and potential impairment charges; |
• | the
amount of time and expense that we spend positioning our vessels and changes in trade routes for a variety of reasons, including as a result of additional trade tariffs imposed by China and the United States; |
• | loss of operating days through accidents or other damage to our vessels, as well as a result of disruptions along our operating routes; |
• | the failure of counterparties to fully perform their contracts
with us; |
• | the required maintenance capital expenditures relating to our vessels and other administrative expenses; |
• | the amount of expense incurred, and time that our vessels spend, in drydock undergoing repairs; |
• | the
age, condition and specifications of our vessels; |
• | the effective and efficient technical management of our vessels and our vessel operating costs; |
• | our ability to satisfy the technical, health, safety and compliance standards of our customers; |
• | our
ability to access capital to finance our Fleet, including our ability to pay down our existing credit facilities if the fair market values of our vessels decline; |
• | our level of debt and related interest expense; |
• | fluctuations in interest rates, and foreign exchange rates; |
• | corruption,
piracy, militant activities, political instability and terrorism in locations where we may operate; |
• | losses or provisions for losses on uncollectible revenue; |
• | the effectiveness of forward freight agreements, bunker swaps and other contracts we may enter into to manage our revenue and expenses and costs in unwinding them; |
• | the
cost and adequacy or otherwise of our insurance coverage; |
• | fluctuations in foreign currency exchange rates; |
• | inflation; and |
• | the effects of global pandemics on our operations and the demand; and trading
patterns for drybulk. and the duration of these effects. |
59 |
60 |
61 |
Year ended December 31, | ||||||||
(In
thousands of U.S. dollars, other than per share data) | 2023 | 2022 | ||||||
Revenue | $ | $ | ||||||
Vessel
and other | 228,991 | 430,479 | ||||||
Ship sales | 158,105 | 29,981 | ||||||
387,096 | 460,460 | |||||||
Cost
of sales | ||||||||
Voyage expenses | (74,614 | ) | (91,104 | ) | ||||
Vessel
operating costs | (43,001 | ) | (46,901 | ) | ||||
Charter hire costs | (26,952 | ) | (58,926 | ) | ||||
Depreciation
of ships, drydocking and plant and equipment– owned assets | (24,824 | ) | (30,498 | ) | ||||
Depreciation of ships and ship equipment – right-of-use assets | (30,343 | ) | (35,676 | ) | ||||
Other
expenses | (555 | ) | (696 | ) | ||||
Cost of ship sale | (147,440 | ) | (29,897 | ) | ||||
Gross
profit | 39,367 | 166,762 | ||||||
Other operating (expense) income | (1,352 | ) | 341 | |||||
Administrative
expense | (32,653 | ) | (48,069 | ) | ||||
Share of loss of joint ventures | - | (5 | ) | |||||
Interest
income | 2,798 | 2,228 | ||||||
Interest expense | (17,099 | ) | (17,133 | ) | ||||
(Loss)
profit before taxation | (8,939 | ) | 104,124 | |||||
Income tax expense | (683 | ) | (757 | ) | ||||
(Loss)
profit for the period | (9,622 | ) | 103,367 | |||||
(Loss)
profit per share attributable to owners of the Company: | ||||||||
Basic | $ | (0.49 | ) | $ | 5.45 | |||
Diluted
| $ | (0.49 | ) | $ | 5.45 |
Year
ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2023 | 2022 | ||||||
Drybulk Carriers Business | ||||||||
Handysize
Segment | ||||||||
Revenue | $ | 151,768 | $ | 159,934 | ||||
Cost
of sales | (142,522 | ) | (93,418 | ) | ||||
Gross Profit | 9,246 | 66,516 | ||||||
Supramax/Ultramax
Segment | ||||||||
Revenue | $ | 232,500 | $ | 268,463 | ||||
Cost
of sales | (208,225 | ) | (172,588 | ) | ||||
Gross Profit | 24,275 | 95,875 |
* | Segment
results of operations include the impact of the proportionate share of joint ventures, which differs from the statements of profit or loss in our consolidated financial statements which account for our investments in joint ventures under the equity method. |
62 |
Year
ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2023 | 2022 | ||||||
Drybulk Carriers Business | ||||||||
Handysize
Segment | ||||||||
Calendar days (1) | 6,196 | 6,091 | ||||||
Available
days (2) | 6,124 | 5,980 | ||||||
Operating days (3) | 6,044 | 5,826 | ||||||
Owned
fleet operating days (4) | 4,776 | 5,210 | ||||||
Long-term charter-in days (5) | 203 | - | ||||||
Short-term
charter-in days (6) | 1,065 | 616 | ||||||
Fleet utilization (7) | 98.7 | % | 97.4 | % | ||||
TCE
per day (8) | $ | 10,351 | $ | 22,115 | ||||
Vessel operating costs per day (9) | $ | 5,841 | $ | 5,776 | ||||
(10) | ||||||||
Supramax/Ultramax
Segment | ||||||||
Calendar days (1) | 6,573 | 8,210 | ||||||
Available
days (2) | 6,496 | 8,143 | ||||||
Operating days (3) | 6,390 | 8,063 | ||||||
Owned
fleet operating days (4) | 2,930 | 3,345 | ||||||
Long-term charter-in days (5) | 2,349 | 2,343 | ||||||
Short-term
charter-in days (6) | 1,111 | 2,375 | ||||||
Fleet utilization (7) | 98.4 | % | 99.0 | % | ||||
TCE
per day (8) | $ | 13,908 | $ | 25,788 | ||||
Vessel operating costs per day (9) | $ | 5,616 | $ | 5,297 |
(1) | Calendar
days : total calendar days the vessels were in our possession for the relevant period. |
(2) | Available days : total number of calendar days a vessel is in our possession for the relevant period after subtracting off-hire days for scheduled drydocking and special surveys. We use available days to measure the number of days in a relevant period during which vessels should be available for generating revenue. |
(3) | Operating
days : the number of available days in the relevant period a vessel is controlled by us after subtracting the aggregate number of days that the vessel is off-hire due to a reason other than scheduled drydocking and special surveys, including unforeseen circumstances. We use operating days to measure the aggregate number of days in a relevant period during which vessels are actually available to generate revenue. |
(4) | Owned fleet operating days : the number of operating days in which our owned fleet is operating for the relevant period. |
(5) | Long-term
charter-in days : the number of operating days for which our long-term charter-in fleet is operating for the relevant period. We regard chartered-in vessels as long-term charters if the period of the charter that we initially commit to is 12 months or more. Once we have included such chartered-in vessels in our Fleet, we will continue to regard them as part of our Fleet until the end of their chartered-in period, including any period that the charter has been extended under an option, even if at a given time the remaining period of their charter may be less than 12 months. |
(6) | Short-term charter-in days : the number of operating days
for which we have chartered-in third party vessels for durations of less than one year for the relevant period. |
(7) | Fleet utilization : the percentage of time that vessels are available for generating revenue, determined by dividing the number of operating days during a relevant period by the number of available days during that period. We use fleet utilization to measure a company’s efficiency in employing its vessels. |
(8) | TCE
per day : vessel revenue less voyage expenses during a relevant period divided by the number of operating days during the period. The number of operating days used to calculate TCE revenue per day includes the proportionate share of our joint ventures’ operating days and includes charter-in days. See “—Non-GAAP Financial Measures” below for a discussion of TCE revenue and a reconciliation of revenue to TCE revenue. |
63 |
(9) | Vessel operating costs per day : vessel operating costs per day represents vessel operating costs divided by
the number of calendar days for owned vessels. The vessel operating costs and the number of calendar days used to calculate vessel operating costs per day includes the proportionate share of our joint ventures’ vessel operating costs and calendar days and excludes charter-in costs and charter-in days. See “—Non-GAAP Financial Measures” below for a discussion of vessel operating costs per day. |
64 |
65 |
66 |
Year
Ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2022 | 2021 | ||||||
Continuing operations | ||||||||
Revenue | $ | $ | ||||||
Vessel
and other | 430,479 | 455,839 | ||||||
Ship sales | 29,981 | - | ||||||
460,460 | 455,839 | |||||||
Cost
of sales | ||||||||
Voyage expenses | (91,104 | ) | (96,964 | ) | ||||
Vessel
operating costs | (46,901 | ) | (43,958 | ) | ||||
Charter hire costs | (58,926 | ) | (75,381 | ) | ||||
Depreciation
of ships, drydocking and plant and equipment - owned assets | (30,498 | ) | (25,866 | ) | ||||
Depreciation of ships and ship equipment – right-of-use assets | (35,676 | ) | (34,898 | ) | ||||
Other
expenses | (696 | ) | (1,875 | ) | ||||
Cost of ship sale | (29,897 | ) | - | |||||
Gross
profit | 166,762 | 176,897 | ||||||
Other operating income | 341 | 3,849 | ||||||
Administrative
expense | (48,069 | ) | (36,089 | ) | ||||
Share of losses of joint ventures | (5 | ) | (31 | ) | ||||
Interest
income | 2,228 | 201 | ||||||
Interest expense | (17,133 | ) | (12,298 | ) | ||||
Profit
(loss) before taxation | 104,124 | 132,529 | ||||||
Income tax (expense) benefit | (757 | ) | 118 | |||||
Profit
(loss) for the year from continuing operations | $ | 103,367 | $ | 132,647 | ||||
Discontinued
operation | ||||||||
Loss for the year from discontinued operation | - | (3,165 | ) | |||||
Profit
for the year | 103,367 | 129,482 | ||||||
Profit
for the period attributable to: | ||||||||
Owners
of the company | ||||||||
Continuing operations | 103,367 | 122,090 | ||||||
Discontinued
operation | - | (3,195 | ) | |||||
Non-controlling interests | - | 10,557 | ||||||
103,367 | 129,482 |
67 |
Year Ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2022 | 2021 | ||||||
Drybulk
Carriers Business | ||||||||
Handysize Segment | ||||||||
Revenue | $ | 159,934 | $ | 158,210 | ||||
Cost
of Sales | (93,418 | ) | (84,231 | ) | ||||
Gross profit (loss) | 66,516 | 73,979 | ||||||
Supramax/ultramax
Segment | ||||||||
Revenue | $ | 268,463 | $ | 292,257 | ||||
Cost
of Sales | (172,588 | ) | (195,811 | ) | ||||
Gross profit (loss) | 95,875 | 96,446 |
* | Segment
results of operations include the impact of the proportionate share of joint ventures, which differs from the statements of profit or loss in our consolidated financial statements which account for our investments in joint ventures under the equity method. |
Year
Ended December 31, | ||||||||
2022 | 2021 | |||||||
Drybulk Carriers Business | ||||||||
Handysize
Segment | ||||||||
Calendar days (2) | 6,091 | 6,375 | ||||||
Available
days (3) | 5,980 | 6,239 | ||||||
Operating days (4) | 5,826 | 6,115 | ||||||
Owned
fleet operating days (5) | 5,210 | 5,215 | ||||||
Short-term charter-in days (7) | 616 | 900 | ||||||
Fleet
utilization (8) | 97.4 | % | 98.0 | % | ||||
TCE per day (9) | $ | 22,115 | $ | 21,336 | ||||
Vessel
operating costs per day (10) | $ | 5,776 | $ | 5,670 | ||||
Supramax/ultramax Segment | ||||||||
Calendar
days (2) | 8,210 | 9,652 | ||||||
Available days (3) | 8,143 | 9,555 | ||||||
Operating
days (4) | 8,063 | 9,429 | ||||||
Owned fleet operating days (5) | 3,345 | 2,943 | ||||||
Long-term
charter-in days (6) | 2,343 | 2,674 | ||||||
Short-term charter-in days (7) | 2,375 | 3,812 | ||||||
Fleet
utilization (8) | 99.0 | % | 98.7 | % | ||||
TCE per day (9) | $ | 25,788 | $ | 23,608 | ||||
Vessel
operating costs per day (10) | $ | 5,297 | $ | 5,223 |
(1) | Calendar
days : total calendar days the vessels were in our possession for the relevant period. Comparability of the calendar days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(2) | Available days : total number of calendar days a vessel is in our possession for the relevant period after subtracting off-hire days for scheduled drydocking and special surveys. We use available days to measure the number of days in a relevant period during which vessels should be available for generating revenue. Comparability of the available days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(3) | Operating
days : the number of available days in the relevant period a vessel is controlled by us after subtracting the aggregate number of days that the vessel is off-hire due to a reason other than scheduled drydocking and special surveys, including unforeseen circumstances. We use operating days to measure the aggregate number of days in a relevant period during which vessels are actually available to generate revenue. Comparability of the operating days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
68 |
(4) | Owned fleet operating
days : the number of operating days in which our owned fleet is operating for the relevant period. |
(5) | Long-term charter-in days : the number of operating days for which our long-term charter-in fleet is operating for the relevant period. We regard chartered-in vessels as long-term charters if the period of the charter that we initially commit to is 12 months or more. Once we have included such chartered-in vessels in our Fleet, we will continue to regard them as part of our Fleet until the end of their chartered-in period, including any period that the charter has been extended under an option, even if at a given time the remaining period of their charter may be less
than 12 months. |
(6) | Short-term charter-in days : the number of operating days for which we have chartered-in third party vessels for durations of less than one year for the relevant period. |
(7) | Fleet utilization : the percentage of time that vessels are available for generating revenue, determined by dividing the number of operating days during a relevant period by the number
of available days during that period. We use fleet utilization to measure a company’s efficiency in employing its vessels. |
(8) | TCE per day : vessel revenue less voyage expenses during a relevant period divided by the number of operating days during the period. The number of operating days used to calculate TCE revenue per day includes the proportionate share of our joint ventures’ operating days and includes charter-in days. See “—Non-GAAP Financial Measures” below for a discussion of TCE revenue and a reconciliation of revenue to TCE revenue. |
(9) | Vessel
operating costs per day : vessel operating costs per day represents vessel operating costs divided by the number of calendar days for owned vessels. The vessel operating costs and the number of calendar days used to calculate vessel operating costs per day includes the proportionate share of our joint ventures’ vessel operating costs and calendar days and excludes charter-in costs and charter-in days. See “—Non-GAAP Financial Measures” below for a discussion of vessel operating costs per day. |
69 |
70 |
71 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(In
thousands of U.S. dollars) | Revenue | Voyage Expenses | TCE Revenue | Revenue | Voyage Expenses | TCE Revenue | Revenue | Voyage Expenses | TCE Revenue | |||||||||||||||||||||||||||||||||||||||
Vessel revenue | ||||||||||||||||||||||||||||||||||||||||||||||||
Handysize | 87,918 | (25,355 | ) | 62,563 | 159,524 | (30,683 | ) | 128,841 | 157,707 | (27,235 | ) | 130,472 | ||||||||||||||||||||||||||||||||||||
Supramax/ultramax | 138,128 | (49,259 | ) | 88,869 | 268,352 | (60,420 | ) | 207,932 | 292,179 | (69,600 | ) | 222,579 | ||||||||||||||||||||||||||||||||||||
Other | - | 2,082 | 5,372 | |||||||||||||||||||||||||||||||||||||||||||||
Ship
sale revenue | 158,105 | 29,981 | - | |||||||||||||||||||||||||||||||||||||||||||||
Other
revenue | 2,945 | 521 | 581 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustments (*) | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
Revenue | 387,096 | 460,460 | 455,839 |
* | Vessel
revenue earned and voyage expenses incurred by the joint-ventures are included within the operating segment information on a proportionate consolidation basis for the period the joint venture existed during the relevant period. Accordingly, joint-ventures’ proportionate financial information are adjusted out to reconcile to the consolidated financial statements. |
72 |
Year
Ended December 31, | ||||||||||||
(In thousands of U.S. dollars) | 2023 | 2022 | 2021 | |||||||||
(Loss)
profit for the period from continuing operations | $ | (9,622 | ) | $ | 103,367 | $ | 132,647 | |||||
Adjusted for: | ||||||||||||
Income
tax expense (benefit) | 683 | 757 | (118 | ) | ||||||||
Interest income | (2,798 | ) | (2,228 | ) | (201 | ) | ||||||
Interest
expense | 17,099 | 17,133 | 12,298 | |||||||||
Share of losses of joint ventures | - | 5 | 31 | |||||||||
Depreciation
and amortization | 57,654 | 67,275 | 61,919 | |||||||||
EBITDA
from continuing operations | $ | 63,016 | $ | 186,309 | $ | 206,576 | ||||||
Adjusted
for | ||||||||||||
Impairment (Reversal of) loss recognized on ships | 2,000 | (1,707 | ) | (3,557 | ) | |||||||
Impairment
loss (Reversal of) recognized on right-of-use assets | - | 985 | (1,046 | ) | ||||||||
Impairment loss recognized on goodwill and intangibles | - | - | 965 | |||||||||
Reversal
of impairment loss recognized on assets under construction | (310 | ) | - | - | ||||||||
Share based compensation | - | 8,134 | 3,330 | |||||||||
Secondary
registration and offering related expenses | - | - | 633 | |||||||||
Tender offer and related expenses | - | 10,307 | - | |||||||||
ADJUSTED
EBITDA from continuing operations | $ | 64,706 | $ | 204,028 | $ | 206,901 |
73 |
Year
Ended December 31, | ||||||||||||
(In thousands of U.S. dollars, other than per share data) | 2023 | 2022 | 2021 | |||||||||
Profit
(loss) for the period attributable to owners of the Company for continuing operations | $ | (9,622 | ) | $ | 103,367 | $ | 122,090 | |||||
Adjusted
for: | ||||||||||||
Impairment (reversal of) loss recognized on ships | 2,000 | (1,707 | ) | (3,557 | ) | |||||||
Impairment
loss recognized on goodwill and intangibles | - | - | 965 | |||||||||
Impairment loss (reversal of) recognized on right-of-use assets | - | 985 | (1,046 | ) | ||||||||
Reversal
of impairment loss recognized on right-of-use assets | (310 | ) | ||||||||||
Share based compensation | - | 8,134 | 3,330 | |||||||||
Secondary
registration and offering related expenses | - | - | 633 | |||||||||
Tender offer and related expenses | - | 10,307 | - | |||||||||
Adjusted
net income (loss) for continuing operations | (7,932 | ) | 121,086 | 122,415 | ||||||||
Weighted
average number of shares on which profit/(loss) per share has been calculated | 19,524,087 | 18,949,972 | 19,150,787 | |||||||||
Effect of dilutive potential
ordinary shares | - | - | 861,168 | |||||||||
Weighted average number of ordinary shares for the purpose of calculating diluted profit/(loss) per share | 19,524,087 | 18,949,972 | 20,011,955 | |||||||||
Basic
profit (loss) per share for continuing operations | $ | (0.49 | ) | $ | 5.45 | $ | 6.38 | |||||
Diluted profit (loss) per
share for continuing operations | $ | (0.49 | ) | $ | 5.45 | $ | 6.10 | |||||
Basic
Adjusted earnings (loss) per share for continuing operations | $ | (0.41 | ) | $ | 6.39 | $ | 6.39 | |||||
Diluted Adjusted
earnings (loss) per share for continuing operations | $ | (0.41 | ) | $ | 6.39 | $ | 6.12 |
74 |
Year ended December 31, | ||||||||||||
(In
thousands of U.S. dollars, other than per share data) | 2023 | 2022 | 2021 | |||||||||
Profit (loss) for the period attributable to owners of the Company | $ | (9,622 | ) | $ | 103,367 | $ | 118,925 | |||||
Adjusted
for: | ||||||||||||
Impairment loss (Reversal of) recognized on ships | 2,000 | (1,707 | ) | (3,557 | ) | |||||||
Impairment
loss (reversal of) recognized on right-of-use assets | - | (985 | ) | (1,046 | ) | |||||||
Impairment loss recognized
on goodwill and intangibles | - | - | 965 | |||||||||
Impairment loss recognized on assets of disposal group | - | - | 2,551 | |||||||||
Impairment
loss recognized on office equipment, furniture and fittings and motor vehicles | - | - | 1 | |||||||||
Reversal of impairment loss recognized on assets of
disposal group | (310 | ) | ||||||||||
Loss on disposals of business | - | - | 26 | |||||||||
Headline
earnings (loss) | $ | (7,932 | ) | $ | 102,645 | $ | 117,865 | |||||
Weighted
average number of shares on which profit (loss) per share has been calculated | 19,524,087 | 18,949,972 | 19,150,787 | |||||||||
Effect of dilutive potential
ordinary shares | - | - | 861,168 | |||||||||
Weighted average number of ordinary shares for the purpose of calculating diluted profit (loss) per share | 19,524,087 | 18,949,972 | 20,011,955 | |||||||||
Basic
profit (loss) per share | $ | (0.49 | ) | $ | 5.45 | $ | 6.21 | |||||
Diluted profit (loss) per share | $ | (0.49 | ) | $ | 5.45 | $ | 5.94 | |||||
Basic
headline earnings (loss) per share | $ | (0.41 | ) | $ | 5.42 | $ | 6.15 | |||||
Diluted headline earnings (loss) per share | $ | (0.41 | ) | $ | 5.42 | $ | 5.89 |
75 |
Year Ended December 31, | ||||||||||||
(In thousands of U.S. dollars) | 2023 | 2022 | 2021 | |||||||||
Net
cash flows generated from operating activities (1) | $ | 155,123 | $ | 186,029 | $ | 204,852 | ||||||
Net cash generated from investing activities | 1,200 | 98 | 1,066 | |||||||||
Net
cash flows used in financing activities | (147,450 | ) | (243,142 | ) | (139,076 | ) | ||||||
Net
(decrease) increase in cash and cash equivalents | 8,873 | (57,015 | ) | 66,842 | ||||||||
Cash
and cash equivalents, beginning of year | 45,561 | 104,243 | 37,942 | |||||||||
Effect of exchange rate changes on the balance of cash held in foreign currencies | (205 | ) | (667 | ) | (541 | ) | ||||||
Cash
and cash equivalents, end of year | $ | 55,229 | $ | 46,561 | $ | 104,243 |
(1) | Net
cash flows generated from operating activities includes capital expenditure on ships of $38,076,000, $9,306,000 and $33,455,000 and proceeds from disposal of ships of $152,011,000, $29,509,000 and $47,819,000 for the years ended December 31, 2023, 2022 and 2021. |
76 |
77 |
Year | Estimated Drydocking Cost | Estimated
Off-hire Days | ||||||
(U.S. dollars) | ||||||||
2024 | $ | 5.8
million | 117.00 days | |||||
2025 | $ | 5.0 million | 90.00 days |
78 |
79 |
· | the reduction of the cash covenant to be tested as at June 30, 2020 and September 30, 2020 from $30 million to $20 million; and |
· | the
determination of current liabilities will exclude the amount owed under the $35.8 million senior secured credit facility for purposes of testing, as at June 30, 2020 and September 30, 2020, the covenant that requires our current assets to exceed our current liabilities. |
· | the
book value net worth for the purposes of testing, as at December 31, 2020 shall not be lower than US$225 million; |
· | the ratio of debt to market adjusted tangible fixed assets for the purposes of testing, as at December 31, 2020 shall be not more than 80%; |
· | the
determination of current liabilities shall exclude the amount owed to the $35.8 million senior secured credit facility for purposes of testing, as at December 31, 2020, the working capital covenant that requires our current assets to exceed our current liabilities. |
· | the
book value net worth for the purposes of testing, as at January 1, 2021 and thereafter shall not be lower than US$200 million; |
80 |
· | book value net worth of the lower of (a) the aggregate of $200 million from January 1, 2021 thereafter plus 25% of the amount of positive retained earnings plus 50% of each capital raise and (b) $275 million. For purposes
of the forgoing, “positive retained earnings” means the positive retained earnings of Grindrod Shipping and its subsidiaries on a consolidated basis tested bi-annually at each June 30 and December 31, and “capital raise” means the dollar amount (or equivalent amount in dollars) of the proceeds of any equity capital raised by Grindrod Shipping (without giving effect to any capital raised by its subsidiaries), as evidenced in the latest accounts as of each June 30 or December 31; |
· | cash
and cash equivalents (which may, depending on the facility, include cash restricted in certain security accounts) of not less than $30 million; |
· | a ratio of debt to market adjusted tangible fixed assets of not more than 75%. For purposes of the foregoing, the definition of “debt” excludes lease obligations recognized under IFRS 16 and the definition of “tangible fixed assets” excludes right-of-use assets relating to ships; and |
· | positive
working capital, such that consolidated current assets (excluding any adjustments made for IFRS 16) must exceed the consolidated current liabilities (excluding any adjustments for IFRS 16) as evidenced in the latest accounts as of each June 30 and December 31. |
· | incur additional indebtedness on the relevant vessels securing that facility; |
· | sell any collateral vessel (unless a corresponding amount under the relevant facility were
prepaid in accordance with its terms); |
· | upon the happening of an event of default or potential event of default, make additional investments or acquisitions; |
· | upon the happening of an event of default or potential event of default, pay dividends; or |
· | effect
a change of ownership or control of the relevant borrower group under each facility. |
81 |
· | Cash
and cash equivalents that is the higher of (a) $500,000 per owned vessel and (b) 5% of interest-bearing debt; |
· | The Adjusted Equity shall be no less than (a) 40% of the sum of the liabilities and Adjusted Equity and (b) $175,000,000; and |
· | Positive Working Capital. |
Payments Due by Period | ||||||||||||||||||||
(In thousands of U.S. dollars) | Total | Less
Than 1 Year | 1–3 Years | 3–5 Years | More than 5 Years | |||||||||||||||
Secured
bank loans and other borrowings (1) | 142,217 | 18,578 | 91,582 | 9,976 | 22,081 | |||||||||||||||
Interest
on secured bank loans and other borrowings (2) | 29,309 | 9,995 | 9,392 | 4,093 | 5,829 | |||||||||||||||
Capital
expenditure on vessels (1) | 17,869 | 17,869 | - | - | - | |||||||||||||||
Time
charter agreements | 4,763 | 4,763 | - | - | - | |||||||||||||||
Lease
liabilities (3) | 33,805 | 32,432 | 1,373 | - | - | |||||||||||||||
Total
contractual obligations | 227,963 | 83,637 | 102,347 | 14,069 | 27,910 |
(1) | These
obligations are disclosed in Notes 24 and 40 of the consolidated financial statements. |
(2) | Interest is based on Term SOFR assumption of 5.4% per annum for secured bank loans and other borrowings. |
(3) | Include obligations under certain time charter agreements. Please see Note 23 of the consolidated financial
statements. |
82 |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
Name | Age | Position | Term
Expires | |||
Rebecca Brosnan | 44 | Director | Annual General Meeting, by rotation | |||
39 | Director | |||||
Gordon
French | 59 | Director | Annual General Meeting, by rotation | |||
Alan Hatton | 46 | Director | Annual
General Meeting, by rotation | |||
Charles Maltby | 52 | Director | Resigned effective on December 31, 2023 | |||
Kurt Klemme (2) | 55 | Director | Next
Annual General Meeting, by rotation | |||
Cullen Schaar (2) | 40 | Director | Next Annual General Meeting, by rotation | |||
Paul Over | 67 | Director | Annual
General Meeting, by rotation | |||
Stephen Griffiths | 63 | Director | Retirement effective on March 31, 2023 | |||
John Herholdt | 75 | Director | Retirement effective
on March 31, 2023 | |||
Quah Ban Huat | 57 | Director | Retirement effective on March 31, 2023 |
(1) | Mr.
Buttery will serve as Director so long as he holds the position as Chief Executive Officer of the Company. |
(2) | At each Annual General Meeting subsequent to the first Annual General Meeting, one-third of the directors for the time being (or, if their number is not a multiple of three the number nearest to one-third) shall retire from office by rotation. The directors to retire in every year shall be those, subject to retirement by rotation, who have been longest in office since their last re-election or appointment and so that as between persons who became
or were last re-elected directors on the same day, those to retire shall (unless they otherwise agree among themselves) be determined by lot. A retiring director shall be eligible for re-election. Messrs. Klemme and Schaar will retire by rotation pursuant to Regulation 101 of the Company’s Constitution in the next Annual General Meeting. |
83 |
Name | Age | Position | ||
Edward
Buttery (1) | 39 | Chief Executive Officer | ||
(1) | Edward
Buttery was appointed as Chief Executive Officer on April 1, 2023. |
84 |
85 |
86 |
Holder (1) | Direct
interest in Grindrod Shipping Ordinary Shares | Direct Percentage Ownership | Indirect interest in Grindrod Shipping Ordinary Shares | Indirect Percentage Ownership | ||||||||||||
- | - | 30,144 | * |
* | Less
than 1% |
(1) | No other directors or executive officers of the Company own any shares in the Company. |
(2) | Edward Buttery has a direct interest of 615,000 ordinary shares in Taylor Maritime Investments Ltd.; his indirect interest in the
Company is proportionate to Good Falkirk (MI) Ltd. 82.33% shareholdings in the issued share capital of the Company. |
87 |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
Ordinary
shares beneficially owned as of | ||||||||
Beneficial owner | Grindrod Shipping Ordinary Shares | Percentage Ownership (1) | ||||||
Good
Falkirk (MI) Limited | 16,206,365 | 82.33 | % |
(1) | Percentage
amounts based on 19,685,590 ordinary shares outstanding (excluding treasury shares) as of March 26, 2024. It is to be noted that Good Falkirk (MI) Limited does not hold voting rights which are different from those that are held by Grindrod Shipping’s other shareholders. |
88 |
89 |
FINANCIAL INFORMATION |
90 |
THE OFFER AND LISTING |
91 |
ADDITIONAL INFORMATION |
92 |
93 |
· | We and each of our applicable subsidiaries are organized in a jurisdiction outside the United States that grants an equivalent exemption from tax to corporations organized in the United States with respect to the types of U.S. Source International Transportation Income that we earn, or an Equivalent
Exemption; |
· | We and each of our applicable subsidiaries satisfy the Qualified Shareholder Stock Ownership Test (as described below); and |
· | We and each of our applicable subsidiaries meet certain substantiation, reporting and other requirements. |
· | individual
residents of jurisdictions that grant an Equivalent Exemption; |
94 |
· | non-U.S. corporations organized in jurisdictions that grant an Equivalent Exemption provided that the equity interests in such non-U.S. corporations are “primarily traded” and “regularly traded” on an established securities market either in the United States or in a jurisdiction outside the United States that grants an Equivalent Exemption and are not considered to be “closely held” under specific rules in the Section 883 Regulations,
which we refer to as the “Publicly Traded Test”; or |
· | certain other qualified persons described in the Section 883 Regulations, or collectively, the Qualified Shareholders. |
95 |
· | is an individual U.S. citizen or resident (as determined for U.S. federal income tax purposes); |
· | a corporation (or other entity that is classified as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia; |
· | an
estate the income of which is subject to U.S. federal income taxation regardless of its source; or |
· | a trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more “United States persons” (as defined in the Code) have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election in effect under current Treasury regulations to be treated as a “United States person.” |
96 |
· | at least 75% of our gross income for such taxable year
consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business), or |
· | at least 50% of the average value of the assets held by us (based on an average of the quarterly values of the assets during a taxable year) produce, or are held for the production of, passive income. |
97 |
98 |
· | the
excess distribution and any gain would be allocated ratably over the Non-Electing Holder’s aggregate holding period for the ordinary shares; |
· | the amount allocated to the current taxable year and any year prior to the year we were first treated as a PFIC with respect to the Non-Electing Holder would be taxed as ordinary income; and |
· | the amount allocated to each of the other taxable years would be subject to tax at the highest
rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. |
99 |
· | fails to provide an accurate taxpayer identification number; |
· | is
notified by the IRS that it has failed to report all interest or corporate distributions required to be reported on his U.S. federal income tax returns; or |
· | in certain circumstances, fails to comply with applicable certification requirements. |
100 |
101 |
102 |
(a) | a member (defined as an “authorised user” in section 1 of the Financial Markets Act No 19 of 2012), if the listed security is purchased through the agency of, or from such member; |
(b) | the
participant (defined as a person authorised by the central securities depository to hold in custody and administer the listed security), where the listed security is purchased from the participant and the STT has not been settled by a member referred to under (a) above; |
(c) | by the purchaser, if no STT was payable under (a) or (b) above. |
103 |
104 |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|
|
Impact on profit or loss |
|
|||||
(In millions of U.S. dollars) |
|
2023 |
|
|
2022 |
|
||
U.S. dollars |
|
$ |
0.2 |
|
|
$ |
- |
|
South African Rand |
|
|
- |
|
|
|
(0.2 |
) |
105 |
106 |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
107 |
CONTROLS AND PROCEDURES |
108 |
AUDIT COMMITTEE FINANCIAL EXPERT |
CODE OF ETHICS |
109 |
PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|
|
Year Ended December 31, |
|
|||||||||
(In thousands of U.S. dollars) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
Audit Fees (1) |
|
|
1,853.4 |
|
|
|
1,644.4 |
|
|
|
1,765.6 |
|
Audit-Related Fees (2) |
|
|
23.0 |
|
|
|
- |
|
|
|
65.6 |
|
Tax Fees (3) |
|
|
- |
|
|
|
13.1 |
|
|
|
14.2 |
|
Other Fees (4) |
|
|
70.1 |
|
|
|
1.2 |
|
|
|
- |
|
Total Fees |
|
|
1,946.5 |
|
|
|
1,658.7 |
|
|
|
1,845.4 |
|
(1) |
Includes fees billed or accrued for professional services rendered by the principal accountant, and member firms in their respective network, for the audit or review of our annual financial statements, and those of our consolidated subsidiaries. |
(2) |
Fees for services reasonably related to the performance of the audit review and include services associated with the Registration Statement for the year ended December 31, 2021. |
(3) |
Consists of fees for professional services rendered during the fiscal year by the principal accountant mainly for tax advice, compliance and assistance with tax audits and appeals. |
(4) |
Other fees comprise of additional services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements, except for those not required by statute or regulation |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
110 |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
Period | Total
number of ordinary shares purchased | Weighted average price per ordinary share (1) | Total Number of Shares Purchased as part of Publicly Announced Plans or Programs | Maximum Number (or Appropriate U.S. Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
January 1 - January 31, 2023 | - | - | - | - | ||||||||||||
February
1 - February 28, 2023 | - | - | - | - | ||||||||||||
March
1 - March 31, 2023 | - | - | - | - | ||||||||||||
April
1 - April 30, 2023 | - | - | - | - | ||||||||||||
May
1 - May 31, 2023 | - | - | - | - | ||||||||||||
June
1 - June 30, 2023 | - | - | - | - | ||||||||||||
July
1 - July 31, 2023 | - | - | - | - | ||||||||||||
August
1 - August 31, 2023 | - | - | - | - | ||||||||||||
September
1 - September 30, 2023 | - | - | - | - | ||||||||||||
October
1 - October 31, 2023 | - | - | - | - | ||||||||||||
November
1 - November 30, 2023 | - | - | - | - | ||||||||||||
December
1 - December 31, 2023 | - | - | - | - | ||||||||||||
Total
ordinary shares purchased | - | - | - | - |
111 |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
CORPORATE GOVERNANCE |
MINE SAFETY DISCLOSURE |
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
INSIDER TRADING POLICIES |
112 |
CYBERSECURITY |
113 |
FINANCIAL STATEMENTS |
114 |
EXHIBITS |
No. | Exhibit | |
115 |
116 |
117 |
(1) | Incorporated by reference to Amendment No. 1 to the
Registrant’s registration statement on form 20-F filed with the Commission on April 6, 2018. |
(2) | Incorporated by reference to Amendment No. 2 to the Registrant’s registration statement on form 20-F filed with the Commission on April 30, 2018. |
(3) | Incorporated
by reference to Amendment No. 3 to the Registrant’s registration statement on form 20-F filed with the Commission on June 5, 2018. |
(4) | Incorporated by reference to the Registrant’s 2018 annual report on form 20-F filed with the Commission on April 16, 2019. |
(5) | Incorporated
by reference to the Registrant’s 2019 annual report on form 20-F filed with the Commission on June 5, 2020. |
(6) | Incorporated by reference to the Registrant’s 2020 annual report on form 20-F filed with the Commission on March 31, 2021. |
(7) | Incorporated
by reference to the Registrant’s 2021 annual report on form 20-F filed with the Commission on March 25, 2022. | |
(8) | Incorporated by reference to Exhibit 99.3 to the Form 6-K furnished by Grindrod Shipping Holdings Ltd. on October 12, 2022. |
GRINDROD SHIPPING HOLDINGS LTD. | ||
/s/ Edward Buttery | ||
Name | ||
Title: | Chief Executive Officer | |
Date: |
118 |
Page | |
Audited Consolidated Financial Statements of Grindrod Shipping Holdings Ltd. | |
F-1 |
/s/ i Deloitte
& Touche LLP | |
i Singapore |
F-2 |
2023 | 2022 | ||||||||||
Notes | US$’000 | US$’000 | |||||||||
ASSETS | |||||||||||
Current
assets | |||||||||||
Cash and bank balances | 6 | i 59,331 | i 52,228 | ||||||||
Trade
receivables | 7 | i 6,702 | i 11,290 | ||||||||
Contract
assets | 8 | i 2,906 | i 1,313 | ||||||||
Other
receivables and prepayments | 9 | i 18,070 | i 25,066 | ||||||||
Due
from related parties | 5 | i 27 | i - | ||||||||
Derivative
financial instruments | 10 | i 176 | i 51 | ||||||||
Inventories | 11 | i 10,755 | i 15,278 | ||||||||
Tax
recoverable | i 109 | i - | |||||||||
Total
current assets | i 98,076 | i 105,226 | |||||||||
Non-current
assets | |||||||||||
Restricted cash | 6 | i 4,560 | i 4,342 | ||||||||
Ships,
property, plant and equipment | 12 | i 303,192 | i 407,552 | ||||||||
Right-of-use
assets | 13 | i 35,244 | i 26,039 | ||||||||
Interest
in joint ventures | 15 | i 8 | i 8 | ||||||||
Derivative
financial instruments | 10 | i 423 | i - | ||||||||
Intangible
assets | 16 | i 4,907 | i 186 | ||||||||
Goodwill | 17 | i 7,924 | i - | ||||||||
Other
receivables and prepayments | 9 | i 1,918 | i 860 | ||||||||
Other
investments | 18 | i 3,613 | i 3,714 | ||||||||
Deferred
tax assets | 19 | i 1,019 | i 1,304 | ||||||||
Total
non-current assets | i 362,808 | i 444,005 | |||||||||
Total
assets | i 460,884 | i 549,231 | |||||||||
LIABILITIES
AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Trade
and other payables | 20 | i 30,695 | i 29,599 | ||||||||
Contract
liabilities | 21 | i 2,987 | i 4,369 | ||||||||
Due
to related parties | 5 | i 388 | i 43 | ||||||||
Lease
liabilities | 23 | i 32,432 | i 22,058 | ||||||||
Bank
loans and other borrowings | 24 | i 18,578 | i 33,330 | ||||||||
Retirement
benefit obligation | 26 | i 125 | i 125 | ||||||||
Derivative
financial instruments | 10 | i 712 | i 138 | ||||||||
Provisions | 25 | i 277 | i 592 | ||||||||
Income
tax payable | i 430 | i 423 | |||||||||
Total
current liabilities | i 86,624 | i 90,677 | |||||||||
Non-current
liabilities | |||||||||||
Trade and other payables | 20 | i 1,153 | i 140 | ||||||||
Lease
liabilities | 23 | i 1,373 | i 4,055 | ||||||||
Bank
loans and other borrowings | 24 | i 123,639 | i 165,638 | ||||||||
Deferred
tax liabilities | 19 | i 761 | i - | ||||||||
Retirement
benefit obligation | 26 | i 1,194 | i 1,272 | ||||||||
Derivative
financial instruments | 10 | i 20 | i - | ||||||||
Total
non-current liabilities | i 128,140 | i 171,105 | |||||||||
Capital
and reserves | |||||||||||
Share capital | 27 | i 290,193 | i 320,683 | ||||||||
Other
equity and reserves | 28 | ( i 24,508 | ) | ( i 24,686 | ) | ||||||
Accumulated
losses | ( i 19,565 | ) | ( i 8,548 | ) | |||||||
Total
equity | i 246,120 | i 287,449 | |||||||||
Total
equity and liabilities | i 460,884 | i 549,231 |
F-3 |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
Notes |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
Continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel and other |
|
|
|
|
|
i 228,991 |
|
|
|
i 430,479 |
|
|
|
i 455,839 |
|
Ship sales |
|
|
|
|
|
i 155,105 |
|
|
|
i 29,981 |
|
|
|
i - |
|
|
|
29 |
|
|
|
i 387,096 |
|
|
|
i 460,460 |
|
|
|
i 455,839 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
|
|
|
( i 74,614 |
) |
|
|
( i 91,104 |
) |
|
|
( i 96,964 |
) |
Vessel operating costs |
|
|
|
|
|
( i 43,001 |
) |
|
|
( i 46,901 |
) |
|
|
( i 43,958 |
) |
Charter hire costs |
|
|
|
|
|
( i 26,952 |
) |
|
|
( i 58,926 |
) |
|
|
( i 75,381 |
) |
Depreciation of ships, drydocking and plant and equipment– owned assets |
|
34 |
|
|
|
( i 24,824 |
) |
|
|
( i 30,498 |
) |
|
|
( i 25,866 |
) |
Depreciation of ships and ship equipment – right-of-use assets |
|
34 |
|
|
|
( i 30,343 |
) |
|
|
( i 35,676 |
) |
|
|
( i 34,898 |
) |
Other expenses |
|
|
|
|
|
( i 555 |
) |
|
|
( i 696 |
) |
|
|
( i 1,875 |
) |
Cost of ship sale |
|
|
|
|
|
( i 147,440 |
) |
|
|
( i 29,897 |
) |
|
|
i - |
|
Gross profit |
|
|
|
|
|
i 39,367 |
|
|
|
i 166,762 |
|
|
|
i 176,897 |
|
Other operating (expense) income |
|
31 |
|
|
|
( i 1,352 |
) |
|
|
i 341 |
|
|
|
i 3,849 |
|
Administrative expense |
|
|
|
|
|
( i 32,653 |
) |
|
|
( i 48,069 |
) |
|
|
( i 36,089 |
) |
Share of losses of joint ventures |
|
15 |
|
|
|
i - |
|
|
|
( i 5 |
) |
|
|
( i 31 |
) |
Interest income |
|
32 |
|
|
|
i 2,798 |
|
|
|
i 2,228 |
|
|
|
i 201 |
|
Interest expense |
|
33 |
|
|
|
( i 17,099 |
) |
|
|
( i 17,133 |
) |
|
|
( i 12,298 |
) |
(Loss) profit before taxation |
|
34 |
|
|
|
( i 8,939 |
) |
|
|
i 104,124 |
|
|
|
i 132,529 |
|
Income tax (expense) benefit |
|
35 |
|
|
|
( i 683 |
) |
|
|
( i 757 |
) |
|
|
i 118 |
|
(Loss) profit for the year from continuing operations |
|
|
|
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 132,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year from discontinued operation |
|
36 |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 3,165 |
) |
(Loss) profit for the year |
|
|
|
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 129,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) profit for the year attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
|
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 118,925 |
|
Continuing operations |
|
|
|
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 122,090 |
|
Discontinued operation |
|
|
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 3,165 |
) |
Non-controlling interests |
|
|
|
|
|
i - |
|
|
|
i - |
|
|
|
i 10,557 |
|
|
|
|
|
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 129,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share attributable to the owners of the Company |
|
|
|
|
|
US$ |
|
|
|
US$ |
|
|
|
US$ |
|
From continuing and discontinued operation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38 |
|
|
|
( i 0.49 |
) |
|
|
i 5.45 |
|
|
|
i 6.21 |
|
Diluted |
|
38 |
|
|
|
( i 0.49 |
) |
|
|
i 5.45 |
|
|
|
i 5.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38 |
|
|
|
( i 0.49 |
) |
|
|
i 5.45 |
|
|
|
i 6.38 |
|
Diluted |
|
38 |
|
|
|
( i 0.49 |
) |
|
|
i 5.45 |
|
|
|
i 6.10 |
|
F-4 |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
Notes |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
(Loss) profit for the year |
|
|
|
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 129,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of defined benefit obligation |
|
|
|
|
|
( i 6 |
) |
|
|
i 111 |
|
|
|
i 60 |
|
Remeasurement of other investment |
|
|
|
|
|
( i 220 |
) |
|
|
( i 207 |
) |
|
|
i 835 |
|
|
|
|
|
|
|
( i 226 |
) |
|
|
( i 96 |
) |
|
|
i 895 |
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences arising from translation of foreign operations |
|
|
|
|
|
( i 605 |
) |
|
|
( i 917 |
) |
|
|
( i 1,034 |
) |
Net fair value gain (loss) on hedging instruments designated as cash flow hedges |
|
|
|
|
|
i 783 |
|
|
|
( i 6,794 |
) |
|
|
i 4,999 |
|
|
|
|
|
|
|
i 178 |
|
|
|
( i 7,711 |
) |
|
|
i 3,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income for the year, net of income tax |
|
|
|
|
|
( i 48 |
) |
|
|
( i 7,807 |
) |
|
|
i 4,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss) income for the year |
|
|
|
|
|
( i 9,670 |
) |
|
|
i 95,560 |
|
|
|
i 134,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss) income for the year attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
|
|
|
|
( i 9,670 |
) |
|
|
i 95,560 |
|
|
|
i 123,785 |
|
Continuing operations |
|
|
|
|
|
( i 9,670 |
) |
|
|
i 95,560 |
|
|
|
i 127,068 |
|
Discontinued operation |
|
|
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 3,283 |
) |
Non-controlling interests |
|
|
|
|
|
i - |
|
|
|
i - |
|
|
|
i 10,557 |
|
|
|
|
|
|
|
( i 9,670 |
) |
|
|
i 95,560 |
|
|
|
i 134,342 |
|
F-5 |
|
|
Equity attributable to equity holders of the company |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
Other equity and reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Share capital |
|
|
Treasury shares |
|
|
Share compensation reserve |
|
|
Hedging reserve |
|
|
Translation reserve |
|
|
Merger reserve |
|
|
Accumulated (losses) profit |
|
|
Attributable to owners of the company |
|
|
Non-controlling interest |
|
|
Total equity |
|
||||||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at 1 January 2021 |
|
|
i 320,683 |
|
|
|
( i 387 |
) |
|
|
i 3,954 |
|
|
|
i 458 |
|
|
|
( i 8,749 |
) |
|
|
( i 18,354 |
) |
|
|
( i 85,368 |
) |
|
|
i 212,237 |
|
|
|
i 41,782 |
|
|
|
i 254,019 |
|
Profit for the year |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 118,925 |
|
|
|
i 118,925 |
|
|
|
i 10,557 |
|
|
|
i 129,482 |
|
Other comprehensive income for the year, net of income tax |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 4,999 |
|
|
|
( i 1,034 |
) |
|
|
i - |
|
|
|
i 895 |
|
|
|
i 4,860 |
|
|
|
i - |
|
|
|
i 4,860 |
|
Total comprehensive income for the year |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 4,999 |
|
|
|
( i 1,034 |
) |
|
|
i - |
|
|
|
i 119,820 |
|
|
|
i 123,785 |
|
|
|
i 10,557 |
|
|
|
i 134,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (Note 39) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 13,546 |
) |
|
|
( i 13,546 |
) |
|
|
i - |
|
|
|
( i 13,546 |
) |
Equity-settled share-based payments (Note 28) |
|
|
i - |
|
|
|
i - |
|
|
|
i 3,330 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 3,330 |
|
|
|
i - |
|
|
|
i 3,330 |
|
Treasury shares reissued to employees under the Forfeitable Share Plan (Note 28) |
|
|
i - |
|
|
|
i 393 |
|
|
|
( i 2,507 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 2,114 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Acquisition of treasury shares |
|
|
i - |
|
|
|
( i 11,876 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 11,876 |
) |
|
|
|
|
|
|
( i 11,876 |
) |
Acquisition of non-controlling interest |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 5,705 |
|
|
|
i - |
|
|
|
i 5,705 |
|
|
|
( i 52,339 |
) |
|
|
( i 46,634 |
) |
Transaction with owners, recognised directly in equity |
|
|
i - |
|
|
|
( i 11,483 |
) |
|
|
i 823 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 5,705 |
|
|
|
( i 11,432 |
) |
|
|
( i 16,387 |
) |
|
|
( i 52,339 |
) |
|
|
( i 68,726 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2021 |
|
|
i 320,683 |
|
|
|
( i 11,870 |
) |
|
|
i 4,777 |
|
|
|
i 5,457 |
|
|
|
( i 9,783 |
) |
|
|
( i 12,649 |
) |
|
|
i 23,020 |
|
|
|
i 319,635 |
|
|
|
i - |
|
|
|
i 319,635 |
|
F-6 |
|
|
Equity attributable to equity holders of the company |
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Other equity and reserves |
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Share capital |
|
|
Treasury shares |
|
|
Share compensation reserve |
|
|
Hedging reserve |
|
|
Translation reserve |
|
|
Merger reserve |
|
|
Accumulated (losses) profit |
|
|
Total equity |
|
||||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at 1 January 2022 |
|
|
i 320,683 |
|
|
|
( i 11,870 |
) |
|
|
i 4,777 |
|
|
|
i 5,457 |
|
|
|
( i 9,783 |
) |
|
|
( i 12,649 |
) |
|
|
i 23,020 |
|
|
|
i 319,635 |
|
Profit for the year |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 103,367 |
|
|
|
i 103,367 |
|
Other comprehensive loss for the year, net of income tax |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 6,794 |
) |
|
|
( i 917 |
) |
|
|
i - |
|
|
|
( i 96 |
) |
|
|
( i 7,807 |
) |
Total comprehensive income for the year |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 6,794 |
) |
|
|
( i 917 |
) |
|
|
i - |
|
|
|
i 103,271 |
|
|
|
i 95,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (Note 39) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 135,877 |
) |
|
|
( i 135,877 |
) |
Equity-settled share-based payments (Note 28) |
|
|
i - |
|
|
|
i - |
|
|
|
i 8,134 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 8,134 |
|
Treasury shares reissued to employees under the Forfeitable Share Plan |
|
|
i - |
|
|
|
i 11,870 |
|
|
|
( i 12,911 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 1,038 |
|
|
|
( i 3 |
) |
Transaction with owners, recognised directly in equity |
|
|
i - |
|
|
|
i 11,870 |
|
|
|
( i 4,777 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 134,839 |
) |
|
|
( i 127,746 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2022 |
|
|
i 320,683 |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 1,337 |
) |
|
|
( i 10,700 |
) |
|
|
( i 12,649 |
) |
|
|
( i 8,548 |
) |
|
|
i 287,449 |
|
F-7 |
|
|
Equity attributable to equity holders of the company |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
Other equity and reserves |
|
|
|
|
|
|
|
||||||||||||
|
|
Share capital |
|
|
Hedging reserve |
|
|
Translation reserve |
|
|
Merger reserve |
|
|
Accumulated (losses) profit |
|
|
Total equity |
|
||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance at 1 January 2023 |
|
|
i 320,683 |
|
|
|
( i 1,337 |
) |
|
|
( i 10,700 |
) |
|
|
( i 12,649 |
) |
|
|
( i 8,548 |
) |
|
|
i 287,449 |
|
Loss for the year |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 9,622 |
) |
|
|
( i 9,622 |
) |
Other comprehensive loss for the year, net of income tax |
|
|
i - |
|
|
|
i 783 |
|
|
|
( i 605 |
) |
|
|
i - |
|
|
|
( i 226 |
) |
|
|
( i 48 |
) |
Total comprehensive loss for the year |
|
|
i - |
|
|
|
i 783 |
|
|
|
( i 605 |
) |
|
|
i - |
|
|
|
( i 9,848 |
) |
|
|
( i 9,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (Note 39) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 1,169 |
) |
|
|
( i 1,169 |
) |
Shares issued (Note 37) |
|
|
i 1,950 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 1,950 |
|
Distribution to shareholders (Note 27) |
|
|
( i 32,440 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 32,440 |
) |
Transaction with owners, recognised directly in equity |
|
|
( i 30,490 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 1,169 |
) |
|
|
( i 31,659 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2023 |
|
|
i 290,193 |
|
|
|
( i 554 |
) |
|
|
( i 11,305 |
) |
|
|
( i 12,649 |
) |
|
|
( i 19,565 |
) |
|
|
i 246,120 |
|
F-8 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) profit for the year |
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 129,482 |
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
Share of losses of joint ventures |
|
|
i - |
|
|
|
i 5 |
|
|
|
i 31 |
|
(Gain) loss on ship sales |
|
|
( i 10,665 |
) |
|
|
( i 84 |
) |
|
|
i 1,115 |
|
Loss on disposal of business |
|
|
i - |
|
|
|
i - |
|
|
|
i 26 |
|
Gain on disposal of plant and equipment, furniture and fittings and motor vehicles |
|
|
( i 12 |
) |
|
|
( i 36 |
) |
|
|
( i 14 |
) |
Loss (gain) on adjustment of right-of-use assets |
|
|
i 46 |
|
|
|
i - |
|
|
|
( i 104 |
) |
Depreciation and amortisation |
|
|
i 57,654 |
|
|
|
i 67,275 |
|
|
|
i 61,953 |
|
Impairment loss (reversal of impairment) recognised on ships |
|
|
i 2,000 |
|
|
|
( i 1,707 |
) |
|
|
( i 3,557 |
) |
Impairment loss recognised (reversed) on right-of-use assets |
|
|
i - |
|
|
|
i 985 |
|
|
|
( i 1,046 |
) |
Impairment loss recognised on goodwill and intangibles |
|
|
i - |
|
|
|
i - |
|
|
|
i 965 |
|
Impairment loss recognised (reversed) on financial assets |
|
|
i 53 |
|
|
|
( i 45 |
) |
|
|
i 681 |
|
Impairment loss recognised on net disposal group |
|
|
i - |
|
|
|
i - |
|
|
|
i 2,551 |
|
Impairment loss (reversed) recognised on plant and equipment |
|
|
( i 310 |
) |
|
|
i - |
|
|
|
i 1 |
|
Provision for onerous contracts (reversed) recognised |
|
|
( i 315 |
) |
|
|
( i 427 |
) |
|
|
i 939 |
|
Recognition of share-based payments expenses |
|
|
i - |
|
|
|
i 8,134 |
|
|
|
i 3,330 |
|
Net foreign exchange gain |
|
|
( i 535 |
) |
|
|
( i 171 |
) |
|
|
( i 744 |
) |
Interest expense |
|
|
i 17,099 |
|
|
|
i 17,133 |
|
|
|
i 12,947 |
|
Interest income |
|
|
( i 2,798 |
) |
|
|
( i 2,228 |
) |
|
|
( i 236 |
) |
Income tax expense (benefit) |
|
|
i 683 |
|
|
|
i 757 |
|
|
|
( i 2,831 |
) |
Components of defined benefit costs recognised in profit or loss |
|
|
i 146 |
|
|
|
i 159 |
|
|
|
i 177 |
|
Operating cash flows before movements in working capital and ships |
|
|
i 53,424 |
|
|
|
i 193,117 |
|
|
|
i 205,666 |
|
Inventories |
|
|
i 4,520 |
|
|
|
( i 1,371 |
) |
|
|
( i 5,089 |
) |
Trade receivables, other receivables and prepayments |
|
|
i 11,316 |
|
|
|
( i 5,556 |
) |
|
|
( i 5,361 |
) |
Contract assets |
|
|
( i 1,593 |
) |
|
|
i 2,373 |
|
|
|
( i 2,786 |
) |
Trade and other payables |
|
|
( i 8,230 |
) |
|
|
( i 5,515 |
) |
|
|
i 6,729 |
|
Contract liabilities |
|
|
( i 1,382 |
) |
|
|
( i 4,072 |
) |
|
|
i 3,347 |
|
Due to related parties |
|
|
i 458 |
|
|
|
i 49 |
|
|
|
i 233 |
|
Operating cash flows before movement in ships |
|
|
i 58,513 |
|
|
|
i 179,025 |
|
|
|
i 202,739 |
|
Capital expenditure on ships |
|
|
( i 38,076 |
) |
|
|
( i 9,306 |
) |
|
|
( i 33,455 |
) |
Proceeds from ship sales |
|
|
i 152,011 |
|
|
|
i 29,509 |
|
|
|
i 47,819 |
|
Net cash generated from operations |
|
|
i 172,448 |
|
|
|
i 199,228 |
|
|
|
i 217,103 |
|
Interest paid |
|
|
( i 16,938 |
) |
|
|
( i 14,553 |
) |
|
|
( i 11,623 |
) |
Interest received |
|
|
i 2,363 |
|
|
|
i 1,786 |
|
|
|
i 236 |
|
Income tax paid |
|
|
( i 2,750 |
) |
|
|
( i 432 |
) |
|
|
( i 864 |
) |
Net cash flows generated from operating activities |
|
|
i 155,123 |
|
|
|
i 186,029 |
|
|
|
i 204,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of loans and amount due from joint venture |
|
|
i - |
|
|
|
i 39 |
|
|
|
i 788 |
|
Purchase of plant and equipment |
|
|
( i 652 |
) |
|
|
( i 113 |
) |
|
|
( i 49 |
) |
Purchase of intangible assets |
|
|
( i 212 |
) |
|
|
( i 126 |
) |
|
|
( i 6 |
) |
Proceeds from disposal of plant and equipment |
|
|
i 16 |
|
|
|
i 298 |
|
|
|
i 21 |
|
Proceeds from disposal of businesses |
|
|
i - |
|
|
|
i - |
|
|
|
i 68 |
|
Dividends and distributions received from a joint venture |
|
|
i - |
|
|
|
i - |
|
|
|
i 184 |
|
Cash transferred in from disposal group |
|
|
i - |
|
|
|
i - |
|
|
|
i 60 |
|
Net cash received from acquisition of subsidiar ies |
|
|
i 2,048 |
|
|
|
i - |
|
|
|
i - |
|
Net cash generated from investing activities |
|
|
i 1,200 |
|
|
|
i 98 |
|
|
|
i 1,066 |
|
F-9 |
2023
| 2022 | 2021 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Financing
activities (Note A) | ||||||||||||
Return of share capital | ( i 32,440 | ) | i - | i - | ||||||||
Long-term
interest-bearing debt raised | i - | i - | i 48,031 | |||||||||
Payment
of principal portion of long-term interest-bearing debt | ( i 56,912 | ) | ( i 49,850 | ) | ( i 82,110 | ) | ||||||
Principal
repayments on lease liabilities | ( i 58,276 | ) | ( i 56,930 | ) | ( i 36,040 | ) | ||||||
Acquisition
of non-controlling interest | i - | i - | ( i 46,634 | ) | ||||||||
Acquisition
of treasury shares | i - | i - | ( i 11,876 | ) | ||||||||
Dividends
paid | ( i 1,169 | ) | ( i 135,877 | ) | ( i 13,546 | ) | ||||||
Restricted
cash | i 1,347 | ( i 485 | ) | i 3,099 | ||||||||
Net
cash flows used in financing activities | ( i 147,450 | ) | ( i 243,142 | ) | ( i 139,076 | ) | ||||||
Net
increase (decrease) in cash and cash equivalents | i 8,873 | ( i 57,015 | ) | i 66,842 | ||||||||
Cash
and cash equivalents at the beginning of the period (Note 6) | i 46,561 | i 104,243 | i 37,942 | |||||||||
Effect
of exchange rate changes on the balance of cash held in foreign currencies | ( i 205 | ) | ( i 667 | ) | ( i 541 | ) | ||||||
Cash
and cash equivalents at the end of the period (Note 6) | i 55,229 | i 46,561 | i 104,243 |
Bank loans and other borrowings | Lease liabilities | |||||||
(Note
24) | (Note 23) | |||||||
US$’000 | US$’000 | |||||||
Balance at 1 January 2022 | i 245,666 | i 33,272 | ||||||
Financing
cash flows (i) | ( i 49,850 | ) | ( i 56,930 | ) | ||||
Other
changes (ii) | i 3,152 | i 49,771 | ||||||
Balance
at 31 December 2022 | i 198,968 | i 26,113 | ||||||
Financing
cash flows (i) | ( i 56,912 | ) | ( i 58,276 | ) | ||||
Other
changes (ii) | i 161 | i 65,967 | ||||||
Balance
at 31 December 2023 | i 142,217 | i 33,804 |
(i) | The
cash flows make up the net amount of proceeds from borrowings and repayments of borrowings in the statement of cash flows. |
(ii) | Other changes for bank loan relates to interest accruals and payments. Other changes for lease liabilities relate to new lease arrangements entered, existing lease contracts terminated and net foreign exchange differences. |
F-10 |
1
|
GENERAL INFORMATION |
F-11 |
2 | MATERIAL
ACCOUNTING POLICIES |
2.1 | Basis
of accounting |
2.2 | Application of new and revised IFRS Accounting Standards |
2.3 | New
and revised IFRS Accounting Standards in issue but not yet effective |
Amendments to IAS 1 | Classification of liabilities as Current or Non-current | |
Amendments to IAS 1 | Non-current Liabilities
with Covenants |
2.4 | Going concern |
F-12 |
2 | MATERIAL ACCOUNTING POLICIES (cont’d) |
2.5 | Basis of Consolidation |
2.6 | Financial instruments |
· | those to be measured subsequently at fair value (either through OCI or through profit or loss), and |
· | those to be measured at amortised cost. |
F-13 |
2 | MATERIAL ACCOUNTING POLICIES (cont’d) |
· | the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and |
· | the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
· | the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and |
· | the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
|
· | significant financial difficulty of the issuer or the borrower; |
· | a breach of contract, such as a default or past due event; |
· | the
lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; |
· | it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or |
· | the disappearance of an active market for that financial asset because of financial difficulties. |
F-14 |
2 | MATERIAL ACCOUNTING POLICIES (cont’d) |
F-15 |
2 |
MATERIAL ACCOUNTING POLICIES (cont’d) |
· |
there is an economic relationship between the hedged item and the hedging instrument; |
· |
the effect of credit risk does not dominate the value changes that result from that economic relationship; and |
· |
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. |
2.7 |
Offsetting Arrangements |
F-16 |
2 |
MATERIAL ACCOUNTING POLICIES (cont’d) |
2.8 |
Voyage expenses |
2.9 |
Vessel operating costs |
2.10 |
Foreign Currency Transactions and Translation |
F-17 |
3 | CRITICAL
ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
(i) | Critical judgements in applying the Group’s accounting policies |
F-18 |
3 | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (cont’d) |
(ii)
| Key sources of estimation uncertainty |
1) |
2) | Pre-tax discount rate of i 8.69 %
(2022: i 8.56%) rate is used to discount future cash flows from deployment of the ships to their net present values. |
3) | Vessel operating expenses and drydock costs are based on management’s
best estimates. |
F-19 |
3 |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (cont’d) |
· |
i 0.0% to i 24.23% 1 decrease to the charter rate (2022:
i 0.0% to i 22.57% decrease to the charter rate); or |
· |
i 0.0% to i 76.56% 1 increase to the discount rate
(2022: i 0.0% to i 82.30% increase to the discount rate). |
F-20 |
3 |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (cont’d) |
1) |
Fair value of earn-out consideration |
2) |
Fair value of acquired intangible assets |
F-21 |
4 | FINANCIAL
INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT |
(i) | Categories of financial instruments |
2023
| 2022 | |||||||
US$’000 | US$’000 | |||||||
Financial assets | ||||||||
Financial
assets at amortised cost | i 84,177 | i 88,127 | ||||||
Derivative
instruments designated in hedge accounting relationship | i 599 | i 51 | ||||||
i 84,776 | i 88,178 | |||||||
Financial
liabilities | ||||||||
Financial liabilities at amortised cost | i 200,197 | i 254,863 | ||||||
Earn-out
consideration | i 8,061 | i - | ||||||
Derivative
instruments designated in hedge accounting relationships | i 732 | i 138 | ||||||
i 208,990 | i 255,001 |
(ii) | Financial
risk management policies and objectives |
(a) | Credit risk management |
· | the carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position; and |
· | the maximum amount the Group would have to pay if the financial guarantee is called upon, irrespective of the likelihood of the guarantee being exercised. |
F-22 |
4 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(b) |
Interest rate risk management |
F-23 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(c) | Foreign
currency exchange risk management |
Liabilities | Assets | |||||||||||||||
2023
| 2022 | 2023 | 2022 | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
United
States dollars | ( i 554 | ) | ( i 554 | ) | i 2,760 | i 584 | ||||||||||
South
African rands | ( i 173 | ) | ( i 1,629 | ) | i - | i - |
Impact
on profit or loss | ||||||||
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
United
States dollars | i 221 | i 3 | ||||||
South
African rands | ( i 17 | ) | ( i 163 | ) |
F-24 |
4 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(d) |
Liquidity risk management |
|
|
Weighted average effective interest rate |
|
|
On demand or within 1 year |
|
|
Within 2 to 5 years |
|
|
After 5 years |
|
|
Adjustment |
|
|
Total |
|
||||||
|
|
% p.a |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||||
Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
|
i - |
|
|
|
i 29,928 |
|
|
|
i 2,308 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 32,236 |
|
Lease liabilities |
|
|
i 7.89 |
|
|
|
i 33,459 |
|
|
|
i 1,437 |
|
|
|
i - |
|
|
|
( i 1,091 |
) |
|
|
i 33,805 |
|
Variable interest rate instruments |
|
|
i 9.44 |
|
|
|
i 28,570 |
|
|
|
i 115,041 |
|
|
|
i 27,913 |
|
|
|
( i 29,307 |
) |
|
|
i 142,217 |
|
|
|
|
|
|
|
|
i 91,957 |
|
|
|
i 118,786 |
|
|
|
i 27,913 |
|
|
|
( i 30,398 |
) |
|
|
i 208,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
|
i - |
|
|
|
i 29,782 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 29,782 |
|
Lease liabilities |
|
|
i 6.47 |
|
|
|
i 22,903 |
|
|
|
i 4,177 |
|
|
|
i - |
|
|
|
( i 967 |
) |
|
|
i 26,113 |
|
Variable interest rate instruments |
|
|
i 8.16 |
|
|
|
i 45,254 |
|
|
|
i 161,350 |
|
|
|
i 33,909 |
|
|
|
( i 41,545 |
) |
|
|
i 198,968 |
|
|
|
|
|
|
|
|
i 97,939 |
|
|
|
i 165,527 |
|
|
|
i 33,909 |
|
|
|
( i 42,512 |
) |
|
|
i 254,863 |
|
F-25 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
On
demand or within 1 year | Within 2 to 5 years | Adjustment | Total | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
Group | ||||||||||||||||
2023 | ||||||||||||||||
Gross settled: | ||||||||||||||||
Forward
freight agreements | ||||||||||||||||
Gross
inflow | i 20 | i 422 | i - | i 442 | ||||||||||||
Gross
outflow | ( i 586 | ) | i - | i - | ( i 586 | ) | ||||||||||
( i 566 | ) | i 422 | i - | ( i 144 | ) | |||||||||||
Bunker
swaps | ||||||||||||||||
Gross
inflow | i 156 | i 1 | i - | i 157 | ||||||||||||
Gross
outflow | ( i 125 | ) | ( i 20 | ) | i - | ( i 145 | ) | |||||||||
i 31 | ( i 19 | ) | i - | i 12 | ||||||||||||
( i 535 | ) | i 403 | i - | ( i 132 | ) | |||||||||||
2022 | ||||||||||||||||
Gross
settled: | ||||||||||||||||
Bunker
swaps | ||||||||||||||||
Gross
inflow | i 51 | i - | i - | i 51 | ||||||||||||
Gross
outflow | ( i 138 | ) | i - | i - | ( i 138 | ) | ||||||||||
( i 87 | ) | i - | i - | ( i 87 | ) |
(e) | Shipping market price risk management |
· | Profit (loss) for the year, and ended 31 December 2023 would decrease/increase by US$ i i 142,000 /
(2022: decrease /increase by US$ i i Nil /
and 2021: decrease/increase by US$ i i Nil / );
and |
· | hedging reserve for the year ended 31 December 2023 would decrease/increase by US$ i i Nil /
(2022: decrease/increase by US$ i i Nil /
and 2021: decrease/increase by US$ i i 3,671,000 / ). |
F-26 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(f) | Commodity
price risk management |
· | profit (loss) for the year ended 31 December 2023 would decrease/increase by US$ i Nil
(2022: decrease/increase by US$ i Nil and 2021: decrease/increase by US$ i Nil) ; and |
· | hedging
reserve for the year ended 31 December 2023 would decrease/increase by US$ i 846,000 (2022: decrease/increase by US$ i 460,000
and 2021: decrease/increase by US$ i 778,000). |
(g) | Fair value measurement of financial assets and financial liabilities |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Financial
Assets | ||||||||
Forward freight agreements | i 442 | i - | ||||||
Bunker
swaps | i 157 | i 51 | ||||||
Financial
Liabilities | ||||||||
Forward freight agreements | ( i 587 | ) | i - | |||||
Earn-out
consideration | ( i 8,061 | ) | i - | |||||
Bunker
swaps | ( i 145 | ) | ( i 138 | ) |
F-27 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
· | market related interest rate yield curves to discount expected future cash flows; and/or |
· | projected unit method; and/or |
· | market
value, and/or |
· | the net asset value of the underlying investments; and/or |
· | a price earnings multiple or a discounted projected income/present value approach |
F-28 |
4 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
i - |
|
|
|
i 599 |
|
|
|
i - |
|
|
|
i 599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
i - |
|
|
|
( i 732 |
) |
|
|
i - |
|
|
|
( i 732 |
) |
Earn-out consideration |
|
|
i - |
|
|
|
i - |
|
|
|
( i 8,061 |
) |
|
|
( i 8,061 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
i - |
|
|
|
i 51 |
|
|
|
i - |
|
|
|
i 51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments |
|
|
i - |
|
|
|
( i 138 |
) |
|
|
i - |
|
|
|
( i 138 |
) |
(iii) |
Capital management policies and objectives |
F-29 |
5 |
HOLDING COMPANY, RELATED COMPANY AND
RELATED PARTY TRANSACTIONS |
(i) |
Group companies and other related parties |
|
|
2023 |
|
|
2022 |
|
||
|
|
US$’000 |
|
|
US$’000 |
|
||
|
|
|
|
|
|
|
||
Due from group companies |
|
|
i 15 |
|
|
|
i - |
|
Due from other |
|
|
i 12 |
|
|
|
i - |
|
Due from related parties |
|
|
i 27 |
|
|
|
i - |
|
|
|
|
|
|
|
|
|
|
Due to group companies |
|
|
i 168 |
|
|
|
i - |
|
Due to joint ventures |
|
|
i 39 |
|
|
|
i 43 |
|
Due to other |
|
|
i 181 |
|
|
|
i - |
|
Due to related parties |
|
|
i 388 |
|
|
|
i 43 |
|
F-30 |
5 |
RELATED PARTIES TRANSACTIONS (cont’d) |
|
|
Group companies |
|
|
Other |
|
|
Group companies |
|
|
Other |
|
|
Group companies |
|
|
Other |
|
||||||
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Charter hire expenses |
|
|
( i 6,486 |
) |
|
|
( i 628 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Freight expenses |
|
|
( i 839 |
) |
|
|
( i 2 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Management fees expenses |
|
|
i - |
|
|
|
( i 31 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Management fees |
|
|
i 1,960 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Lease income (Note 31) |
|
|
i 77 |
|
|
|
i 268 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Ship cost of sale |
|
|
i - |
|
|
|
( i 90 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Acquisition of ship and asset under construction (a) |
|
|
( i 31,875 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
(ii) |
Compensation of directors and key management personnel |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Short-term benefits |
|
|
i 4,340 |
|
|
|
i 7,954 |
|
|
|
i 9,200 |
|
Share-based payments |
|
|
i - |
|
|
|
i 5,108 |
|
|
|
i 1,479 |
|
|
|
|
i 4,340 |
|
|
|
i 13,062 |
|
|
|
i 10,679 |
|
F-31 |
6 |
CASH AND BANK BALANCES INCLUDING RESTRICTED CASH |
|
|
2023 |
|
|
2022 |
|
||
|
|
US$’000 |
|
|
US$’000 |
|
||
|
|
|
|
|
|
|
||
Restricted cash, current portion |
|
|
i 4,102 |
|
|
|
i 5,667 |
|
Cash on hand |
|
|
i 376 |
|
|
|
i 494 |
|
Cash at bank |
|
|
i 54,853 |
|
|
|
i 46,067 |
|
Cash and bank balances |
|
|
i 59,331 |
|
|
|
i 52,228 |
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
Restricted cash, current portion |
|
|
( i 4,102 |
) |
|
|
( i 5,667 |
) |
Cash and cash equivalents in the statements of cash flows |
|
|
i 55,229 |
|
|
|
i 46,561 |
|
|
|
|
|
|
|
|
|
|
Restricted cash |
|
|
|
|
|
|
|
|
Classified as: |
|
|
|
|
|
|
|
|
Current |
|
|
i 4,102 |
|
|
|
i 5,667 |
|
Non-current |
|
|
i 4,560 |
|
|
|
i 4,342 |
|
|
|
|
i 8,662 |
|
|
|
i 10,009 |
|
F-32 |
7 | TRADE
RECEIVABLES |
2023 | 2022
| |||||||
US$’000 | US$’000 | |||||||
Trade
receivables | i 7,357 | i 11,950 | ||||||
Less:
Allowances for doubtful debts | ( i 655 | ) | ( i 660 | ) | ||||
i 6,702 | i 11,290 |
Trade
receivables past due – collectively assessed | ||||||||||||||||||||||||||||
2023 | Not past due | <30 | 31-60 | 61-90 | 91-120 | >120 | Total | |||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Estimated
total gross carrying amount at default, representing net carrying amount of default | i 5,288 | i 465 | i 225 | i 367 | i 127 | i 230 | i 6,702 |
Trade
receivables past due – collectively assessed | ||||||||||||||||||||||||||||
2022 | Not past due | <30 | 31-60 | 61-90 | 91-120 | >120 | Total | |||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Estimated
total gross carrying amount at default, representing net carrying amount of default | i 8,493 | i 1,237 | i 68 | i 509 | i 241 | i 742 | i 11,290 |
F-33 |
7 |
TRADE RECEIVABLES (cont’d) |
|
|
2023 |
|
|
2022 |
|
||
|
|
US$’000 |
|
|
US$’000 |
|
||
|
|
|
|
|
|
|
||
Gross carrying amount |
|
|
i 655 |
|
|
|
i 660 |
|
Less: Loss allowances |
|
|
( i 655 |
) |
|
|
( i 660 |
) |
Carrying amount net of allowance |
|
|
i - |
|
|
|
i - |
|
|
Movement in the loss allowance: |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
Individually assessed |
|
|
US$’000 |
|
|
|
US$’000 |
|
|
|
|
|
|
|
|
|
|
Balance at 1 January |
|
|
( i 660 |
) |
|
|
( i 684 |
) |
Net remeasurement of loss allowance |
|
|
( i 55 |
) |
|
|
i 16 |
|
Amount written off |
|
|
i 5 |
|
|
|
i 7 |
|
Effect of foreign exchange differences |
|
|
i 55 |
|
|
|
i 1 |
|
Balance at 31 December |
|
|
( i 655 |
) |
|
|
( i 660 |
) |
8 |
CONTRACT ASSETS |
9 |
OTHER RECEIVABLES AND PREPAYMENTS |
|
|
2023 |
|
|
2022 |
|
||
|
|
US$’000 |
|
|
US$’000 |
|
||
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit |
|
|
i 2,034 |
|
|
|
i 269 |
|
Prepayments |
|
|
i 4,412 |
|
|
|
i 4,026 |
|
Voyages in progress |
|
|
i 8,907 |
|
|
|
i 17,085 |
|
Other receivables |
|
|
i 2,717 |
|
|
|
i 3,686 |
|
|
|
|
i 18,070 |
|
|
|
i 25,066 |
|
Non-current Assets: |
|
|
|
|
|
|
|
|
Prepayments |
|
|
i 1,918 |
|
|
|
i 860 |
|
|
|
|
i 19,988 |
|
|
|
i 25,926 |
|
F-34 |
10 | DERIVATIVE
FINANCIAL INSTRUMENTS |
2023 | 2022
| |||||||
US$’000 | US$’000 | |||||||
Assets | ||||||||
Current
assets | i 176 | i 51 | ||||||
Non-current
assets | i 423 | i - | ||||||
Liabilities | ||||||||
Current
liabilities | ( i 712 | ) | ( i 138 | ) | ||||
Non-current
liabilities | ( i 20 | ) | i - | |||||
Settlement periods | Strike price | Quantity | Notional value | Fair
value gain | |||||||||||||||
US$ | MT | US$’000 | US$’000 | ||||||||||||||||
January
2024 to June 2024 | 0.5% FOB Singapore | i 525.75 | i 1,500 | i 789 | i 55 | ||||||||||||||
January
2024 to March 2024 | 0.5% FOB Rotterdam | i 522.50 | i 1,350 | i 705 | i 6 | ||||||||||||||
January
2024 to September 2024 | 0.5% FOB Rotterdam | i 494.00 | i 4,500 | i 2,223 | i 95 | ||||||||||||||
i 3,717 | i 156 |
Settlement periods | Strike price | Quantity | Notional value | Fair
value gain | |||||||||||||||
US$ | MT | US$’000 | US$’000 | ||||||||||||||||
January
2025 to February 2025 | 0.5% FOB Rotterdam | i 470.50 | i 400 | i 188 | i 1 |
Settlement periods | Strike price | Quantity | Notional value | Fair
value gain | |||||||||||||||
US$ | MT | US$’000 | US$’000 | ||||||||||||||||
March
2024 to April 2024 | 0.5% FOB Rotterdam | i 538.75 | i 400 | i 216 | ( i 8 | ) | |||||||||||||
June
2024 to July 2024 | 0.5% FOB Rotterdam | i 530.00 | i 400 | i 212 | ( i 9 | ) | |||||||||||||
March
2024 | 0.5% FOB Rotterdam | i 580.50 | i 280 | i 163 | ( i 16 | ) | |||||||||||||
April
2024 | 0.5% FOB Rotterdam | i 576.25 | i 280 | i 161 | ( i 16 | ) | |||||||||||||
April
2024 to December 2024 | 0.5% FOB Rotterdam | i 522.50 | i 4,050 | i 2,116 | ( i 75 | ) | |||||||||||||
October
2024 to December 2024 | 0.5% FOB Rotterdam | i 494.00 | i 1,500 | i 741 | ( i 1 | ) | |||||||||||||
i 3,609 | ( i 125 | ) |
Settlement periods | Strike price | Quantity | Notional value | Fair
value gain | |||||||||||||||
US$ | MT | US$’000 | US$’000 | ||||||||||||||||
March
2025 to December 2025 | 0.5% FOB Rotterdam | i 470.50 | i 2,000 | i 941 | ( i 20 | ) |
F-35 |
10 | DERIVATIVE FINANCIAL INSTRUMENTS (cont’d) |
Settlement periods | Strike price | Quantity | Notional value | Fair
value gain | |||||||||||||||
US$ | MT | US$’000 | US$’000 | ||||||||||||||||
January
2023 | 0.5% FOB Rotterdam | i 510.25 | i 350 | i 179 | i 2 | ||||||||||||||
January
2023 to December 2023 | 0.5% FOB Rotterdam | i 483.50 | i 1,920 | i 928 | i 31 | ||||||||||||||
April
2023 | 0.5% FOB Rotterdam | i 488.50 | i 400 | i 195 | i 5 | ||||||||||||||
May
2023 | 0.5% FOB Singapore | i 529.25 | i 250 | i 132 | i 2 | ||||||||||||||
April
2023 | 0.5% FOB Rotterdam | i 488.50 | i 400 | i 195 | i 5 | ||||||||||||||
May
2023 | 0.5% FOB Singapore | i 529.25 | i 250 | i 132 | i 2 | ||||||||||||||
March
2023 to May 2023 | 0.5% FOB Singapore | i 537.50 | i 750 | i 403 | i 4 | ||||||||||||||
i 2,164 | i 51 |
Settlement periods | Strike price | Quantity | Notional value | Fair
value gain | |||||||||||||||
US$ | MT | US$’000 | US$’000 | ||||||||||||||||
January
2023 | 0.5% FOB Rotterdam | i 651.00 | i 180 | i 117 | ( i 25 | ) | |||||||||||||
January
2023 | 0.5% FOB Rotterdam | i 599.50 | i 450 | i 270 | ( i 38 | ) | |||||||||||||
January
2023 to February 2023 | 0.5% FOB Rotterdam | i 573.75 | i 750 | i 430 | ( i 47 | ) | |||||||||||||
February
2023 to July 2023 | 0.5% FOB Rotterdam | i 510.25 | i 2,100 | i 1,072 | ( i 20 | ) | |||||||||||||
August
2023 to December 2023 | 0.5% FOB Rotterdam | i 503.25 | i 1,000 | i 503 | ( i 8 | ) | |||||||||||||
June
2023 | 0.5% FOB Singapore | i 537.50 | i 250 | i 134 | i - | ||||||||||||||
i 2,526 | ( i 138 | ) |
F-36 |
Settlement
periods | Strike price | Duration | Notional value | Fair
value gain | |||||||||||||||
US$ | US$’000 | US$’000 | |||||||||||||||||
January
2024 | BSI-58 ave 10TC | i 14,750 | i 30 | i 443 | i 6 | ||||||||||||||
January
2024 | BSI-58 ave 10TC | i 15,000 | i 30 | i 450 | i 14 | ||||||||||||||
i 893 | i 20 |
Settlement periods | Strike price | Duration | Notional value | Fair
value gain | |||||||||||||||
US$ | US$’000 | US$’000 | |||||||||||||||||
January
2025 to December 2025 | BSI-58 ave 10TC | i 11,250 | i 180 | i 2,025 | i 212 | ||||||||||||||
January
2025 to December 2025 | BSI-58 ave 10TC | i 11,250 | i 60 | i 675 | i 70 | ||||||||||||||
January
2025 to December 2025 | BSI-58 ave 10TC | i 11,250 | i 120 | i 1,350 | i 141 | ||||||||||||||
i 4,050 | i 423 |
Settlement periods | Strike price | Duration | Notional value | Fair
value gain | |||||||||||||||
US$ | US$’000 | US$’000 | |||||||||||||||||
January
2024 to December 2024 | BSI-58 ave 10TC | i 12,300 | i 60 | i 738 | ( i 99 | ) | |||||||||||||
January
2024 to December 2024 | BSI-58 ave 10TC | i 12,300 | i 60 | i 738 | ( i 99 | ) | |||||||||||||
January
2024 to December 2024 | BSI-58 ave 10TC | i 12,300 | i 60 | i 738 | ( i 99 | ) | |||||||||||||
January
2024 to December 2024 | BSI-58 ave 10TC | i 12,300 | i 60 | i 738 | ( i 99 | ) | |||||||||||||
January
2024 to December 2024 | BSI-58 ave 10TC | i 12,350 | i 120 | i 1,482 | ( i 191 | ) | |||||||||||||
i 4,434 | ( i 587 | ) |
F-37 |
11 |
INVENTORIES |
|
|
2023 |
|
|
2022 |
|
||
|
|
US$’000 |
|
|
US$’000 |
|
||
|
|
|
|
|
|
|
||
Bunkers and other consumables at cost |
|
|
i 10,755 |
|
|
|
i 15,278 |
|
|
|
|
i - |
|
|
|
i - |
|
Ships reclassified from ships, property plant and equipment as held for sale asset (Note 12) (a) |
|
|
i 141,345 |
|
|
|
i 28,853 |
|
Sale of ships recognised as inventories (a) |
|
|
( i 141,345 |
) |
|
|
( i 28,853 |
) |
|
|
|
i 10,755 |
|
|
|
i 15,278 |
|
(a) |
Ships reclassified from ships, property, plant and equipment as inventories is reconciled as follows: |
|
|
2023 |
|
|
2022 |
|
||
|
|
US$’000 |
|
|
US$’000 |
|
||
|
|
|
|
|
|
|
||
Cost |
|
|
i 260,971 |
|
|
|
i 41,297 |
|
Accumulated depreciation |
|
|
( i 83,663 |
) |
|
|
( i 12,444 |
) |
Impairment |
|
|
( i 35,963 |
) |
|
|
i - |
|
Carrying amount |
|
|
i 141,345 |
|
|
|
i 28,853 |
|
F-38 |
12 |
SHIPS, PROPERTY, PLANT AND EQUIPMENT |
|
|
Office equipment, furniture and fittings and motor vehicles |
|
|
Plant and equipment |
|
|
Ships |
|
|
Drydocking |
|
|
Construction in progress |
|
|
Freehold land and buildings |
|
|
Total |
|
|||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2022 |
|
|
i 4,189 |
|
|
|
i 4,331 |
|
|
|
i 589,095 |
|
|
|
i 18,117 |
|
|
|
i 774 |
|
|
|
i 238 |
|
|
|
i 616,744 |
|
Additions |
|
|
i 113 |
|
|
|
i - |
|
|
|
i 2,076 |
|
|
|
i 7,230 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 9,419 |
|
Disposals |
|
|
( i 826 |
) |
|
|
( i 102 |
) |
|
|
i - |
|
|
|
( i 3,604 |
) |
|
|
i - |
|
|
|
( i 232 |
) |
|
|
( i 4,764 |
) |
Transfer from right-of-use assets (Note 13) |
|
|
i - |
|
|
|
i - |
|
|
|
i 23,436 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 23,436 |
|
Reclassification to inventories (Note 11) |
|
|
i - |
|
|
|
( i 2,599 |
) |
|
|
( i 38,357 |
) |
|
|
( i 341 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 41,297 |
) |
Effect of foreign currency exchange differences |
|
|
( i 194 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 6 |
) |
|
|
( i 200 |
) |
Balance at 31 December 2022 |
|
|
i 3,282 |
|
|
|
i 1,630 |
|
|
|
i 576,250 |
|
|
|
i 21,402 |
|
|
|
i 774 |
|
|
|
i - |
|
|
|
i 603,338 |
|
Additions |
|
|
i 652 |
|
|
|
i - |
|
|
|
i 16,068 |
|
|
|
i 5,133 |
|
|
|
i 16,875 |
|
|
|
i - |
|
|
|
i 38,728 |
|
Disposals |
|
|
( i 941 |
) |
|
|
( i 6 |
) |
|
|
i - |
|
|
|
( i 4,267 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 5,214 |
) |
Acquisition of subsidiaries (Note 37) |
|
|
i 186 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 186 |
|
Transfer from right-of-use assets (Note 13) |
|
|
i - |
|
|
|
i - |
|
|
|
i 44,452 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 44,452 |
|
Reclassification to inventories (Note 11) |
|
|
i - |
|
|
|
( i 158 |
) |
|
|
( i 252,646 |
) |
|
|
( i 8,167 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 260,971 |
) |
Effect of foreign currency exchange differences |
|
|
( i 217 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 217 |
) |
Balance at 31 December 2023 |
|
|
i 2,962 |
|
|
|
i 1,466 |
|
|
|
i 384,124 |
|
|
|
i 14,101 |
|
|
|
i 17,649 |
|
|
|
i - |
|
|
|
i 420,302 |
|
F-39 |
12 | SHIPS, PROPERTY, PLANT AND EQUIPMENT (cont’d) |
Office
equipment, furniture and fittings and motor vehicles | Plant and equipment | Ships | Drydocking | Construction
in progress | Freehold land and buildings | Total | ||||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Accumulated
depreciation: | ||||||||||||||||||||||||||||
Balance
at 1 January 2022 | i 4,092 | i 4,077 | i 99,230 | i 8,447 | i - | i - | i 115,846 | |||||||||||||||||||||
Depreciation
| i 57 | i 129 | i 22,822 | i 7,547 | i - | i - | i 30,555 | |||||||||||||||||||||
Disposals | ( i 815 | ) | ( i 83 | ) | i - | ( i 3,605 | ) | i - | i - | ( i 4,503 | ) | |||||||||||||||||
Transfer
from right-of-use assets (Note 13) | i - | i - | i 4,809 | i - | i - | i - | i 4,809 | |||||||||||||||||||||
Reclassification
to inventories (Note 11) | i - | ( i 2,599 | ) | ( i 9,504 | ) | ( i 341 | ) | i - | i - | ( i 12,444 | ) | |||||||||||||||||
Effect
of foreign currency exchange differences | ( i 188 | ) | i - | i - | i - | i - | i - | ( i 188 | ) | |||||||||||||||||||
Balance
at 31 December 2022 | i 3,146 | i 1,524 | i 117,357 | i 12,048 | i - | i - | i 134,075 | |||||||||||||||||||||
Depreciation | i 154 | i 107 | i 18,515 | i 6,202 | i - | i - | i 24,978 | |||||||||||||||||||||
Disposals | ( i 938 | ) | ( i 7 | ) | i - | ( i 4,267 | ) | i - | i - | ( i 5,212 | ) | |||||||||||||||||
Transfer
from right-of-use assets (Note 13) | i - | i - | i 19,703 | i - | i - | i - | i 19,703 | |||||||||||||||||||||
Reclassification
to inventories (Note 11) | i - | ( i 158 | ) | ( i 79,390 | ) | ( i 4,115 | ) | i - | i - | ( i 83,663 | ) | |||||||||||||||||
Effect
of foreign currency exchange differences | ( i 209 | ) | i - | i - | i - | i - | i - | ( i 209 | ) | |||||||||||||||||||
Balance
at 31 December 2023 | i 2,153 | i 1,466 | i 76,185 | i 9,868 | i - | i - | i 89,672 |
F-40 |
12 |
SHIPS, PROPERTY, PLANT AND EQUIPMENT (cont’d) |
|
|
Office equipment, furniture and fittings and motor vehicles |
|
|
Plant and equipment |
|
|
Ships |
|
|
Drydocking |
|
|
Construction in progress |
|
|
Freehold land and buildings |
|
|
Total |
|
|||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Accumulated impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2022 |
|
|
i 1 |
|
|
|
i - |
|
|
|
i 63,108 |
|
|
|
i - |
|
|
|
i 310 |
|
|
|
i - |
|
|
|
i 63,419 |
|
Reversal of impairment recognised in profit and loss |
|
|
i - |
|
|
|
i - |
|
|
|
( i 1,707 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 1,707 |
) |
Disposal |
|
|
( i 1 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 1 |
) |
Balance at 31 December 2022 |
|
|
i - |
|
|
|
i - |
|
|
|
i 61,401 |
|
|
|
i - |
|
|
|
i 310 |
|
|
|
i - |
|
|
|
i 61,711 |
|
Impairment loss (reversal of impairment) recognised in profit and loss |
|
|
i - |
|
|
|
i - |
|
|
|
i 2,000 |
|
|
|
i - |
|
|
|
( i 310 |
) |
|
|
i - |
|
|
|
i 1,690 |
|
Reclassification to inventories |
|
|
i - |
|
|
|
i - |
|
|
|
( i 35,963 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 35,963 |
) |
Balance at 31 December 2023 |
|
|
i - |
|
|
|
i - |
|
|
|
i 27,438 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 27,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
i 809 |
|
|
|
i - |
|
|
|
i 280,501 |
|
|
|
i 4,233 |
|
|
|
i 17,649 |
|
|
|
i - |
|
|
|
i 303,192 |
|
At 31 December 2022 |
|
|
i 136 |
|
|
|
i 106 |
|
|
|
i 397,492 |
|
|
|
i 9,354 |
|
|
|
i 464 |
|
|
|
i - |
|
|
|
i 407,552 |
|
F-41 |
12 |
SHIPS, PROPERTY, PLANT AND EQUIPMENT (cont’d) |
Office equipment and furniture and fittings |
- |
i 3 years |
Plant and equipment |
- |
i 3 to i 5
years |
Motor vehicles |
- |
i 5 years |
Ships |
- |
i 15 years |
Drydocking |
- |
i 2.5 to i 5
years |
F-42 |
13 |
RIGHT-OF-USE ASSETS |
|
|
Office and residential property |
|
|
Ships |
|
|
Ships equipment |
|
|
Total |
|
||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2022 |
|
|
i 2,896 |
|
|
|
i 95,887 |
|
|
|
i 476 |
|
|
|
i 99,259 |
|
Additions |
|
|
i 898 |
|
|
|
i 48,829 |
|
|
|
i 39 |
|
|
|
i 49,766 |
|
Transfer to ships, property, plant and equipment (Note 12) |
|
|
i - |
|
|
|
( i 23,436 |
) |
|
|
i - |
|
|
|
( i 23,436 |
) |
Derecognition of right-of-use asset |
|
|
( i 405 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 405 |
) |
Effect of foreign currency exchange differences |
|
|
( i 48 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 48 |
) |
Balance at 31 December 2022 |
|
|
i 3,341 |
|
|
|
i 121,280 |
|
|
|
i 515 |
|
|
|
i 125,136 |
|
Additions |
|
|
i 3,272 |
|
|
|
i 62,600 |
|
|
|
i 83 |
|
|
|
i 65,955 |
|
Transfer to ships, property, plant and equipment (Note 12) (2) |
|
|
i - |
|
|
|
( i 44,452 |
) |
|
|
i - |
|
|
|
( i 44,452 |
) |
Acquisition of subsidiaries (Note 37) |
|
|
i 80 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 80 |
|
Adjustment (1) |
|
|
( i 2,710 |
) |
|
|
i - |
|
|
|
( i 144 |
) |
|
|
( i 2,854 |
) |
Effect of foreign currency exchange differences |
|
|
i 11 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 11 |
|
Balance at 31 December 2023 |
|
|
i 3,994 |
|
|
|
i 139,428 |
|
|
|
i 454 |
|
|
|
i 143,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2022 |
|
|
i 2,097 |
|
|
|
i 63,633 |
|
|
|
i 218 |
|
|
|
i 65,948 |
|
Depreciation |
|
|
i 889 |
|
|
|
i 35,547 |
|
|
|
i 129 |
|
|
|
i 36,565 |
|
Transfer to ships, property, plant and equipment (Note 12) |
|
|
i - |
|
|
|
( i 4,809 |
) |
|
|
i - |
|
|
|
( i 4,809 |
) |
Derecognition of right-of-use asset |
|
|
( i 405 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 405 |
) |
Effect of foreign currency exchange differences |
|
|
( i 31 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 31 |
) |
Balance at 31 December 2022 |
|
|
i 2,550 |
|
|
|
i 94,371 |
|
|
|
i 347 |
|
|
|
i 97,268 |
|
Depreciation |
|
|
i 1,695 |
|
|
|
i 30,229 |
|
|
|
i 114 |
|
|
|
i 32,038 |
|
Transfer to ships, property, plant and equipment (Note 12) (2) |
|
|
i - |
|
|
|
( i 19,703 |
) |
|
|
i - |
|
|
|
( i 19,703 |
) |
Derecognition of right-of-use asset |
|
|
i - |
|
|
|
i 393 |
|
|
|
i - |
|
|
|
i 393 |
|
Adjustment (1) |
|
|
( i 2,708 |
) |
|
|
i - |
|
|
|
( i 100 |
) |
|
|
( i 2,808 |
) |
Effect of foreign currency exchange differences |
|
|
i 8 |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 8 |
|
Balance at 31 December 2023 |
|
|
i 1,545 |
|
|
|
i 105,290 |
|
|
|
i 361 |
|
|
|
i 107,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 January 2022 |
|
|
i - |
|
|
|
i 844 |
|
|
|
i - |
|
|
|
i 844 |
|
Impairment loss |
|
|
i - |
|
|
|
i 985 |
|
|
|
i - |
|
|
|
i 985 |
|
Balance at 31 December 2022 |
|
|
i - |
|
|
|
i 1,829 |
|
|
|
i - |
|
|
|
i 1,829 |
|
Derecognition of right-of-use asset |
|
|
i - |
|
|
|
( i 393 |
) |
|
|
i - |
|
|
|
( i 393 |
) |
Balance at 31 December 2023 |
|
|
i - |
|
|
|
i 1,436 |
|
|
|
i - |
|
|
|
i 1,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
i 2,449 |
|
|
|
i 32,702 |
|
|
|
i 93 |
|
|
|
i 35,244 |
|
At 31 December 2022 |
|
|
i 791 |
|
|
|
i 25,080 |
|
|
|
i 168 |
|
|
|
i 26,039 |
|
F-43 |
13 |
RIGHT-OF-USE ASSETS (cont’d) |
F-44 |
14 |
Proportion of ownership interest and voting power held by the Group | |||||||||||||
Name of subsidiary
| Principal activity | Country of incorporation | 2023 % | 2022 % | |||||||||
i Grindrod Shipping Pte. Ltd. | i Ship operating and management | i Singapore | i 100 | % | i 100 | %
| |||||||
i Grindrod Shipping (South Africa) Pty Ltd | i Ship operating and management | i South
Africa | i 100 | % | i 100 | %
| |||||||
Held by Grindrod
Shipping Pte. Ltd | |||||||||||||
i IVS
Bulk Owning Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i IVS
Bulk Carriers Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i IVS
Bulk 430 Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i IVS
Bulk 462 Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i IVS Bulk 475 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 511 Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 512 Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 603 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 609 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 611 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 612 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 707 Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 3708 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 3720 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS
Bulk 225 Pte. Ltd. (i) | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IM Shipping Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i Island Bulk Carriers Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i Grindrod Shipping Services UK Limited | i To provide shipping and shipping related services | i United
Kingdom | i 100 | % | i 100 | % | |||||||
i Grindrod Shipping Services HK Limited | i To provide shipping and shipping related services | i Hong
Kong | i 100 | % | i 100 | % | |||||||
i IVS
Bulk 5028 Pte Ltd (iv) | i Dormant | i Singapore | i 100 | % | i - | ||||||||
i IVS
Bulk 725 LLC (iv) | i Ship Owning and Operating | i Marshall Islands | i 100 | % | i - | ||||||||
i IVS
Bulk 784 Pte Ltd (iv) | i Dormant | i Singapore | i 100 | % | i - | ||||||||
i IVS
Bulk 784 LLC (iv) | i Dormant | i Marshall Islands | i 100 | % | i - | ||||||||
i Unicorn Atlantic Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i Unicorn Baltic Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i Unicorn
Ionia Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i Unicorn
Tanker Operations (434) Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i Unicorn
Ross Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i Unicorn
Caspian Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i Unicorn
Marmara Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i Unicorn
Scotia Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i Unicorn
Malacca Pte. Ltd. (ii) | i Dormant | i Singapore | i - | i 100 | % | ||||||||
i Unicorn Bulk Carriers Ltd | i Dormant | i British
Virgin Islands | i 100 | % | i 100 | % | |||||||
i Unicorn Tankers International Ltd | i Dormant | i British
Virgin Islands | i 100 | % | i 100 | % | |||||||
i Grindrod
Maritime LLC (ii) | i Dormant | i Marshall
Islands | i - | i 100 | % | ||||||||
i Unicorn Sun Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % |
F-45 |
Proportion
of ownership interest and voting power held by the Group | |||||||||||||
Country of | 2023 | 2022 | |||||||||||
Name of subsidiary | Principal
activity | incorporation | % | % | |||||||||
i Unicorn Moon Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i Island
View Ship Management Pte. Ltd. (iv) | i Ship management | i Singapore | i 100 | % | i - | ||||||||
i Taylor
Maritime Management Limited (v) | i Ship management | i Marshall Islands | i 100 | % | i - | ||||||||
Held
by Grindrod Shipping (South Africa) Pty Ltd | |||||||||||||
i Comshipco
Schiffahrts Agentur GmBH | i Ship agents and operators | i Germany | i 100 | % | i 100 | % | |||||||
i Kuhle
Shipping (Pty) Ltd (iii) | i Dormant | i South
Africa | i - | i 100 | % | ||||||||
Held
by IVS Bulk Pte. Ltd. | |||||||||||||
i IVS Bulk 541 Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 543 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 545 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 554 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 709 Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 5855 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 5858 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 712 Pte. Ltd. | i Dormant | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 7297 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 1345 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 3693 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
i IVS Bulk 10824 Pte. Ltd. | i Ship Owning and Operating | i Singapore | i 100 | % | i 100 | % | |||||||
Held
by Island View Ship Management Pte. Ltd. | |||||||||||||
i Tamar
Ship Management Limited (v) | i Ship Management | i Hong Kong | i 100 | % | i - | ||||||||
i Tamar
Ship Management Pte. Ltd (v) | i Ship Management | i Singapore | i 100 | % | i - | ||||||||
i Castle
Marine Services Ltd (v) | i Ship Management | i Hong Kong | i 100 | % | i - | ||||||||
Held
by Taylor Maritime Management Limited | |||||||||||||
i Taylor
Maritime Pte. Ltd (v) | i Ship Management | i Singapore | i 100 | % | i - | ||||||||
i Taylor
Maritime (HK) Limited (v) | i Ship Management | i Hong Kong | i 100 | % | i - | ||||||||
i Taylor
Maritime (UK) Limited (v) | i Ship Management | i United Kingdom | i 100 | % | i - |
(i) | This
company was registered in 2022. |
(ii) | These companies were deregistered in 2023. |
(iii) | This company was sold on 31 March 2023. |
(iv) | These companies were registered in 2023. |
(v) | These
companies were acquired on 3 October 2023. |
F-46 |
15 | INTEREST
IN JOINT VENTURES |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Cost
of investment in joint ventures | i 9 | i 9 | ||||||
Share
of post acquisition (loss) profit, net of dividends received | ( i 1 | ) | ( i 1 | ) | ||||
Carrying
amount | i 8 | i 8 |
Name of the joint venture | Principal activity | Country of incorporation | Proportion
of ownership interest and voting power held by the Group | Cost of investment in joint ventures | ||||||||||||||||||
2023
| 2022 | 2023 | 2022 | |||||||||||||||||||
Tri-View Shipping Pte Ltd (a) | i Dormant | i Singapore | i 51 | % | i 51 | % | i 9 | i 9 |
* | Amount
is less than US$1,000. |
(a) | The Group has joint control over this entity by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval. This entity was deregistered on 19 January 2024. |
F-47 |
16 | INTANGIBLE
ASSETS |
Memberships | Software
and licenses | Contractual customer relationships | Carbon
Credits | Total | ||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||
Cost: | ||||||||||||||||||||
Opening
balance as at 1 January 2022 | i 29 | i 2,000 | i - | i - | i 2,029 | |||||||||||||||
Additions | i - | i 126 | i - | i - | i 126 | |||||||||||||||
Derecognition
of intangible asset | i - | ( i 1,173 | ) | i - | i - | ( i 1,173 | ) | |||||||||||||
Effects
of foreign currency exchange differences | i - | ( i 89 | ) | i - | i - | ( i 89 | ) | |||||||||||||
Balance
at 31 December 2022 | i 29 | i 864 | i - | i - | i 893 | |||||||||||||||
Additions | i - | i 84 | i - | i 128 | i 212 | |||||||||||||||
Derecognition
of intangible asset | i - | ( i 207 | ) | i - | i - | ( i 207 | ) | |||||||||||||
Acquisition
of subsidiaries (Note 37) | i - | i 212 | i 4,948 | i - | i 5,160 | |||||||||||||||
Effects
of foreign currency exchange differences | i - | ( i 71 | ) | i - | i - | ( i 71 | ) | |||||||||||||
Balance
at 31 December 2023 | i 29 | i 882 | i 4,948 | i 128 | i 5,987 | |||||||||||||||
Accumulated
amortisation: | ||||||||||||||||||||
Opening
balance as at 1 January 2022 | i - | i 1,802 | i - | i - | i 1,802 | |||||||||||||||
Amortisation
| i - | i 155 | i - | i - | i 155 | |||||||||||||||
Derecognition
of intangible asset | i - | ( i 1,173 | ) | i - | i - | ( i 1,173 | ) | |||||||||||||
Effects
of foreign currency exchange differences | i - | ( i 77 | ) | i - | i - | ( i 77 | ) | |||||||||||||
Balance
at 31 December 2022 | i - | i 707 | i - | i - | i 707 | |||||||||||||||
Amortisation
| i - | i 170 | i 469 | i - | i 639 | |||||||||||||||
Derecognition
of intangible asset | i - | ( i 206 | ) | i - | i - | ( i 206 | ) | |||||||||||||
Effects
of foreign currency exchange differences | i - | ( i 60 | ) | i - | i - | ( i 60 | ) | |||||||||||||
Balance
at 31 December 2023 | i - | i 611 | i 469 | i - | i 1,080 | |||||||||||||||
At
31 December 2023 | i 29 | i 271 | i 4,479 | i 128 | i 4,907 | |||||||||||||||
At
31 December 2022 | i 29 | i 157 | i - | i - | i 186 |
F-48 |
16 |
INTANGIBLE ASSETS (cont’d) |
F-49 |
17 | GOODWILL |
2023
| 2022 | |||||||
US$’000 | US$’000 | |||||||
Cost: | ||||||||
Balance
at 1 January | i 3,292 | i 3,305 | ||||||
Acquisition
of subsidiaries (Note 37) | i 7,924 | i - | ||||||
Effects
of foreign currency exchange differences | ( i 18 | ) | ( i 13 | ) | ||||
Balance
at 31 December | i 11,198 | i 3,292 | ||||||
Accumulated
impairment losses: | ||||||||
Balance at 1 January | i 3,292 | i 3,305 | ||||||
Effects
of foreign currency exchange differences | ( i 18 | ) | ( i 13 | ) | ||||
Balance
at 31 December | i 3,274 | i 3,292 | ||||||
Carrying
amount: | ||||||||
At 31 December | i 7,924 | i - |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Cost: | ||||||||
Island
Trading and Shipping | i 3,089 | i 3,089 | ||||||
Parcel
Service | i 185 | i 203 | ||||||
Taylor
Maritime Management Limited | i 4,470 | i - | ||||||
Tamar
Ship Management Limited | i 3,454 | i - | ||||||
i 11,198 | i 3,292 |
F-50 |
F-51 |
18 | OTHER
INVESTMENTS |
2023
| 2022 | |||||||||||
US$’000 | US$’000 | |||||||||||
Recognised
asset at 1 January | i 3,714 | i 3,730 | ||||||||||
Interest
income | i 434 | i 442 | ||||||||||
Recognised
in other comprehensive income in the current year | ( i 220 | ) | ( i 207 | ) | ||||||||
Translation | ( i 315 | ) | ( i 251 | ) | ||||||||
Present
value of other investment at 31 December | i 3,613 | i 3,714 | ||||||||||
The
principal actuarial assumptions applied in the determination of fair values include: | ||||||||||||
Discount rate (p.a.) | i 12.7 | % | i 12.2 | % |
F-52 |
19 | DEFERRED
TAX |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Deferred
taxation analysed by major category: | ||||||||
Other timing differences | i 258 | i 1,304 | ||||||
i 258 | i 1,304 | |||||||
Reconciliation
of deferred taxation: | ||||||||
Opening balance | i 1,304 | i 2,123 | ||||||
Credit
to profit or loss for the year (Note 35) | ( i 107 | ) | ( i 665 | ) | ||||
Acquisition
of subsidiary (Note 37) | ( i 841 | ) | i - | |||||
Credit
(charge) to other comprehensive income arising from actuarial gain | i 10 | ( i 45 | ) | |||||
Exchange
differences | ( i 108 | ) | ( i 109 | ) | ||||
Closing
balance | i 258 | i 1,304 | ||||||
Comprising: | ||||||||
Deferred
tax assets | i 1,019 | i 1,304 | ||||||
Deferred
tax liabilities | ( i 761 | ) | i - | |||||
i 258 | i 1,304 |
F-53 |
20 | TRADE
AND OTHER PAYABLES |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Trade
payables | i 8,520 | i 10,035 | ||||||
Accrued
expenses | i 15,017 | i 19,250 | ||||||
Earn-out
consideration (Note 37) | i 8,061 | i - | ||||||
Other | i 250 | i 454 | ||||||
i 31,848 | i 29,739 | |||||||
Non-current
trade and other payables | ( i 1,153 | ) | ( i 140 | ) | ||||
Current
trade and other payables | i 30,695 | i 29,599 |
a) | As Lessor |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Year
1 | i 5,915 | i - | ||||||
Total | i 5,915 | i - |
b) | As
Lessee |
F-54 |
23 | LEASE
LIABILITIES |
Office and residential property | Ships
| Ships equipment | Total | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
Balance
at 1 January 2022 | i 818 | i 32,194 | i 259 | i 33,271 | ||||||||||||
Additions
| i 898 | i 48,829 | i 39 | i 49,766 | ||||||||||||
Interest
expense | i 37 | i 1,370 | i 7 | i 1,414 | ||||||||||||
Lease
payments | ( i 905 | ) | ( i 57,304 | ) | ( i 135 | ) | ( i 58,344 | ) | ||||||||
-
Principal | ( i 868 | ) | ( i 37,934 | ) | ( i 128 | ) | ( i 38,930 | ) | ||||||||
-
Purchase option payments (1) | i - | ( i 18,000 | ) | i - | ( i 18,000 | ) | ||||||||||
-
Interest expense | ( i 37 | ) | ( i 1,370 | ) | ( i 7 | ) | ( i 1,414 | ) | ||||||||
Effect
of foreign currency exchange differences | i 6 | i - | i - | i 6 | ||||||||||||
Lease
liabilities as at 31 December 2022 | i 854 | i 25,089 | i 170 | i 26,113 | ||||||||||||
Additions
(2) | i 3,310 | i 62,600 | i 83 | i 65,993 | ||||||||||||
Disposals | ( i 66 | ) | i - | ( i 44 | ) | ( i 110 | ) | |||||||||
Acquisition
of subsidiary (Note 37) | i 80 | i - | i - | i 80 | ||||||||||||
Interest
expense | i 199 | i 2,132 | i 3 | i 2,334 | ||||||||||||
Lease
payments | ( i 1,824 | ) | ( i 58,667 | ) | ( i 119 | ) | ( i 60,610 | ) | ||||||||
-
Principal | ( i 1,625 | ) | ( i 32,055 | ) | ( i 116 | ) | ( i 33,796 | ) | ||||||||
-
Purchase option payments (1) | i - | ( i 24,480 | ) | i - | ( i 24,480 | ) | ||||||||||
-
Interest | ( i 199 | ) | ( i 2,132 | ) | ( i 3 | ) | ( i 2,334 | ) | ||||||||
Effect
of foreign currency exchange differences | i 5 | i - | i - | i 5 | ||||||||||||
Lease
liabilities as at 31 December 2023 | i 2,558 | i 31,154 | i 93 | i 33,805 |
2023
| 2022 | |||||||
US$’000 | US$’000 | |||||||
Analysed between: | ||||||||
Current
portion | i 32,432 | i 22,058 | ||||||
Non-current
portion | i 1,373 | i 4,055 | ||||||
i 33,805 | i 26,113 |
F-55 |
23 |
LEASE LIABILITIES (cont’d) |
· |
fixed lease payments (including in-substance fixed payments), less any lease incentives; |
· |
variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; |
· |
the exercise price of purchase options, if the lessee is reasonably certain to exercise the options. |
· |
the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; |
· |
the lease payments change due to changes in an index in which case the lease liability is remeasured by discounting the revised lease payments using the initial discount rate; or |
· |
a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. |
F-56 |
24 | BANK
LOANS AND OTHER BORROWINGS |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Secured
– at amortised cost: | ||||||||
Bank loans | i 95,319 | i 148,002 | ||||||
Other
borrowings | i 46,898 | i 50,966 | ||||||
i 142,217 | i 198,968 | |||||||
Analysed
between: | ||||||||
Current
| i 18,578 | i 33,330 | ||||||
Non-current
portion | i 123,639 | i 165,638 | ||||||
i 142,217 | i 198,968 | |||||||
Interest
payable (included in bank loans) | i 1,102 | i 1,752 | ||||||
Non-current
bank loans and other borrowings are estimated to be payable as follows: | ||||||||
Within 2 to 5 years | i 101,555 | i 138,809 | ||||||
After
5 years | i 22,084 | i 26,829 | ||||||
i 123,639 | i 165,638 |
i. | US$100.0 million senior secured credit facility |
ii. | US$6.3 million secured term facility |
iii. | Combined US$31.4 million senior secured credit facility |
F-57 |
24 |
BANK LOANS AND OTHER BORROWINGS (cont’d) |
iv. |
Combined US$114.1 million senior secured credit facility |
vi. |
Combined US$13.1 million senior secured credit facility |
· |
book value net worth of the lower of (a) the aggregate of US$ i 200 million plus i 25%
of the amount of positive retained earnings plus i 50% of each capital raise and (b) US$ i 275 million ; |
· |
cash and cash equivalents (including restricted cash held in the debt service reserve account) of US$ i 30 million; |
· |
a ratio of debt to market adjusted tangible fixed assets of not more than i 75%; and |
· |
positive working capital, such that consolidated current assets must exceed the consolidated current liabilities excluding any adjustments made for IFRS 16. |
F-58 |
2023
| 2022 | |||||||
US$’000 | US$’000 | |||||||
Provision
for onerous contracts (i) | i 277 | i 592 | ||||||
i 277 | i 592 |
2023
| 2022 | |||||||
Analysis of provision for onerous contracts: | US$’000 | US$’000 | ||||||
Balance
at 1 January | i 592 | i 1,019 | ||||||
Provision
raised | i 277 | i 592 | ||||||
Released
to profit or loss | ( i 592 | ) | ( i 1,019 | ) | ||||
Balance
at 31 December | i 277 | i 592 |
F-59 |
26 | RETIREMENT
BENEFIT OBLIGATION |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Recognised
liability at beginning of the year | i 1,397 | i 1,613 | ||||||
Recognised
in profit or loss in the current year | i 146 | i 159 | ||||||
Interest
on obligation | i 146 | i 159 | ||||||
Recognised
in other comprehensive income in the current year | ||||||||
Actuarial loss (gain) | i 16 | ( i 156 | ) | |||||
Translation | ( i 118 | ) | ( i 101 | ) | ||||
Employer
payments | ( i 122 | ) | ( i 118 | ) | ||||
Present
value of unfunded obligation recognised as a liability at end of year | i 1,319 | i 1,397 | ||||||
Analysis
between: | ||||||||
Current portion | i 125 | i 125 | ||||||
Non-current
portion | i 1,194 | i 1,272 | ||||||
i 1,319 | i 1,397 | |||||||
The
principal actuarial assumptions applied in the determination of fair values include: | ||||||||
Health care cost inflation | i 7.8 | % | i 7.8 | % | ||||
Discount
rate | i 12.0 | % | i 11.9 | % | ||||
CPI
inflation | i 6.3 | % | i 6.3 | % | ||||
Continuation
at retirement | i 100.0 | % | i 100.0 | % |
2023 | 2022
| |||||||||||||||
Increase | Increase | |||||||||||||||
(Decrease) | (Decrease) | |||||||||||||||
Health
care cost inflation | i 7.8 | % | ( i 6.9 | ) % | i 8.5 | % | ( i 7.5 | ) % | ||||||||
Discount
rate | ( i 7.0 | ) % | i 8.0 | % | i 8.1 | % | ( i 7.1 | ) % |
F-60 |
26 | RETIREMENT BENEFIT OBLIGATION (cont’d) |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Present
value of unfunded obligations | i 1,319 | i 1,397 | ||||||
Present
Value of obligations in excess of plan assets | i 1,319 | i 1,397 |
· | service cost (including
current service cost, past service cost, as well as gains and losses on curtailments and settlements); |
· | net interest expense or income; and |
· | remeasurement |
F-61 |
27 |
SHARE CAPITAL |
|
|
Number of shares |
|
|
Share capital |
|
||
|
|
|
|
|
US$’000 |
|
||
Issued and paid up: |
|
|
|
|
|
|
|
|
At 1 January 2021 |
|
|
i 19,063,833 |
|
|
|
i 320,683 |
|
|
|
|
|
|
|
|
|
|
Issued during the year |
|
|
i 246,191 |
|
|
|
i - |
|
At 31 December 2021 |
|
|
i 19,310,024 |
|
|
|
i 320,683 |
|
|
|
|
|
|
|
|
|
|
Issued during the year |
|
|
i 161,984 |
|
|
|
i - |
|
At 31 December 2022 |
|
|
i 19,472,008 |
|
|
|
i 320,683 |
|
|
|
|
|
|
|
|
|
|
Issued during the year |
|
|
i 213,582 |
|
|
|
i 1,950 |
|
Distribution to shareholders |
|
|
i - |
|
|
|
( i 32,440 |
) |
At 31 December 2023 |
|
|
i 19,685,590 |
|
|
|
i 290,193 |
|
F-62 |
2023 | 2022 | |||||||
US$’000 | US$’000 | |||||||
Hedging
reserve | ( i 554 | ) | ( i 1,337 | ) | ||||
Translation
reserve | ( i 11,305 | ) | ( i 10,700 | ) | ||||
Merger
reserve | ( i 12,649 | ) | ( i 12,649 | ) | ||||
At
31 December 2023 | ( i 24,508 | ) | ( i 24,686 | ) |
Number of shares | Share capital | |||||||
US$’000 | ||||||||
Balance
at 1 January 2022 | i 825,163 | i 11,870 | ||||||
Reissued
to Offeror under the TMI Offer | ( i 825,163 | ) | ( i 11,870 | ) | ||||
Balance
at 31 December 2022 | i - | i - |
2023 | 2022
| |||||||
US$’000 | US$’000 | |||||||
Balance
at 1 January | i - | i 4,777 | ||||||
Share-based
payments expenses | i - | i 8,134 | ||||||
Treasury
shares issued to employees under the Forfeitable Share Plan | i - | ( i 12,911 | ) | |||||
Balance
at 31 December | i - | i - |
F-63 |
28 | OTHER EQUITY AND RESERVES (cont’d) |
Number of share awards: | 2018 | 2020 | 2021 | 2022 | Total | |||||||||||||||
Outstanding
at 1 January 2022 | i 220,668 | i 124,500 | i 516,000 | - | i 861,168 | |||||||||||||||
Issued
during the year | - | - | i - | i 232,646 | i 232,646 | |||||||||||||||
Forfeited
during the year | i - | - | ( i 106,667 | ) | - | ( i 106,667 | ) | |||||||||||||
Awards
vested to employees under the Forfeitable Share Plan | ( i 220,668 | ) | ( i 80,500 | ) | ( i 171,996 | ) | ( i 38,468 | ) | ( i 511,632 | ) | ||||||||||
Awards
vested to employees under TMI Offer | i - | ( i 44,000 | ) | ( i 237,337 | ) | ( i 194,178 | ) | ( i 475,515 | ) | |||||||||||
Outstanding
at 31 December 2022 | i - | i - | i - | i - | i - | |||||||||||||||
US$ | US$ | US$ | US$ | |||||||||||||||||
Fair
value at grant date | i 10.18 | i 2.90 | i 11.85 | i 25.58 |
F-64 |
28 | OTHER EQUITY AND RESERVES (cont’d) |
29 | REVENUE |
2023 | 2022
| 2021 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Over
time: | ||||||||||||
Charter hire | i 82,511 | i 193,631 | i 210,079 | |||||||||
Freight
revenue | i 143,535 | i 236,327 | i 245,179 | |||||||||
Vessel
revenue | i 226,046 | i 429,958 | i 455,258 | |||||||||
Management
fees | i 2,945 | i 521 | i 581 | |||||||||
Other | i 2,945 | i 521 | i 581 | |||||||||
At
a point in time: | ||||||||||||
Sale of ships | i 153,668 | i 29,600 | i - | |||||||||
Sale
of bunkers and other consumables | i 4,437 | i 381 | i - | |||||||||
Ship
sales | i 158,105 | i 29,981 | i - | |||||||||
i 387,096 | i 460,460 | i 455,839 |
F-65 |
29 | REVENUE (cont’d) |
· | The contract with the end charterer specifically names the pool, rather than the shipowner; |
· | The pool manager
is responsible for managing issues that may arise during the end charterer’s use of the vessel; |
· | The pool manager has the power to decide which vessel in the pool it will use to fulfill the contract with the end charterer; and |
· | The pool manager sets the prices that the end charterer will pay to use the vessel. |
F-66 |
30 | SEGMENT INFORMATION |
F-67 |
30 |
SEGMENT INFORMATION (cont’d) |
|
|
Drybulk Carrier Business |
|
|
Other |
|
|
Total |
|
|
Unallocated |
|
|
Total |
|
|
Adjustments |
|
|
Total |
|
|||||||||||
|
|
Handysize |
|
|
Supramax/ Ultramax |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Vessel revenue |
|
|
i 87,918 |
|
|
|
i 138,128 |
|
|
|
i - |
|
|
|
i 226,046 |
|
|
|
i - |
|
|
|
i 226,046 |
|
|
|
i - |
|
|
|
i 226,046 |
|
Ship sale revenue |
|
|
i 63,760 |
|
|
|
i 94,345 |
|
|
|
i - |
|
|
|
i 158,105 |
|
|
|
i - |
|
|
|
i 158,105 |
|
|
|
i - |
|
|
|
i 158,105 |
|
Other |
|
|
i 90 |
|
|
|
i 27 |
|
|
|
i 2,828 |
|
|
|
i 2,945 |
|
|
|
i - |
|
|
|
i 2,945 |
|
|
|
i - |
|
|
|
i 2,945 |
|
Total revenue |
|
|
i 151,768 |
|
|
|
i 232,500 |
|
|
|
i 2,828 |
|
|
|
i 387,096 |
|
|
|
i - |
|
|
|
i 387,096 |
|
|
|
i - |
|
|
|
i 387,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
( i 25,355 |
) |
|
|
( i 49,259 |
) |
|
|
i - |
|
|
|
( i 74,614 |
) |
|
|
i - |
|
|
|
( i 74,614 |
) |
|
|
i - |
|
|
|
( i 74,614 |
) |
Vessel operating costs |
|
|
( i 28,788 |
) |
|
|
( i 16,921 |
) |
|
|
i 2,708 |
|
|
|
( i 43,001 |
) |
|
|
i - |
|
|
|
( i 43,001 |
) |
|
|
i - |
|
|
|
( i 43,001 |
) |
Charter hire costs |
|
|
( i 13,334 |
) |
|
|
( i 13,618 |
) |
|
|
i - |
|
|
|
( i 26,952 |
) |
|
|
i - |
|
|
|
( i 26,952 |
) |
|
|
i - |
|
|
|
( i 26,952 |
) |
Depreciation of ships, drydocking and plant and equipment– owned assets |
|
|
( i 14,076 |
) |
|
|
( i 10,748 |
) |
|
|
i - |
|
|
|
( i 24,824 |
) |
|
|
i - |
|
|
|
( i 24,824 |
) |
|
|
i - |
|
|
|
( i 24,824 |
) |
Depreciation of ships and ship equipment – right-of-use assets |
|
|
( i 14 |
) |
|
|
( i 30,329 |
) |
|
|
i - |
|
|
|
( i 30,343 |
) |
|
|
i - |
|
|
|
( i 30,343 |
) |
|
|
i - |
|
|
|
( i 30,343 |
) |
Cost of ship sale |
|
|
( i 60,582 |
) |
|
|
( i 87,168 |
) |
|
|
i 310 |
|
|
|
( i 147,440 |
) |
|
|
i - |
|
|
|
( i 147,440 |
) |
|
|
i - |
|
|
|
( i 147,440 |
) |
Other |
|
|
( i 373 |
) |
|
|
( i 182 |
) |
|
|
i - |
|
|
|
( i 555 |
) |
|
|
i - |
|
|
|
( i 555 |
) |
|
|
i - |
|
|
|
( i 555 |
) |
Costs of sales |
|
|
( i 142,522 |
) |
|
|
( i 208,225 |
) |
|
|
i 3,018 |
|
|
|
( i 347,728 |
) |
|
|
i - |
|
|
|
( i 347,728 |
) |
|
|
i - |
|
|
|
( i 347,728 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
i 9,246 |
|
|
|
i 24,275 |
|
|
|
i 5,846 |
|
|
|
i 39,368 |
|
|
|
i - |
|
|
|
i 39,368 |
|
|
|
i - |
|
|
|
i 39,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) profit |
|
|
( i 2,035 |
) |
|
|
i 14,550 |
|
|
|
( i 117 |
) |
|
|
i 12,398 |
|
|
|
( i 7,036 |
) |
|
|
i 5,362 |
|
|
|
i - |
|
|
|
i 5,362 |
|
Interest income |
|
|
i 1,373 |
|
|
|
i 1,413 |
|
|
|
i 6 |
|
|
|
i 2,792 |
|
|
|
i 6 |
|
|
|
i 2,798 |
|
|
|
i - |
|
|
|
i 2,798 |
|
Interest expense |
|
|
( i 6,416 |
) |
|
|
( i 10,682 |
) |
|
|
( i 1 |
) |
|
|
( i 17,099 |
) |
|
|
i - |
|
|
|
( i 17,099 |
) |
|
|
i - |
|
|
|
( i 17,099 |
) |
Income tax (expense) benefit |
|
|
( i 192 |
) |
|
|
( i 203 |
) |
|
|
i 9 |
|
|
|
( i 386 |
) |
|
|
( i 297 |
) |
|
|
( i 683 |
) |
|
|
i - |
|
|
|
( i 683 |
) |
(Loss) profit for the period |
|
|
( i 7,270 |
) |
|
|
i 5,078 |
|
|
|
( i 103 |
) |
|
|
( i 2,295 |
) |
|
|
( i 7,327 |
) |
|
|
( i 9,622 |
) |
|
|
i - |
|
|
|
( i 9,622 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Reversal of) impairment loss on ships and assets under construction |
|
|
i 1,849 |
|
|
|
( i 159 |
) |
|
|
i - |
|
|
|
i 1,690 |
|
|
|
i - |
|
|
|
i 1,690 |
|
|
|
i - |
|
|
|
i 1,690 |
|
Capital expenditure |
|
|
i 37,472 |
|
|
|
i 837 |
|
|
|
i 419 |
|
|
|
i 38,728 |
|
|
|
i - |
|
|
|
i 38,728 |
|
|
|
i - |
|
|
|
i 38,728 |
|
F-68 |
30 | SEGMENT INFORMATION (cont’d) |
Drybulk
Carrier Business | Others | Total | Unallocated | Total | Adjustments | Total | ||||||||||||||||||||||||||
Handysize | Supramax/ Ultramax | |||||||||||||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||||||||||||||
Vessel
revenue | i 159,524 | i 268,352 | i 2,082 | i 429,958 | i - | i 429,958 | i - | i 429,958 | ||||||||||||||||||||||||
Ship
sale revenue | i - | i - | i 29,981 | i 29,981 | i - | i 29,981 | i - | i 29,981 | ||||||||||||||||||||||||
Other
| i 410 | i 111 | i - | i 521 | i - | i 521 | i - | i 521 | ||||||||||||||||||||||||
Total
revenue | i 159,934 | i 268,463 | i 32,063 | i 460,460 | i - | i 460,460 | i - | i 460,460 | ||||||||||||||||||||||||
Voyage
expenses | ( i 30,683 | ) | ( i 60,420 | ) | ( i 1 | ) | ( i 91,104 | ) | i - | ( i 91,104 | ) | i - | ( i 91,104 | ) | ||||||||||||||||||
Vessel
operating costs | ( i 31,625 | ) | ( i 18,249 | ) | i 2,973 | ( i 46,901 | ) | i - | ( i 46,901 | ) | i - | ( i 46,901 | ) | |||||||||||||||||||
Charter
hire costs | ( i 12,126 | ) | ( i 46,800 | ) | i - | ( i 58,926 | ) | i - | ( i 58,926 | ) | i - | ( i 58,926 | ) | |||||||||||||||||||
Depreciation
of ships, drydocking and plant and equipment– owned assets | ( i 17,946 | ) | ( i 11,791 | ) | ( i 761 | ) | ( i 30,498 | ) | i - | ( i 30,498 | ) | i - | ( i 30,498 | ) | ||||||||||||||||||
Depreciation
of ships and ship equipment – right-of-use assets | ( i 14 | ) | ( i 35,662 | ) | i - | ( i 35,676 | ) | i - | ( i 35,676 | ) | i - | ( i 35,676 | ) | |||||||||||||||||||
Cost
of ship sale | i - | i - | ( i 29,897 | ) | ( i 29,897 | ) | i - | ( i 29,897 | ) | i - | ( i 29,897 | ) | ||||||||||||||||||||
Other | ( i 1,024 | ) | i 334 | ( i 6 | ) | ( i 696 | ) | i - | ( i 696 | ) | i - | ( i 696 | ) | |||||||||||||||||||
Costs
of sales | ( i 93,418 | ) | ( i 172,588 | ) | ( i 27,692 | ) | ( i 293,698 | ) | i - | ( i 293,698 | ) | i - | ( i 293,698 | ) | ||||||||||||||||||
Gross
profit | i 66,516 | i 95,875 | i 4,371 | i 166,762 | i - | i 166,762 | i - | i 166,762 | ||||||||||||||||||||||||
Operating
profit | i 54,904 | i 76,546 | i 2,200 | i 133,650 | ( i 14,621 | ) | i 119,029 | i 5 | i 119,034 | |||||||||||||||||||||||
Interest
income | i 881 | i 1,085 | i 161 | i 2,127 | i 101 | i 2,228 | i - | i 2,228 | ||||||||||||||||||||||||
Interest
expense | ( i 7,847 | ) | ( i 8,075 | ) | ( i 1,211 | ) | ( i 17,133 | ) | i - | ( i 17,133 | ) | i - | ( i 17,133 | ) | ||||||||||||||||||
Share
of losses of joint ventures | i - | i - | i - | i - | i - | i - | ( i 5 | ) | ( i 5 | ) | ||||||||||||||||||||||
Income
tax benefit | ( i 308 | ) | ( i 426 | ) | ( i 23 | ) | ( i 757 | ) | i - | ( i 757 | ) | i - | ( i 757 | ) | ||||||||||||||||||
Profit
for the period | i 47,630 | i 69,130 | i 1,127 | i 117,887 | ( i 14,520 | ) | i 103,367 | i - | i 103,367 | |||||||||||||||||||||||
Reversal
of impairment loss recognised on ships | ( i 1,707 | ) | i - | i - | ( i 1,707 | ) | i - | ( i 1,707 | ) | i - | ( i 1,707 | ) | ||||||||||||||||||||
Impairment
loss on right-of-use asset | i - | i 985 | i - | i 985 | i - | i 985 | i - | i 985 | ||||||||||||||||||||||||
Capital
expenditure | i 5,529 | i 3,812 | i 78 | i 9,419 | i - | i 9,419 | i - | i 9,419 |
F-69 |
30 |
SEGMENT INFORMATION (cont’d) |
|
|
Drybulk Carrier Business |
|
|
Others |
|
|
Total |
|
|
Unallocated |
|
|
Total |
|
|
Adjustments |
|
|
Total |
|
|||||||||||
|
|
Handysize |
|
|
Supramax/ Ultramax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Vessel revenue |
|
|
i 157,707 |
|
|
|
i 292,179 |
|
|
|
i 5,372 |
|
|
|
i 455,258 |
|
|
|
i - |
|
|
|
i 455,258 |
|
|
|
i - |
|
|
|
i 455,258 |
|
Ship sale revenue |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Other |
|
|
i 503 |
|
|
|
i 78 |
|
|
|
i - |
|
|
|
i 581 |
|
|
|
i - |
|
|
|
i 581 |
|
|
|
i - |
|
|
|
i 581 |
|
Total revenue |
|
|
i 158,210 |
|
|
|
i 292,257 |
|
|
|
i 5,372 |
|
|
|
i 455,839 |
|
|
|
i - |
|
|
|
i 455,839 |
|
|
|
i - |
|
|
|
i 455,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
( i 27,235 |
) |
|
|
( i 69,600 |
) |
|
|
( i 129 |
) |
|
|
( i 96,964 |
) |
|
|
i - |
|
|
|
( i 96,964 |
) |
|
|
i - |
|
|
|
( i 96,964 |
) |
Vessel operating costs |
|
|
( i 31,043 |
) |
|
|
( i 15,811 |
) |
|
|
i 2,896 |
|
|
|
( i 43,958 |
) |
|
|
i - |
|
|
|
( i 43,958 |
) |
|
|
i - |
|
|
|
( i 43,958 |
) |
Charter hire costs |
|
|
( i 11,755 |
) |
|
|
( i 63,626 |
) |
|
|
i - |
|
|
|
( i 75,381 |
) |
|
|
i - |
|
|
|
( i 75,381 |
) |
|
|
i - |
|
|
|
( i 75,381 |
) |
Depreciation of ships, drydocking and plant and equipment– owned assets |
|
|
( i 13,724 |
) |
|
|
( i 10,474 |
) |
|
|
( i 1,668 |
) |
|
|
( i 25,866 |
) |
|
|
i - |
|
|
|
( i 25,866 |
) |
|
|
i - |
|
|
|
( i 25,866 |
) |
Depreciation of ships and ship equipment – right-of-use assets |
|
|
( i 17 |
) |
|
|
( i 34,881 |
) |
|
|
i - |
|
|
|
( i 34,898 |
) |
|
|
i - |
|
|
|
( i 34,898 |
) |
|
|
i - |
|
|
|
( i 34,898 |
) |
Cost of ship sale |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
Other |
|
|
( i 457 |
) |
|
|
( i 1,419 |
) |
|
|
i 1 |
|
|
|
( i 1,875 |
) |
|
|
i - |
|
|
|
( i 1,875 |
) |
|
|
i - |
|
|
|
( i 1,875 |
) |
Costs of sales |
|
|
( i 84,231 |
) |
|
|
( i 195,811 |
) |
|
|
i 1,100 |
|
|
|
( i 278,942 |
) |
|
|
i - |
|
|
|
( i 278,942 |
) |
|
|
i - |
|
|
|
( i 278,942 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
i 73,979 |
|
|
|
i 96,446 |
|
|
|
i 6,472 |
|
|
|
i 176,897 |
|
|
|
i - |
|
|
|
i 176,897 |
|
|
|
i - |
|
|
|
i 176,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
i 65,612 |
|
|
|
i 78,777 |
|
|
|
i 3,616 |
|
|
|
i 148,005 |
|
|
|
( i 3,379 |
) |
|
|
i 144,626 |
|
|
|
i 31 |
|
|
|
i 144,657 |
|
Interest income |
|
|
i 7 |
|
|
|
i 11 |
|
|
|
i 163 |
|
|
|
i 181 |
|
|
|
i 20 |
|
|
|
i 201 |
|
|
|
i - |
|
|
|
i 201 |
|
Interest expense |
|
|
( i 4,873 |
) |
|
|
( i 6,376 |
) |
|
|
( i 1,049 |
) |
|
|
( i 12,298 |
) |
|
|
i - |
|
|
|
( i 12,298 |
) |
|
|
i - |
|
|
|
( i 12,298 |
) |
Share of losses of joint ventures |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
( i 31 |
) |
|
|
( i 31 |
) |
Income tax benefit |
|
|
i 3 |
|
|
|
i 11 |
|
|
|
i 104 |
|
|
|
i 118 |
|
|
|
i - |
|
|
|
i 118 |
|
|
|
i - |
|
|
|
i 118 |
|
Profit for the period |
|
|
i 60,749 |
|
|
|
i 72,423 |
|
|
|
i 2,834 |
|
|
|
i 136,006 |
|
|
|
( i 3,359 |
) |
|
|
i 132,647 |
|
|
|
i - |
|
|
|
i 132,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of impairment loss on owned ships |
|
|
( i 3,557 |
) |
|
|
i - |
|
|
|
i - |
|
|
|
( i 3,557 |
) |
|
|
i - |
|
|
|
( i 3,557 |
) |
|
|
i - |
|
|
|
( i 3,557 |
) |
Reversal of impairment loss on right-of-use assets |
|
|
i - |
|
|
|
( i 1,046 |
) |
|
|
i - |
|
|
|
( i 1,046 |
) |
|
|
i - |
|
|
|
( i 1,046 |
) |
|
|
i - |
|
|
|
( i 1,046 |
) |
Impairment loss on disposal group |
|
|
i - |
|
|
|
i - |
|
|
|
i - |
|
|
|
i 2,551 |
|
|
|
i - |
|
|
|
i 2,551 |
|
|
|
i - |
|
|
|
i 2,551 |
|
Impairment of goodwill and intangibles |
|
|
i 94 |
|
|
|
i 871 |
|
|
|
i - |
|
|
|
i 965 |
|
|
|
i - |
|
|
|
i 965 |
|
|
|
i - |
|
|
|
i 965 |
|
Capital expenditure |
|
|
i 5,947 |
|
|
|
i 26,423 |
|
|
|
i 1,134 |
|
|
|
i 33,504 |
|
|
|
i - |
|
|
|
i 33,504 |
|
|
|
i - |
|
|
|
i 33,504 |
|
F-70 |
31 | OTHER
OPERATING (EXPENSE) INCOME |
2023 | 2022 | 2021
| ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
(Impairment
loss) reversal of impairment recognised on ships (Note 12) | ( i 2,000 | ) | i 1,707 | i 3,557 | ||||||||
(Impairment
loss) reversal of impairment recognised on right-of-use assets (Note 13) | i - | ( i 985 | ) | i 1,046 | ||||||||
Impairment
loss on goodwill (Note 17) | i - | i - | ( i 965 | ) | ||||||||
(Impairment
loss) reversal of on financial assets | ( i 53 | ) | i 45 | ( i 2 | ) | |||||||
Reversal
of impairment of asset under construction (Note 12) | i 310 | i - | i - | |||||||||
Lease
income (Note 5) | i 345 | i - | i - | |||||||||
Net
foreign exchange (loss) gain | ( i 237 | ) | ( i 512 | ) | i 95 | |||||||
Gain
on disposal of plant and equipment | i 12 | i 36 | i 14 | |||||||||
Gain
on disposal of right-of-use asset | i 3 | i - | i 104 | |||||||||
Other
operating income | i 277 | i 52 | i - | |||||||||
Other
operating expenses | ( i 9 | ) | ( i 2 | ) | i - | |||||||
( i 1,352 | ) | i 341 | i 3,849 |
32 | INTEREST
INCOME |
2023 | 2022 | 2021
| ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Bank
interests | i 2,363 | i 1,776 | i 201 | |||||||||
Other
interest | i 435 | i 452 | i - | |||||||||
i 2,798 | i 2,228 | i 201 |
33 | INTEREST
EXPENSE |
2023 | 2022 | 2021
| ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Interest
on bank loans | i 13,912 | i 14,119 | i 6,231 | |||||||||
Interest
on non-bank loans | i - | i - | i 1,808 | |||||||||
Amortisation
of upfront fees on bank loans | i 812 | i 1,539 | i 1,263 | |||||||||
Other
finance costs | i 41 | i 61 | i 1,095 | |||||||||
Interest
on lease liabilities | i 2,334 | i 1,414 | i 1,901 | |||||||||
i 17,099 | i 17,133 | i 12,298 |
F-71 |
34 | (LOSS) PROFIT BEFORE TAXATION |
2023 | 2022 | 2021 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Depreciation
of ships, dry-docking and plant and equipment | i 24,824 | i 30,498 | i 25,866 | |||||||||
Depreciation
of other property, plant and equipment * | i 154 | i 57 | i 51 | |||||||||
Amortisation
of intangible assets * | i 638 | i 155 | i 165 | |||||||||
Total
depreciation and amortisation – owned assets | i 25,616 | i 30,710 | i 26,082 | |||||||||
Depreciation
of ships and ship equipment – right-of-use | i 30,343 | i 35,676 | i 34,898 | |||||||||
Depreciation
of property – right-of-use * | i 1,695 | i 889 | i 938 | |||||||||
Total
depreciation and amortisation – right-of-use assets | i 32,038 | i 36,565 | i 35,836 | |||||||||
Total
depreciation and amortisation | i 57,654 | i 67,275 | i 61,918 | |||||||||
Cost
of inventories recognised as expense (included in voyage expenses) | i 61,008 | i 78,172 | i 57,633 | |||||||||
Expense
recognised in respect of equity-settled share-based payments | i - | i 8,134 | i 3,336 | |||||||||
Employee
benefits expenses (including directors’ remuneration and share based payments) | i 18,330 | i 28,053 | i 27,206 | |||||||||
Cost
of defined benefit plan and defined contribution plans included in employee benefits expenses | i 985 | i 1,320 | i 1,096 | |||||||||
Tender
offer and related expenses | i - | i 10,307 | i - |
F-72 |
35 |
INCOME TAX EXPENSE (BENEFIT) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
Current tax |
|
|
|
|
|
|
|
|
|
|
|
|
In respect of the current year |
|
|
i 367 |
|
|
|
i 428 |
|
|
|
i 513 |
|
Withholding taxes |
|
|
i 306 |
|
|
|
i 127 |
|
|
|
i 48 |
|
In respect of prior years |
|
|
( i 97 |
) |
|
|
( i 463 |
) |
|
|
( i 132 |
) |
|
|
|
i 576 |
|
|
|
i 92 |
|
|
|
i 429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax |
|
|
|
|
|
|
|
|
|
|
|
|
In respect of the current year |
|
|
i 107 |
|
|
|
i 665 |
|
|
|
( i 547 |
) |
|
|
|
i 107 |
|
|
|
i 665 |
|
|
|
( i 547 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
|
i 683 |
|
|
|
i 757 |
|
|
|
( i 118 |
) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
(Loss) profit before tax |
|
|
( i 8,939 |
) |
|
|
i 104,124 |
|
|
|
i 132,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense calculated at corporate rate |
|
|
( i 1,520 |
) |
|
|
i 17,701 |
|
|
|
i 22,530 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of income that is exempt from tax |
|
|
( i 7,772 |
) |
|
|
( i 32,053 |
) |
|
|
( i 27,890 |
) |
Effect of expenses that are not deductible in determining taxable profit |
|
|
i 9,506 |
|
|
|
i 15,025 |
|
|
|
i 6,204 |
|
Effect of different tax rates of subsidiaries operating in other jurisdictions |
|
|
i 260 |
|
|
|
i 420 |
|
|
|
( i 878 |
) |
Overprovision of current tax in prior year |
|
|
( i 97 |
) |
|
|
( i 463 |
) |
|
|
( i 132 |
) |
Withholding tax |
|
|
i 306 |
|
|
|
i 127 |
|
|
|
i 48 |
|
|
|
|
i 683 |
|
|
|
i 757 |
|
|
|
( i 118 |
) |
F-73 |
35 | INCOME TAX EXPENSE (BENEFIT) (cont’d) |
F-74 |
36 | DISCONTINUED
OPERATION |
2021
| ||||||||||||||||
US$’000 | ||||||||||||||||
Revenue | i 52,980 | |||||||||||||||
Cost
of sales | ||||||||||||||||
Voyage
expenses | ( i 421 | ) | ||||||||||||||
Vessel
operating costs | ( i 1,942 | ) | ||||||||||||||
Other
expenses | ( i 61 | ) | ||||||||||||||
Cost
of ship sale | ( i 50,580 | ) | ||||||||||||||
Gross
loss | ( i 24 | ) | ||||||||||||||
Other
operating expense | ( i 2,986 | ) | ||||||||||||||
Administrative
expense | ( i 2,253 | ) | ||||||||||||||
Share
of losses of joint ventures | ( i 1 | ) | ||||||||||||||
Interest
income | i 35 | |||||||||||||||
Interest
expense | ( i 649 | ) | ||||||||||||||
Loss
before taxation | ( i 5,878 | ) | ||||||||||||||
Income
tax benefit | i 2,713 | |||||||||||||||
Net
loss attributable to discontinued operation (attributable to the owners of the Company) | ( i 3,165 | ) | ||||||||||||||
Cash
flows relating to the discontinued operation of the tanker business were as follows: | ||||||||||||||||
Net cash flows from discontinued operation | ||||||||||||||||
Cash
generated from | i 21,902 | |||||||||||||||
Cash
generated from investing activities | i 962 | |||||||||||||||
Cash
used in financing activities | ( i 25,949 | ) |
F-75 |
37 | ACQUISITION
OF SUBSIDIARIES |
TSM | TMM | Total | ||||||||||
2023
| 2023 | 2023 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Cash
and bank balances including restricted cash | i 1,733 | i 2,562 | i 4,295 | |||||||||
Trade
receivables | i 72 | i 362 | i 434 | |||||||||
Other
receivables and prepayments | i 371 | i 184 | i 555 | |||||||||
Due
from related parties | i - | i 2 | i 2 | |||||||||
Ships,
property, plant and equipment | i 128 | i 58 | i 186 | |||||||||
Right-of-use
assets | i 80 | i - | i 80 | |||||||||
Tax
recoverable | i 67 | i - | i 67 | |||||||||
Intangible
assets | i 3,018 | i 2,142 | i 5,160 | |||||||||
Trade
and other payables | ( i 2,268 | ) | ( i 880 | ) | ( i 3,148 | ) | ||||||
Deferred
tax liabilities | ( i 477 | ) | ( i 364 | ) | ( i 841 | ) | ||||||
Due
to related parties | ( i 233 | ) | i - | ( i 233 | ) | |||||||
Lease
liabilities | ( i 80 | ) | i - | ( i 80 | ) | |||||||
Income
tax payable | i - | ( i 2,143 | ) | ( i 2,143 | ) | |||||||
Fair
value of net identifiable assets acquired | i 2,411 | i 1,923 | i 4,334 | |||||||||
Goodwill
arising on acquisition (a) | i 3,454 | i 4,470 | i 7,924 | |||||||||
Total
consideration | i 5,865 | i 6,393 | i 12,258 | |||||||||
Satisfied
by: | ||||||||||||
Cash | i 760 | i 1,487 | i 2,247 | |||||||||
Equity
instruments (b) | i 975 | i 975 | i 1,950 | |||||||||
Earn-out
consideration (c) | i 4,130 | i 3,931 | i 8,061 | |||||||||
i 5,865 | i 6,393 | i 12,258 |
(a) | The goodwill arising from the acquisition reflects the expected synergies from combining operations of the acquiree and acquirer as well as intangible assets that do not qualify for separate recognition. None of the goodwill is expected to be deductible for tax purposes. |
(b) | The fair value of the i i 106,791 /
ordinary shares issued to sellers of acquiree as part of the purchase consideration was US$ i i 975,000 /
for TSM and TMM each. This was determined based on the share price on the date of acquisition. |
(c) | The earn-out consideration is payable in shares of the Company on the first and second anniversary from acquisition completion date. The Company has an option to substitute the shares for cash. The value payable is dependent on the number of vessels under TSM and TMM’s management with a maximum of US$ i i 3,900,000 / .
The earn-out becomes immediately payable with a i 20% premium in the event of change in buyer control following which the Company’s shares will no longer be listed on the NASDAQ or the JSE. The amount payable including the i 20%
premium can range from US$ i i Nil /
to a maximum of US$ i i 5,004,000 /
and US$ i i 4,277,000 /
for TSM and TMM respectively. The fair value was determined by applying the scenario-based method which involves the use of multiple outcomes with probability-weighing the earn-out consideration payable under each outcome. |
F-76 |
37 | ACQUISITION OF SUBSIDIARIES (cont’d) |
TSM | TMM | Total | ||||||||||
Net
cash outflows arising on acquisition of | 2023 | 2023 | 2023 | |||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Cash
consideration | ( i 760 | ) | ( i 1,487 | ) | ( i 2,247 | ) | ||||||
Less:
cash and bank balances including restricted cash | i 1,733 | i 2,562 | i 4,295 | |||||||||
Net
cash received from acquisition of subsidiaries | i 973 | i 1,075 | i 2,048 |
F-77 |
38 | EARNINGS
PER SHARE |
2023
| 2022 | 2021 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
(Loss)
profit for the purpose of basic (loss) profit per share | ||||||||||||
Net (loss) profit attributable to the shareholders of the Group | ( i 9,622 | ) | i 103,367 | i 118,925 | ||||||||
Effect
of dilutive potential on ordinary shares | i - | i - | i - | |||||||||
(Loss)
profit for the purposes of diluted (loss) profit per share | ( i 9,622 | ) | i 103,367 | i 118,925 |
2023 | 2022 | 2021 | ||||||||||
Weighted
average number of ordinary shares for the purpose of basic (loss) profit per share | i 19,524,087 | i 18,949,972 | i 19,150,787 | |||||||||
Effect
of dilutive potential ordinary shares due to FSP share awards | i - | i - | i 861,168 | |||||||||
Weighted
average number of ordinary shares for the purpose of diluted (loss) profit per share | i 19,524,087 | i 18,949,972 | i 20,011,955 | |||||||||
US$ | US$ | US$ | ||||||||||
Basic
(loss) profit per share | ( i 0.49 | ) | i 5.45 | i 6.21 | ||||||||
Diluted
(loss) profit per share | ( i 0.49 | ) | i 5.45 | i 5.94 |
The
following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of diluted (loss) profit per share: | ||||||||||||
Number
of shares | i - | i - | i 650,333 | |||||||||
The
shares granted under the 2018 FSP became dilutive to basic (loss) profit per share in 2021. |
F-78 |
38 |
EARNINGS PER SHARE (cont’d) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
(Loss) profit for the purpose of basic (loss)/profit per share |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) profit attributable to the shareholders of the Group |
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 118,925 |
|
Adjustments to exclude loss for the year from discontinued operation |
|
|
i - |
|
|
|
i - |
|
|
|
i 3,165 |
|
(Loss) profit from continuing operations for the purpose of basic (loss) profit per share from continuing operations |
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 122,090 |
|
Effect of dilutive potential ordinary share |
|
|
- |
|
|
|
- |
|
|
|
- |
|
(Loss) profit for the purposes of diluted (loss) profit per share from continuing operations |
|
|
( i 9,622 |
) |
|
|
i 103,367 |
|
|
|
i 122,090 |
|
|
|
|
US$ |
|
|
|
US$ |
|
|
|
US$ |
|
Basic (loss) profit per share |
|
|
( i 0.49 |
) |
|
|
i 5.45 |
|
|
|
i 6.38 |
|
Diluted (loss) profit per share |
|
|
( i 0.49 |
) |
|
|
i 5.45 |
|
|
|
i 6.10 |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|||
Basic loss per share |
|
|
i - |
|
|
|
i - |
|
|
|
( i 0.17 |
) |
Diluted loss per share |
|
|
i - |
|
|
|
i - |
|
|
|
( i 0.16 |
) |
39 |
DIVIDENDS |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
Amounts recognised as distributions to equity holders in the year |
|
|
|
|
|
|
|
|
|
|
|
|
Interim dividend paid 17 March (2022: 22 March and 2021: 13 December) |
|
|
i 585 |
|
|
|
i 13,650 |
|
|
|
i 13,546 |
|
Interim dividend paid 19 June (2022: 20 June) |
|
|
i 584 |
|
|
|
i 8,910 |
|
|
|
i - |
|
Interim dividend paid 19 September |
|
|
i - |
|
|
|
i 15,957 |
|
|
|
i - |
|
Interim dividend paid 1 December |
|
|
i - |
|
|
|
i 97,360 |
|
|
|
i - |
|
|
|
|
i 1,169 |
|
|
|
i 135,877 |
|
|
|
i 13,546 |
|
|
|
|
US$ |
|
|
|
US$ |
|
|
|
US$ |
|
Interim dividend per share - paid 17 March (2022: 22 March and 2021:13 December) |
|
|
i 0.03 |
|
|
|
i 0.72 |
|
|
|
i 0.72 |
|
Interim dividend per share - paid 19 June (2022: 20 June) |
|
|
i 0.03 |
|
|
|
i 0.47 |
|
|
|
i - |
|
Interim dividend per share - paid 19 September |
|
|
i - |
|
|
|
i 0.84 |
|
|
|
i - |
|
Interim dividend per share - paid 1 December |
|
|
i - |
|
|
|
i 5.00 |
|
|
|
i - |
|
F-79 |
40 | COMMITMENTS |
2023
| 2022 | |||||||
US$’000 | US$’000 | |||||||
Due
within one year | i 17,869 | i 1,399 |
41 | EVENTS AFTER THE REPORTING PERIOD |
a) | On
17 January 2024, the ship IVS Kingbird was contracted for sale for US$ i 10,395,000. The vessel delivered to her new owners on 1 February 2024. |
b) | On
6 February 2024, the ship HB Imabari delivered to the Group. The final installment was funded by the drawdown of a US$ i i 20,200,000 /
loan facility with IYO Bank on 2 February 2024. |
c) | On 23 February 2024, the ship IVS Ibis was contracted for sale for US$ i 11,700,000.
The vessel delivered to her new owners on 26 March 2024. |
d) | On 29 February 2024, Grindrod Shipping, as parent guarantor and GSPL as borrower entered into a US$ i i 83,000,000 /
senior secured revolving loan facility with Nordea Bank ABP, Filial I Norge as facility agent and security agent and Nordea Bank ABP, Filial I Norge (“Nordea”) and Skandinaviska Enskilda Banken AB (Publ), Singapore Branch (“SEB”) as lenders relating to i eight vessels. The facility has an additional US$ i 30,000,000
that can be accessed as an accordion facility during the i 36 months prior to the facility maturing. The facility was drawn in full on 8 March 2024, for the purpose of refinancing the existing indebtedness (the US$ i 114.1
Million Senior Secured Credit Facility Note 24). |
e) | On 11 March 2024, we entered into a contract to sell the ship, IVS Naruo , for US$ i 22,500,000
with delivery to her new owners planned on or before 30 June 2024. Following delivery to the new owners, IVS Naruo will be chartered-in for i 11 to i 13
months and has two one-year options to extend the charter with a purchase option available from the end of the second optional year (provided the charter option is exercised) of US$ i 25,000,000. |
F-80 |
This ‘20-F’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/16/36 | ||||
11/19/31 | ||||
10/18/31 | ||||
6/25/30 | ||||
3/7/28 | ||||
12/31/27 | ||||
12/31/26 | ||||
3/1/26 | ||||
6/26/25 | ||||
3/1/25 | ||||
2/13/25 | ||||
12/31/24 | ||||
9/8/24 | ||||
6/30/24 | ||||
Filed on: | 3/27/24 | |||
3/26/24 | ||||
3/11/24 | ||||
3/10/24 | ||||
3/8/24 | 6-K | |||
3/1/24 | ||||
2/29/24 | ||||
2/28/24 | 6-K | |||
2/23/24 | ||||
2/6/24 | ||||
2/2/24 | ||||
2/1/24 | ||||
1/17/24 | ||||
For Period end: | 12/31/23 | |||
12/11/23 | 6-K | |||
12/4/23 | ||||
11/30/23 | ||||
11/28/23 | 6-K | |||
11/13/23 | ||||
10/31/23 | ||||
10/26/23 | ||||
10/20/23 | 6-K | |||
10/3/23 | 6-K | |||
9/30/23 | ||||
9/25/23 | 6-K | |||
8/31/23 | ||||
8/14/23 | ||||
7/31/23 | ||||
7/28/23 | 6-K | |||
7/24/23 | ||||
7/18/23 | ||||
6/30/23 | ||||
6/1/23 | ||||
5/31/23 | ||||
5/25/23 | 6-K | |||
5/19/23 | ||||
5/15/23 | ||||
4/30/23 | ||||
4/1/23 | ||||
3/31/23 | ||||
3/23/23 | 20-F | |||
3/20/23 | 6-K | |||
3/16/23 | ||||
3/1/23 | ||||
2/28/23 | ||||
2/24/23 | ||||
2/16/23 | ||||
2/10/23 | ||||
2/5/23 | ||||
2/2/23 | ||||
1/31/23 | ||||
1/1/23 | ||||
12/31/22 | 20-F | |||
12/19/22 | ||||
12/14/22 | ||||
12/6/22 | ||||
12/5/22 | ||||
12/1/22 | SC 13G/A | |||
11/29/22 | SC 13E3/A, SC 14D9/A, SC TO-T/A | |||
11/25/22 | ||||
11/22/22 | 6-K | |||
10/28/22 | SC 13E3, SC 14D9, SC TO-T | |||
10/12/22 | 6-K, SC 13D/A, SC TO-C, SC14D9C | |||
10/11/22 | ||||
6/18/22 | ||||
6/1/22 | ||||
5/26/22 | 6-K | |||
5/10/22 | ||||
4/6/22 | 6-K | |||
3/31/22 | 6-K | |||
3/25/22 | 20-F | |||
3/11/22 | S-8 | |||
3/8/22 | ||||
3/1/22 | 6-K | |||
2/24/22 | ||||
2/17/22 | 6-K | |||
12/31/21 | 20-F | |||
10/8/21 | ||||
9/16/21 | ||||
9/10/21 | EFFECT | |||
9/1/21 | 6-K | |||
7/1/21 | ||||
6/7/21 | ||||
5/20/21 | 6-K | |||
3/31/21 | 20-F, 6-K | |||
3/1/21 | ||||
2/1/21 | ||||
1/1/21 | ||||
12/31/20 | 20-F | |||
12/29/20 | ||||
12/1/20 | ||||
9/30/20 | ||||
7/1/20 | ||||
6/30/20 | ||||
6/5/20 | 20-F, 6-K | |||
4/16/20 | ||||
3/1/20 | ||||
2/21/20 | ||||
2/14/20 | SC 13G/A, UPLOAD | |||
2/13/20 | ||||
2/10/20 | 6-K | |||
1/31/20 | ||||
1/1/20 | ||||
11/20/19 | ||||
9/26/19 | ||||
9/19/19 | ||||
8/27/19 | ||||
8/8/19 | 6-K | |||
7/29/19 | ||||
6/28/19 | ||||
6/26/19 | ||||
5/29/19 | 6-K | |||
4/16/19 | 20-F | |||
1/1/19 | ||||
12/31/18 | 20-F | |||
12/4/18 | ||||
11/5/18 | SC 13G | |||
11/4/18 | ||||
8/6/18 | ||||
6/18/18 | 6-K | |||
6/5/18 | 20FR12B/A | |||
5/12/18 | ||||
5/8/18 | ||||
4/30/18 | 20FR12B/A, CORRESP | |||
4/25/18 | ||||
4/6/18 | 20FR12B/A, CORRESP | |||
3/1/18 | ||||
1/12/18 | ||||
11/2/17 | ||||
10/13/17 | ||||
9/21/17 | ||||
9/8/17 | ||||
8/2/17 | ||||
11/4/16 | ||||
9/8/16 | ||||
2/10/16 | ||||
6/8/15 | ||||
1/1/15 | ||||
10/1/14 | ||||
1/1/14 | ||||
12/31/13 | ||||
12/27/13 | ||||
12/19/13 | ||||
8/20/13 | ||||
1/1/13 | ||||
6/21/12 | ||||
6/1/12 | ||||
4/5/12 | ||||
1/1/12 | ||||
7/1/11 | ||||
7/1/10 | ||||
9/19/09 | ||||
10/10/08 | ||||
7/1/04 | ||||
11/25/02 | ||||
9/11/01 | ||||
1/1/00 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/12/22 Grindrod Shipping Holdings Ltd. 6-K 10/12/22 3:743K Donnelley … Solutions/FA 3/25/22 Grindrod Shipping Holdings Ltd. 20-F 12/31/21 216:76M DataTracks Svcs Ltd./FA 3/31/21 Grindrod Shipping Holdings Ltd. 20-F 12/31/20 208:21M DataTracks Svcs Ltd./FA 6/05/20 Grindrod Shipping Holdings Ltd. 20-F 12/31/19 227:29M DataTracks Svcs Ltd./FA 4/16/19 Grindrod Shipping Holdings Ltd. 20-F 12/31/18 202:49M DataTracks Svcs Ltd./FA 6/05/18 Grindrod Shipping Holdings Ltd. 20FR12B/A 9:12M Toppan Merrill-FA 5/01/18 Grindrod Shipping Holdings Ltd. 20FR12B/A 17:20M Toppan Merrill-FA 4/06/18 Grindrod Shipping Holdings Ltd. 20FR12B/A 20:12M Toppan Merrill-FA |