ZIM Integrated Shipping Services (ZIM) 20-F 22 Mar 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Cover [Abstract]
Entity Registrant Name	ZIM Integrated Shipping Services Ltd.
Entity Central Index Key	0001654126
Document Type	20-F
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	ZIM
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets.
Vessels	$ 948,004	$ 717,941
Containers and handling equipment	520,887	425,738
Other tangible assets	67,133	69,102
Intangible assets	66,465	64,920
Investments in associates	8,441	8,444
Other investments	4,888	2,766
Trade and other receivables	5,293	5,318
Deferred tax assets	1,502	1,048
Total non-current assets	1,622,613	1,295,277
Assets classified as held for sale		11,583
Inventories	52,237	60,342
Trade and other receivables	520,001	317,059
Other investments	58,976	59,047
Cash and cash equivalents	570,414	182,786
Total current assets	1,201,628	630,817
Total assets	2,824,241	1,926,094
Equity.
Issued capital	88	88
Capital reserves	1,790,706	1,784,469
Accumulated deficit	(1,523,528)	(2,042,226)
Equity attributable to owners of the Company	267,266	(257,669)
Non-controlling interests	7,189	5,402
Total equity	274,455	(252,267)
Liabilities.
Lease liabilities	811,840	641,750
Loans and other liabilities	519,471	541,932
Employee benefits	66,626	67,990
Deferred tax liabilities	339	350
Total non-current liabilities	1,398,276	1,252,022
Trade and other payables	398,876	422,417
Provisions	21,420	17,998
Contract liabilities	230,469	130,281
Lease liabilities	362,176	215,576
Loans and other liabilities	138,569	140,067
Total current liabilities	1,151,510	926,339
Total liabilities	2,549,786	2,178,361
Total equity and liabilities	$ 2,824,241	$ 1,926,094

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018	[1]
CONSOLIDATED INCOME STATEMENTS
Income from voyages and related services	$ 3,991,696	$ 3,299,761		$ 3,247,864
Cost of voyages and related services
Operating expenses and cost of services	(2,835,112)	(2,810,693)		(2,999,613)
Depreciation	(291,559)	(226,026)		(100,152)
Gross profit	865,025	263,042		148,099
Other operating income	12,621	38,099		5,317
Other operating expenses	4,272	(1,239)		(38,071)
General and administrative expenses	(163,210)	(151,605)		(143,920)
Share of profits of associates	3,341	4,725		5,359
Results from operating activities	722,049	153,022		(23,216)
Finance income	8,103	2,447		19,201
Finance expenses	(189,363)	(156,747)		(101,706)
Net finance expenses	(181,260)	(154,300)		(82,505)
Profit (loss) before income taxes	540,789	(1,278)		(105,721)
Income taxes	(16,599)	(11,766)		(14,132)
Profit (loss) for the year	524,190	(13,044)		(119,853)
Attributable to:
Owners of the Company	517,961	(18,149)		(125,653)
Non-controlling interests	6,229	5,105		5,800
Profit (loss) for the year	$ 524,190	$ (13,044)		$ (119,853)
Earnings (Loss) per share (US$)
Basic earnings (losses) per 1 ordinary share	$ 5.18	$ (0.18)	[2]	$ (1.26)	[2]
Diluted earnings (losses) per 1 ordinary share	$ 4.96	$ (0.18)	[2]	$ (1.26)	[2]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.
[2]	(**) Restated to reflect a share split of 1:10 that became effective in 2021.

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS (Parenthetical)	Feb. 01, 2021
Stock split
ifrs Income Statement [Line items]
Stock split ratio	0.1

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Profit (loss) for the year	$ 524,190	$ (13,044)	$ (119,853)	[1]
Items of other comprehensive income that were or will be reclassified to profit and loss
Foreign currency translation differences for foreign operations	4,019	(4,656)	(6,382)
Items of other comprehensive income that would never be reclassified to profit and loss
Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax	563	(294)	(2,603)
Defined benefit pension plans actuarial gains (losses), net of tax	174	(5,697)	2,049
Other comprehensive income for the year, net of tax	4,756	(10,647)	(6,936)
Total comprehensive income for the year	528,946	(23,691)	(126,789)
Attributable to:.
Owners of the Company	523,815	(28,148)	(131,710)
Non-controlling interests	5,131	4,457	4,921
Total comprehensive income for the year	$ 528,946	$ (23,691)	$ (126,789)
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Share capital	Share premium	General Reserves	[1]	Translation reserve	Accumulated Deficit	Total	Non-controlling interests	Total
Balance at the beginning at Dec. 31, 2017	$ 88	$ 700,222	$ 1,103,160		$ (11,592)	$ (1,891,879)	$ (100,001)	$ 6,509	$ (93,492)
Profit (loss) for the year						(125,653)	(125,653)	5,800	(119,853)	[2]
Other comprehensive income for the year, net of tax					(5,503)	(554)	(6,057)	(879)	(6,936)
Transaction with an interested party, net of tax			1,049				1,049		1,049
Share-based compensation			368				368		368
Dividend to non-controlling interests in subsidiaries								(5,148)	(5,148)
Balance at the end at Dec. 31, 2018	88	700,222	1,104,577		(17,095)	(2,018,086)	(230,294)	6,282	(224,012)
Profit (loss) for the year						(18,149)	(18,149)	5,105	(13,044)
Other comprehensive income for the year, net of tax					(4,008)	(5,991)	(9,999)	(648)	(10,647)
Transaction with an interested party, net of tax			807				807		807
Share-based compensation			707				707		707
Acquisition of non-controlling interest			(741)				(741)	(39)	(780)
Dividend to non-controlling interests in subsidiaries								(5,298)	(5,298)
Balance at the end at Dec. 31, 2019	88	700,222	1,105,350		(21,103)	(2,042,226)	(257,669)	5,402	(252,267)
Profit (loss) for the year						517,961	517,961	6,229	524,190
Other comprehensive income for the year, net of tax					5,117	737	5,854	(1,098)	4,756
Transaction with an interested party, net of tax			630				630		630
Share-based compensation			490				490		490
Dividend to non-controlling interests in subsidiaries								(3,344)	(3,344)
Balance at the end at Dec. 31, 2020	$ 88	$ 700,222	$ 1,106,470		$ (15,986)	$ (1,523,528)	$ 267,266	$ 7,189	$ 274,455
[1]	(*)Include reserves related to transactions with an interested party and share-based compensation.
[2]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018	[1]
Cash flows from operating activities
Profit (loss) for the year		$ 524,190	$ (13,044)		$ (119,853)
Adjustments for:
Depreciation and amortization		314,185	245,510		111,567
Impairment of tangible assets and other investments		(4,329)	1,150		37,993
Net finance expenses		181,260	154,300		82,505
Share of profits and change in fair value of investees		(4,143)	(4,725)		(5,359)
Capital gains, net		(8,814)	(35,471)		(3,015)
Income taxes		16,599	11,766		14,132
Total Adjustments		1,018,948	359,486		117,970
Change in inventories		8,105	9,731		(6,650)
Change in trade receivables and other receivables (**)	[2]	(204,469)	43,422		(3,807)
Change in trade and other payables including contract liabilities		68,670	(28,111)		131,679
Change in provisions and employee benefits		(2,152)	(7,690)		(9,588)
Total change in assets and liabilities		(129,846)	17,352		111,634
Dividends received from associates		4,360	5,453		6,522
Interest received		2,317	1,969		1,687
Income taxes paid		(14,983)	(13,630)		(12,804)
Net cash generated from operating activities		880,796	370,630		225,009
Cash flows from investing activities
Proceeds from sale of tangible assets, intangible assets and investments		6,717	44,794		45,423
Acquisition of tangible assets, intangible assets and investments		(42,641)	(16,150)		(22,582)
Change in other investments and other receivables		763	9,382		28,270
Net cash generated from (used in) investing activities		(35,161)	38,026		51,111
Cash flows from financing activities
Receipt of long-term loans and other long-term liabilities			678		55,378
Sale and lease back transactions		9,052	13,151
Repayment of borrowings and lease liabilities	[3]	(336,225)	(300,763)		(199,973)
Change in short-term loans		6,071	3,324		(10,365)
Dividend paid to non-controlling interests		(3,344)	(4,818)		(5,148)
Interest paid		(133,459)	(122,972)		(82,569)
Other financial expenses paid		(2,493)
Net cash used in financing activities		(460,398)	(411,400)		(242,677)
Net change in cash and cash equivalents		385,237	(2,744)		33,443
Cash and cash equivalents at beginning of the year		182,786	186,291	[1]	157,888
Effect of exchange rate fluctuation on cash held		2,391	(761)		(5,040)
Cash and cash equivalents at the end of the year		$ 570,414	$ 182,786		$ 186,291
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1st, 2019.
[2]	(**)See also Note 8(b) with respect to a factoring arrangement.
[3]	(**) Includes early repayments, see also Note 1(b).

Reporting entity

Reporting entity	12 Months Ended
	Dec. 31, 2020
Reporting entity
Reporting entity	1 Reporting entity (a) ZIM Integrated Shipping Services Ltd. (hereinafter - the “Company” or “ZIM”) and its subsidiaries (hereinafter - the “Group” or “the Companies”) and the Group’s interests in associates, operate in the field of container shipping and related services. ZIM is a company incorporated in Israel, with limited liability. ZIM’s ordinary shares have been listed on the New York Stock Exchange (the “NYSE”) under the symbol “ZIM” on January 28, 2021. The address of the Company’s registered office is 9 Andrei Sakharov Street, Haifa, Israel. (b) Financial position The container shipping industry is characterized in recent years by volatility in freight rates, charter rates and bunker prices, accompanied by significant uncertainties in the global trade (including further implications that might derive from the Covid-19 pandemic), while current market conditions impact positively with increased freight rates and recovery in volumes of trades. In view of the aforementioned business environment and in order to constantly improve the Group’s results of operations and liquidity position, Management continues to optimize its network by entering into new partnerships and cooperation agreements (see also below) and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies. In addition, the Company continues to explore options which may contribute to strengthen its capital and operational structure. During 2018, the Company entered into a strategic operational cooperation with the “2M” alliance (“the agreement”). According to the agreement, the Company and the parties of the 2M alliance (Maersk and MSC, two leading shipping liner companies) exchange slots on vessels operated between Asia and the US East-Coast. In addition, the Company charters slots on vessels operated by the “2M”, and all parties may offer each other additional slots. The agreement enables the Company to provide its customers improved port coverage and transit time, while maximizing vessels utilization and generating cost efficiencies. During 2019, this cooperation was extended also to certain lines in the Asia Mediterranean, Asia - Pacific Northwest and Asia – US Gulf trades. In June 2020, the Company completed an early and full repayment of its Tranche A loans, in a total amount of US$ 13 million. Following such full repayment, certain financial covenants (referred as ‘Total leverage ratio’ and ‘Fixed charge cover ratio’ — see also Note 12(c)), as well as restrictions related to the assets, previously securing such loans, were removed and no longer apply. In September 2020, the Company launched a tender offer to repurchase, at its own discretion, some of its notes of Tranches C and D (Series 1 and 2 Notes), through an unrestrictive subsidiary incorporated for such purpose, in accordance with the terms and conditions set forth in the indenture of such notes, up to a total amount of US$ 60 million (including related costs). In October 2020, during and further to this tender offer, the Company completed the repurchase of Tranche C notes with an aggregated face value of $58 million, for a total consideration (including related costs) of $47 million, resulting with a gain from repurchase of debt of $6 million recorded during the period. As at December 31, 2020, the Company complies with its financial covenants, the Company’s liquidity amounts to US$ 572 million (Minimum Liquidity required is US$ 125 million) - see also Note 12(c). In January 2021, the Company announced an early repayment of US$ 85 million, to be executed in March 2021, in respect of its Tranche C notes, as a result of the related excess cash mechanism (see also Note 12(b)). In February 2021, the Company completed its initial public offering of 15,000,000 ordinary shares (including shares issued upon the exercise of the underwriters’ option), for gross consideration of $225 million ($204 million, after deducting underwriting discounts and commissions and other offering expenses). The Company’s ordinary shares began trading on The New York Stock Exchange (the “NYSE”) under the symbol “ZIM” on January 28, 2021. Prior to the Company’s initial public offering, the Company obtained waivers from its notes holders, subject to the completion of the Company’s offering, by which certain requirements and limitations in respect of repurchase of debt, incurrences of debt, vessels financing, reporting requirements and dividend distributions, were relieved or removed. In February 2021, the Company also announced a strategic agreement with Seaspan, for the long-term charter of up to ten 15,000 TEU liquefied natural gas (LNG) dual-fuel container vessels. This agreement provides several alternatives for the Company to choose from, according to which the Company will incur annual charter hire costs between $16 million and $20 million, per vessel. These vessels are to be delivered commencing 2023, in order to serve the Company’s Asia - US East Coast trade.

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2020
Basis of Preparation.
Basis of Preparation	2 Basis of Preparation (a) These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by IASB. The Financial Statements were approved for issue by the Board of Directors on March 21, 2021. (b) The Consolidated Financial Statements have been prepared on the historical cost basis except for the following assets and liabilities, that are measured as disclosed in Note 3 below: · Financial instruments measured at fair value through profit or loss. · Financial instruments measured at fair value through other comprehensive income. · Non-current assets classified as held-for-sale · Provisions · Assets and liabilities in respect of employee benefits · Investments in associates (c) The preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In respect of estimates related to determination of fair value, please also refer to Note 4. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Information about accounting estimates and judgments made by management in the application of IFRSs that have significant effect on the Financial Statements and / or with a significant risk of material adjustment in future periods, are discussed in Note 4. (d) These Consolidated Financial Statements are presented in United States dollars, which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. (e) The normal operating cycle of the Company is not longer than one year. (f) Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets: According to the amendment, when assessing whether a contract is onerous, the costs of fulfilling a contract that should be taken into consideration are costs that relate directly to the contract, comprised of: (i) incremental costs, and (ii) an allocation of other costs that relate directly to fulfilling the contract. The amendment is effective retrospectively for annual periods beginning on or after January 1, 2022, in respect of contracts where the entity has not yet fulfilled all its obligations. Upon application of the amendment, the Group will not restate comparative data, but will adjust the opening balance of retained earnings at the date of initial application, by the amount of the cumulative effect of the amendment. The Group is at initial stages of assessing the effects of the amendment on its financial statements. IFRS 16, Leases: As from January 1, 2019 the Company initially applies International Financial Reporting Standard 16, which replaces IAS 17 (Leases) and its related interpretations regarding lease arrangements. For lessees, the standard presents a unified model for the accounting treatment of most leases according to which the lessee has to recognize an asset and a liability in respect of the lease in its financial statements — see also Note 3(e)(ii). The Company chose to adopt IFRS 16 using the modified retrospective approach (i.e. without restating its comparative figures), as well as to apply the optional expedients with respect to; short-term leases (including leases with remaining period on adoption date of up to 12 months), determining the discounting rate considering the remaining lease period of a portfolio of leases with similar characteristics (the weighted average of discounting rates applied on adoption date was 19.0%), retaining the definition of a lease under IAS17 with respect to leases outstanding as of adoption date, including non-lease components in the accounting of lease arrangements and assessing whether a contract is onerous in accordance with IAS 37 (Provisions, contingent liabilities and contingent assets) immediately before the date of initial application, instead of assessing impairment of right-of-use assets. The adoption did not affect the Company’s retained earnings.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
Significant accounting policies	3 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by Group entities. (a) (i) Business combinations The Group implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. An investor controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Substantive rights held by the Group and by others are taken into account in assessing control. The Group recognizes goodwill at acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interests in the acquiree less the net amount of the identifiable assets acquired and the liabilities assumed. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree and the liabilities incurred by the acquirer to the previous owners of the acquiree. In a step acquisition, the difference between the acquisition date fair value of the Group’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisition that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. (iii) Non-controlling interests Non-controlling interests reflects the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value or their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Allocation of profit or loss and other comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even when the result is a negative balance of the non-controlling interests. (iv) Loss of control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between; (i) the sum of the proceeds and fair value of the retained interest, and (ii) the derecognized balances, is recognized in profit or loss under other income or other expenses. Subsequently the retained interest is accounted for as an equity-accounted investee or as a financial asset in accordance with the provisions of IAS 28 and IFRS 9, depending on the level of influence retained by the Group in the relevant company. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. (v) Investment in associates Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating activities. Significant influence is presumed to exist when the Group holds between 20% and 50% of voting rights in another entity. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Group continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests, after the aforesaid interests were reduced to zero. The recognition of further losses is discontinued except to the extent that the Group has an obligation to support the investee or has made payments on behalf of the investee. (vi) Change in interest held in associated companies while retaining significant influence When the Group increases its interest in an associated Group accounted for by the equity method while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When there is a decrease in the interest in an associated Group accounted for by the equity method while retaining significant influence, the Group derecognizes a proportionate part of its investment and recognizes in profit or loss a gain or loss from the sale. (vii) Loss of significant influence The application of the equity method is discontinued from the date the group loses significant influence in an associate and it accounts for the retained investment as a financial asset or a subsidiary, as relevant. On the date of losing significant influence, any retained interest it has in the former associate is measured at fair value. Any difference between the sum of the fair value of the retained interest and any proceeds received from the partial disposal of the investment in the associate, and the carrying amount of the investment on that date, are recognized in profit or loss. Amounts recognized in equity through other comprehensive income with respect to such associates are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself disposed the related assets or liabilities. (viii) Transactions eliminated in consolidation Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions are eliminated. Unrealised gains arising from transactions with associates are eliminated to the extent of the Group’s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currency of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising from retranslation of those assets and liabilities are recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of their recognition. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into United States dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to United States dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve (translation reserve) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. (c) (i) The Group’s non-derivative financial instruments include investments in equity securities, trade and other receivables and cash and cash equivalents, classified at initial recognition to one of the following measurement categories: amortized cost; fair value through other comprehensive income – investments in debt instruments; fair value through other comprehensive income – investments in equity instruments; or fair value through profit or loss. The Group’s balances of trade and other receivables and deposits are held within a business model whose objective is collecting the contractual cash flows. The contractual cash flows of these financial assets represent solely payments of principal and interest that reflects consideration for the time value of money and the credit risk. Accordingly, these financial assets are subsequently measured at amortized cost. Initial recognition of financial assets The Group initially recognizes loans, receivables and deposits on the date that they are originated. All other financial assets acquired in a regular way purchase, are recognized initially on the trade date which is the date that the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Impairment of financial assets Provisions for expected credit losses of financial assets measured at amortized cost are deducted from the gross carrying amount of the financial assets. Impairment losses related to trade and other receivables, including other financial assets, are presented under financing expenses. Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights of the Group to the cash flows from the asset expire or the Group transfers the rights to receive the contractual cash flows from the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Cash and cash equivalents Cash and cash equivalents include cash balances available for immediate use and call deposits. Cash equivalents include short-term highly liquid investments (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. (ii) Non-derivative financial liabilities The Group’s non-derivative financial liabilities include loans and borrowings from banks and others, lease liabilities, debentures and trade and other payables. The Group initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. With respect to a lease liability, the Company also remeasures its carrying amount to reflect reassessments and / or modifications of the lease (see also Note 3(d)(ii)). Debt modifications An exchange of debt instruments having substantially different terms, or a substantial modification of terms of a debt instrument, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. The difference between the carrying amount of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as part of the financial income or expenses. Any costs incurred in relation to such modifications are recognized in profit or loss as part of the financial income or expenses. The terms are substantially different if the discounted present value of the cash flows according to the new terms, including any commissions paid, less any commissions received and discounted using the original effective interest rate, is different by at least ten percent from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, the Group examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments. In the case of insubstantial change in terms, the new cash flows are discounted at the original effective interest rate, with the difference between the present value of the financial liability with the new terms and the present value of the original financial liability being recognized in profit or loss. Offset of financial instruments Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. (iii) Derivative financial instruments (economic hedges) Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are recognised in profit or loss. The Company is engaged from time to time in derivative transactions with respect to fuel prices, usually in the framework of option contracts (measured based on Black Scholes model), while the changes in fair value of such derivatives are included in the operating expenses. (iv) Financial guarantees A financial guarantee is initially recognized at fair value. In subsequent periods a financial guarantee is measured at the higher of the amount recognized in accordance with the guidelines of IAS 37 and the liability initially recognized after being amortized in accordance with IFRS 15. Any resulting adjustment of the liability is recognized in profit or loss. (v) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. (d) (i) Owned assets Vessels, containers, handling equipment and other tangible assets are stated at cost less accumulated depreciation (see below) and accumulated impairment losses (see Note 3(f)). The cost of inspecting a vessel (dry docking), that needs to be performed after a number of years of operation (usually once every five years), is separated from the cost of the vessel and depreciated according to the period until the following inspection. The Company’s management believes that there is no other material separate component whose contractual period of use is different from the contractual period of use of the whole vessel. Gains and losses on disposal of vessels, containers, handling equipment and other tangible assets are determined by the difference between the net consideration from disposal and the carrying amount of these items and are recognised, on a net basis, within “other operating income / expenses” in profit or loss. Subsequent costs The Group recognises within the carrying amount of an asset (vessel, container, handling equipment or other tangible asset), the cost of replacing part of such an asset, when that cost is incurred, if it is probable that the future economic benefits embodied with such part will flow to the Group and the cost of the part can be measured reliably (while the carrying amount of the replaced part is derecognized). Material improvements that increase the economic benefits expected from the assets are capitalised as part of their cost. All other costs are recognised in the income statement as an expense as incurred. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognised in profit and loss on a straight-line basis over the estimated useful life of each part of the asset (vessel, container, handling equipment or other tangible asset). Freehold land is not depreciated. The estimated useful lives of vessels, containers, handling equipment and other tangible assets for the current and comparative periods are as follows (taking into account a residual value of mainly 10% of the cost of the assets, where applicable): years 1. Vessels 25 – 30 2. Containers Mainly 13 3. Chassis 30 4. Other equipment 13 5. Dry docking for owned vessels Up to 5 The estimated useful lives of other tangible assets for the current and comparative periods are as follows: years 1. Buildings 25 2. Computer systems and communication equipment 4 – 7 (mostly 5 years) 3. Other 5 – 15 Depreciation methods, useful life and residual values are reviewed at each reporting date. (ii) Leased (Right-of-use) assets Policy applied in reported periods, following January 1, 2019: A lease, in accordance with IFRS 16 (see also Note 2(f)), defined as an arrangement that conveys the right to control the use of an identified asset for a period of time in exchange for consideration, is initially recognized on the date in which the lessor makes the underlying asset available for use by the lessee. Upon initial recognition, the Company recognizes a lease liability at the present value of the future lease payments during the lease term and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid and/or initial direct costs incurred in respect of the lease. The present value is calculated using the implicit interest rate of the lease, or the Company’s incremental borrowing rate applicable for such lease, when the implicit rate is not readily determinable. The lease term is the non-cancellable period of the lease, in addition to any optional period which is reasonably certain to apply, considering extension and/or termination options. Following recognition, the Company depreciates a right-of-use asset on a straight-line basis (see below), as well as adjust its value to reflect any re-measurement of its corresponding lease liability or any impairment losses in accordance with IAS 36. The Company chose to apply the available exemptions, with respect certain assets or asset classes, for short-term leases and leases of low-value assets, as well as the expedient for the inclusion of non-lease components in the accounting of a lease. Further to the adoption of IFRS 16, fixed assets previously recognized with respect to financial leases, were reclassified as right-of-use assets on adoption date. Lease modifications When a lease modification increases the scope of the lease by adding a right to use one or more underlying assets, and the consideration for the lease increased by an amount commensurate with the stand-alone price for the increase in such circumstances, the Group accounts for the modification as a separate lease. When the Group doesn’t account the modification as a separate lease, on the initial date of the lease modification, the Group determines the revised lease term and measures the lease liability by discounting the revised lease payments using a revised discount rate, against the right-of-use asset. For lease modifications that includes a decrease in scope of the lease, as a preceding step and before remeasuring the lease liability against the right-of-use asset, the Group first recognizes a decrease in the carrying amount of the right-of-use asset (on a pro-rata basis) and the lease liability (considering the revised leased payments and pre-modification discounting rate), in order to reflect the partial or full cancellation of the lease, with the net change recognized in profit or loss. Sale and lease-back The Group applies the requirements of IFRS 15 to determine whether an asset transfer is accounted for as a sale. If an asset transfer satisfies the requirements of IFRS 15 to be accounted for as a sale, the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount that relates to the right of use retained by the Group. Accordingly, the Group only recognizes the amount of gain or loss that relates to the rights transferred. If the asset transfer does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the Group accounts the transaction as secured borrowing. Depreciation Right-of-use assets are depreciated over the lease term, or their useful lives (considering residual value, if applicable), if it is reasonably certain that the Group will obtain ownership by the end of the lease term. The term of leases in which the Group is engaged with, are as follows: years 1. Vessels 1 - 6 2. Containers 1 - 13 3. Buildings, vehicles and other assets Mainly 1 - 10 Policy applied in reported periods, prior to January 1, 2019: Operating lease payments Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease. Finance lease payments Minimum lease payments are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term, reflecting a constant periodic rate of interest on the remaining balance of the liability. Lease modifications If the terms of a lease in which the Group is a lessee are modified, the Company assesses whether the revised terms would have resulted in different classification of the lease had they been in effect at inception. If a lease previously accounted for as a finance lease is reclassified as an operating lease, the Group derecognizes the leased asset and the finance lease liability and recognizes the profit (loss) from derecognizing the leased asset (calculated as the difference between the fair value of the leased asset and its carrying amount) in other operating income (expenses) and the profit (loss) from derecognizing the liability (calculated as the difference between (1) the fair value of the leased asset and the fair value of any liabilities incurred and instruments issued as part of the modification and (2) the carrying amount of the liability) in finance income (expense). If a lease previously accounted for as an operating lease, is reclassified as a financial lease, the group recognize a leased asset and a finance lease liability at an amount equal to the lower of its fair value and the present value of the minimum lease payments. If a lease previously accounted for as a finance lease is not reclassified as a result of the modification, the modification is accounted for as a debt modification. If a lease previously accounted for as an operating lease is not reclassified as a result of the modification, the revised lease payments, including any liabilities incurred and instruments issued as part of the modification, are expensed on a straight-line basis throughout the remaining lease term. (e) (i) Goodwill Goodwill that arises upon the acquisition of subsidiaries is presented as part of intangible assets. Subsequent to its’ initial recognition, goodwill is measured at cost less accumulated impairment losses. (ii) Research and development of software Development activities involve a plan or design for the production of new or substantially improved processes. Development expenditures are capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use the asset. The expenditures capitalised include the cost of direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are recognised in profit or loss as incurred. In subsequent periods, capitalised development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. (iii) Software The Group’s assets include computer systems consisting of hardware and software. The licenses for the software, which are considered to be a separate item, adding functionality to the hardware, are classified as intangible assets. (iv) Subsequent expenditures Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognised in profit or loss as incurred. (v) Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Amortization is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows: Software 5 years Dry docking for chartered vessels Up to 5 years Capitalised software development costs 5 – 8 years Amortization methods, useful life and residual values are reviewed at each reporting date. (f) (i) An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortized cost the reversal is recognised in profit or loss. (ii) Non-financial assets For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (hereinafter: cash-generating unit, or “CGU”). The recoverable amount of an asset or cash-generating unit is the greater of its value-in-use and its fair value less costs to sell. The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, accounted for this purpose as one cash-generating unit, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the CGU’s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of the Company's cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amount of the other assets in that unit, on a pro rata basis. An impairment loss is allocated between the owners of the Company and the non-controlling interests on the same basis that the profit or loss is allocated. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised. (g) (i) Post-employment benefits The Group has a number of post-employment benefit plans. The plans are usually financed by deposits with insurance companies or with funds managed by a trustee, and they are classified as defined contribution plans and as defined benefit plans. (a) Defined contribution plans A defined contribution pension plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. (b) Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset). The discount rate is the yield at the reporting date on high grade corporate bonds denominated in the same currency, that have maturity dates approximating the terms of the Group’s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a net asset for the Group, an asset is recognized up to the net present value of economic benefits available in the form of a refund from the plan or a reduction in future contributions to the plan. An economic benefit in the form of refunds or reductions in future contributions is considered available when it can be realized over the life of the plan or after settlement of the obligation. Gains or losses resulting from settlements of a defined benefit plan are recognized in profit or loss. The Group recognizes immediately, directly in other comprehensive income, all actuarial gains and losses arising from defined benefit plans. (ii) Termination benefits are recognized as an

Determination of fair values

Determination of fair values	12 Months Ended
	Dec. 31, 2020
Accounting estimates
Accounting estimates	4 (i) The significant accounting estimates and judgements are as follows: (a) Future lease payments during the lease term, measured at present value, include extension options and /or purchase options which are estimated by the Company as reasonably certain to apply. When assessing such options, the Company applies judgment, while considering all relevant aspects and circumstances, including its expected operational needs, to conclude whether it expects there will be an economic incentive to exercise such options. The assessment of those option affects the measurement of the related lease liabilities and their corresponding right-of-use assets, and in some circumstances, also the recognition of such liabilities and assets. (b) Legal matters, including applications for class actions, are pending against the Company and/or its investees. Management evaluates based on the opinion of its legal advisors, whether it is more likely than not that an outflow of economic resources will be required in respect of potential liabilities under such legal matters. The developments and/or resolutions in such matters, including through either negotiations or litigation, are subject to a high level of uncertainty which could result in creation, adjustment or reversal of a provision for such matters. For information with respect to the Company’s exposure to claims and legal matters, see Note 27 (Contingent liabilities). (c) Please refer to Note 1(b) regarding the Company’s assessments with respect to its financial position. (ii) A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. (a) See Note 29(d)(1). (b) The fair value of trade and other receivables is estimated as the present value of future cash flows. Trade and other receivables are measured at the original invoice amount if the effect of discounting is immaterial. See Note 8. (c) See Note 6. (d) Assets classified as held for sale are measured at fair value, estimated as the expected sale price, less costs to sell. The sale price of vessels is calculated based on the estimated steel prices and the vessels weight. See also Note 5(a). (e) The fair value of financial assets classified as measured at fair value through other comprehensive income is measured based on their quoted prices on an active market.

Vessels, containers, handling e

Vessels, containers, handling equipment and other tangible assets	12 Months Ended
	Dec. 31, 2020
Vessels, containers, handling equipment and other tangible assets
Vessels, containers, handling equipment and other tangible assets	5 Vessels, containers, handling equipment and other tangible assets (*) Cost: Reclass Lease Effect of Balance at from assets modifications movements Balance at January 1, held and in exchange December 31 2020 Additions Disposals for Sale terminations rates 2020 US $’000 Vessels 1,178,983 284,874 50,667 81,052 1,595,576 Containers and equipment 828,898 182,521 (22,820) (5,315) 983,284 Computer systems and Communication equipment 53,583 3,372 (588) 3,787 336 60,490 Other property and equipment 109,094 13,412 (2,172) (2,159) 375 118,550 Total 2,170,558 484,179 (25,580) 50,667 77,365 711 2,757,900 Depreciation and impairment charges: Reclass Lease Effect of Balance at from assets modifications movements Balance at January 1, held and in exchange December 31 2020 Depreciation Disposals for sale terminations rates 2020 US $’000 Vessels 461,042 188,890 38,721 (41,081) 647,572 Containers and equipment 403,160 94,415 (16,264) (18,914) 462,397 Computer systems and Communication equipment 41,715 6,479 (588) 20 47,626 Other property and equipment 51,860 14,435 (2,081) (484) 551 64,281 Total 957,777 304,219 (18,933) 38,721 (60,479) 571 1,221,876 Net carrying amounts: Balance at Balance at January 1, December 31, 2020 2020 US $’000 US $’000 Vessels 717,941 948,004 Containers and equipment 425,738 520,887 Computer systems and Communication equipment 11,868 12,864 Other property and equipment 57,234 54,269 69,102 67,133 Total 1,212,781 1,536,024 (*) Cost: Lease Effect of Balance at modifications movements Balance at January 1, and in exchange December 31 2019 Additions Disposals terminations rates 2019 US $’000 Vessels 941,201 240,908 (3,126) 1,178,983 Containers and equipment 789,144 180,634 (105,588) (35,277) (15) 828,898 Computer systems and communication equipment 46,115 8,271 (307) (496) 53,583 Other property and equipment 51,671 60,369 (1,592) (1,354) 109,094 Total 1,828,131 490,182 (107,487) (38,403) (1,865) 2,170,558 Depreciation and impairment charges: Lease Effect of Balance at modifications movements Balance at January 1, and in exchange December 31 2019 Depreciation Disposals terminations rates 2019 US $’000 Vessels 323,774 139,682 (2,414) 461,042 Containers and equipment 437,457 78,399 (87,682) (25,002) (12) 403,160 Computer systems and communication equipment 36,372 5,647 (304) 41,715 Other property and equipment 40,421 13,249 (558) (1,252) 51,860 Total 838,024 236,977 (88,544) (27,416) (1,264) 957,777 Net carrying amounts: Balance at Balance at January 1, December 31, 2019 2019 US $’000 US $’000 Vessels 617,427 717,941 Containers and equipment 351,687 425,738 Computer systems and Communication equipment 9,743 11,868 Other property and equipment 11,250 57,234 20,993 69,102 Total 990,107 1,212,781 (*) (a) Assets held for sale On December 31, 2018, in line with commercial and cost-benefit considerations, the Company designated three vessels, to be sold or scrapped. Accordingly, the Company classified such vessels as held for sale, measured per their scrap value and recorded an impairment in an amount of US$ 38 million (under other operating expenses). Two of such vessels were sold in 2019 and one vessel was reclassified back as an operating asset in 2020, due to change in management’s plans considering market conditions, resulted with an impairment recovery of US$ 4 million (see also Note 19). In addition, and further to an agreement concluded in December 2018, with respect to the sale of containers (for a net consideration of US$ 20 million), the Company classified the related containers as held for sale and disposed such containers during 2019 and 2020. (b) See also Note 12(a) with respect to liens place on tangible assets .

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2020
Intangible assets
Intangible assets	6 Intangible assets Cost: Effect of Balance at movements Balance at January 1, in exchange December 31 2020 Additions Disposals rates 2020 US $’000 Goodwill 8,299 (736) 7,563 Software (mostly development costs) 182,296 12,245 (19) (16) 194,506 Dry docking 4,514 4,514 Other intangible assets 3,415 3,415 Total 198,524 12,245 (19) (752) 209,998 Amortization and impairment losses: Effect of Balance at movements Balance at January 1, in exchange December 31 2020 Amortization Disposals rates 2020 US $’000 Goodwill Software (mostly development costs) 126,645 9,733 (13) (24) 136,341 Dry docking 4,429 85 4,514 Other intangible assets 2,530 148 2,678 Total 133,604 9,966 (13) (24) 143,533 Net carrying amounts: Balance at Balance at January 1, December 31, 2020 2020 US $'000 US $'000 Goodwill 8,299 7,563 Software (mostly development costs) 55,651 58,165 Dry docking 85 Other intangible assets 885 737 Total 64,920 66,465 Cost: Effect of Balance at movements Balance at January 1, in exchange December 31 2019 Additions Disposals rates 2019 US $’000 Goodwill 8,230 (490) 8,299 Software (mostly development costs) 173,508 8,746 (15) 57 182,296 Dry docking 4,514 4,514 Other intangible assets 3,415 3,415 Total 189,667 9,305 (15) (433) 198,524 Amortization and impairment losses: Effect of Balance at movements Balance at January 1, in exchange December 31 2019 Amortization Disposals rates 2019 US $’000 Goodwill Software (mostly development costs) 118,530 8,073 (15) 57 126,645 Dry docking 4,117 312 4,429 Other intangible assets 2,382 148 2,530 Total 125,029 8,533 (15) 57 133,604 Net carrying amounts: Balance at Balance at January 1, December 31, 2019 2019 US $’000 US $’000 Goodwill 8,230 8,299 Software (mostly development costs) 54,978 55,651 Dry docking 397 85 Other intangible assets 1,033 885 Total 64,638 64,920 Impairment test For the purpose of IAS 36, the Group, which operates an integrated liner network, has one cash-generating unit (hereinafter: CGU), which consists of all of the Group’s operating assets. As at December 31, 2020, the Group did not identify any impairment indicators in respect of its cash-generating unit. The recoverable amount, for the purpose of the annual impairment test for goodwill, was based on fair value less cost of disposal of the CGU, and did not result with in an impairment.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Leases	7 Leases The Group is engaged in multiple lease arrangements for vessels and containers, supporting its operating activities, as well as for buildings, vehicles, IT equipment and other tangible assets. Such lease arrangements (part of which includes options for extension and / or purchase of the underlying asset) are characterized by large-scale, frequent and recurring engagements in common market terms. (a) Buildings, vehicles Containers and and other tangible Vessels equipment assets Total US $’000 Balance as at January 1, 2020 600,480 408,003 49,813 1,058,296 Additions 284,756 152,481 11,599 448,836 Depreciation (180,690) (84,119) (15,841) (280,650) Other (*) 122,132 (10,295) 2,340 114,177 Balance as at December 31, 2020 826,678 466,070 47,911 1,340,659 Buildings, Vehicles Containers and and other tangible Vessels equipment assets Total US $’000 Balance as at January 1, 2019 491,333 317,360 242 808,935 IFRS 16 Adoption 140,442 73,174 41,453 255,069 Additions 100,466 114,685 22,067 237,218 Depreciation (131,050) (69,700) (13,716) (214,466) Other (*) (711) (27,516) (233) (28,460) Balance as at December 31, 2019 600,480 408,003 49,813 1,058,296 (*) (b) As at December 31 2020 2019 US $’000 Less than one year 362,176 215,576 One to five years 588,028 425,780 More than five years 223,812 215,970 Total 1,174,016 857,326 The Group’s lease liabilities are mostly denominated in USD, discounted, as of December 31, 2020, by interest rates with weighted average of 11%. (c) 2020 2019 US $’000 Interest expenses on lease liabilities 97,620 Expenses relating to short-term leases: Vessels 181,856 Containers 27,417 Capital gains related to sale and leaseback transactions 3,619 (d) 2020 2019 US $’000 Cash outflow related to lease liabilities 319,166 (e) For further details regarding the Company’s obligations, in respect of leases not accounted as a lease liability, see Note 26.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2020
Trade and other receivables.
Trade and other receivables	8 Trade and other receivables (a) Carrying amounts 2020 2019 US $’000 Non-current other receivables 5,293 5,318 Current trade and other receivables Trade receivables 457,506 263,749 Other receivables Insurance recoveries (see also Note 15) 4,636 4,576 Government institutions 15,471 11,540 Prepaid expenses 30,014 25,531 Other receivables 12,374 11,663 62,495 53,310 520,001 317,059 The Group’s exposure to credit and market risks is disclosed in Note 29. (b) Factoring facility In August 2019, the Company entered into a revolving arrangement with a financial institution, subject to periodical renewals, for the recurring sale, meeting the criteria of “true sale”, of portion of receivables, designated by the Company. According to this arrangement, an agreed portion of each designated receivable is sold to the financial institution in consideration of cash in the amount of the portion sold (limited to an initial aggregated amount of US$ 90 million, subsequently increased to US$ 100 million), net of the related fees. The collection of receivables previously sold, enables the recurring utilization of the above-mentioned limit. The true sale of the receivables under this arrangement meets the conditions for derecognition of financial assets as prescribed in IFRS 9 (Financial Instruments). Further to this arrangement, the Company is required to comply with a minimum balance of cash (as determined in the agreement) in the amount of US$ 125 million, as well with other requirements customarily applied in such arrangements. As at December 31, 2020, the total amount of receivables sold to the financial institution, out of the above-mentioned limit, was US$ 2 million (US$ 58 million as of December 31, 2019). Following the reporting date, the agreement was renewed to additional period ending February 2022.

Other investments

Other investments	12 Months Ended
	Dec. 31, 2020
Other investments
Other investments	9 Other investments 2020 2019 US$’000 Non-current investments Financial assets at fair value through profit or loss 2,101 Other (*) 2,787 2,766 4,888 2,766 (*) Current investments Short term bank deposits (*) 55,836 56,493 Financial assets at fair value through profit or loss 842 988 Financial assets at fair value through other comprehensive income 2,298 1,566 58,976 59,047 (*) The average interest rate on the abovementioned deposits during 2020 was approximately 1.7%. The Group’s exposure to credit, currency and interest rate risks related to other investments is disclosed in Note 29.

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2020
Cash and cash equivalents
Cash and cash equivalents	10 Cash and cash equivalents 2020 2019 US$’000 Bank balances and cash in hand 187,125 130,997 Demand deposits 383,289 51,789 570,414 182,786 The Group’s exposure to interest rate risk and a sensitivity analysis for financial liabilities is disclosed in Note 29.

Capital and reserves

Capital and reserves	12 Months Ended
	Dec. 31, 2020
Capital and reserves
Capital and reserves	11 Capital and reserves (a) Share capital In December 2020, the General meeting of the Company’s shareholders approved, subject to the consummation of the Company’s initial public offering (IPO), effective immediately prior to such offering, to revise the Company’s ordinary shares to have no par value, as well as to carry out a share split of 1:10, in the form of issuing benefit shares (nine ordinary shares to be issued for each existing ordinary share). On February 1, 2021 the Company completed its IPO (see also Note 1(b)). Accordingly, these financial statements reflect the abovementioned share split retrospectively, in all presented periods. 2020 2019 Number of ordinary shares (issued and paid up): Balance at the beginning of the year 100,000,000 100,000,000 Balance at the end of the year 100,000,000 100,000,000 Ordinary shares – in US$’000’s 88 88 – in NIS’000’s 300 300 As at December 31, 2020 and 2019 the authorised share capital is comprised of 350,000,001 ordinary shares, each with a par value of NIS 0.03. The holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets, except as disclosed in (b) below. In February 2021, further to the Company's IPO and the exercise of the related underwriters' option, the Company issued a total of 15,000,000 ordinary shares. (b) Special State Share The issued and paid-up share capital includes one share which is a Special State Share. In the framework of the process of privatising the Company, all the State of Israel’s holdings in the Company (about 48.6%) were acquired by The Israel Corporation pursuant to an agreement from February 5, 2004. As part of the process, the Company allotted to the State of Israel a Special State Share so that it could protect the vital interests of the State. On July 14, 2014 the State and the Company have reached a settlement agreement (the “Settlement Agreement”) that has been validated as a judgment by the Supreme Court. The Settlement Agreement provides, inter alia, the following arrangement shall apply: State’s consent is required to any transfer of the shares in the Company which confers on the holder a holding of 35% and more of the Company’s share capital. In addition, any transfer of shares which confers on the holders a holding exceeding 24% but not exceeding 35%, shall require a prior notice to the State. To the extent the State determines that the transfer involves a potential damage to the State’s security or any of its vital interests or if the State did not receive the relevant information in order to formulate a decision regarding the transfer, the State shall be entitled to inform, within 30 days, that it objects to the transfer, and it will be required to reason its objection. In such an event, the transferor shall be entitled to approach a competent court on this matter. The Special State Share is non-transferable; its rights are described in the new Company’s Articles of Association. Except for the rights attached to the said share, it does not confer upon its holder voting rights or any share capital related rights. (c) Share-Based Payment Arrangements During 2018 the Company granted certain senior managers with options (see also Note 13(h)), according to the below terms (reflecting the above mentioned share split): Number of Contractual Grant date Instrument terms instruments Vesting Terms life June 30, 2018 Each option is exercisable into one ordinary share, at the exercise price of the share on the grant date. 4,990,000 50%, 25% and 25% of the options are exercisable following a service period of 2 years, 3 years and 4 years, respectively. 6 years As at December 31, 2020, the number of outstanding and exercisable options was 2,495,000. During the year ended December 31, 2020, 2019 and 2018, the Company recorded expenses related to share-based payment arrangements of US$ 490 thousands, US$ 707 thousands and US$ 368 thousands, respectively. Information on fair value measurement The weighted average fair value of options on grant date was $3.62, measured using the Black-Scholes model, based on the following measurement inputs: Share price on grant date USD 1.00 Exercise price USD 1.00 Expected volatility 31.9 % Expected life 6 years Expected dividends 0 % Risk-free interest rate 2.7 % Following the reporting date, further to prior approvals of the Company’s Compensation committee, Audit committee and Board of Directors, and concurrently with the consummation of the Company’s initial public offering, the Company granted a senior member of the Company’s Management with options exercisable to 545,766 of its ordinary shares with an exercise price per the offering price of $15.00 and with a fair market value (using a Black- Scholes valuation) equivalent to NIS 9.6 million (US$ 2.9 million), exercisable for a term of five years from the grant date, subject to vesting. 25% of such options shall vest upon the first anniversary of the grant date with the remaining options vesting in equal quarterly portions over the following three years period. (d) Earnings (Loss) per share Basic and diluted earnings (loss) per share 2020 2019 2018 US$’000 Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings (loss) per share 517,961 (18,149) (125,653) Weighted average number of ordinary shares used to calculate basic earnings (loss) per share 100,000,000 100,000,000 100,000,000 Effect of share options 4,530,892 Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share 104,530,892 100,000,000 100,000,000 In the year ended December 31, 2019 and 2018, options for 4,990,000 ordinary shares, granted to certain senior managers (see above and Note 13(h)) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. Due to the absence of a trading market for our ordinary shares during the reported periods, the fair value of our ordinary shares for the purpose of calculating the dilutive impact of share options was estimated by our Management and approved by our Board of Directors.

Loans and other liabilities

Loans and other liabilities	12 Months Ended
	Dec. 31, 2020
Loans and other liabilities
Loans and other liabilities	12 Loans and other liabilities This Note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings. For more information about the Group’s exposure to interest rate, foreign currency and liquidity risk, see Note 29. (a) The loans and other liabilities are as follows: 2020 2019 US$’000 Non-current liabilities Loans from financial institutions 3,714 10,139 Loan from shipyard 52,240 48,223 Other loans and liabilities 39,817 39,704 Debentures 423,700 443,866 519,471 541,932 Current liabilities Current portion of loans from financial institution 6,213 1,989 Current portion of other loans and liabilities 9,855 10,039 Current portions of debentures — 11,608 16,068 23,636 Short-term borrowings 122,501 116,431 138,569 140,067 See also Note 29(b) with respect to the contractual maturities of financial liabilities. Liens placed in respect of liabilities As security for part of the short-term and long-term bank credit and other long-term loans and liabilities, liens have been registered on most of the vessels fleet and its equipment, including the revenues generated by the vessels and the insurance rights relating to certain vessels, containers, handling equipment, deposits and other assets. The aggregate carrying values of the securing assets, as well as of right-of-use asset (accounted as securing their corresponding lease liabilities), are as follows: 2020 2019 US $’000 Vessels 936,057 725,558 Containers and handling equipment 470,739 418,862 Deposits 51,992 51,477 Buildings, vehicles and others 53,510 55,822 1,512,298 1,251,719 (b) Terms and debt repayment schedule Terms and conditions of outstanding loans are as follows: December 31, 2020 Effective Year of Carrying Currency interest (2) Maturity Face value Amount (3) US $’000 Debentures : Tranche C (1) US$ 7 % 302,219 297,816 Tranche D (1) US$ 7.9 % 130,347 125,884 Long-term loans: Tranche E (1) US$ 8.7 % 73,400 52,240 Other US$ (*)9.4 % 2021-2025 56,204 56,204 Long-term liabilities US$ 2021-2022 3,395 3,395 Short-term credit from banks (4) US$ 2.7 % 122,501 122,501 688,066 658,040 December 31, 2019 Carrying Effective Year of Face Amount Currency interest (2) Maturity value (3) US $’000 Debentures : Tranche A (1) US$ Libor + 2.8 % 15,634 15,634 Tranche C (1) US$ % 359,808 322,620 Tranche D (1) US$ % 127,772 117,220 Long-term loans: Tranche A (1) US$ Libor + 2.8 % 1,693 1,693 Tranche E (1) US$ % 72,108 48,223 Other US$ (*) 9.7 % 2020-2030 54,374 54,374 Long-term liabilities US$ 2020-2022 5,804 5,804 Short-term credit from banks (5) US$ 4.3 % 116,431 116,431 753,624 681,999 (*) See also Note 7(b) with respect to lease liabilities. (1) During 2014 the Company completed its debt restructuring, which involved the majority of its creditors, related parties and additional stakeholders. In the framework of the restructuring, the following debt instruments were issued: (i) Tranche A, as fully secured debt (partially issued as debentures) – Early repaid in June 2020. (ii) Tranches C and D, as unsecured notes, payable on June 2023 and subject to early repayment mechanism related to excess cash and proceeds from the sale of assets, as defined in the restructuring agreement. During 2020, the Company recorded adjustments to the carrying amount of these notes, in respect of their estimated cashflows (see also Notes 1(b) and 29(a)(2)). (iii) Tranche E, as unsecured loan, payable on 2026, subject to the full settlement of Tranches A, C and D. (2) The effective interest rate is the rate that discounts estimated future cash payments or receipts through the contractual life of the financial instrument to the net carrying amount of the financial instrument and it does not necessarily reflect the contractual interest rate. (3) Regarding the carrying amount of the assets securing the Company’s loans and liabilities, see Note 12(a). (4) Includes US$ 50 million subject to Libor + 3.0%. (5) Includes US$ 50 million subject to Libor + 2.5%. (a) Financial covenants Following the early repayment of Tranche A in June 2020, the covenants previously referred to as 'Fixed charge cover ratio' and 'Total leverage ratio' (see also below), were removed and no longer exist. Accordingly, as of December 31, 2020, the Company is required to comply with a financial covenant of 'Minimum Liquidity' determining a minimal balance of US$125 million, as defined in the related facility agreement. As at December 31, 2020, the Company complies with all its covenants. According to these consolidated Financial Statements, the Company’s liquidity, as defined in the related agreements, amounts to US$ 572 million (Minimum Liquidity required is US$ 125 million). (b) Movement in liabilities deriving from financing activities Loans and other liabilities Loans and other Lease Liabilities Debentures Liabilities Balance as at January 1, 2020 226,525 455,474 857,326 Changes from financing cash flows: Receipt of long-term loans and other long-term liabilities 9,052 Repayment of borrowings and lease liabilities (9,258) (61,705) (265,262) Change in short-term loans 6,071 Additional Leases 447,647 Modifications Other Changes (*) 1,950 29,931 (472) Balance as at December 31, 2020 234,340 423,700 1,174,016 (*) Mainly includes discount amortization, adjustments in respect of estimated cashflows and accrual of PIK interest. Loans and other liabilities Loans and other Lease Liabilities Debentures Liabilities Balance as at January 1, 2019 306,032 450,969 614,048 Changes from financing cash flows: Receipt of long-term loans and other long-term liabilities 10,547 3,282 Repayment of borrowings and lease liabilities (65,397) (9,639) (225,727) Change in short-term loans 3,318 Additional Leases (*) 458,581 Other Changes (**) (27,975) 14,144 7,142 Balance as at December 31, 2019 226,525 455,474 857,326 (*) (**)

Employee benefits

Employee benefits	12 Months Ended
	Dec. 31, 2020
Employee benefits
Employee benefits	13 Employee benefits (a) Composition 2020 2019 US$’000 Present value of obligations (see section (f) below) 70,357 67,502 Fair value of the plan assets (see section (f) below) (30,655) (28,525) Recognized liability for defined benefit obligations 39,702 38,977 Termination benefit-liability for early retirement 12,706 16,003 Other long-term benefits 14,218 13,010 Presented as current liabilities: Liability for annual leave 7,779 7,459 Current portion of liability for early retirement 5,134 6,081 Total employee benefits 79,539 81,530 Presented in the statement of financial position as follows : Current (Note 14) 12,913 13,540 Non-current 66,626 67,990 79,539 81,530 (b) Defined contribution pension plans According to the Israeli Severance Pay Law - 1963, an employee who is dismissed, or who reaches the retirement age, is entitled to severance payments, in a sum equal, in essence, to 8⅓% of his last monthly salary multiplied by the actual months of employment (hereinafter – “Severance Obligation”). The Severance Pay Law allows employers to be relieved from part or all of the Severance Obligation by making regular deposits to pension funds and insurance companies, if it is approved (beforehand) by a relevant regulation or Collective Agreement. The Group makes regular deposits to pension funds and insurance companies. With respect to some of its employees, the Group makes such payments replacing its full Severance Obligation regarding those employees and, therefore, treats those payments as if they were payments to a defined contribution pension plan. With respect to most of the other employees, the Group makes such payments replacing only (6%)/(8⅓%) of the respective Severance Obligation. Therefore, the Company treats those payments as payments to a defined contribution pension plan and treats the remainder (2⅓%)/(8⅓%) as payments to a defined benefit pension plan. The Group’s payments in respect of the above-mentioned, as well as in respect of other contribution plans, during the years ended December 31, 2020, 2019 and 2018, were $8.3 million, $7.7 million and $7.5 million, respectively. (c) Defined benefit pension plan (i) The post-employment liability included in the statement of financial position represents the balance of liabilities not covered by deposits and/or insurance policies in accordance with the existing labour agreements, the Severance Pay Law and the salary components which Management believes entitle the employees to receipt of compensation. To cover their pension and severance liabilities, the Company and certain of its subsidiaries make regular deposits with recognised pension and severance pay funds in the employees’ names and purchase insurance policies. The reserves in compensation funds include accrued linkage differentials (for Israeli CPI), interest accrued and deposited in compensation funds in banks and insurance companies. Withdrawal of the reserve monies is contingent upon fulfilment of detailed provisions in the Severance Pay Law. (ii) Group retirees receive, in addition to the pension payments, benefits which consist mainly of a holiday gift and vouchers. The Group’s liability in respect of these costs accumulates during the service period. The contractual costs are in respect of the post-employment period, based on an actuarial calculation for existing retirees and for the serving employees entitled to this benefit according to their contractual retirement age. (d) Other long-term employee benefits (i) Under the labour agreement, employees retiring on pension are entitled to certain compensation in respect of unutilised annual absence. The provision was measured based on actuarial calculations. The actuarial assumptions applied include those noted in section (g) below, as well as assumptions based on the Group’s experience according to the likelihood of payment of annual absence pay at retirement age and utilisation of days by the LIFO method. (ii) Under the labour agreement, employees are entitled to the participation of the Company in education fees for their children. The provision was measured based on actuarial calculations, by applying actuarial assumptions included in section (g) below, as well as assumptions based on the Company’s experience according to the likelihood of payment of educational fees. (e) Benefits in respect of voluntary early retirement According to agreements reached with certain employees who retired early, these employees are entitled to a pension from the Group until they reach regular retirement age. A provision, computed based on the present value of the early retirement payments, is included in the Consolidated Statement of Financial Position. (f) Movement in the present value of the defined benefit pension plan obligation 2020 2019 US $’000 Defined benefit obligation at January 1 67,502 58,575 Benefits paid by the plan (5,675) (4,250) Current service cost and interest 4,258 2,968 Foreign currency exchange changes in plan measured in a currency different from the entity’s functional currency 3,209 4,016 Actuarial losses recognised in other comprehensive income 1,063 6,193 Defined benefit obligation at December 31 70,357 67,502 Movement in the present value of plan assets 2020 2019 US $’000 Fair value of plan assets at January 1 28,525 27,185 Contribution paid by the Group 1,547 937 Benefits paid by the plan (2,321) (2,234) Return on plan assets 695 397 Foreign currency exchange changes in plan measured in a currency different from the entity’s functional currency 884 1,482 Actuarial gains recognised in other comprehensive income 1,325 758 Fair value of plan assets at December 31 30,655 28,525 Plan assets composition 2020 2019 US $’000 Equity instruments 11,336 9,839 Debt instruments 15,815 15,707 Cash and deposits 1,099 989 Other 2,405 1,990 30,655 28,525 (g) Actuarial assumptions The principal actuarial assumptions at the reporting date: (i) Annual resignation and dismissal rates were determined on the basis of the past experience of the Group; for employees of the Company the resignation rate is estimated between 8.0%-10.0% and the dismissal rate is estimated between 1.0% and 2.0 %. For the subsidiaries, the resignation rate is estimated at between 2.4% and 4.0% and the dismissal rate is estimated at between 2.0% and 2.6%. (ii) The relevant discount rates are as follows: 2020 2019 2018 Early retirement 0.9%-1.0 % 1.0-%1.1 % 2.1%-2.4 % Annual absence 2.4%-2.5 % 2.1%-2.2 % 3.5%-3.7 % Tuition fees 1.3%-1.9 % 1.3%-1.8 % 2.5%-3.1 % Defined benefit plan 1.0%-2.7 % 1.0%-3.15 % 2.0%-4.0 % (iii) Assumptions regarding future benefits growth were made on the basis of the Group's experience and management's assessments. The Group - For employees, the average future salary growth increment is between 2.0% and 4.8% per year 2020, and between 2.0% and 4.5% per year in 2019 and 2018. Assumptions regarding future mortality are based on published statistics and mortality tables. (iv) (v) Sensitivity analysis Reasonably possible changes to one of the relevant actuarial assumptions, assuming other assumptions constant, would have affected the defined benefit obligation by the amounts below: Defined benefit obligation At December 31, 2020 Increase Decrease US $’000 Discount rate (0.5% movement) 3,821 (3,821) Future benefit growth (0.5% movement) (2,683) 2,692 As at December 31, 2020, the weighted average duration of the defined benefit obligation was 10 years (as at December 31, 2019 - 10 years). In 2021, the Group expects to pay about US$ 1,634 thousands in contributions to the funded defined benefit pension plan. (h) The Company’s Board of Directors approved compensation plans for the Company’s employees and management (the “Plans”) for the years 2017‑2020, payable as cash bonuses. The payment of cash bonuses under the Plans was subject to the satisfaction of certain pre-conditions, such as profitability and minimum EBITDA, while the actual bonus payable to each participant under the Plans is based on each participant’s meeting of certain key performance indicators (determined based on the overall performance of the Company and the individual performance of each participant). The accrual for bonuses is presented within the current liabilities. During the second half of 2018, the Company’s Board of Directors approved the adoption of a share option plan that allows for the grant of options to purchase ordinary shares of the Company, as well as specific grants to certain members of management, which constitute less than 5% of the Company’s share capital on a fully diluted basis and reflects an expense of approximately US$ 2 million, to be recognized during the vesting period. During 2020 the Company's Board of Directors approved the adoption of the 2020 share incentive plan, pursuant to which the Company may grant share-based awards. 25% of the Awards will vest upon the first anniversary of the vesting commencement date and 6.25% of the Awards will vest at the end of each three month period following such first anniversary. Vested awards will be exercisable on a "cashless basis", expiring on the tenth anniversary of their grant date, subject to early termination and acceleration provisions. The Company's Board of directors further approved the reservation of a maximum aggregate number of 1,000,000 ordinary shares of the Company, which shall be available for issuance under its Share Option Plans. In respect of options to purchase ordinary shared, granted following the reporting date, see Note 11(c).

Trade and other payables

Trade and other payables	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Trade and other payables	14 Trade and other payables 2020 2019 US$’000 Trade payables 304,963 350,775 Other payables Salaries and related payables 22,505 8,392 Provision for annual leave and early retirement (see Note 13(a)) 12,913 13,540 Government institutions 12,833 9,169 Accrued interest 7,042 8,621 Accrued expenses 19,664 8,209 Advances from customers and others 7,846 11,171 Payables and other credit balances 11,110 12,540 93,913 71,642 398,876 422,417 All of the trade and other payables are contractual to be settled within one year or are repayable on demand. The Group’s exposure to currency, liquidity and market risks related to trade and other payables is disclosed in Note 29.

Provisions

Provisions	12 Months Ended
	Dec. 31, 2020
Provisions
Provisions	15 Provisions 2020 US $’000 Balance at the beginning of the year 17,998 Provisions added during the year 10,315 Provisions utilized during the year (3,904) Provisions reversed during the year (2,989) Balance at the end of the year 21,420 Legal and employee claims For legal matters addressed against the Group, see Note 27. Claims covered by insurance Claims covered by insurance represent mainly claims for damage to cargo of customers that was shipped in containers at the responsibility of the Company. The Company has agreements with insurance companies that indemnify it in respect of such damages (other than the self-participation provided in the insurance agreements). Regarding assets that were recognised in respect thereto, see Note 8, insurance recoveries.

Income from voyages and related

Income from voyages and related services	12 Months Ended
	Dec. 31, 2020
Income from voyages and related services
Income from voyages and related services	16 Income from voyages and related services 2020 2019 2018 US $’000 Shipping 3,920,325 3,257,121 3,208,315 Other 71,371 42,640 39,549 3,991,696 3,299,761 3,247,864 See also Note 25 with respect to disaggregation of revenues by geographical trade zone.

Operating expenses and cost of

Operating expenses and cost of services	12 Months Ended
	Dec. 31, 2020
Operating expenses and cost of services
Operating expenses and cost of services	17 Operating expenses and cost of services 2020 2019 2018 US $’000 Wages and expenses relating to seagoing personnel 9,099 10,392 10,043 Maintenance and repair of vessels 3,881 4,060 4,708 Expenses relating to fleet equipment (mainly containers and chassis) 26,598 25,560 25,743 Fuel and lubricants 361,568 386,917 536,634 Insurance 9,586 8,634 9,583 Expenses related to cargo handling 1,432,937 1,421,354 1,379,320 Port expenses 206,946 200,610 273,988 Agents’ salaries and commissions 159,134 149,210 159,790 Cost of related services and sundry 100,537 61,437 72,009 Slots purchase and hire of vessels 497,777 515,102 480,374 Hire of containers 27,049 27,417 47,421 2,835,112 2,810,693 2,999,613

Other operating income

Other operating income	12 Months Ended
	Dec. 31, 2020
Other operating income
Other operating income	18 Other operating income 2020 2019 2018 US $’000 Capital gain, net 8,814 (*)35,471 3,015 Sundry 3,807 2,628 2,302 12,621 38,099 5,317 (*)

Other operating expenses

Other operating expenses	12 Months Ended
	Dec. 31, 2020
Other operating expenses
Other operating expenses	19 Other operating expenses 2020 2019 2018 US $’000 Impairment loss (recovery) (*) (4,329) 1,150 37,993 Sundry 57 89 78 (4,272) 1,239 38,071

General and administrative expe

General and administrative expenses	12 Months Ended
	Dec. 31, 2020
General and administrative expenses
General and administrative expenses	20 General and administrative expenses 2020 2019 2018 US $’000 Salaries and related expenses 115,349 105,354 98,278 Office equipment and maintenance 11,625 12,019 16,643 Depreciation and amortization 22,540 19,171 10,925 Consulting and legal fees 4,090 4,714 6,039 Travel and vehicle expenses 1,674 3,562 5,294 Other 7,932 6,785 6,741 163,210 151,605 143,920

Personnel expenses

Personnel expenses	12 Months Ended
	Dec. 31, 2020
Personnel expenses
Personnel expenses	21 Personnel expenses 2020 2019 2018 US $’000 Salaries and related expenses included in: Operating expenses and cost of services 145,330 137,990 132,003 General and administrative expenses 115,349 105,354 98,278 260,679 243,344 230,281

Depreciation and amortization e

Depreciation and amortization expenses	12 Months Ended
	Dec. 31, 2020
Depreciation and amortization expenses
Depreciation and amortization expenses	22 Depreciation and amortization expenses 2020 2019 2018 US $’000 Operating expenses: Depreciation 291,559 226,026 100,152 Amortization 86 313 490 General and administrative 22,540 19,171 10,925 314,185 245,510 111,567

Finance income and expenses

Finance income and expenses	12 Months Ended
	Dec. 31, 2020
Finance income and expenses
Finance income and expenses	23 Finance income and expenses (a) Finance income 2020 2019 2018 US $’000 Interest income 1,915 2,447 2,492 Gain from repurchase of debt (see Note 1(b)) 6,188 Net foreign currency exchange rate differences 16,709 8,103 2,447 19,201 (b) Finance expenses 2020 2019 2018 US $’000 Interest expenses 150,371 147,383 100,584 Adjustments to financial liabilities in respect of estimated cashflows (see Note 12(b)) 21,971 Net foreign currency exchange rate differences 13,718 8,351 Impairment losses on trade and other receivables 3,303 1,013 1,122 189,363 156,747 101,706

Income tax

Income tax	12 Months Ended
	Dec. 31, 2020
Income tax
Income tax	24 Income tax (a) Measurement of results for tax purposes The Company measures its results for tax purposes in United States dollar, as stipulated by the relevant regulations. Israeli subsidiaries are taxed under the Israeli Income Tax ordinance - 1961. Non-Israeli subsidiaries are taxed under the laws in their countries of residence. 2020 2019 2018 US $’000 Current tax expenses Current period 16,224 13,028 12,744 Taxes in respect of previous years 760 (1,313) 631 16,984 11,715 13,375 Deferred tax expenses Origination and reversal of temporary differences (385) 51 757 Total income taxes in income statements 16,599 11,766 14,132 (b) Reconciliation of effective tax rate The reconciliation is based on the Company’s domestic tax rate. 2020 2019 2018 US $’000 Profit (loss) for the year 524,190 (13,044) (119,853) Income taxes 16,599 11,766 14,132 Profit (loss) excluding income taxes 540,789 (1,278) (105,721) Income tax using the domestic corporation tax rate 124,382 (294) (24,316) Current year losses for which no deferred tax asset was recognized 7,759 29,097 Utilization of carried forward tax losses for which no deferred tax assets were recognized (115,947) Effect of tax rates in foreign jurisdictions 3,917 4,769 4,936 Non-deductible expenses 216 393 401 Effect of different tax rates on specific gains 4,102 2,084 4,383 Effect of share of profits of associates (768) (1,087) (1,232) Other (*) 697 (*) (1,858) 863 16,599 11,766 14,132 (*) (c) (1) Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2020 2019 2020 2019 2020 2019 US $’000 Vessels, containers, handling equipment and other tangible assets (*) (144,462) (150,698) (144,462) (150,698) Financial liabilities 13,445 12,281 13,445 12,281 Employee benefits 16,880 17,190 16,880 17,190 Tax losses carry-forwards 117,731 125,171 117,731 125,171 Other items (2,431) (3,246) (2,431) (3,246) Net deferred tax assets (liabilities) 148,056 154,642 (146,893) (153,944) 1,163 698 Net deferred tax assets recognised in the statement of the financial position 1,502 1,048 Net deferred tax liabilities recognised in the statement of the financial position (339) (350) 1,163 698 (*) (2) On December 31, 2020 there are carry forward tax losses in the amount of US$ 1,799 million (2019: US$ 2,339 million, 2018: US$ 2,438 million). Deferred tax assets in the amount of US$ 297 million at December 31, 2020 (2019: US$ 414 million, 2018: US$ 413 million) have not been recognised in respect of the tax losses, since it is not probable that future taxable profits will be available against which the Group can utilise the benefits therefrom. Under existing Israeli tax laws, there is no time limit for utilising tax losses. (d) Movement in deferred tax assets and liabilities during the year Vessels containers handling equipment and other Financial Employee Accumulated Other tangible assets liabilities benefits tax losses items Total US $’000 Balance January 1, 2020 (150,698) 12,281 17,190 125,171 (3,246) 698 Recognised in profit or loss 6,245 1,164 (540) (7,440) 796 225 Recognised in other comprehensive income (9) 230 19 240 Balance December 31, 2020 (144,462) 13,445 16,880 117,731 (2,431) 1,163 Vessels containers handling equipment and other tangible Financial Employee Accumulated Other assets liabilities benefits tax losses items Total US $’000 Balance January 1, 2019 (176,636) 15,339 15,394 149,494 (2,882) 709 Recognised in profit or loss 25,942 (3,058) 1,819 (24,323) (364) 16 Recognised in other comprehensive income (4) (23) (27) Balance December 31, 2019 (150,698) 12,281 17,190 125,171 (3,246) 698 (e) Amendments to the Israeli Income Tax Ordinance Tax rates relevant to the Company in the years 2018-2020 are 23%. (f) Tax assessments The tax assessments of the Company through (and including) the year 2015 are considered to be final.

Segment information

Segment information	12 Months Ended
	Dec. 31, 2020
Segment information
Segment information	25 Segment information ZIM is managed as one operating unit, generating revenues from operating a global liner service network of container shipping and related services. The Group service lines share the use of its resources and their performance are co-dependent. Accordingly, the chief operating decision maker manages and allocates resources to the entire liner network. As there is no appropriate allocation for the Group’s results, assets and liabilities, these are all attributed to the Group’s sole operating segment. Freight revenues are disaggregated geographically by trade zone, reflecting the Group’s service, provided throughout its global network, as follows: 2020 2019 2018 US $’000 Freight revenues from containerized cargo: Pacific 1,860,554 1,365,757 1,385,579 Cross-Suez 392,679 328,444 387,336 Atlantic 577,443 571,206 493,735 Intra-Asia 453,127 372,894 353,219 Latin America 208,374 208,963 215,975 3,492,177 2,847,264 2,835,844 Other revenues (*) 499,519 452,497 412,020 3,991,696 3,299,761 3,247,864

Commitments

Commitments	12 Months Ended
	Dec. 31, 2020
Commitments
Commitments	26 Commitments Commitments are mainly in respect of short-term leases, purchase obligations and other service charges (mainly denominated in United States dollar). As at December 31, 2020, the projected future payments are as follows: Related party Other Total US $’000 2021 4,793 146,315 151,108 2022 5,037 50,306 55,343 2023 1,573 24,593 26,166 2024 10,382 10,382 2025 6,133 6,133 2026 and thereafter 1,781 1,781 11,403 239,510 250,913

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Contingencies
Contingencies	27 Contingencies (a) The Group is involved in a number of legal matters, including applications to approve the filing of class actions, some of which may involve significant amounts. The developments and/or resolutions in some of such matters, including through either negotiations or litigation, are subject to a high level of uncertainty that cannot be reliably quantified at the reporting date. As at December 31, 2020, the total amount claimed with respect to legal matters, excluding those discloses below, as well as excluding claims in the ordinary course of business, which are covered by insurance (and in respect of which the Company has included a provision in the amount it is likely to bear, based on past experience) is approximately US$ 7 million. Regarding the provision recognized in respect of legal matters, including insurance claims - see Note 15. In addition, within the ordinary course of business, the Company and its subsidiaries provided guaranties, which as at December 31, 2020 amounted to approximately US$ 9 million. (b) (c) (d) (e) (f) (g) (h) (i)

Related parties

Related parties	12 Months Ended
	Dec. 31, 2020
Related parties
Related parties	28 Related parties The Group’s transactions with related parties as detailed below, are mainly comprised of compensation to directors and key-management personnel, transactions with associates and transactions with entities which are controlled by or under joint control of those which retain significant influence over the Company. (a) Associates: (1) Note 2020 2019 2018 US $’000 Other operating income 18 125 261 244 Finance income 23(a) 15 Operating expenses and cost of services 17 2,181 4,126 4,765 (2) Note 2020 2019 US $’000 Trade and other receivables 8 18,631 13,558 Trade and other payables 14 301 2,695 (b) Key management personnel (**): 2020 2019 2018 US $’000 Short-term employee benefits (*) 5,417 3,637 3,170 Long-term employee benefits and share based compensation (*) 585 559 506 (*) Numbers of officers. 5 4 (**) See also Note 13(h) (c) Other related parties (excluding those detailed in (a)-(b) above) (1) Note 2020 2019 2018 US $’000 Income from voyages and related services 16 8,090 10,393 9,621 Operating expenses and cost of services 17 7,301 9,788 24,759 Other operating income 18 18 23 31 Finance income 23 (a) 49 Finance expenses 23 (b) 5,375 5,930 924 (2) 2020 2019 2018 US $’000 Directors fees 1,309 1,738 1,814 (3) Note 2020 2019 US $’000 Trade and other receivables 8 1,149 1,789 Trade and other payables 14 934 1,398 Loans, lease and other liabilities (*) 12 57,959 22,731 (*) (d) Transactions with relate parties were carried out in common market terms in the ordinary course of business. Regarding commitments to related parties, see also Note 26.

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2020
Financial risk management
Financial risk management	29 Financial risk management Overview The Group has exposure to the following risks, related to financial instruments: · Credit risk · Liquidity risk · Market risk This Note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing such risks, as well as the Group’s management of its capital. Further quantitative disclosures are included throughout the Financial Statements. In order to manage these risks and as described hereunder, the group executes from time to time transactions of derivative financial instruments. The CFO has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Company’s Board of Directors has appointed the Audit Committee to deal with, among other issues, certain financial reporting aspects of the Group’s activities and monitoring the Group’s hedging policies. The committee reports to the Company’s Board of Directors on its activities. (a) Financial risk (1) Credit risk Trade and other receivables The Group’s exposure to credit risk is influenced by the individual characteristics of each significant customer. The demographics of the Group’s customer base, including the default risk of the industry and country, in which customers operate, has also an influence on credit risk. The income of the Group is derived from income from voyages and services in different countries worldwide. The exposure to a concentration of credit risk with respect to trade receivables is limited due to the relatively large number of customers, wide geographic spread and the ability in some cases to auction the contents of the container, the value of which is most likely to be greater than the customer’s debt for the services provided with respect to such container. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, in the statement of financial position. The Group has established a credit policy under which each new credit customer is analysed individually for creditworthiness before the Group’s standard payment and delivery terms and conditions are offered. The Group’s review includes financial analysis from external sources. Credit limits are established for each customer, representing its maximum outstanding balance, available upon approval by the relevant level of authorisation. These limits are reviewed periodically, at least once a year. Customers that fail to meet the Group’s benchmark creditworthiness may transact with the Group only on a cash basis. Most of the Group’s customers have been transacting with the Group for a few years and losses have occurred infrequently. Trade and other receivables relate mainly to the Group’s wholesale customers. Customers that are graded as “high risk” are placed on a restricted customer list and future sales are made on a cash basis, unless otherwise approved by the credit committee. In some cases, based on their robustness, customers are requested to provide guarantees. Provisions for doubtful debts are made to reflect the expected credit losses related to debts whose collection is doubtful per management's estimation (see also Note 23(b)). (1) Credit risk Investments The Company’s policy is to invest its cash surplus mainly in time deposits in US dollar. The funds are deposited in Israeli and international banks with international rating of A-/A3 (or higher) or its equivalent local rating. The investment policy is reviewed from time to time by the Company’s Audit committee and its board of directors and amended as needed. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. As at December 31, 2020 credit to customers in the amount of approximately US$ 123.7 million is guaranteed by credit insurance. (2) Liquidity risk The following are the contractual maturities of financial liabilities, including estimated interest payments: December 31, 2020 Carrying Contractual More than Note amount cash flows 0-1 years 1-2 years 2-5 years 5 years US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 Non-derivative financial liabilities Debentures (*) 12 (a) 423,700 471,815 13,004 13,083 445,728 Long-term loans and other liabilities 12 (a) 108,444 148,775 20,009 16,266 34,966 77,534 Lease liabilities 7 1,174,016 1,456,107 455,343 292,926 449,090 258,748 Short-term borrowings 12 (a) 122,501 123,139 123,139 Trade and other payables 14 365,354 365,354 365,354 2,194,015 2,565,190 976,849 322,275 929,784 336,282 December 31, 2019 Carrying Contractual More than amount cash flows 0-1 years 1-2 years 2-5 years 5 years Note US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 Non-derivative financial liabilities Debentures 12 (a) 455,474 564,495 26,663 18,839 518,993 Long-term loans and other liabilities 12 (a) 104,237 154,309 14,180 13,168 41,821 85,140 Lease liabilities 7 857,326 1,112,115 294,671 174,861 392,593 249,990 Short-term borrowings 12 (a) 116,431 117,393 117,393 Trade and other payables 14 387,564 387,564 387,564 1,921,032 2,335,876 840,471 206,868 953,407 335,130 (*) The contractual cashflows do not reflect the early repayment announced in January 2021 in respect of the cash-sweep mechanism (see Note 1(b)) and any additional early repayment that may be further required under such mechanism. (3) Market risk The Group executes from time to time transactions of derivatives, in order to manage market risks. (a) Currency risk The Group is exposed to currency risk on purchases, receivables and payables where they are denominated in a currency other than the United States dollar. The Group’s exposure to foreign currency risk was as follows based on notional amounts: December 31, 2020 US$ NIS Others US$’000 US$’000 US$’000 Non-current assets Trade and other receivables 4,409 884 Other non-current investments 2,203 1,294 1,391 Current assets Other current investments 51,195 44 5,438 Trade and other receivables 397,025 497 75,742 Cash and cash equivalents 517,852 11,309 41,253 Non-current liabilities Loans and other liabilities (509,858) (4,197) (3,309) Lease liabilities (776,593) (10,145) (25,102) Current liabilities Short term borrowings and current maturities (129,710) (217) (8,642) Lease liabilities (348,710) (5,485) (7,981) Trade and other payables (234,004) (26,889) (104,461) (1,026,191) (33,789) (24,787) December 31, 2019 US$ NIS Others US$’000 US$’000 US$’000 Non-current assets Trade and other receivables 3,160 1,226 932 Other non-current investments 607 1,195 964 Current assets Other current investments 51,196 1,607 6,244 Trade and other receivables 215,605 2,470 62,426 Cash and cash equivalents 147,718 8,345 26,723 Non-current liabilities Loans and other liabilities (537,243) (4,690) Lease liabilities (607,171) (22,286) (12,292) Current liabilities Short term borrowings and current maturities (137,040) (713) (2,313) Lease liabilities (203,321) (6,518) (5,738) Trade and other payables (225,550) (45,958) (116,056) (1,292,039) (65,322) (39,110) Sensitivity analysis A 10 percent appreciation of the United States dollar against NIS at December 31 would have increased / (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis has been performed on the same basis for 2020 and 2019. Profit or loss US $’000 December 31, 2020 3,379 December 31, 2019 6,532 A 10 percent devaluation of the United States dollar against the NIS on December 31 would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. (ii) Interest rate risk The Group prepares a summary of its exposure to interest rate risk on a periodic basis. At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was: Carrying amount 2020 2019 US $’000 US $’000 Fixed rate instruments Financial assets 627,662 243,348 Financial liabilities (1,778,063) (1,465,389) (1,150,401) (1,222,041) Variable rate instruments Financial liabilities (50,598) (68,078) (50,598) (68,078) Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate instruments at fair value through profit or loss. Cash flow sensitivity analysis for variable rate instruments A 10% change in variable interest rates at the reporting date would not have significant influence over the Company’s equity and profit or loss (assuming that all other variables, in particular foreign currency rates, remain constant). (iii) Other market price risk The Group does not enter into commodity contracts other than to meet its operational needs. These transactions do not meet the criteria for hedging for accounting purposes and therefore the change in their fair value is recognised directly in profit or loss. (b) (1) Financial instruments not measured at fair value The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, trade and other receivables, other investments , short-term credit from banks, trade and other payables reflect reasonable approximation of their fair value. The fair values of the remaining financial assets and liabilities, together with their fair value measurement hierarchy and their corresponding carrying amounts included in the statements of financial position, are as follows: December 31, 2020 December 31, 2019 Carrying Fair value Carrying Fair value Note amount Level 2 amount Level 2 US $’000 US $’000 US $’000 US $’000 Loans and other liabilities: – Debentures 12 (a) (423,700) (360,876) (455,474) (211,862) – Other 12 (a) (108,444) (108,477) (104,236) (76,781) The valuation technique which was used in order to measure the fair value is the discounted cash flows technique, considering the present value of expected payments, discounted using a risk-adjusted discount rate, based on rating implied in recent transactions. (2) Financial instruments measured at fair value When measuring the fair value of an asset or a liability, the Company uses market observable data to the extent applicable. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: · Level 1: quoted prices (unadjusted) in active markets for identical instruments. · Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. · Level 3: inputs that are not based on observable market data (unobservable inputs). (3) Level 1 financial instruments carried at fair value As at December 31, 2020, the fair value of investments in equity instruments at fair value through other comprehensive income in an amount of US$ 2 million, are presented under current other investments. As at December 31, 2020 the fair value of investments in equity instruments at fair value through profit and loss in an amount of US$ 2 million, are presented under long term investments. (4) Level 3 financial instruments carried at fair value As at December 31, 2020 and 2019 such analysis is immaterial.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
Basis of consolidation	(a) (i) Business combinations The Group implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. An investor controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Substantive rights held by the Group and by others are taken into account in assessing control. The Group recognizes goodwill at acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interests in the acquiree less the net amount of the identifiable assets acquired and the liabilities assumed. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree and the liabilities incurred by the acquirer to the previous owners of the acquiree. In a step acquisition, the difference between the acquisition date fair value of the Group’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisition that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. (iii) Non-controlling interests Non-controlling interests reflects the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value or their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Allocation of profit or loss and other comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even when the result is a negative balance of the non-controlling interests. (iv) Loss of control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between; (i) the sum of the proceeds and fair value of the retained interest, and (ii) the derecognized balances, is recognized in profit or loss under other income or other expenses. Subsequently the retained interest is accounted for as an equity-accounted investee or as a financial asset in accordance with the provisions of IAS 28 and IFRS 9, depending on the level of influence retained by the Group in the relevant company. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. (v) Investment in associates Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating activities. Significant influence is presumed to exist when the Group holds between 20% and 50% of voting rights in another entity. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Group continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests, after the aforesaid interests were reduced to zero. The recognition of further losses is discontinued except to the extent that the Group has an obligation to support the investee or has made payments on behalf of the investee. (vi) Change in interest held in associated companies while retaining significant influence When the Group increases its interest in an associated Group accounted for by the equity method while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When there is a decrease in the interest in an associated Group accounted for by the equity method while retaining significant influence, the Group derecognizes a proportionate part of its investment and recognizes in profit or loss a gain or loss from the sale. (vii) Loss of significant influence The application of the equity method is discontinued from the date the group loses significant influence in an associate and it accounts for the retained investment as a financial asset or a subsidiary, as relevant. On the date of losing significant influence, any retained interest it has in the former associate is measured at fair value. Any difference between the sum of the fair value of the retained interest and any proceeds received from the partial disposal of the investment in the associate, and the carrying amount of the investment on that date, are recognized in profit or loss. Amounts recognized in equity through other comprehensive income with respect to such associates are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself disposed the related assets or liabilities. (viii) Transactions eliminated in consolidation Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions are eliminated. Unrealised gains arising from transactions with associates are eliminated to the extent of the Group’s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Foreign currency	(b) (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currency of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising from retranslation of those assets and liabilities are recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of their recognition. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into United States dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to United States dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve (translation reserve) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests.
Financial instruments	(c) (i) The Group’s non-derivative financial instruments include investments in equity securities, trade and other receivables and cash and cash equivalents, classified at initial recognition to one of the following measurement categories: amortized cost; fair value through other comprehensive income – investments in debt instruments; fair value through other comprehensive income – investments in equity instruments; or fair value through profit or loss. The Group’s balances of trade and other receivables and deposits are held within a business model whose objective is collecting the contractual cash flows. The contractual cash flows of these financial assets represent solely payments of principal and interest that reflects consideration for the time value of money and the credit risk. Accordingly, these financial assets are subsequently measured at amortized cost. Initial recognition of financial assets The Group initially recognizes loans, receivables and deposits on the date that they are originated. All other financial assets acquired in a regular way purchase, are recognized initially on the trade date which is the date that the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Impairment of financial assets Provisions for expected credit losses of financial assets measured at amortized cost are deducted from the gross carrying amount of the financial assets. Impairment losses related to trade and other receivables, including other financial assets, are presented under financing expenses. Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights of the Group to the cash flows from the asset expire or the Group transfers the rights to receive the contractual cash flows from the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Cash and cash equivalents Cash and cash equivalents include cash balances available for immediate use and call deposits. Cash equivalents include short-term highly liquid investments (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. (ii) Non-derivative financial liabilities The Group’s non-derivative financial liabilities include loans and borrowings from banks and others, lease liabilities, debentures and trade and other payables. The Group initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. With respect to a lease liability, the Company also remeasures its carrying amount to reflect reassessments and / or modifications of the lease (see also Note 3(d)(ii)). Debt modifications An exchange of debt instruments having substantially different terms, or a substantial modification of terms of a debt instrument, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. The difference between the carrying amount of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as part of the financial income or expenses. Any costs incurred in relation to such modifications are recognized in profit or loss as part of the financial income or expenses. The terms are substantially different if the discounted present value of the cash flows according to the new terms, including any commissions paid, less any commissions received and discounted using the original effective interest rate, is different by at least ten percent from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, the Group examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments. In the case of insubstantial change in terms, the new cash flows are discounted at the original effective interest rate, with the difference between the present value of the financial liability with the new terms and the present value of the original financial liability being recognized in profit or loss. Offset of financial instruments Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. (iii) Derivative financial instruments (economic hedges) Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are recognised in profit or loss. The Company is engaged from time to time in derivative transactions with respect to fuel prices, usually in the framework of option contracts (measured based on Black Scholes model), while the changes in fair value of such derivatives are included in the operating expenses. (iv) Financial guarantees A financial guarantee is initially recognized at fair value. In subsequent periods a financial guarantee is measured at the higher of the amount recognized in accordance with the guidelines of IAS 37 and the liability initially recognized after being amortized in accordance with IFRS 15. Any resulting adjustment of the liability is recognized in profit or loss. (v) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
Vessels, containers, handling equipment and other tangible assets	(d) (i) Owned assets Vessels, containers, handling equipment and other tangible assets are stated at cost less accumulated depreciation (see below) and accumulated impairment losses (see Note 3(f)). The cost of inspecting a vessel (dry docking), that needs to be performed after a number of years of operation (usually once every five years), is separated from the cost of the vessel and depreciated according to the period until the following inspection. The Company’s management believes that there is no other material separate component whose contractual period of use is different from the contractual period of use of the whole vessel. Gains and losses on disposal of vessels, containers, handling equipment and other tangible assets are determined by the difference between the net consideration from disposal and the carrying amount of these items and are recognised, on a net basis, within “other operating income / expenses” in profit or loss. Subsequent costs The Group recognises within the carrying amount of an asset (vessel, container, handling equipment or other tangible asset), the cost of replacing part of such an asset, when that cost is incurred, if it is probable that the future economic benefits embodied with such part will flow to the Group and the cost of the part can be measured reliably (while the carrying amount of the replaced part is derecognized). Material improvements that increase the economic benefits expected from the assets are capitalised as part of their cost. All other costs are recognised in the income statement as an expense as incurred. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognised in profit and loss on a straight-line basis over the estimated useful life of each part of the asset (vessel, container, handling equipment or other tangible asset). Freehold land is not depreciated. The estimated useful lives of vessels, containers, handling equipment and other tangible assets for the current and comparative periods are as follows (taking into account a residual value of mainly 10% of the cost of the assets, where applicable): years 1. Vessels 25 – 30 2. Containers Mainly 13 3. Chassis 30 4. Other equipment 13 5. Dry docking for owned vessels Up to 5 The estimated useful lives of other tangible assets for the current and comparative periods are as follows: years 1. Buildings 25 2. Computer systems and communication equipment 4 – 7 (mostly 5 years) 3. Other 5 – 15 Depreciation methods, useful life and residual values are reviewed at each reporting date. (ii) Leased (Right-of-use) assets Policy applied in reported periods, following January 1, 2019: A lease, in accordance with IFRS 16 (see also Note 2(f)), defined as an arrangement that conveys the right to control the use of an identified asset for a period of time in exchange for consideration, is initially recognized on the date in which the lessor makes the underlying asset available for use by the lessee. Upon initial recognition, the Company recognizes a lease liability at the present value of the future lease payments during the lease term and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid and/or initial direct costs incurred in respect of the lease. The present value is calculated using the implicit interest rate of the lease, or the Company’s incremental borrowing rate applicable for such lease, when the implicit rate is not readily determinable. The lease term is the non-cancellable period of the lease, in addition to any optional period which is reasonably certain to apply, considering extension and/or termination options. Following recognition, the Company depreciates a right-of-use asset on a straight-line basis (see below), as well as adjust its value to reflect any re-measurement of its corresponding lease liability or any impairment losses in accordance with IAS 36. The Company chose to apply the available exemptions, with respect certain assets or asset classes, for short-term leases and leases of low-value assets, as well as the expedient for the inclusion of non-lease components in the accounting of a lease. Further to the adoption of IFRS 16, fixed assets previously recognized with respect to financial leases, were reclassified as right-of-use assets on adoption date. Lease modifications When a lease modification increases the scope of the lease by adding a right to use one or more underlying assets, and the consideration for the lease increased by an amount commensurate with the stand-alone price for the increase in such circumstances, the Group accounts for the modification as a separate lease. When the Group doesn’t account the modification as a separate lease, on the initial date of the lease modification, the Group determines the revised lease term and measures the lease liability by discounting the revised lease payments using a revised discount rate, against the right-of-use asset. For lease modifications that includes a decrease in scope of the lease, as a preceding step and before remeasuring the lease liability against the right-of-use asset, the Group first recognizes a decrease in the carrying amount of the right-of-use asset (on a pro-rata basis) and the lease liability (considering the revised leased payments and pre-modification discounting rate), in order to reflect the partial or full cancellation of the lease, with the net change recognized in profit or loss. Sale and lease-back The Group applies the requirements of IFRS 15 to determine whether an asset transfer is accounted for as a sale. If an asset transfer satisfies the requirements of IFRS 15 to be accounted for as a sale, the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount that relates to the right of use retained by the Group. Accordingly, the Group only recognizes the amount of gain or loss that relates to the rights transferred. If the asset transfer does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the Group accounts the transaction as secured borrowing. Depreciation Right-of-use assets are depreciated over the lease term, or their useful lives (considering residual value, if applicable), if it is reasonably certain that the Group will obtain ownership by the end of the lease term. The term of leases in which the Group is engaged with, are as follows: years 1. Vessels 1 - 6 2. Containers 1 - 13 3. Buildings, vehicles and other assets Mainly 1 - 10 Policy applied in reported periods, prior to January 1, 2019: Operating lease payments Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease. Finance lease payments Minimum lease payments are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term, reflecting a constant periodic rate of interest on the remaining balance of the liability. Lease modifications If the terms of a lease in which the Group is a lessee are modified, the Company assesses whether the revised terms would have resulted in different classification of the lease had they been in effect at inception. If a lease previously accounted for as a finance lease is reclassified as an operating lease, the Group derecognizes the leased asset and the finance lease liability and recognizes the profit (loss) from derecognizing the leased asset (calculated as the difference between the fair value of the leased asset and its carrying amount) in other operating income (expenses) and the profit (loss) from derecognizing the liability (calculated as the difference between (1) the fair value of the leased asset and the fair value of any liabilities incurred and instruments issued as part of the modification and (2) the carrying amount of the liability) in finance income (expense). If a lease previously accounted for as an operating lease, is reclassified as a financial lease, the group recognize a leased asset and a finance lease liability at an amount equal to the lower of its fair value and the present value of the minimum lease payments. If a lease previously accounted for as a finance lease is not reclassified as a result of the modification, the modification is accounted for as a debt modification. If a lease previously accounted for as an operating lease is not reclassified as a result of the modification, the revised lease payments, including any liabilities incurred and instruments issued as part of the modification, are expensed on a straight-line basis throughout the remaining lease term.
Intangible assets	(e) (i) Goodwill Goodwill that arises upon the acquisition of subsidiaries is presented as part of intangible assets. Subsequent to its’ initial recognition, goodwill is measured at cost less accumulated impairment losses. (ii) Research and development of software Development activities involve a plan or design for the production of new or substantially improved processes. Development expenditures are capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use the asset. The expenditures capitalised include the cost of direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are recognised in profit or loss as incurred. In subsequent periods, capitalised development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. (iii) Software The Group’s assets include computer systems consisting of hardware and software. The licenses for the software, which are considered to be a separate item, adding functionality to the hardware, are classified as intangible assets. (iv) Subsequent expenditures Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognised in profit or loss as incurred. (v) Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Amortization is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows: Software 5 years Dry docking for chartered vessels Up to 5 years Capitalised software development costs 5 – 8 years Amortization methods, useful life and residual values are reviewed at each reporting date.
Impairment	(f) (i) An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortized cost the reversal is recognised in profit or loss. (ii) Non-financial assets For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (hereinafter: cash-generating unit, or “CGU”). The recoverable amount of an asset or cash-generating unit is the greater of its value-in-use and its fair value less costs to sell. The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, accounted for this purpose as one cash-generating unit, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the CGU’s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of the Company's cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amount of the other assets in that unit, on a pro rata basis. An impairment loss is allocated between the owners of the Company and the non-controlling interests on the same basis that the profit or loss is allocated. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
Employee benefits	(g) (i) Post-employment benefits The Group has a number of post-employment benefit plans. The plans are usually financed by deposits with insurance companies or with funds managed by a trustee, and they are classified as defined contribution plans and as defined benefit plans. (a) Defined contribution plans A defined contribution pension plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. (b) Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset). The discount rate is the yield at the reporting date on high grade corporate bonds denominated in the same currency, that have maturity dates approximating the terms of the Group’s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a net asset for the Group, an asset is recognized up to the net present value of economic benefits available in the form of a refund from the plan or a reduction in future contributions to the plan. An economic benefit in the form of refunds or reductions in future contributions is considered available when it can be realized over the life of the plan or after settlement of the obligation. Gains or losses resulting from settlements of a defined benefit plan are recognized in profit or loss. The Group recognizes immediately, directly in other comprehensive income, all actuarial gains and losses arising from defined benefit plans. (ii) Termination benefits are recognized as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period, then they are discounted to their present value. The discount rate is the yield at the reporting date on high grade corporate bonds denominated in the same currency, that have maturity dates approximating the terms of the Group’s obligations. (iii) Other long-term benefits The Group’s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefits that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on long-term high grade corporate bonds denominated in the same currency, that have maturity dates approximating to the terms of the Group’s obligations. The calculation is performed using the projected unit credit method. Any actuarial gains or losses are recognised in profit or loss in the period in which they arise. (iv) Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. The employee benefits are classified, for measurement purposes, as short-term benefits or as other long-term benefits depending on when the Group expects the benefits to be wholly settled. (v) Share-based compensation The grant date fair value of share-based compensation awards granted to employees is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognized as an expense in respect of share-based compensation awards that are conditional upon meeting service and non-market performance conditions, is adjusted to reflect the number of awards that are expected to vest.
Provisions	(h) Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. The Group recognizes a reimbursement asset if, and only if, it is virtually certain that the reimbursement will be received if the Company settles the obligation. The amount recognized in respect of the reimbursement does not exceed the amount of the provision. Legal claims The Financial Statements includes appropriate provisions in respect of claims against the Group which, in the opinion of the Group’s management, based, among others, on the opinion of its legal advisers retained in respect of those claims, is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of obligation can be estimated reliably. Note 27 contains details of the additional exposure due to contingent claims where the amounts might be significant.
Revenue Recognition from shipping services and related expenses	(i) Revenue from containerized and non-containerized cargo The Group considers each freight transaction as comprised of one performance obligation, recognized per the time-based portion completed as at the reporting date. The operating expenses related to cargo traffic are recognized immediately as incurred. If the expected incremental expenses related to the cargo exceed its expected related revenue, the loss is recognized immediately in profit or loss. With respect to presentation and in accordance with IFRS 15 guidance, the Company recognizes “Contract assets”, reflecting receivables (not eligible to be classified as a financial asset, i.e. as trade receivables) and “Contract liabilities”, reflecting obligation to provide services, both with respect to engagements with customers, not yet completed as at the respective reporting date. Contract assets and contract liabilities relating to the same contract are to be presented on a net basis in the statement of financial position. However, trade receivables and contract liabilities deriving from the same contract are to be presented on a gross basis in the statement of financial position. Revenue from demurrage Revenues from demurrage and detentions for containers are accounted as separate performance obligation and recognized over time, up until the time the customer’s late return or pick-up of containers. Revenue from value-added services Revenues from value-added services provided by the Company and its agencies to the customers, such as documents handling, customs, duties etc., are accounted as separate performance obligation and recognized when the service is rendered. Cooperation agreements Non-monetary exchange of slots with other shipping companies in order to facilitate sale of services to customers are not accounted as revenues.
Finance income and expenses	(j) Finance income ordinarily includes interest income, recognised as it accrues in profit or loss, using the effective interest method. Finance expenses include mainly interest expense on borrowings and impairment losses recognised on trade and other receivables. Foreign currency gains and losses are reported on a net basis. In the statements of cash flows, interest received and dividends received are presented as part of cash flows from operating activities. Interest paid and dividends paid are presented as part of cash flows from financing activities.
Income taxes	(k) Income taxes include current and deferred taxes. Current taxes and deferred taxes are recognised in profit or loss except to amounts relate to items recognised directly in equity or in other comprehensive income, to the extent they relate to such items. Current taxes are the taxes payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred taxes are recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their corresponding amounts used for taxation purposes. Deferred taxes are not recognised for the following temporary differences: (i) the initial recognition of goodwill, (ii) the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and (iii) differences relating to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future, either by way of selling the investment or by way of distributing dividends in respect of the investment. Deferred taxes are measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, or to the extent it can be utilized in future periods against taxable temporary differences (i.e. deferred tax liabilities). Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognised in profit or loss when the liability to pay the related dividends is recognised by the distributing company. Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities if, the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: · In the case of current tax assets and liabilities, the Company or the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or · In the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: · The same taxable entity; or · Different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are contractual to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously.
Earnings (losses) per share	(l) The Group presents basic and diluted earnings (losses) per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, for the effects of all dilutive potential ordinary shares, if any. Share splits (or reversed splits) in effect as of
Transactions with controlling shareholder	(m) Assets and liabilities included in a transaction with a controlling shareholder are measured at fair value on the date of the transaction, with the difference between the fair value and the consideration from the transaction recorded in the Company’s equity.
Government grants	(n) Government grants are recognized initially when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants received from the Government of Israel with respect to the cost of employing Israeli resident sailors on Israeli vessels are deducted from the salary costs.
Inventories	(o) Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the moving average principle, and mainly includes fuel on board.
Non-current assets and disposal groups held for sale	(p) Non-current assets are classified as held for sale if it is highly probable that they will be recovered primarily through a sale transaction and not through continuing use. Immediately before classification as held for sale, the assets are remeasured in accordance with the Group’s accounting policies. Thereafter, the assets are measured at the lower of their carrying amount and fair value less cost to sell. In subsequent periods, depreciable assets classified as held for sale are not periodically depreciated. Impairment losses recognized on initial classification as held for sale, and subsequent gains or losses on remeasurement, are recognized in profit or loss.

Significant accounting polici_3

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
Schedule of estimated useful lives of vessels, containers, handling equipment and other tangible assets	years 1. Vessels 25 – 30 2. Containers Mainly 13 3. Chassis 30 4. Other equipment 13 5. Dry docking for owned vessels Up to 5 The estimated useful lives of other tangible assets for the current and comparative periods are as follows: years 1. Buildings 25 2. Computer systems and communication equipment 4 – 7 (mostly 5 years) 3. Other 5 – 15
Schedule of term of leases in which the Group is engaged with	years 1. Vessels 1 - 6 2. Containers 1 - 13 3. Buildings, vehicles and other assets Mainly 1 - 10
Schedule of estimated useful lives of intangible assets	Software 5 years Dry docking for chartered vessels Up to 5 years Capitalised software development costs 5 – 8 years

Vessels, containers, handling_2

Vessels, containers, handling equipment and other tangible assets (Tables)	12 Months Ended
	Dec. 31, 2020
Vessels, containers, handling equipment and other tangible assets
Schedule of components and movements during the period of vessels, containers, handling equipment and other tangible assets	Cost: Reclass Lease Effect of Balance at from assets modifications movements Balance at January 1, held and in exchange December 31 2020 Additions Disposals for Sale terminations rates 2020 US $’000 Vessels 1,178,983 284,874 50,667 81,052 1,595,576 Containers and equipment 828,898 182,521 (22,820) (5,315) 983,284 Computer systems and Communication equipment 53,583 3,372 (588) 3,787 336 60,490 Other property and equipment 109,094 13,412 (2,172) (2,159) 375 118,550 Total 2,170,558 484,179 (25,580) 50,667 77,365 711 2,757,900 Depreciation and impairment charges: Reclass Lease Effect of Balance at from assets modifications movements Balance at January 1, held and in exchange December 31 2020 Depreciation Disposals for sale terminations rates 2020 US $’000 Vessels 461,042 188,890 38,721 (41,081) 647,572 Containers and equipment 403,160 94,415 (16,264) (18,914) 462,397 Computer systems and Communication equipment 41,715 6,479 (588) 20 47,626 Other property and equipment 51,860 14,435 (2,081) (484) 551 64,281 Total 957,777 304,219 (18,933) 38,721 (60,479) 571 1,221,876 Net carrying amounts: Balance at Balance at January 1, December 31, 2020 2020 US $’000 US $’000 Vessels 717,941 948,004 Containers and equipment 425,738 520,887 Computer systems and Communication equipment 11,868 12,864 Other property and equipment 57,234 54,269 69,102 67,133 Total 1,212,781 1,536,024 (*) Cost: Lease Effect of Balance at modifications movements Balance at January 1, and in exchange December 31 2019 Additions Disposals terminations rates 2019 US $’000 Vessels 941,201 240,908 (3,126) 1,178,983 Containers and equipment 789,144 180,634 (105,588) (35,277) (15) 828,898 Computer systems and communication equipment 46,115 8,271 (307) (496) 53,583 Other property and equipment 51,671 60,369 (1,592) (1,354) 109,094 Total 1,828,131 490,182 (107,487) (38,403) (1,865) 2,170,558 Depreciation and impairment charges: Lease Effect of Balance at modifications movements Balance at January 1, and in exchange December 31 2019 Depreciation Disposals terminations rates 2019 US $’000 Vessels 323,774 139,682 (2,414) 461,042 Containers and equipment 437,457 78,399 (87,682) (25,002) (12) 403,160 Computer systems and communication equipment 36,372 5,647 (304) 41,715 Other property and equipment 40,421 13,249 (558) (1,252) 51,860 Total 838,024 236,977 (88,544) (27,416) (1,264) 957,777 Net carrying amounts: Balance at Balance at January 1, December 31, 2019 2019 US $’000 US $’000 Vessels 617,427 717,941 Containers and equipment 351,687 425,738 Computer systems and Communication equipment 9,743 11,868 Other property and equipment 11,250 57,234 20,993 69,102 Total 990,107 1,212,781 (*)

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible assets
Schedule of components and movements during the period in intangible assets	Effect of Balance at movements Balance at January 1, in exchange December 31 2020 Additions Disposals rates 2020 US $’000 Goodwill 8,299 (736) 7,563 Software (mostly development costs) 182,296 12,245 (19) (16) 194,506 Dry docking 4,514 4,514 Other intangible assets 3,415 3,415 Total 198,524 12,245 (19) (752) 209,998 Amortization and impairment losses: Effect of Balance at movements Balance at January 1, in exchange December 31 2020 Amortization Disposals rates 2020 US $’000 Goodwill Software (mostly development costs) 126,645 9,733 (13) (24) 136,341 Dry docking 4,429 85 4,514 Other intangible assets 2,530 148 2,678 Total 133,604 9,966 (13) (24) 143,533 Net carrying amounts: Balance at Balance at January 1, December 31, 2020 2020 US $'000 US $'000 Goodwill 8,299 7,563 Software (mostly development costs) 55,651 58,165 Dry docking 85 Other intangible assets 885 737 Total 64,920 66,465 Effect of Balance at movements Balance at January 1, in exchange December 31 2019 Additions Disposals rates 2019 US $’000 Goodwill 8,230 (490) 8,299 Software (mostly development costs) 173,508 8,746 (15) 57 182,296 Dry docking 4,514 4,514 Other intangible assets 3,415 3,415 Total 189,667 9,305 (15) (433) 198,524 Amortization and impairment losses: Effect of Balance at movements Balance at January 1, in exchange December 31 2019 Amortization Disposals rates 2019 US $’000 Goodwill Software (mostly development costs) 118,530 8,073 (15) 57 126,645 Dry docking 4,117 312 4,429 Other intangible assets 2,382 148 2,530 Total 125,029 8,533 (15) 57 133,604 Net carrying amounts: Balance at Balance at January 1, December 31, 2019 2019 US $’000 US $’000 Goodwill 8,230 8,299 Software (mostly development costs) 54,978 55,651 Dry docking 397 85 Other intangible assets 1,033 885 Total 64,638 64,920

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases
Schedule of components of right-of-use assets	(a) Buildings, vehicles Containers and and other tangible Vessels equipment assets Total US $’000 Balance as at January 1, 2020 600,480 408,003 49,813 1,058,296 Additions 284,756 152,481 11,599 448,836 Depreciation (180,690) (84,119) (15,841) (280,650) Other (*) 122,132 (10,295) 2,340 114,177 Balance as at December 31, 2020 826,678 466,070 47,911 1,340,659 Buildings, Vehicles Containers and and other tangible Vessels equipment assets Total US $’000 Balance as at January 1, 2019 491,333 317,360 242 808,935 IFRS 16 Adoption 140,442 73,174 41,453 255,069 Additions 100,466 114,685 22,067 237,218 Depreciation (131,050) (69,700) (13,716) (214,466) Other (*) (711) (27,516) (233) (28,460) Balance as at December 31, 2019 600,480 408,003 49,813 1,058,296 (*) (
Schedule of maturity analysis of the Group's lease liabilities, amounts recognized in profit or loss and amounts recognized in the statement of cash flows	(b) As at December 31 2020 2019 US $’000 Less than one year 362,176 215,576 One to five years 588,028 425,780 More than five years 223,812 215,970 Total 1,174,016 857,326 The Group’s lease liabilities are mostly denominated in USD, discounted, as of December 31, 2020, by interest rates with weighted average of 11%. (c) 2020 2019 US $’000 Interest expenses on lease liabilities 97,620 Expenses relating to short-term leases: Vessels 181,856 Containers 27,417 Capital gains related to sale and leaseback transactions 3,619 (d) 2020 2019 US $’000 Cash outflow related to lease liabilities 319,166

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other receivables.
Schedule of components of trade and other receivables	(a) Carrying amounts 2020 2019 US $’000 Non-current other receivables 5,293 5,318 Current trade and other receivables Trade receivables 457,506 263,749 Other receivables Insurance recoveries (see also Note 15) 4,636 4,576 Government institutions 15,471 11,540 Prepaid expenses 30,014 25,531 Other receivables 12,374 11,663 62,495 53,310 520,001 317,059

Other investments (Table)

Other investments (Table)	12 Months Ended
	Dec. 31, 2020
Other investments
Schedule of other investments	2020 2019 US$’000 Non-current investments Financial assets at fair value through profit or loss 2,101 Other (*) 2,787 2,766 4,888 2,766 (*) Current investments Short term bank deposits (*) 55,836 56,493 Financial assets at fair value through profit or loss 842 988 Financial assets at fair value through other comprehensive income 2,298 1,566 58,976 59,047 (*)

Cash and cash equivalents (Tabl

Cash and cash equivalents (Table)	12 Months Ended
	Dec. 31, 2020
Cash and cash equivalents
Schedule of cash and cash equivalents	2020 2019 US$’000 Bank balances and cash in hand 187,125 130,997 Demand deposits 383,289 51,789 570,414 182,786

Capital and reserves (Table)

Capital and reserves (Table)	12 Months Ended
	Dec. 31, 2020
Capital and reserves
Schedule of share capital	2020 2019 Number of ordinary shares (issued and paid up): Balance at the beginning of the year 100,000,000 100,000,000 Balance at the end of the year 100,000,000 100,000,000 Ordinary shares – in US$’000’s 88 88 – in NIS’000’s 300 300
Schedule of share-based payment arrangements	Number of Contractual Grant date Instrument terms instruments Vesting Terms life June 30, 2018 Each option is exercisable into one ordinary share, at the exercise price of the share on the grant date. 4,990,000 50%, 25% and 25% of the options are exercisable following a service period of 2 years, 3 years and 4 years, respectively. 6 years
Schedule of measurement inputs for fair value of options	Share price on grant date USD 1.00 Exercise price USD 1.00 Expected volatility 31.9 % Expected life 6 years Expected dividends 0 % Risk-free interest rate 2.7 %
Schedule of earnings (loss) per share	2020 2019 2018 US$’000 Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings (loss) per share 517,961 (18,149) (125,653) Weighted average number of ordinary shares used to calculate basic earnings (loss) per share 100,000,000 100,000,000 100,000,000 Effect of share options 4,530,892 Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share 104,530,892 100,000,000 100,000,000

Loans and other liabilities (Ta

Loans and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Loans and other liabilities
Schedule of components of loans and other liabilities	(a) The loans and other liabilities are as follows: 2020 2019 US$’000 Non-current liabilities Loans from financial institutions 3,714 10,139 Loan from shipyard 52,240 48,223 Other loans and liabilities 39,817 39,704 Debentures 423,700 443,866 519,471 541,932 Current liabilities Current portion of loans from financial institution 6,213 1,989 Current portion of other loans and liabilities 9,855 10,039 Current portions of debentures — 11,608 16,068 23,636 Short-term borrowings 122,501 116,431 138,569 140,067
Schedule of liens placed in respect of liabilities	The aggregate carrying values of the securing assets, as well as of right-of-use asset (accounted as securing their corresponding lease liabilities), are as follows: 2020 2019 US $’000 Vessels 936,057 725,558 Containers and handling equipment 470,739 418,862 Deposits 51,992 51,477 Buildings, vehicles and others 53,510 55,822 1,512,298 1,251,719
Schedule of terms and debt repayment schedule of outstanding loans	(a) Terms and debt repayment schedule Terms and conditions of outstanding loans are as follows: December 31, 2020 Effective Year of Carrying Currency interest (2) Maturity Face value Amount (3) US $’000 Debentures : Tranche C (1) US$ 7 % 302,219 297,816 Tranche D (1) US$ 7.9 % 130,347 125,884 Long-term loans: Tranche E (1) US$ 8.7 % 73,400 52,240 Other US$ (*)9.4 % 2021-2025 56,204 56,204 Long-term liabilities US$ 2021-2022 3,395 3,395 Short-term credit from banks (4) US$ 2.7 % 122,501 122,501 688,066 658,040 December 31, 2019 Carrying Effective Year of Face Amount Currency interest (2) Maturity value (3) US $’000 Debentures : Tranche A (1) US$ Libor + 2.8 % 15,634 15,634 Tranche C (1) US$ % 359,808 322,620 Tranche D (1) US$ % 127,772 117,220 Long-term loans: Tranche A (1) US$ Libor + 2.8 % 1,693 1,693 Tranche E (1) US$ % 72,108 48,223 Other US$ (*) 9.7 % 2020-2030 54,374 54,374 Long-term liabilities US$ 2020-2022 5,804 5,804 Short-term credit from banks (5) US$ 4.3 % 116,431 116,431 753,624 681,999 (*)
Schedule of movement in liabilities deriving from financing activities	(a) Movement in liabilities deriving from financing activities Loans and other liabilities Loans and other Lease Liabilities Debentures Liabilities Balance as at January 1, 2020 226,525 455,474 857,326 Changes from financing cash flows: Receipt of long-term loans and other long-term liabilities 9,052 Repayment of borrowings and lease liabilities (9,258) (61,705) (265,262) Change in short-term loans 6,071 Additional Leases 447,647 Modifications Other Changes (*) 1,950 29,931 (472) Balance as at December 31, 2020 234,340 423,700 1,174,016 (*) Mainly includes discount amortization, adjustments in respect of estimated cashflows and accrual of PIK interest. Loans and other liabilities Loans and other Lease Liabilities Debentures Liabilities Balance as at January 1, 2019 306,032 450,969 614,048 Changes from financing cash flows: Receipt of long-term loans and other long-term liabilities 10,547 3,282 Repayment of borrowings and lease liabilities (65,397) (9,639) (225,727) Change in short-term loans 3,318 Additional Leases (*) 458,581 Other Changes (**) (27,975) 14,144 7,142 Balance as at December 31, 2019 226,525 455,474 857,326 (*) (**)

Employee benefits (Tables)

Employee benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Employee benefits
Schedule of composition of employee benefits	2020 2019 US$’000 Present value of obligations (see section (f) below) 70,357 67,502 Fair value of the plan assets (see section (f) below) (30,655) (28,525) Recognized liability for defined benefit obligations 39,702 38,977 Termination benefit-liability for early retirement 12,706 16,003 Other long-term benefits 14,218 13,010 Presented as current liabilities: Liability for annual leave 7,779 7,459 Current portion of liability for early retirement 5,134 6,081 Total employee benefits 79,539 81,530 Presented in the statement of financial position as follows : Current (Note 14) 12,913 13,540 Non-current 66,626 67,990 79,539 81,530
Schedule of movement in the present value of the defined benefit pension plan obligation and present value of plan assets and composition	(a) Movement in the present value of the defined benefit pension plan obligation 2020 2019 US $’000 Defined benefit obligation at January 1 67,502 58,575 Benefits paid by the plan (5,675) (4,250) Current service cost and interest 4,258 2,968 Foreign currency exchange changes in plan measured in a currency different from the entity’s functional currency 3,209 4,016 Actuarial losses recognised in other comprehensive income 1,063 6,193 Defined benefit obligation at December 31 70,357 67,502 Movement in the present value of plan assets 2020 2019 US $’000 Fair value of plan assets at January 1 28,525 27,185 Contribution paid by the Group 1,547 937 Benefits paid by the plan (2,321) (2,234) Return on plan assets 695 397 Foreign currency exchange changes in plan measured in a currency different from the entity’s functional currency 884 1,482 Actuarial gains recognised in other comprehensive income 1,325 758 Fair value of plan assets at December 31 30,655 28,525 Plan assets composition 2020 2019 US $’000 Equity instruments 11,336 9,839 Debt instruments 15,815 15,707 Cash and deposits 1,099 989 Other 2,405 1,990 30,655 28,525
Schedule of relevant discount rates under actuarial assumptions	2020 2019 2018 Early retirement 0.9%-1.0 % 1.0-%1.1 % 2.1%-2.4 % Annual absence 2.4%-2.5 % 2.1%-2.2 % 3.5%-3.7 % Tuition fees 1.3%-1.9 % 1.3%-1.8 % 2.5%-3.1 % Defined benefit plan 1.0%-2.7 % 1.0%-3.15 % 2.0%-4.0 %
Schedule of sensitivity analysis of actuarial assumptions	Reasonably possible changes to one of the relevant actuarial assumptions, assuming other assumptions constant, would have affected the defined benefit obligation by the amounts below: Defined benefit obligation At December 31, 2020 Increase Decrease US $’000 Discount rate (0.5% movement) 3,821 (3,821) Future benefit growth (0.5% movement) (2,683) 2,692

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other payables
Schedule of components of trade and other payables	2020 2019 US$’000 Trade payables 304,963 350,775 Other payables Salaries and related payables 22,505 8,392 Provision for annual leave and early retirement (see Note 13(a)) 12,913 13,540 Government institutions 12,833 9,169 Accrued interest 7,042 8,621 Accrued expenses 19,664 8,209 Advances from customers and others 7,846 11,171 Payables and other credit balances 11,110 12,540 93,913 71,642 398,876 422,417

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Dec. 31, 2020
Provisions
Schedule of movements in other provisions	2020 US $’000 Balance at the beginning of the year 17,998 Provisions added during the year 10,315 Provisions utilized during the year (3,904) Provisions reversed during the year (2,989) Balance at the end of the year 21,420

Income from voyages and relat_2

Income from voyages and related services (Tables)	12 Months Ended
	Dec. 31, 2020
Income from voyages and related services
Schedule of income from voyages and related services	2020 2019 2018 US $’000 Shipping 3,920,325 3,257,121 3,208,315 Other 71,371 42,640 39,549 3,991,696 3,299,761 3,247,864

Operating expenses and cost o_2

Operating expenses and cost of services (Tables)	12 Months Ended
	Dec. 31, 2019
Operating expenses and cost of services
Schedule of operating expenses and cost of services	2020 2019 2018 US $’000 Wages and expenses relating to seagoing personnel 9,099 10,392 10,043 Maintenance and repair of vessels 3,881 4,060 4,708 Expenses relating to fleet equipment (mainly containers and chassis) 26,598 25,560 25,743 Fuel and lubricants 361,568 386,917 536,634 Insurance 9,586 8,634 9,583 Expenses related to cargo handling 1,432,937 1,421,354 1,379,320 Port expenses 206,946 200,610 273,988 Agents’ salaries and commissions 159,134 149,210 159,790 Cost of related services and sundry 100,537 61,437 72,009 Slots purchase and hire of vessels 497,777 515,102 480,374 Hire of containers 27,049 27,417 47,421 2,835,112 2,810,693 2,999,613

Other operating income (Tables)

Other operating income (Tables)	12 Months Ended
	Dec. 31, 2020
Other operating income
Schedule of other operating income	2020 2019 2018 US $’000 Capital gain, net 8,814 (*)35,471 3,015 Sundry 3,807 2,628 2,302 12,621 38,099 5,317 (*)

Other operating expenses (Table

Other operating expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Other operating expenses
Schedule of other operating expenses	2020 2019 2018 US $’000 Impairment loss (recovery) (*) (4,329) 1,150 37,993 Sundry 57 89 78 (4,272) 1,239 38,071

General and administrative ex_2

General and administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2020
General and administrative expenses
Schedule of general and administrative expenses	2020 2019 2018 US $’000 Salaries and related expenses 115,349 105,354 98,278 Office equipment and maintenance 11,625 12,019 16,643 Depreciation and amortization 22,540 19,171 10,925 Consulting and legal fees 4,090 4,714 6,039 Travel and vehicle expenses 1,674 3,562 5,294 Other 7,932 6,785 6,741 163,210 151,605 143,920

Personnel expenses (Tables)

Personnel expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Personnel expenses
Schedule of components of personnel expenses	2020 2019 2018 US $’000 Salaries and related expenses included in: Operating expenses and cost of services 145,330 137,990 132,003 General and administrative expenses 115,349 105,354 98,278 260,679 243,344 230,281

Depreciation and amortization_2

Depreciation and amortization expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Depreciation and amortization expenses
Schedule of components of depreciation and amortization expenses	2020 2019 2018 US $’000 Operating expenses: Depreciation 291,559 226,026 100,152 Amortization 86 313 490 General and administrative 22,540 19,171 10,925 314,185 245,510 111,567

Finance income and expenses (Ta

Finance income and expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Finance income and expenses
Schedule of finance income	2020 2019 2018 US $’000 Interest income 1,915 2,447 2,492 Gain from repurchase of debt (see Note 1(b)) 6,188 Net foreign currency exchange rate differences 16,709 8,103 2,447 19,201
Schedule of finance expenses	2020 2019 2018 US $’000 Interest expenses 150,371 147,383 100,584 Adjustments to financial liabilities in respect of estimated cashflows (see Note 12(b)) 21,971 Net foreign currency exchange rate differences 13,718 8,351 Impairment losses on trade and other receivables 3,303 1,013 1,122 189,363 156,747 101,706

Income tax (Tables)

Income tax (Tables)	12 Months Ended
	Dec. 31, 2020
Income tax
Schedule of measurement of results for tax purposes	2020 2019 2018 US $’000 Current tax expenses Current period 16,224 13,028 12,744 Taxes in respect of previous years 760 (1,313) 631 16,984 11,715 13,375 Deferred tax expenses Origination and reversal of temporary differences (385) 51 757 Total income taxes in income statements 16,599 11,766 14,132
Schedule of reconciliation of effective tax rate	The reconciliation is based on the Company’s domestic tax rate. 2020 2019 2018 US $’000 Profit (loss) for the year 524,190 (13,044) (119,853) Income taxes 16,599 11,766 14,132 Profit (loss) excluding income taxes 540,789 (1,278) (105,721) Income tax using the domestic corporation tax rate 124,382 (294) (24,316) Current year losses for which no deferred tax asset was recognized 7,759 29,097 Utilization of carried forward tax losses for which no deferred tax assets were recognized (115,947) Effect of tax rates in foreign jurisdictions 3,917 4,769 4,936 Non-deductible expenses 216 393 401 Effect of different tax rates on specific gains 4,102 2,084 4,383 Effect of share of profits of associates (768) (1,087) (1,232) Other (*) 697 (*) (1,858) 863 16,599 11,766 14,132 (*)
Schedule of recognised deferred tax assets and liabilities	Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2020 2019 2020 2019 2020 2019 US $’000 Vessels, containers, handling equipment and other tangible assets (*) (144,462) (150,698) (144,462) (150,698) Financial liabilities 13,445 12,281 13,445 12,281 Employee benefits 16,880 17,190 16,880 17,190 Tax losses carry-forwards 117,731 125,171 117,731 125,171 Other items (2,431) (3,246) (2,431) (3,246) Net deferred tax assets (liabilities) 148,056 154,642 (146,893) (153,944) 1,163 698 Net deferred tax assets recognised in the statement of the financial position 1,502 1,048 Net deferred tax liabilities recognised in the statement of the financial position (339) (350) 1,163 698 (*)
Schedule of movement in deferred tax assets and liabilities during the year	(d) Movement in deferred tax assets and liabilities during the year Vessels containers handling equipment and other Financial Employee Accumulated Other tangible assets liabilities benefits tax losses items Total US $’000 Balance January 1, 2020 (150,698) 12,281 17,190 125,171 (3,246) 698 Recognised in profit or loss 6,245 1,164 (540) (7,440) 796 225 Recognised in other comprehensive income (9) 230 19 240 Balance December 31, 2020 (144,462) 13,445 16,880 117,731 (2,431) 1,163 Vessels containers handling equipment and other tangible Financial Employee Accumulated Other assets liabilities benefits tax losses items Total US $’000 Balance January 1, 2019 (176,636) 15,339 15,394 149,494 (2,882) 709 Recognised in profit or loss 25,942 (3,058) 1,819 (24,323) (364) 16 Recognised in other comprehensive income (4) (23) (27) Balance December 31, 2019 (150,698) 12,281 17,190 125,171 (3,246) 698

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment information
Schedule of freight revenues disaggregated geographically by trade, reflecting the Group's service, provided throughout its global network	2020 2019 2018 US $’000 Freight revenues from containerized cargo: Pacific 1,860,554 1,365,757 1,385,579 Cross-Suez 392,679 328,444 387,336 Atlantic 577,443 571,206 493,735 Intra-Asia 453,127 372,894 353,219 Latin America 208,374 208,963 215,975 3,492,177 2,847,264 2,835,844 Other revenues (*) 499,519 452,497 412,020 3,991,696 3,299,761 3,247,864

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments
Schedule of projected future payments	Related party Other Total US $’000 2021 4,793 146,315 151,108 2022 5,037 50,306 55,343 2023 1,573 24,593 26,166 2024 10,382 10,382 2025 6,133 6,133 2026 and thereafter 1,781 1,781 11,403 239,510 250,913

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related parties
Schedule of transactions with associates and their balances of related parties	The Group’s transactions with related parties as detailed below, are mainly comprised of compensation to directors and key-management personnel, transactions with associates and transactions with entities which are controlled by or under joint control of those which retain significant influence over the Company. (a) Associates: (1) Note 2020 2019 2018 US $’000 Other operating income 18 125 261 244 Finance income 23(a) 15 Operating expenses and cost of services 17 2,181 4,126 4,765 (2) Note 2020 2019 US $’000 Trade and other receivables 8 18,631 13,558 Trade and other payables 14 301 2,695
Schedule of Key management personnel	(a) Key management personnel (**): 2020 2019 2018 US $’000 Short-term employee benefits (*) 5,417 3,637 3,170 Long-term employee benefits and share based compensation (*) 585 559 506 (*) Numbers of officers. 5 4 (**) See also Note 13(h)
Schedule of transactions with directors and their balances of other related parties	(a) Other related parties (excluding those detailed in (a)-(b) above) (1) Note 2020 2019 2018 US $’000 Income from voyages and related services 16 8,090 10,393 9,621 Operating expenses and cost of services 17 7,301 9,788 24,759 Other operating income 18 18 23 31 Finance income 23 (a) 49 Finance expenses 23 (b) 5,375 5,930 924 (2) 2020 2019 2018 US $’000 Directors fees 1,309 1,738 1,814 (3) Note 2020 2019 US $’000 Trade and other receivables 8 1,149 1,789 Trade and other payables 14 934 1,398 Loans, lease and other liabilities (*) 12 57,959 22,731 (*)

Financial risk management (Tabl

Financial risk management (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of nature and extent of risks arising from financial instruments [line items]
Schedule of contractual maturities of financial liabilities, including estimated interest payments	December 31, 2020 Carrying Contractual More than Note amount cash flows 0-1 years 1-2 years 2-5 years 5 years US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 Non-derivative financial liabilities Debentures (*) 12 (a) 423,700 471,815 13,004 13,083 445,728 Long-term loans and other liabilities 12 (a) 108,444 148,775 20,009 16,266 34,966 77,534 Lease liabilities 7 1,174,016 1,456,107 455,343 292,926 449,090 258,748 Short-term borrowings 12 (a) 122,501 123,139 123,139 Trade and other payables 14 365,354 365,354 365,354 2,194,015 2,565,190 976,849 322,275 929,784 336,282 December 31, 2019 Carrying Contractual More than amount cash flows 0-1 years 1-2 years 2-5 years 5 years Note US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 Non-derivative financial liabilities Debentures 12 (a) 455,474 564,495 26,663 18,839 518,993 Long-term loans and other liabilities 12 (a) 104,237 154,309 14,180 13,168 41,821 85,140 Lease liabilities 7 857,326 1,112,115 294,671 174,861 392,593 249,990 Short-term borrowings 12 (a) 116,431 117,393 117,393 Trade and other payables 14 387,564 387,564 387,564 1,921,032 2,335,876 840,471 206,868 953,407 335,130 (*) The contractual cashflows do not reflect the early repayment announced in January 2021 in respect of the cash-sweep mechanism (see Note 1(b)) and any additional early repayment that may be further required under such mechanism.
Schedule of sensitivity analysis	The analysis has been performed on the same basis for 2020 and 2019. Profit or loss US $’000 December 31, 2020 3,379 December 31, 2019 6,532
Schedule of fair values of the remaining financial assets and liabilities, together with their fair value measurement hierarchy and their corresponding carrying amounts included in the statements of financial position	December 31, 2020 December 31, 2019 Carrying Fair value Carrying Fair value Note amount Level 2 amount Level 2 US $’000 US $’000 US $’000 US $’000 Loans and other liabilities: – Debentures 12 (a) (423,700) (360,876) (455,474) (211,862) – Other 12 (a) (108,444) (108,477) (104,236) (76,781)
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Schedule of notional amounts exposed to foreign currency risk	December 31, 2020 US$ NIS Others US$’000 US$’000 US$’000 Non-current assets Trade and other receivables 4,409 884 Other non-current investments 2,203 1,294 1,391 Current assets Other current investments 51,195 44 5,438 Trade and other receivables 397,025 497 75,742 Cash and cash equivalents 517,852 11,309 41,253 Non-current liabilities Loans and other liabilities (509,858) (4,197) (3,309) Lease liabilities (776,593) (10,145) (25,102) Current liabilities Short term borrowings and current maturities (129,710) (217) (8,642) Lease liabilities (348,710) (5,485) (7,981) Trade and other payables (234,004) (26,889) (104,461) (1,026,191) (33,789) (24,787) December 31, 2019 US$ NIS Others US$’000 US$’000 US$’000 Non-current assets Trade and other receivables 3,160 1,226 932 Other non-current investments 607 1,195 964 Current assets Other current investments 51,196 1,607 6,244 Trade and other receivables 215,605 2,470 62,426 Cash and cash equivalents 147,718 8,345 26,723 Non-current liabilities Loans and other liabilities (537,243) (4,690) Lease liabilities (607,171) (22,286) (12,292) Current liabilities Short term borrowings and current maturities (137,040) (713) (2,313) Lease liabilities (203,321) (6,518) (5,738) Trade and other payables (225,550) (45,958) (116,056) (1,292,039) (65,322) (39,110)
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Schedule of interest rate profile of interest-bearing financial instruments	Carrying amount 2020 2019 US $’000 US $’000 Fixed rate instruments Financial assets 627,662 243,348 Financial liabilities (1,778,063) (1,465,389) (1,150,401) (1,222,041) Variable rate instruments Financial liabilities (50,598) (68,078) (50,598) (68,078)

Reporting entity (Details)

Reporting entity (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Feb. 28, 2021USD ($)itemsharesMcf	Jan. 31, 2021USD ($)	Oct. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)		Sep. 30, 2020USD ($)	Aug. 31, 2019USD ($)	Dec. 31, 2017USD ($)
Disclosure Of Reporting Entity [Line Items]
Liquidity amount					$ 572,000
Minimum liquidity requirement					125,000
Total equity					274,455	$ (252,267)	$ (224,012)				$ (93,492)
Operating income (loss)					722,049	153,022	(23,216)	[1]
Net income (loss)					524,190	(13,044)	$ (119,853)	[1]
Maximum limit under the facility for the revolving sale of receivables										$ 90,000
Face value of Financial Debt					688,066	753,624
Gain from repurchase of debt					6,188
Tranche C- Debentures
Disclosure Of Reporting Entity [Line Items]
Face value of Financial Debt					302,219	$ 359,808
Repayment / repurchase of borrowings | Tranche A loans
Disclosure Of Reporting Entity [Line Items]
Repayment of debt				$ 13,000
Repayment / repurchase of borrowings | Tranches C and D (Series 1 and 2 Notes)
Disclosure Of Reporting Entity [Line Items]
Authorized repurchase amount									$ 60,000
Repayment / repurchase of borrowings | Tranche C- Debentures
Disclosure Of Reporting Entity [Line Items]
Face value of Financial Debt			$ 58,000
Total consideration (including related costs)		$ 85,000	$ 47,000
Gain from repurchase of debt					$ 6,000
Increase limit under facility for revolving sale of receivables
Disclosure Of Reporting Entity [Line Items]
Maximum limit under the facility for the revolving sale of receivables										$ 100,000
Initial Public Offering
Disclosure Of Reporting Entity [Line Items]
Number of shares issued (in shares) | shares	15,000,000
Gross consideration	$ 225,000
Gross consideration after deducting underwriting discounts, commissions and other offering expenses	$ 204,000
Strategic agreement with Seaspan
Disclosure Of Reporting Entity [Line Items]
Number of container vessels chartered | item	10
Capacity of the container vessels chartered | Mcf	15,000
Strategic agreement with Seaspan | Minimum
Disclosure Of Reporting Entity [Line Items]
Purchases of hire costs, per vessels	$ 16,000
Strategic agreement with Seaspan | Maximum
Disclosure Of Reporting Entity [Line Items]
Purchases of hire costs, per vessels	$ 20,000
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Basis of Preparation (Details)

Basis of Preparation (Details)	Jan. 01, 2019
Basis of Preparation.
Weighted average of discounting rates applied on adoption date (as a percent)	19.00%

Significant accounting polici_4

Significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2019
Significant accounting policies
Minimum percentage of difference between discounted present value of the cash flows according to the new terms and discounted present value of the remaining cash flows of the original financial liability	10.00%
Period after which vessel inspection is to be performed	5 years

Significant accounting polici_5

Significant accounting policies - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Residual value (as a percent)	10.00%
Vessels | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	25 years
Vessels | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	30 years
Containers
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	13 years
Chassis
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	30 years
Other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	13 years
Dry docking for owned vessels
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	5 years
Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	25 years
Computer systems and communication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	5 years
Computer systems and communication equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	4 years
Computer systems and communication equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	7 years
Other | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	5 years
Other | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives (in years)	15 years

Significant accounting polici_6

Significant accounting policies - Term of leases in which the Group is engaged (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Vessels | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)	1 year	1 year
Vessels | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)	6 years	6 years
Containers | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)	1 year	1 year
Containers | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)	13 years	13 years
Buildings, vehicles and other assets | Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)	1 year	1 year
Buildings, vehicles and other assets | Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Lease term (in years)	10 years	10 years

Significant accounting polici_7

Significant accounting policies - Estimated useful life of intangible assets (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Software (mostly development costs)
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	5 years	5 years
Dry docking
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	5 years	5 years
Capitalised software development costs | Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	5 years	5 years
Capitalised software development costs | Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives (in years)	8 years	8 years

Vessels, containers, handling_3

Vessels, containers, handling equipment and other tangible assets - Components and Movements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	$ 1,212,781	$ 990,107
Ending balance	1,536,024	1,212,781
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	2,170,558	1,828,131
Additions	484,179	490,182
Disposals	(25,580)	(107,487)
Reclass from Assets Held for Sale	50,667
Lease Modifications and terminations	77,365	(38,403)
Effect of movements in exchange rates	711	(1,865)
Ending balance	2,757,900	2,170,558
Amortization and impairment losses
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(957,777)	(838,024)
Depreciation	304,219	236,977
Disposals	(18,933)	(88,544)
Reclass from Assets Held for Sale	38,721
Lease Modifications and terminations	(60,479)	(27,416)
Effect of movements in exchange rates	571	(1,264)
Ending balance	(1,221,876)	(957,777)
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	717,941	617,427
Ending balance	948,004	717,941
Vessels | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	1,178,983	941,201
Additions	284,874	240,908
Reclass from Assets Held for Sale	50,667
Lease Modifications and terminations	81,052	(3,126)
Ending balance	1,595,576	1,178,983
Vessels | Amortization and impairment losses
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(461,042)	(323,774)
Depreciation	188,890	139,682
Reclass from Assets Held for Sale	38,721
Lease Modifications and terminations	(41,081)	(2,414)
Ending balance	(647,572)	(461,042)
Containers and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	425,738	351,687
Ending balance	520,887	425,738
Containers and equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	828,898	789,144
Additions	182,521	180,634
Disposals	(22,820)	(105,588)
Lease Modifications and terminations	(5,315)	(35,277)
Effect of movements in exchange rates		(15)
Ending balance	983,284	828,898
Containers and equipment | Amortization and impairment losses
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(403,160)	(437,457)
Depreciation	94,415	78,399
Disposals	(16,264)	(87,682)
Lease Modifications and terminations	(18,914)	(25,002)
Effect of movements in exchange rates		(12)
Ending balance	(462,397)	(403,160)
Computer systems and communication equipment
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	11,868	9,743
Ending balance	12,864	11,868
Computer systems and communication equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	53,583	46,115
Additions	3,372	8,271
Disposals	(588)	(307)
Lease Modifications and terminations	3,787
Effect of movements in exchange rates	336	(496)
Ending balance	60,490	53,583
Computer systems and communication equipment | Amortization and impairment losses
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(41,715)	(36,372)
Depreciation	6,479	5,647
Disposals	(588)	(304)
Effect of movements in exchange rates	20
Ending balance	(47,626)	(41,715)
Other
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	57,234	11,250
Ending balance	54,269	57,234
Other | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	109,094	51,671
Additions	13,412	60,369
Disposals	(2,172)	(1,592)
Lease Modifications and terminations	(2,159)
Effect of movements in exchange rates	375	(1,354)
Ending balance	118,550	109,094
Other | Amortization and impairment losses
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	(51,860)	(40,421)
Depreciation	14,435	13,249
Disposals	(2,081)	(558)
Lease Modifications and terminations	(484)
Effect of movements in exchange rates	551	(1,252)
Ending balance	(64,281)	(51,860)
Total other property and equipments
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	69,102	20,993
Ending balance	$ 67,133	$ 69,102

Vessels, containers, handling_4

Vessels, containers, handling equipment and other tangible assets - Assets held for sale (Details) $ in Millions	12 Months Ended			24 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019item	Dec. 31, 2018USD ($)item	Dec. 31, 2020USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Number of vessels designated as held for sale | item			3
Number of vessels sold | item		2
Number of vessels reclassified back as an operating asset | item	1
Vessels
Disclosure of detailed information about property, plant and equipment [line items]
Impairment on assets classified as held for sale | $			$ 38
Impairment recovery | $	$ 4
Containers
Disclosure of detailed information about property, plant and equipment [line items]
Net consideration on sale | $				$ 20

Intangible assets - Components

Intangible assets - Components and Movements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangible assets
Beginning balance	$ 64,920	$ 64,638
Ending balance	66,465	64,920
Cost
Intangible assets
Beginning balance	198,524	189,667
Additions	12,245	9,305
Disposals	(19)	(15)
Effect of movements in exchange rates	(752)	(433)
Ending balance	209,998	198,524
Amortization and impairment losses
Intangible assets
Beginning balance	(133,604)	(125,029)
Amortization	9,966	8,533
Disposals	(13)	(15)
Effect of movements in exchange rates	(24)	57
Ending balance	(143,533)	(133,604)
Goodwill
Intangible assets
Beginning balance	8,299	8,230
Ending balance	7,563	8,299
Goodwill | Cost
Intangible assets
Beginning balance	8,299	8,230
Additions		559
Effect of movements in exchange rates	(736)	(490)
Ending balance	7,563	8,299
Software (mostly development costs)
Intangible assets
Beginning balance	55,651	54,978
Ending balance	58,165	55,651
Software (mostly development costs) | Cost
Intangible assets
Beginning balance	182,296	173,508
Additions	12,245	8,746
Disposals	(19)	(15)
Effect of movements in exchange rates	(16)	57
Ending balance	194,506	182,296
Software (mostly development costs) | Amortization and impairment losses
Intangible assets
Beginning balance	(126,645)	(118,530)
Amortization	9,733	8,073
Disposals	(13)	(15)
Effect of movements in exchange rates	(24)	57
Ending balance	(136,341)	(126,645)
Dry docking
Intangible assets
Beginning balance	85	397
Ending balance		85
Dry docking | Cost
Intangible assets
Beginning balance	4,514	4,514
Ending balance	4,514	4,514
Dry docking | Amortization and impairment losses
Intangible assets
Beginning balance	(4,429)	(4,117)
Amortization	85	312
Ending balance	(4,514)	(4,429)
Other intangible assets
Intangible assets
Beginning balance	885	1,033
Ending balance	737	885
Other intangible assets | Cost
Intangible assets
Beginning balance	3,415	3,415
Ending balance	3,415	3,415
Other intangible assets | Amortization and impairment losses
Intangible assets
Beginning balance	(2,530)	(2,382)
Amortization	148	148
Ending balance	$ (2,678)	$ (2,530)

Intangible assets - Impairment

Intangible assets - Impairment test (Details)	12 Months Ended
	Dec. 31, 2020item
Intangible assets
Number of cash generating units	1

Leases - Right-of-use assets (D

Leases - Right-of-use assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	$ 1,058,296	$ 808,935
IFRS 16 Adoption		255,069
Additions	448,836	237,218
Depreciation	(280,650)	(214,466)
Other	114,177	(28,460)
Ending balance	1,340,659	1,058,296
Vessels
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	600,480	491,333
IFRS 16 Adoption		140,442
Additions	284,756	100,466
Depreciation	(180,690)	(131,050)
Other	122,132	(711)
Ending balance	826,678	600,480
Containers and equipment
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	408,003	317,360
IFRS 16 Adoption		73,174
Additions	152,481	114,685
Depreciation	(84,119)	(69,700)
Other	(10,295)	(27,516)
Ending balance	466,070	408,003
Buildings, vehicles and other assets
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	49,813	242
IFRS 16 Adoption		41,453
Additions	11,599	22,067
Depreciation	(15,841)	(13,716)
Other	2,340	(233)
Ending balance	$ 47,911	$ 49,813

Leases - Maturity analysis of G

Leases - Maturity analysis of Group's lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	$ 1,174,016	$ 857,326
Weighted average interest rate (as a percent)	11.00%
0-1 year
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	$ 362,176	215,576
One to five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	588,028	425,780
More than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	$ 223,812	$ 215,970

Leases - Amounts recognized in

Leases - Amounts recognized in profit or loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Interest expenses on lease liabilities	$ 102,480	$ 97,620
Capital gains related to sale and leaseback transactions		3,619
Vessels
Disclosure of quantitative information about right-of-use assets [line items]
Expenses relating to short-term leases:	121,115	181,856
Containers
Disclosure of quantitative information about right-of-use assets [line items]
Expenses relating to short-term leases:	$ 27,049	$ 27,417

Leases - Amounts recognized i_2

Leases - Amounts recognized in statement of cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Cash outflow related to lease liabilities	$ 368,931	$ 319,166

Trade and other receivables - C

Trade and other receivables - Carrying amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current other receivables
Total	$ 5,293	$ 5,318
Current trade and other receivables
Trade receivables	457,506	263,749
Other receivables
Insurance recoveries (see also Note 15)	4,636	4,576
Government institutions	15,471	11,540
Prepaid expenses	30,014	25,531
Other receivables	12,374	11,663
Total	62,495	53,310
Total trade and other receivables	$ 520,001	$ 317,059

Trade and other receivables - F

Trade and other receivables - Factoring facility (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2019
Trade And Other Receivables [Line items]
Maximum limit under the facility for the revolving sale of receivables			$ 90
Minimum liquidity requirement	$ 125
Total amount of receivables sold to the financial institution	$ 2	$ 58
Increase limit under facility for revolving sale of receivables
Trade And Other Receivables [Line items]
Maximum limit under the facility for the revolving sale of receivables			$ 100

Other investments (Details)

Other investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Non-current investments
Financial assets at fair value through profit or loss	$ 2,101
Other	2,787	$ 2,766
Total	4,888	2,766
Current investments
Short term bank deposits	55,836	56,493
Financial assets at fair value through profit or loss	842	988
Financial assets at fair value through other comprehensive income	2,298	1,566
Total current investments	$ 58,976	$ 59,047
Average interest rate (as a percent)	1.70%

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Cash and cash equivalents
Bank balances and cash in hand	$ 187,125	$ 130,997
Demand deposits	383,289	51,789
Total cash and cash equivalents	$ 570,414	$ 182,786	$ 186,291		$ 157,888
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1st, 2019.

Capital and reserves - Share ca

Capital and reserves - Share capital (Details) ₪ / shares in Units, $ / shares in Units, ₪ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2021shares	Dec. 31, 2020ILS (₪)₪ / sharesshares	Dec. 31, 2020ILS (₪)Vote₪ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019ILS (₪)₪ / sharesshares	Dec. 31, 2019USD ($)shares
Number of ordinary shares (issued and paid up):
Ordinary shares value | $				$ 88		$ 88
Issued capital | $				$ 88		$ 88
Ordinary shares
Number of ordinary shares (issued and paid up):
Par value | (per share)		₪ 0.03	₪ 0.03	$ 0	₪ 0.03
Stock split ratio		10
Number of new shares per existing shares issued upon stock split		9
Number of ordinary shares balance of the year		100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
Ordinary shares value		₪ 300	₪ 300	$ 88	₪ 300	$ 88
Issued capital		₪ 300	₪ 300	$ 88	₪ 300	$ 88
Authorised share capital		350,000,001	350,000,001	350,000,001	350,000,001	350,000,001
Number of votes per share | Vote			1
Initial Public Offering
Number of ordinary shares (issued and paid up):
Number of shares issued (in shares)	15,000,000
Initial Public Offering | Ordinary shares
Number of ordinary shares (issued and paid up):
Number of shares issued (in shares)	15,000,000

Capital and reserves - Special

Capital and reserves - Special State Share (Details) - Ordinary shares - shares	Jul. 14, 2014	Feb. 05, 2004	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Number of special state shares			1
Percentage of shares acquired		48.60%
Threshold period for objection, transfer of shares	30 days
Minimum
Disclosure of classes of share capital [line items]
Threshold limit for transfer of shares	24.00%
Maximum
Disclosure of classes of share capital [line items]
Threshold limit for transfer of shares	35.00%

Capital and reserves - Share-Ba

Capital and reserves - Share-Based Payment Arrangements (Details) $ in Thousands	Jun. 30, 2018	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expenses recognized		$ 490	$ 707	$ 368
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares issued upon exercise	1
Number of instruments	4,990,000
Contractual life	6 years
Number of outstanding and exercisable options		2,495,000
Stock options | Vesting period 1
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	50.00%
Vesting term	2 years
Stock options | Vesting period 2
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	25.00%
Vesting term	3 years
Stock options | Vesting period 3
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage	25.00%
Vesting term	4 years

Capital and reserves - Fair val

Capital and reserves - Fair value measurement (Details) $ / shares in Units, ₪ in Millions	Jan. 01, 2021$ / shares	Jun. 30, 2018	Dec. 31, 2020ILS (₪)	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average fair value of options | $				$ 3.62
Share price on grant date				$ 1
Exercise price				$ 1
Expected volatility			31.90%	31.90%
Expected life			6	6
Expected dividends			0.00%	0.00%
Risk-free interest rate			2.70%	2.70%
Expenses recognized | $				$ 490,000	$ 707,000	$ 368,000
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted		4,990,000
Exercisable term		6 years
Outstanding and exercisable options				2,495,000
Stock options | Options granted to senior member of the Company's Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	$ 15
Number of options granted	545,766
Fair market value			₪ 9.6	$ 2,900,000
Exercisable term	5 years
Vesting percentage	25.00%
Vesting term	3 years

Capital and reserves - Earnings

Capital and reserves - Earnings (Loss) per share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capital and reserves
Profit (loss) attributable to ordinary shareholders	$ 517,961	$ (18,149)	$ (125,653)
Weighted average number of ordinary shares	100,000,000	100,000,000	100,000,000
Effect of share options	4,530,892
Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share	104,530,892	100,000,000	100,000,000
Ordinary shares excluded from the diluted weighted average number of ordinary shares		4,990,000	4,990,000

Loans and other liabilities - C

Loans and other liabilities - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-Current liabilities
Non-current liabilities	$ 519,471	$ 541,932
Current Liabilities
Current liabilities	16,068	23,636
Short-term borrowings	122,501	116,431
Total current borrowings and current portion of non-current borrowings	138,569	140,067
Loans from financial institutions
Non-Current liabilities
Non-current liabilities	3,714	10,139
Current Liabilities
Current liabilities	6,213	1,989
Loan from shipyard
Non-Current liabilities
Non-current liabilities	52,240	48,223
Other loans and liabilities
Non-Current liabilities
Non-current liabilities	39,817	39,704
Current Liabilities
Current liabilities	9,855	10,039
Debentures
Non-Current liabilities
Non-current liabilities	$ 423,700	443,866
Current Liabilities
Current liabilities		$ 11,608

Loans and other liabilities - L

Loans and other liabilities - Liens placed in respect of liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Liens placed in respect of liabilities, deposits	$ 51,992	$ 51,477
Liens placed in respect of liabilities	1,512,298	1,251,719
Vessels
Disclosure of detailed information about borrowings [line items]
Liens placed in respect of liabilities, property, plant and equipment	936,057	725,558
Containers and equipment
Disclosure of detailed information about borrowings [line items]
Liens placed in respect of liabilities, property, plant and equipment	470,739	418,862
Buildings, vehicles and others
Disclosure of detailed information about borrowings [line items]
Liens placed in respect of liabilities, property, plant and equipment	$ 53,510	$ 55,822

Loans and other liabilities - T

Loans and other liabilities - Terms and debt repayment schedule (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Face value	$ 753,624	$ 688,066
Carrying Amount	$ 681,999	$ 658,040
Tranche A- Debentures
Disclosure of detailed information about borrowings [line items]
Basis for effective interest rate	Libor
Adjustment to effective interest rate basis	2.80%
Face value	$ 15,634
Carrying Amount	$ 15,634
Tranche C- Debentures
Disclosure of detailed information about borrowings [line items]
Effective interest rate (as a percent)	7.00%	7.00%
Face value	$ 359,808	$ 302,219
Carrying Amount	$ 322,620	$ 297,816
Tranche D- Debentures
Disclosure of detailed information about borrowings [line items]
Effective interest rate (as a percent)	7.90%	7.90%
Face value	$ 127,772	$ 130,347
Carrying Amount	$ 117,220	$ 125,884
Tranche A- Long term loan
Disclosure of detailed information about borrowings [line items]
Basis for effective interest rate	Libor
Adjustment to effective interest rate basis	2.80%
Face value	$ 1,693
Carrying Amount	$ 1,693
Tranche E Long term loan
Disclosure of detailed information about borrowings [line items]
Effective interest rate (as a percent)	8.70%	8.70%
Face value	$ 72,108	$ 73,400
Carrying Amount	$ 48,223	$ 52,240
Others- Long term loan
Disclosure of detailed information about borrowings [line items]
Effective interest rate (as a percent)	9.70%	9.40%
Face value	$ 54,374	$ 56,204
Carrying Amount	54,374	56,204
Long-term liabilities not bearing any interest
Disclosure of detailed information about borrowings [line items]
Face value	5,804	3,395
Carrying Amount	$ 5,804	$ 3,395
Short-term credit from banks, subject to Libor + 2.5%
Disclosure of detailed information about borrowings [line items]
Basis for effective interest rate	Libor
Adjustment to effective interest rate basis	2.50%
Carrying Amount	$ 50,000
Short-term credit from banks, subject to Libor + 2.7%
Disclosure of detailed information about borrowings [line items]
Effective interest rate (as a percent)		2.70%
Face value		$ 122,501
Carrying Amount		$ 122,501
Short-term credit from banks, subject to Libor + 3.0%
Disclosure of detailed information about borrowings [line items]
Adjustment to effective interest rate basis		3.00%
Carrying Amount		$ 50,000
Short-term credit from banks, subject to Libor + 4.3%
Disclosure of detailed information about borrowings [line items]
Effective interest rate (as a percent)	4.30%
Face value	$ 116,431
Carrying Amount	$ 116,431

Loans and other liabilities - F

Loans and other liabilities - Financial Covenants (Details) $ in Millions	Dec. 31, 2020USD ($)
Loans and other liabilities
Minimum liquidity requirement	$ 125
Liquidity amount	$ 572

Loans and other liabilities - M

Loans and other liabilities - Movement in liabilities deriving from financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes from financing cash flows:
Additional Leases related to the adoption of IFRS16		$ 236,000
Long-term Loans and other
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	$ 226,525	306,032
Changes from financing cash flows:
Receipt of long-term loans and other long-term liabilities	9,052	10,547
Repayment of borrowings and lease liabilities	(9,258)	(65,397)
Change in short-term loans	6,071	3,318
Other Changes	1,950	(27,975)
Ending balance	234,340	226,525
Debentures
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	455,474	450,969
Changes from financing cash flows:
Repayment of borrowings and lease liabilities	(61,705)	(9,639)
Other Changes	29,931	14,144
Ending balance	423,700	455,474
Lease Liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	857,326	614,048
Changes from financing cash flows:
Receipt of long-term loans and other long-term liabilities		3,282
Repayment of borrowings and lease liabilities	(265,262)	(225,727)
Additional Leases	447,647	458,581
Modifications	134,777
Other Changes	(472)	7,142
Ending balance	$ 1,174,016	$ 857,326

Employee benefits - Composition

Employee benefits - Composition (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Employee benefits
Present value of obligations (see section (f) below)	$ 70,357	$ 67,502
Fair value of the plan assets (see section (f) below)	(30,655)	(28,525)
Recognized liability for defined benefit obligations	39,702	38,977
Termination benefit-liability for early retirement	12,706	16,003
Other long-term benefits	14,218	13,010
Presented as current liabilities:
Liability for annual leave	7,779	7,459
Current portion of liability for early retirement	5,134	6,081
Total employee benefits	79,539	81,530
Presented in the statement of financial position as follows:
Current (Note 14)	12,913	13,540
Non-current	66,626	67,990
Total employee benefits	$ 79,539	$ 81,530

Employee benefits - Defined con

Employee benefits - Defined contribution pension plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee benefits
Payments to defined contribution pension plan (as a percent)	6.00%
Payments to defined benefit pension plan (as a percent)	2.33%
Payments made to contribution plans	$ 8.3	$ 7.7	$ 7.5

Employee benefits - Movement in

Employee benefits - Movement in the present value of the defined benefit pension plan obligation and present value of plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Present value of the defined benefit obligations
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 67,502	$ 58,575
Benefits paid by the plan	(5,675)	(4,250)
Current service cost and interest	4,258	2,968
Foreign currency exchange changes in plan measured in a currency different from the entity's functional currency	3,209	4,016
Actuarial losses (gains) recognised in other comprehensive income	1,063	6,193
Ending balance	70,357	67,502
Present value of plan assets
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	28,525	27,185
Contribution paid by the Group	1,547	937
Benefits paid by the plan	(2,321)	(2,234)
Return on plan assets	695	397
Foreign currency exchange changes in plan measured in a currency different from the entity's functional currency	884	1,482
Actuarial losses (gains) recognised in other comprehensive income	1,325	758
Ending balance	$ 30,655	$ 28,525

Employee benefits - Plan assets

Employee benefits - Plan assets composition (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Employee benefits
Equity instruments	$ 11,336	$ 9,839
Debt instruments	15,815	15,707
Cash and deposits	1,099	989
Other	2,405	1,990
Fair value of the plan assets	$ 30,655	$ 28,525

Employee benefits - Actuarial a

Employee benefits - Actuarial assumptions (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Minimum
Disclosure of net defined benefit liability (asset) [line items]
Resignation rate (as a percent)	8.00%
Dismissal rate (as a percent)	1.00%
Average future salary growth increment (as a percent)	2.00%	2.00%	2.00%
Overall long-term rate of return on assets	0.70%	1.80%	3.10%
Maximum
Disclosure of net defined benefit liability (asset) [line items]
Resignation rate (as a percent)	10.00%
Dismissal rate (as a percent)	2.00%
Average future salary growth increment (as a percent)	4.80%	4.50%	4.50%
Overall long-term rate of return on assets	4.00%	3.80%	3.60%
Early retirement | Minimum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	0.90%	1.00%	2.10%
Early retirement | Maximum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	1.00%	1.10%	2.40%
Annual absence | Minimum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	2.40%	2.10%	3.50%
Annual absence | Maximum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	2.50%	2.20%	3.70%
Tuition fees | Minimum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	1.30%	1.30%	2.50%
Tuition fees | Maximum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	1.90%	1.80%	3.10%
Defined benefit plan | Minimum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	1.00%	1.00%	2.00%
Defined benefit plan | Maximum
Disclosure of net defined benefit liability (asset) [line items]
Discount rate (as a percent)	2.70%	3.15%	4.00%
Subsidiaries | Minimum
Disclosure of net defined benefit liability (asset) [line items]
Resignation rate (as a percent)	2.40%
Dismissal rate (as a percent)	2.00%
Subsidiaries | Maximum
Disclosure of net defined benefit liability (asset) [line items]
Resignation rate (as a percent)	4.00%
Dismissal rate (as a percent)	2.60%

Employee benefits - Sensitivity

Employee benefits - Sensitivity analysis (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)shares	Dec. 31, 2019
Disclosure of Share based option plan
Weighted average duration of the defined benefit obligation			10 years	10 years
Expected contributions to the funded defined benefit pension plan		$ 1,634
Stock options
Disclosure of Share based option plan
Percentage of share capital	5.00%
Expenses to be recognized	$ 2,000
Stock options | 2020 share incentive plan
Disclosure of Share based option plan
Maximum aggregate number of ordinary shares available for issuance | shares			1,000,000
Stock options | Share based awards vest after first anniversary | 2020 share incentive plan
Disclosure of Share based option plan
Award vesting percentage			6.25
Discount rate (0.5% movement)
Disclosure of Share based option plan
Reasonably possible increase in actuarial assumption (as a percent)			0.50%
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption			$ 3,821
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption			$ (3,821)
Future benefit growth (0.5% movement)
Disclosure of Share based option plan
Reasonably possible increase in actuarial assumption (as a percent)			0.50%
Decrease (increase) in defined benefit obligation due to reasonably possible decrease in actuarial assumption			$ (2,683)
Decrease (increase) in defined benefit obligation due to reasonably possible decrease in actuarial assumption			$ 2,692

Trade and other payables (Detai

Trade and other payables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Trade and other payables
Trade payables	$ 304,963	$ 350,775
Other payables
Salaries and related payables	22,505	8,392
Provision for annual leave and early retirement (see Note 13(a))	12,913	13,540
Government institutions	12,833	9,169
Accrued interest	7,042	8,621
Accrued expenses	19,664	8,209
Advances from customers and others	7,846	11,171
Payables and other credit balances	11,110	12,540
Other payables	93,913	71,642
Total trade and other payables	$ 398,876	$ 422,417

Provisions (Details)

Provisions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Provisions
Balance at the beginning of the year	$ 17,998
Provisions added during the year	10,315
Provisions utilized during the year	(3,904)
Provisions reversed during the year	(2,989)
Balance at the end of the year	$ 21,420

Income from voyages and relat_3

Income from voyages and related services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	$ 3,991,696	$ 3,299,761	$ 3,247,864	[1]
Shipping
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	3,920,325	3,257,121	3,208,315
Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	$ 71,371	$ 42,640	$ 39,549
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Operating expenses and cost o_3

Operating expenses and cost of services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses and cost of services
Wages and expenses relating to seagoing personnel	$ 9,099	$ 10,392	$ 10,043
Maintenance and repair of vessels	3,881	4,060	4,708
Expenses relating to fleet equipment (mainly containers and chassis)	26,598	25,560	25,743
Fuel and lubricants	361,568	386,917	536,634
Insurance	9,586	8,634	9,583
Expenses related to cargo handling	1,432,937	1,421,354	1,379,320
Port expenses	206,946	200,610	273,988
Agents' salaries and commissions	159,134	149,210	159,790
Cost of related services and sundry	100,537	61,437	72,009
Slots purchase and hire of vessels	497,777	515,102	480,374
Hire of containers	27,049	27,417	47,421
Total operating expenses and cost of services	$ 2,835,112	$ 2,810,693	$ 2,999,613

Other operating income (Details

Other operating income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other operating income
Capital gain, net	$ 8,814	$ 35,471	$ 3,015
Sundry	3,807	2,628	2,302
Total other operating income	$ 12,621	$ 38,099	$ 5,317	[1]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Other operating expenses (Detai

Other operating expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other operating expenses
Impairment loss (recovery)	$ (4,329)	$ 1,150	$ 37,993
Sundry	57	89	78
Total other operating expenses	$ (4,272)	$ 1,239	$ 38,071	[1]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

General and administrative ex_3

General and administrative expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
General and administrative expenses
Salaries and related expenses	$ 115,349	$ 105,354	$ 98,278
Office equipment and maintenance	11,625	12,019	16,643
Depreciation and amortization	22,540	19,171	10,925
Consulting and legal fees	4,090	4,714	6,039
Travel and vehicle expenses	1,674	3,562	5,294
Other	7,932	6,785	6,741
Total general and administrative expenses	$ 163,210	$ 151,605	$ 143,920	[1]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Personnel expenses (Details)

Personnel expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Salaries and related expenses included in:
Operating expenses and cost of services	$ 145,330	$ 137,990	$ 132,003
General and administrative expenses	115,349	105,354	98,278
Total personnel expenses	$ 260,679	$ 243,344	$ 230,281

Depreciation and amortization_3

Depreciation and amortization expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Depreciation	$ 291,559	$ 226,026	$ 100,152	[1]
Amortization	86	313	490
General and administrative	22,540	19,171	10,925
Total depreciation and amortisation expense	$ 314,185	$ 245,510	$ 111,567
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Finance income and expenses - F

Finance income and expenses - Finance income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income and expenses
Interest income	$ 1,915	$ 2,447	$ 2,492
Gain from repurchase of debt (see Note 1(b))	6,188
Net foreign currency exchange rate differences			16,709
Total finance income	$ 8,103	$ 2,447	$ 19,201	[1]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Finance income and expenses -_2

Finance income and expenses - Finance expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance income and expenses
Interest expenses	$ 150,371	$ 147,383	$ 100,584
Adjustments to financial liabilities in respect of estimated cashflows (see Note 12(b))	21,971
Net foreign currency exchange rate differences	13,718	8,351
Impairment losses on trade and other receivables	3,303	1,013	1,122
Total finance expenses	$ 189,363	$ 156,747	$ 101,706	[1]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Income tax - Measurement of res

Income tax - Measurement of results for tax purposes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expenses
Current period	$ 16,224	$ 13,028	$ 12,744
Taxes in respect of previous years	760	(1,313)	631
Total current tax expenses	16,984	11,715	13,375
Deferred tax expenses
Origination and reversal of temporary differences	(385)	51	757
Total income taxes in income statements	$ 16,599	$ 11,766	$ 14,132	[1]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Income tax - Reconciliation of

Income tax - Reconciliation of effective tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax
Profit (loss) for the year	$ 524,190	$ (13,044)	$ (119,853)	[1]
Income taxes	16,599	11,766	14,132	[1]
Profit (loss) excluding income taxes	540,789	(1,278)	(105,721)
Income tax using the domestic corporation tax rate	124,382	(294)	(24,316)
Current year losses for which no deferred tax asset was recognized		7,759	29,097
Utilization of carried forward tax losses for which no deferred tax assets were recognized	(115,947)
Effect of tax rates in foreign jurisdictions	3,917	4,769	4,936
Non-deductible expenses	216	393	401
Effect of different tax rates on specific gains	4,102	2,084	4,383
Effect of share of profits of associates	(768)	(1,087)	(1,232)
Other	697	(1,858)	863
Total income taxes in income statements	$ 16,599	$ 11,766	$ 14,132	[1]
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Income tax - Recognised deferre

Income tax - Recognised deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	$ 148,056	$ 154,642
Liabilities	(146,893)	(153,944)
Net deferred tax assets recognised in the statement of the financial position	1,502	1,048
Net deferred tax liabilities recognised in the statement of the financial position	(339)	(350)
Net	1,163	698	$ 709
Vessels, containers, handling equipment and other tangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	(144,462)	(150,698)
Net	(144,462)	(150,698)	(176,636)
Financial liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	13,445	12,281
Net	13,445	12,281	15,339
Employee benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	16,880	17,190
Net	16,880	17,190	15,394
Accumulated tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Assets	117,731	125,171
Net	117,731	125,171	149,494
Other items
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Liabilities	(2,431)	(3,246)
Net	$ (2,431)	$ (3,246)	$ (2,882)

Income tax - Unrecognised defer

Income tax - Unrecognised deferred tax assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax
Carry forward tax losses	$ 1,799	$ 2,339	$ 2,438
Deferred tax assets have not been recognised in respect of the tax losses	$ 297	$ 414	$ 413

Income tax - Movement in deferr

Income tax - Movement in deferred tax assets and liabilities during the year (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	$ 698	$ 709
Recognised in profit or loss	225	16
Recognised in other comprehensive income	240	(27)
Ending balance	1,163	698
Vessels, containers, handling equipment and other tangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	(150,698)	(176,636)
Recognised in profit or loss	6,245	25,942
Recognised in other comprehensive income	(9)	(4)
Ending balance	(144,462)	(150,698)
Financial liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	12,281	15,339
Recognised in profit or loss	1,164	(3,058)
Ending balance	13,445	12,281
Employee benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	17,190	15,394
Recognised in profit or loss	(540)	1,819
Recognised in other comprehensive income	230	(23)
Ending balance	16,880	17,190
Accumulated tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	125,171	149,494
Recognised in profit or loss	(7,440)	(24,323)
Ending balance	117,731	125,171
Other items
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	(3,246)	(2,882)
Recognised in profit or loss	796	(364)
Recognised in other comprehensive income	19
Ending balance	$ (2,431)	$ (3,246)

Income tax - Income Tax Rate (D

Income tax - Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax
Tax rates relevant to the Company (as a percent)	23.00%	23.00%	23.00%

Segment information (Details)

Segment information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Disclosure of geographical areas [line items]
Number of operating unit | item	1
Revenues	$ 3,991,696	$ 3,299,761	$ 3,247,864	[1]
Freight revenues from containerized cargo
Disclosure of geographical areas [line items]
Revenues	3,492,177	2,847,264	2,835,844
Other revenues
Disclosure of geographical areas [line items]
Revenues	499,519	452,497	412,020
Pacific
Disclosure of geographical areas [line items]
Revenues	1,860,554	1,365,757	1,385,579
Cross-Suez
Disclosure of geographical areas [line items]
Revenues	392,679	328,444	387,336
Atlantic
Disclosure of geographical areas [line items]
Revenues	577,443	571,206	493,735
Intra-Asia
Disclosure of geographical areas [line items]
Revenues	453,127	372,894	353,219
Latin America
Disclosure of geographical areas [line items]
Revenues	$ 208,374	$ 208,963	$ 215,975
[1]	(*)See also Note 2(f) with respect to the implementation of IFRS 16, commencing January 1, 2019.

Commitments (Details)

Commitments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Disclosure Of Commitments [Line Items]
Projected future payments to related party	$ 11,403
Projected future payments to others	239,510
Total projected future payments	250,913
0-1 year
Disclosure Of Commitments [Line Items]
Projected future payments to related party	4,793
Projected future payments to others	146,315
Total projected future payments	151,108
1-2 years
Disclosure Of Commitments [Line Items]
Projected future payments to related party	5,037
Projected future payments to others	50,306
Total projected future payments	55,343
2023
Disclosure Of Commitments [Line Items]
Projected future payments to related party	1,573
Projected future payments to others	24,593
Total projected future payments	26,166
2024
Disclosure Of Commitments [Line Items]
Projected future payments to others	10,382
Total projected future payments	10,382
2025
Disclosure Of Commitments [Line Items]
Projected future payments to others	6,133
Total projected future payments	6,133
More than 5 years
Disclosure Of Commitments [Line Items]
Projected future payments to others	1,781
Total projected future payments	$ 1,781

Contingencies (Details)

Contingencies (Details) ₪ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)subsidiary	Dec. 31, 2017ILS (₪)	Dec. 31, 2017USD ($)
Disclosure of contingent liabilities [line items]
Number of subsidiaries involved in industry-related investigations regarding competition law issues | subsidiary	2
Other legal matters excluding claims in the ordinary course of business
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	$ 7
Alleged breaches of competition laws
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities		₪ 403	$ 125
Contingent liability for guarantees
Disclosure of contingent liabilities [line items]
Estimated financial effect of contingent liabilities	$ 9

Related parties - Transaction w

Related parties - Transaction with Associates (Details) - Associates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Other operating income	$ 125	$ 261	$ 244
Finance income			15
Operating expenses and cost of services	$ 2,181	$ 4,126	$ 4,765

Related parties - Associate Bal

Related parties - Associate Balances (Details) - Associates - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [line items]
Trade and other receivables	$ 18,631	$ 13,558
Trade and other payables	$ 301	$ 2,695

Related parties - Key managemen

Related parties - Key management personnel (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Related parties
Short-term employee benefits	$ 5,417	$ 3,637	$ 3,170
Long-term employee benefits and share based compensation	$ 585	$ 559	$ 506
Number of officers | item	5	4	5

Related parties - Transactions

Related parties - Transactions with other related parties and directors (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Directors fees	$ 1,309	$ 1,738	$ 1,814
Other related parties
Disclosure of transactions between related parties [line items]
Income from voyages and related services	8,090	10,393	9,621
Operating expenses and cost of services	7,301	9,788	24,759
Other operating income	18	23	31
Finance income		49
Finance expenses	$ 5,375	$ 5,930	$ 924

Related parties - Other related

Related parties - Other related party balances (Details) - Other related parties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [line items]
Lease liabilities paid	$ 22,000	$ 12,000
Trade and other receivables
Disclosure of transactions between related parties [line items]
Loans, lease and other liabilities	1,149	1,789
Trade and other payables
Disclosure of transactions between related parties [line items]
Loans, lease and other liabilities	934	1,398
Loans, lease and other liabilities
Disclosure of transactions between related parties [line items]
Loans, lease and other liabilities	$ 57,959	$ 22,731

Related parties - Credit risk (

Related parties - Credit risk (Details) - 12 months ended Dec. 31, 2020 ₪ in Millions, $ in Millions	ILS (₪)	USD ($)
Stock options | Options granted to senior member of the Company's Management
Disclosure of transactions between related parties [line items]
Fair market value	₪ 9.6	$ 2.9

Financial risk management (Deta

Financial risk management (Details) $ in Millions	Dec. 31, 2020USD ($)
Financial risk management
Amount of credit to customers guaranteed by credit insurance	$ 123.7

Financial risk management - Liq

Financial risk management - Liquidity risk Contractual maturities of financial liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying amount
Lease liabilities	$ 1,174,016	$ 857,326
Short-term borrowings	122,501	116,431
Trade and other payables	398,876	422,417
0-1 year
Carrying amount
Lease liabilities	362,176	215,576
More than 5 years
Carrying amount
Lease liabilities	223,812	215,970
Liquidity risk
Carrying amount
Debentures	423,700	455,474
Long-term loans and other liabilities	108,444	104,237
Lease liabilities	1,174,016	857,326
Short-term borrowings	122,501	116,431
Trade and other payables	365,354	387,564
Total	2,194,015	1,921,032
Contractual cash flows
Debentures	471,815	564,495
Long-term loans and other liabilities	148,775	154,309
Lease liabilities	1,456,107	1,112,115
Short-term borrowings	123,139	117,393
Trade and other payables	365,354	387,564
Total	2,565,190	2,335,876
Liquidity risk | 0-1 year
Carrying amount
Debentures	13,004	26,663
Long-term loans and other liabilities	20,009	14,180
Lease liabilities	455,343	294,671
Short-term borrowings	123,139	117,393
Trade and other payables	365,354	387,564
Total	976,849	840,471
Liquidity risk | 1-2 years
Carrying amount
Debentures	13,083	18,839
Long-term loans and other liabilities	16,266	13,168
Lease liabilities	292,926	174,861
Total	322,275	206,868
Liquidity risk | 2 - 5 years
Carrying amount
Debentures	445,728	518,993
Long-term loans and other liabilities	34,966	41,821
Lease liabilities	449,090	392,593
Total	929,784	953,407
Liquidity risk | More than 5 years
Carrying amount
Long-term loans and other liabilities	77,534	85,140
Lease liabilities	258,748	249,990
Total	$ 336,282	$ 335,130

Financial risk management - Cur

Financial risk management - Currency risk - Group's exposure (Details) - Currency risk - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
US$
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (1,026,191)	$ (1,292,039)
US$ | Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	4,409	3,160
US$ | Other non-current investments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	2,203	607
US$ | Other current investments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	51,195	51,196
US$ | Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	397,025	215,605
US$ | Cash and cash equivalents
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	517,852	147,718
US$ | Loans and other liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(509,858)	(537,243)
US$ | Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(776,593)	(607,171)
US$ | Short term borrowings and current maturities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(129,710)	(137,040)
US$ | Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(348,710)	(203,321)
US$ | Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(234,004)	(225,550)
NIS
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(33,789)	(65,322)
NIS | Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic		1,226
NIS | Other non-current investments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	1,294	1,195
NIS | Other current investments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	44	1,607
NIS | Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	497	2,470
NIS | Cash and cash equivalents
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	11,309	8,345
NIS | Loans and other liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(4,197)	(4,690)
NIS | Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(10,145)	(22,286)
NIS | Short term borrowings and current maturities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(217)	(713)
NIS | Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(5,485)	(6,518)
NIS | Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(26,889)	(45,958)
Others
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(24,787)	(39,110)
Others | Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	884	932
Others | Other non-current investments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	1,391	964
Others | Other current investments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	5,438	6,244
Others | Trade and other receivables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	75,742	62,426
Others | Cash and cash equivalents
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	41,253	26,723
Others | Loans and other liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(3,309)
Others | Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(25,102)	(12,292)
Others | Short term borrowings and current maturities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(8,642)	(2,313)
Others | Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	(7,981)	(5,738)
Others | Trade and other payables
Disclosure of nature and extent of risks arising from financial instruments [line items]
Risk exposure associated with instruments sharing characteristic	$ (104,461)	$ (116,056)

Financial risk management - C_2

Financial risk management - Currency risk - Sensitivity Analysis (Details) - Currency risk - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of reasonably possible increase in risk assumption	10.00%	10.00%
Percentage of reasonably possible decrease in risk assumption	10.00%	10.00%
Increase (decrease) in equity due to reasonably possible increase in designated risk component	$ 3,379	$ 6,532

Financial risk management - Int

Financial risk management - Interest rate risk - Group's exposure (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fixed rate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial assets	$ 627,662	$ 243,348
Financial liabilities	(1,778,063)	(1,465,389)
Net financial assets and liabilities	(1,150,401)	(1,222,041)
Variable rate
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	(50,598)	(68,078)
Net financial assets and liabilities	$ (50,598)	$ (68,078)

Financial risk management - Fai

Financial risk management - Fair value of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Liabilities	$ 2,549,786	$ 2,178,361
Fair value of investments in equity instruments at fair value through other comprehensive income, presented under current other investments	2,000
Fair value of investments in equity instruments at fair value through profit and loss, presented under long term investments	2,101
Debentures
Disclosure of detailed information about financial instruments [line items]
Liabilities	(423,700)	(455,474)
Debentures | At fair value | Level 2
Disclosure of detailed information about financial instruments [line items]
Liabilities	(360,876)	(211,862)
Other
Disclosure of detailed information about financial instruments [line items]
Liabilities	(108,444)	(104,236)
Other | At fair value | Level 2
Disclosure of detailed information about financial instruments [line items]
Liabilities	$ (108,477)	$ (76,781)