Grindrod Shipping (GRIN) 20-F 17 Apr 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document and Entity Information [Abstract]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	Grindrod Shipping Holdings Ltd.
Entity Central Index Key	0001725293
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Trading Symbol	GRIN
Entity Common Stock, Shares Outstanding	19,063,833
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and bank balances	$ 35,636	$ 46,522
Trade receivables	12,034	13,399
Contract assets	1,959	0
Other receivables and prepayments	17,902	17,187
Due from related parties	13,516	26,998
Loans to joint ventures	23,803	18,180
Derivative financial instruments	0	123
Inventories	10,841	9,078
Current tax asset	0	761
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	115,691	132,248
Assets classified as held for sale	7,258	54,954
Total current assets	122,949	187,202
Non-current assets
Restricted cash	11,627	0
Other receivables and prepayments	0	72
Loans to joint ventures	0	7,301
Ships, property, plant and equipment	249,602	238,592
Interest in joint ventures	54,560	64,296
Intangible assets	41	61
Goodwill	7,351	8,419
Deferred tax assets	1,497	1,179
Total non-current assets	324,678	319,920
Total assets	447,627	507,122
Current liabilities
Bank loans	18,323	87,964
Trade and other payables	22,364	28,354
Contract liabilities	4,223	0
Provisions	1,578	1,270
Due to related parties	6,238	16,930
Derivative financial instruments	867	138
Bank overdrafts	0	4,028
Income tax payable	3,073	3,551
Current liabilities other than liabilities included in disposal groups classified as held for sale	56,666	142,235
Liabilities directly associated with assets classified as held for sale	0	21,014
Total current liabilities	56,666	163,249
Non-current liabilities
Bank loans	96,133	20,790
Retirement benefit obligation	1,922	2,180
Trade and other payables	403	1,167
Total non-current liabilities	98,458	24,137
Capital and reserves
Share capital	320,683		[1]
Parent invested capital	0	313,978
Other reserves	(21,140)	5,758
Accumulated losses	(7,040)	0
Total equity	292,503	319,736
Total equity and liabilities	$ 447,627	$ 507,122
[1]	Amount is less than US$1,000

CONSOLIDATED AND COMBINED STA_2

CONSOLIDATED AND COMBINED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenue	$ 319,018	$ 409,522	$ 371,532
Cost of sales
Voyage expenses	(151,705)	(166,924)	(140,727)
Vessel operating costs	(32,657)	(40,837)	(42,911)
Charter hire costs	(100,648)	(127,748)	(121,080)
Depreciation and amortisation	(14,094)	(17,975)	(19,806)
Other expenses	(1,146)	(16,364)	(27,860)
Cost of ship sale	(7,675)	(17,560)	(13,351)
Gross profit	11,093	22,114	5,797
Other operating income	11,459	4,696	5,687
Administrative expenses	(31,599)	(32,868)	(30,140)
Other operating expenses	(5,437)	(39,198)	(18,093)
Share of losses of joint ventures	(454)	(12,946)	(3,472)
Impairment loss recognised on financial assets	(1,583)	0	0
Interest income	3,787	7,164	5,260
Interest expense	(6,517)	(6,548)	(4,899)
Loss before taxation	(19,251)	(57,586)	(39,860)
Income tax	(1,389)	(3,226)	(3,849)
Loss for the year	(20,640)	(60,812)	(43,709)
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit obligation	8	157	339
Other comprehensive income that will not be reclassified to profit or loss, net of tax	8	157	339
Items that may be reclassified subsequently to profit or loss
Exchange differences arising on translation of foreign operations	(6,656)	4,232	5,141
Reclassification of translation reserve to profit or loss arising from loss of control of businesses	(1,063)	0	0
Net fair value (loss) gain on hedging instruments entered into for cash flow hedges not subject to basis adjustment	(852)	210	2,417
Other comprehensive (loss) income for the year, net of income tax	(8,571)	4,442	7,558
Other comprehensive (loss) income for the year, net of income tax	(8,563)	4,599	7,897
Total comprehensive loss for the year	$ (29,203)	$ (56,213)	$ (35,812)
Loss per share:
Basic and diluted	$ (1.08)	$ (3.19)	$ (2.29)

COMBINED STATEMENTS OF CHANGES

COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Share capital [member]		Parent Invested Capital [member]	Share compensation reserve [member]	Hedging reserve [member]	Translation reserve [member]	Merger reserve [member]	Accumulated losses [member]
Share capital, Balance at Dec. 31, 2015	$ 399,083	$ 0		$ 405,325	$ 0	$ (2,642)	$ (3,600)	$ 0	$ 0
Loss for the year	(43,709)	0		(43,709)	0	0	0	0	0
Other comprehensive loss for the year, net of income tax	7,897	0		339	0	2,417	5,141	0	0
Total comprehensive loss for the year	(35,812)	0		(43,370)	0	2,417	5,141	0	0
Recognition of share-based payments	(176)	0		(176)	0	0	0	0	0
Share capital, Balance at Dec. 31, 2016	363,095	0		361,779	0	(225)	1,541	0	0
Loss for the year	(60,812)	0		(60,812)	0	0	0	0	0
Other comprehensive loss for the year, net of income tax	4,599	0		157	0	210	4,232	0	0
Total comprehensive loss for the year	(56,213)	0		(60,655)	0	210	4,232	0	0
Issue of ordinary shares	15,000		[1]	15,000	0	0	0	0	0
Recognition of share-based payments	(472)	0		(472)	0	0	0	0	0
Dividends (Note 36)	(1,674)	0		(1,674)	0	0	0	0	0
Transaction with owners, recognised directly in equity	12,854		[1]	12,854	0	0	0	0	0
Share capital, Balance at Dec. 31, 2017	319,736		[1]	313,978	0	(15)	5,773	0	0
IFRS 9 and 15 adjustment (Note 2.3)	(474)	0		(474)	0	0	0	0	0
Adjusted balance as at 1 January 2018 (Adjusted [member]) at Dec. 31, 2017	319,262		[1]	313,504	0	(15)	5,773	0	0
Loss for the year	(20,640)	0		(13,453)	0	0	0	0	(7,187)
Other comprehensive loss for the year, net of income tax	(8,563)	0		0		(852)	(7,719)	8	0
Total comprehensive loss for the year	(29,203)	0		(13,453)	0	(852)	(7,719)	8	(7,187)
Recognition of share-based compensation from parent company	1,080	0		933	0	0	0	0	147
Issue of ordinary shares	0	320,683		(300,984)	0	0	(1,337)	(18,362)	0
Recognition of share-based payments	1,364	0		0	1,364	0	0	0	0
Transaction with owners, recognised directly in equity	2,444	320,683		(300,051)	1,364	0	(1,337)	(18,362)	147
Share capital, Balance at Dec. 31, 2018	$ 292,503	$ 320,683		$ 0	$ 1,364	$ (867)	$ (3,283)	$ (18,354)	$ (7,040)
[1]	Amount is less than US$1,000.

CONSOLIDATED AND COMBINED STA_3

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Loss before taxation	$ (19,251)	$ (57,586)	$ (39,860)
Adjustments for:
Share of losses of joint ventures	454	12,946	3,472
Net gain on disposal of businesses	(3,255)	0	0
Gain on deemed disposal of previously held joint venture interest	(213)	0	0
Gain on disposal of ships	(992)	(167)	0
(Gain)/loss on disposal of plant and equipment	(68)	107	1,078
Depreciation of ships, property, plant and equipment and amortisation	14,291	19,680	21,551
Impairment loss recognised on ships	0	16,503	12,625
Impairment loss on goodwill and intangibles	0	12,119	0
Impairment loss net of reversals on financial assets	1,583	18	(3)
Impairment loss on net assets of disposal group	0	5,092	0
(Reversal of) provision for onerous contracts	(458)	(7,427)	3,821
Recognition (reversal) of share-based payments expenses	2,297	33	(176)
Net gain on derivatives financial instruments	0	0	(22)
Net foreign exchange gain	(3,189)	(1,242)	(965)
Interest expense	6,517	6,548	4,899
Interest income	(3,787)	(7,164)	(5,259)
Components of defined benefit costs recognised in profit or loss	206	63	170
Operating cash flows before movements in working capital and ships	(5,865)	(477)	1,331
Inventories	(1,576)	1,017	(3,002)
Trade receivables, other receivables and prepayments	(1,689)	(279)	9,281
Contract assets	(123)	0	0
Trade and other payables	(2,561)	(3,055)	(5,000)
Contract liabilities	(331)	0	0
Due from related parties	(6,002)	(5,049)	(16,377)
Due to related parties	0	6,737	11,983
Operating cash flows before movements in ships	(18,147)	(1,106)	(1,784)
Capital expenditure on ships	(21,351)	(5,219)	(28,836)
Proceeds from disposal of ships	8,313	17,727	12,275
Net cash generated (used in) /from operations	(31,185)	11,402	(18,345)
Interest paid	(5,860)	(6,206)	(3,986)
Interest received	1,363	2,677	2,806
Income tax paid	(1,678)	(4,498)	(1,732)
Net cash flows (used in) / generated from operating activities	(37,360)	3,375	(21,257)
Investing activities
Advances to related parties	0	(1,264)	(24,463)
Repayment from related parties	14,054	415	0
Net cash inflow on acquisition of assets	952	0	0
Purchase of plant and equipment	(368)	(1,212)	(719)
Purchase of intangible assets	0	(19)	0
Proceeds from disposal of plant and equipment	68	18	50
Net proceeds from disposal of businesses (Note 41.1)	25,318	0	0
Dividends received from joint ventures	0	0	3,320
Investment in joint ventures	0	0	(13,735)
Loan to third party	0	0	(158)
Net cash generated from/(used in) investing activities	40,024	(2,062)	(35,705)
Financing activities (Note A)
Long-term interest bearing debt raised	104,549	45,150	39,512
Payment of capital portion of long term interest-bearing debt	(99,503)	(40,869)	(28,665)
Loans from related parties	0	5,000	37,000
Repayment of loans from related parties	0	(42,000)	0
Repayment to related parties	(8,351)	0	0
Restricted cash	(8,582)	58	(109)
Issuance of shares (Note B)	0	15,000	0
Dividends paid	0	(1,674)	0
Purchase of Parent's ordinary shares for forfeitable share plan	0	(505)	0
Net cash flows (used in) generated from financing activities	(11,887)	(19,840)	47,738
Net decrease in cash and cash equivalents	(9,223)	(18,527)	(9,224)
Cash and cash equivalents at the beginning of the year	45,245	62,470	70,030
Effect of exchange rate changes on the balance of cash held in foreign currencies	(2,524)	1,302	1,664
Cash and cash equivalents at the end of the year	$ 33,498	$ 45,245	$ 62,470

COMBINED STATEMENTS OF CASH FLO

COMBINED STATEMENTS OF CASH FLOWS 1 - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Bank loans [Member]
Opening Balance		$ 108,754	$ 112,545
Financing cash flows	[1]	5,046	4,281
Investing cash flows		0	0
Operating cash flows		0	0
Non-cash changes	[2]		(7,950)
Other changes	[3]	656	(122)
Closing Balance		114,456	108,754
Due (from) to related parties [Member]
Opening Balance		(10,068)	(20,700)
Financing cash flows	[1]	(8,351)	0
Investing cash flows		14,054	(849)
Operating cash flows		(6,002)	1,688
Non-cash changes	[2]		16,710
Other changes	[3]	3,089	(6,917)
Closing Balance		(7,278)	(10,068)
Loans from related parties [Member]
Opening Balance		0	37,253
Financing cash flows	[1]	0	(37,000)
Investing cash flows		0	0
Operating cash flows		0	0
Non-cash changes	[2]		0
Other changes	[3]	0	(253)
Closing Balance		$ 0	$ 0
[1]	The cash flows make up the net amount of proceeds from borrowings and repayments of borrowings in the statement of cash flows.
[2]	Represents amount reclassified to disposal group held for sale (Note 39).
[3]	Other changes include interest accruals and payments and net foreign exchange differences.

CONSOLIDATED AND COMBINED STA_4

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Additional Information) $ in Thousands	Jun. 18, 2018USD ($)shares
Consideration transferred, acquisition-date fair value | $	$ 320,683
Business Combination Issuance of Convertible Notes Converted Stock Issued | shares	19,063,832

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2018
Disclosure Of Basis Of Presentation Abstract [Abstract]
GENERAL	1 GENERAL General information The company was incorporated as a private company on 2 November 2017 and with effect from 25 April 2018, it was converted from a private company to a public company whereby it changed its name to Grindrod Shipping Holdings Ltd. The company is incorporated in Singapore with its principal place of business and registered office at #03-01 Southpoint, 200 Cantonment Road, Singapore 089763. On 18 June 2018, the company became a publicly traded company with its shares Primarily listed on the NASDAQ Global Select Market and Secondarily on the Main Board of the Johannesburg Stock Exchange (JSE). The company was incorporated with the intention to acquire all of the shares of Grindrod Shipping Pte. Ltd., or GSPL, and Grindrod Shipping (South Africa) Pty Ltd, or GSSA from Grindrod Limited, a public company incorporated in accordance with the laws of the Republic of South Africa, or Parent as part of the Parent’s plan to demerge its shipping business (referred to as the ‘Spin-Off’). On 18 June 2018, the Spin-Off was effected by the company acquiring 100% of the issued and paid up share capital of GSPL and GSSA for a consideration of $320,683,000 (Note 26). The purchase consideration was satisfied by the issuance by the company of compulsorily convertible notes which converted to 19,063,832 The principal activities of the Group are sales of vessels, ship chartering and operating. Information of the entities within the Group is contained in Note 15. The consolidated and combined financial statements of the Group were authorised for issue by the Board of Directors on .

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2 SIGNIFICANT ACCOUNTING POLICIES 2.1 Statement of compliance The consolidated and combined financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). 2.2 Basis of preparation of historical consolidated and combined financial information Grindrod Shipping Holdings Ltd and its subsidiaries (the “Group”) resulting from the Spin-Off in Note 1 above is regarded as a continuing entity throughout the period ended 31 December 2018, 31 December 2017 and 31 December 2016 as the Group was under the management of Grindrod and therefore considered to be under common management which forms the basis of the combined financial statements for the year ended 31 December 2017 and 31 December 2016. The financial statements presented herein represent (i) prior to 18 June 2018, the combined financial statements of GSPL and GSSA and (ii) subsequent to 18 June 2018, the consolidated financial statements of the company as a separate publicly traded company following the Spin-Off of GSPL and GSSA from Grindrod Limited. Prior to the Spin-Off, equity relating to GSPL and GSSA represents the Parent’s net investment in the Company and accordingly, this has been presented as ‘Parent invested capital’ in the combined financial statements. Upon the Spin-Off on 18 June 2018, the Parent Invested Capital was adjusted as a result of settlement of assets and liabilities of GSPL and GSSA with the Parent and formed the company’s share capital with the residual differences recognised as merger reserves. The financial statements are prepared in accordance with the historical cost basis except as disclosed in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 Share-based Payment, leasing transactions that are within the scope of IAS 17 Leases, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 Inventories or value in use in IAS 36 Impairment of Assets. 2.3 Application of new and revised International Financial Reporting Standards (IFRSs) In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2018. The adoption of these new/revised IFRSs has not resulted in significant changes to the Group’s accounting policies and has no material effect on the amounts reported for the current or prior periods except as follows: IFRS 9 Financial Instruments IFRS 9 introduces new requirements for 1) the classification and measurement of financial assets and financial liabilities, 2) impairment of financial assets and 3) general hedge accounting. Details of these new requirements as well as their impact on the financial statements are described below. The Group applied IFRS 9 with an initial application date of 1 January 2018. The Group has not restated the comparative information, which continues to be reported under IAS 39. Effects arising from the adoption of IFRS 9 have been recognised directly in retained earnings (within parent invested capital). The significant accounting policies for financial instruments under IFRS 9 is as disclosed in Note 2.7. (a) Classification and measurement of financial assets and financial liabilities The classification of financial assets is based on two criteria: the company’s business model for managing the assets and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding. There are no changes in classification and measurement of the Group’s financial assets and financial liabilities. (b) Impairment of financial assets IFRS 9 requires an expected credit loss model as opposed to an incurred credit loss model under IAS 39. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. It is no longer necessary for a credit event to have occurred before credit losses are recognised. In particular, IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses (ECL) if the credit risk on that financial instrument has increased significantly since initial recognition, or if the financial instrument is a purchased or originated credit-impaired financial asset. However, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12-months ECL. IFRS 9 also requires a simplified approach for measuring the loss allowance at an amount equal to lifetime ECL for trade receivables and contract assets in certain circumstances. Arising from the above, the amount of adjustment for each financial statement line item affected by the application is presented below. (c) General hedge accounting The new general hedge accounting requirements retain the three types of hedge accounting. However, greater flexibility has been introduced to the types of transactions eligible for hedge accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types of risk components of non-financial items that are eligible for hedge accounting. In addition, the effectiveness test has been replaced with the principle of an ‘economic relationship’. Retrospective assessment of hedge effectiveness is also no longer required. Enhanced disclosure requirements about the Group’s risk management activities have also been introduced. In accordance with IFRS 9’s transition provisions for hedge accounting, the Group has applied the IFRS 9 hedge accounting requirements prospectively from the date of initial application on 1 January 2018. The Group’s qualifying hedging relationships in place as at 1 January 2018 also qualify for hedge accounting in accordance with IFRS 9 and were therefore regarded as continuing hedging relationships. No rebalancing of any of the hedging relationships was necessary on 1 January 2018. As the critical terms of the hedging instruments match those of their corresponding hedged items, all hedging relationships continue to be effective under IFRS 9’s effectiveness assessment requirements. The Group has also not designated any hedging relationships under IFRS 9 that would not have met the qualifying hedge accounting criteria under IAS 39. IFRS 9 requires hedging gains and losses to be recognised as an adjustment to the initial carrying amount of non-financial hedged items (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassification adjustments under IAS 1 Presentation of Financial Statements and hence they do not affect other comprehensive income. Hedging gains and losses subject to basis adjustments are categorised as amounts that will not be subsequently reclassified to profit or loss in other comprehensive income. This is consistent with the Group’s practice prior to the adoption of IFRS 9. Consistent with prior periods, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, i.e. including the forward element, as the hedging instrument. Apart from this, the application of the IFRS 9 hedge accounting requirements has had no other impact on the results and financial position of the Group for the current and/or prior years. Please refer to Note 4 for detailed disclosures regarding to Group’s risk management activities. IFRS 15 Revenue from Contracts with Customers IFRS 15 supersedes IAS 11 Construction Contracts, IAS 18 Revenue and the related Interpretations. IFRS 15 introduces a 5-step approach to revenue recognition. Far more prescriptive guidance has been added in IFRS 15 to deal with specific scenarios. The Group has applied IFRS 15 using the modified retrospective method with the cumulative effect of initially applying this Standard recognised at the date of initial application (1 January 2018) as an adjustment to the opening balance of retained earnings (within Parent invested capital). Therefore, the comparative information was not restated and continues to be reported under IAS 11, IAS 18 and the related Interpretations. The Group has elected to apply this Standard retrospectively only to contracts that are not completed at the date of initial application. IFRS 15 uses the terms ‘contract asset’ and ‘contract liability’ to describe what might more commonly be known as ‘accrued revenue’ and ‘deferred revenue’, however the Standard does not prohibit an entity from using alternative descriptions in the statement of financial position. The Group has adopted the terminology used in IFRS 15 to describe such balances. Contract asset relates to the unbilled revenue that was previously included in Other receivables and prepayment - Voyage in progress. Contract liability refer to the amounts received in advance from the customers that was previously included in Trade and other payables. The Group’s significant accounting policies for its revenue streams are disclosed in Note 2.18. The effects of adopting IFRS 9 and IFRS 15 under the modified retrospective approach are presented and explained below: (A) Impact on the Statement of Financial Position as at 1 January 2018 (date of initial application) Previously Adoption Adoption of Adjusted as at US$’000 US$’000 US$’000 US$’000 Current assets Contract assets - - 1,799 (ii) 1,799 Other receivables and prepayments 17,187 - (1,799 ) (ii) 14,517 (871 ) (iv) Non-current assets Other receivables and prepayments 72 (70 ) (i) - 2 Deferred tax asset - 19 (i) - 19 Current liabilities Trade and other payables 28,354 - (4,380 ) (ii) 23,526 (448 ) (iv) Contract liabilities - - 4,380 (ii) 4,380 Capital and reserves Parent invested capital 313,978 (51 ) (i) (423 ) (iii) 313,504 (B) Impact of IFRS 15 on the Statement of Financial Position as at 31 December 2018 (current reporting period) Under Adoption of Under new US$’000 US$’000 US$’000 ASSETS Current assets Contract assets - 1,959 (ii) 1,959 Other receivables and prepayments 20,069 (1,959 ) (ii) 17,902 (208 ) (iv) Current liabilities Trade and other payables 26,193 (4,223 ) (ii) 22,364 394 (iv) Contract liabilities 4,223 (ii) 4,223 Capital and reserves Accumulated losses (6,438 ) (602 ) (iii) (7,040 ) (C) Impact of IFRS 15 on the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2018 (current reporting period) Under Adoption Under new US$’000 US$’000 US$’000 Revenue 317,626 1,392 (iii) 319,018 Cost of sales Voyage expenses (150,831 ) (874 ) (iv) (151,705 ) Charter hire (100,309 ) (339 ) (iv) (100,648 ) Explanatory notes: IFRS 9 (i) The adoption of IFRS 9 impairment requirements has resulted in additional loss allowance of US$70,000 as at 1 January 2018 to be recognised net of its related deferred tax impact of US$19,000 resulting in a net decrease in parent invested capital as at 1 January 2018. The adoption of IFRS 9 did not result in a material impact in the year ended 31 December 2018. IFRS 15 (ii) Under IFRS 15, revenue recognised prior to the date on which it is invoiced to the customer is recognised as a contract asset. This balance was previously presented as part of other receivables and prepayment and so has been reclassified to contract asset. Similarly, the amounts received in advance from customers that were previously recognised as trade and other payables has been reclassified as a contract liability. There was no impact on the statement of profit or loss as a result of these reclassifications. (iii) Under IFRS 15, there is a change in period of recognition for freight revenue and the relevant contract costs as the Group satisfies its performance obligation of each freight contract. Revenue is now recognised over time from the point when the ship is ready for load of cargo until the discharge of cargo at the destination. Based on previous revenue standards, revenue was recognised over time from the point when the ship discharge cargo of the previous voyage until the discharge of cargo at the destination. As such, this results in the adjustment to revenue and contract assets to reflect the change in percentage of completion for ongoing voyages as at year end. (iv) The Group incurs cost in the fulfilment of freight contract, which are deferred and amortised over the period of the voyage. Due to change in percentage of completion as mentioned in (iii) above, adjustments have been made to cost of sales and the corresponding voyage in progress in other receivables and prepayment and accrued expense in trade and other payable as at year end. (D) Impact of IFRS 15 on the Statement of Cash Flows for the year ended 31 December 2018 (current reporting period) The adoption of IFRS 15 did not have a material impact on the company’s operating, investing and financing cash flows. 2.4 New and revised IFRSs in issue but not yet effective The Group has not applied the following new and revised IFRSs that are relevant to the Group that were issued but are not yet effective: IFRS 16 Leases Amendments to IAS 28 Long Term Interests in Associates and Joint Ventures Annual Improvements to IFRS Standards 2015-2017 Cycle Amendments to IFRS 3 Business combinations IFRS 11 Joint Arrangements IAS 12 Income Taxes IAS 23 Borrowing Costs Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement IFRS 10 Consolidated Financial Statements and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture IFRIC 23 Uncertainty over Income Tax Treatment The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except as noted below: IFRS 16 Leases IFRS 16 is applicable to the Group’s financial statements effective 1 January 2019. The new standard amends the existing accounting standards to require lessees to recognize, on a discounted basis, the rights and obligations created by the commitment to lease assets on the balance sheet, unless the term of the lease is less than 12 months or of low value. Accordingly, the standard will result in the recognition of right-of-use assets and corresponding lease liabilities, on the basis of the discounted remaining future minimum lease payments for our existing chartered-in vessel commitments that are currently reported as operating leases adjusting for prepayments and accrued lease payments. IFRS 16 requires that the Group assess the lease contracts to identify separate components and allocates the consideration in the contract to each component. Group shall make use of the practical expedient to elect, by class of underlying asset, not to separate non-lease components from lease components specifically with respect to time charter arrangements. Upon transition, a lessee shall apply IFRS 16 to its leases either retrospectively to each prior reporting period presented (the ‘full retrospective approach’) or retrospectively with the cumulative effect of initially applying IFRS 16 recognized at the date of initial application (the ‘modified retrospective approach’). The Group will apply the modified retrospective approach upon transition. The impact of the application of this standard on the statement of financial position at 1 January 2019 will be the recognition of right of use assets of approximately $65.2 million, corresponding lease liabilities of approximately $64.6 million and a credit of approximately $0.6 million to Accumulated loss. The Group will apply the practical expedient to account for existing time charters with remaining terms of less than 1 year on the date of initial application in the same way as short-term leases. The directors expect that the application of the above principles will not result in a material difference to the amount of revenue recognized under our existing accounting policies for pool and time-out charter arrangements. 2.5 Basis of Consolidation The consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group (its subsidiaries) made up to 31 December each year. Control is achieved when the Group has the power over the investee, is exposed; or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affects its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including; the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; potential voting rights held by the Group, other vote holders or other parties; rights arising from other contractual arrangements; and any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments when applicable, or the cost on initial recognition of an investment in a joint venture. 2.6 Business combinations Acquisition of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred by the Group to the former owners of the acquiree, and equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments (see below). The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustment depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9 Financial Instruments Provisions, Contingent Liabilities and Contingent Assets Where a business combination is achieved in stages, the Group’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date (i.e. the date the Group attains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have been previously recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under the IFRS are recognised at their fair value at the acquisition date, except that: · deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes Employee Benefits · liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree’s share-based payment awards transactions with share-based payment awards transactions of the acquirer in accordance with the method in IFRS 2 Classification and measurement of share based payments · assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subjected to a maximum of one year from acquisition date. 2.7 Financial instruments Financial assets and financial liabilities are recognised on the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets (Before 1 January 2018) Effective interest method The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or where appropriate, a shorter period. Income and expense is recognised on an effective interest basis for debt instruments other than those financial instruments ‘‘at fair value through profit or loss’’. Loans and receivables Trade and other receivables (including trade and other receivables, loans to joint ventures, amounts due from related parties and cash and cash equivalents) that have fixed or determinable payments that are not quoted in an active market are classified as ‘‘loans and receivables’’. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest method, except for short-term receivables when the effect of discounting is immaterial. Impairment of financial assets Financial assets, other than those at fair value through profit or loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. Objective evidence of impairment could include: • Significant financial difficulty of the issuer or counterparty; or • Default or delinquency in interest or principal payments; or • It becoming probable that the borrower will enter bankruptcy or financial re-organisation. For certain categories of financial asset, such as receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. For financial assets that are carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of receivables where the carrying amount is reduced through the use of an allowance account. When a receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the financial asset at the date the impairment is reversed. Financial assets (From 1 January 2018) The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through OCI or through profit or loss), and • those to be measured at amortised cost. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Classification of financial assets Debt instruments that meet the following conditions are subsequently measured at amortised cost: • the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments relating to derivative financial instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVTOCI): • the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL). Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortised cost of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before ad

CRITICAL ACCOUNTING JUDGEMENTS

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY	12 Months Ended
	Dec. 31, 2018
Disclosure of changes in accounting estimates [abstract]
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY	3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Group’s accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 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. (i) Critical judgements in applying the Group’s accounting policies The following are the critical judgements, apart from those involving estimations (see below), that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Classification of certain investments as a joint venture Note 16 describes that Tri-view Shipping Pte Ltd, Island Bulk Carriers Pte. Ltd. and IVS Bulk Pte. Ltd. as joint ventures of the Group even though the Group has 51%, 65% and 33.5% of ownership interest and voting rights in these entities respectively. Management has assessed that the interests in these entities would be considered as joint ventures given that the contractual agreement between the parties in undertaking the economic activities of these entities would be subject to joint control. Joint control is the contractually agreed sharing of control over an economic activity, and exists only when the strategic financial and operating decisions relating to the activity require the unanimous consent of all the parties sharing control. Ships classified as inventories The Group regularly engaged in trading of ships. When a ship ceased to be rented and a decision is made for the ship to be sold, the ship would be classified as inventories (Note 13). The proceeds from the sale of such assets shall be recognised as revenue in accordance with IFRS 15 Revenue from Contracts with Customers (ii) Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. Calculation of loss allowance on trade receivables and amount due from related parties and loans to joint ventures When measuring expected credit loss in relation to the trade receivables and amount due from related parties and loans to joint ventures, the Group uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements. Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions. Details of the loss allowance on trade receivables and amount due from related parties and loans to joint ventures are provided in Note 7, 10 and 11. Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit (based on past performance and management’s expectations of the market developments) and a suitable discount rate in order to calculate present value. The carrying amount of goodwill at the end of the reporting period was $ 7,351 8,419 Impairment of interest in joint ventures The recoverable amount of the investments has been determined based on the estimated net asset value of the joint ventures which approximates their fair value less cost to sell. The carrying amounts of interest in joint ventures are disclosed in Note 16. Percentage of completion of voyages recognised as revenue The stage of completion of a voyage is determined by calculating the total number of actual days from the loading of the cargo at the commencement of a voyage to the period end, divided by the total estimated number of days from loading to discharging the cargo. The duration of a voyage depends on the size of the ship being loaded, cargo type and quantity, ship speed as well as delays occasioned by weather or due congestion at load or discharge ports. Ship life, residual value and impairment In the shipping industry, the use of the 25 to 30 year ship life has become the prevailing standard for the type of ship owned by the Group. However, management depreciates the ships on a straight-line basis after deduction for residual values over the ship’s estimated useful life of 15 years, from the date the ship was originally delivered from the shipyard as the Group maintains a young fleet compared to the market average and generally aims to replace ships that are 15 years or older. As a result, ships are depreciated over 15 years to the expected residual market value of a ship of a similar age and specification. Management reassesses the depreciation period of ships that surpass this limit with special consideration of the ships and the purpose for which the ship was retained in the fleet. Residual values of the ships are reassessed by management at the end of each reporting period based on the current shipping markets, the movement of the markets over the previous five years and the age, specification and condition of the respective ships. Considerations for useful life of the ships also include maintenance and repair cost, technical or commercial obsolescence and legal or similar limits to the use of ships. Management also reviews the ships for impairment whenever there is an indication that the carrying amount of the ships may not be recoverable. Management measures the recoverability of an asset by comparing its carrying amount against its recoverable amount. Recoverable amount is the higher of the fair value less cost to sell and value in use. If the ship is considered to be impaired, an impairment loss is recognised to an amount to the excess of the carrying value of the asset over its recoverable amount. Value in use is the future cash flows that the ships are expected to generate from charter hire of the ships and the expected running costs thereof over their remaining useful lives, with a cash inflow in the final year equal to the residual value of the ships. Management determined the value-in-use based on past performance of the ships and their expectations of the market development. The future cash flows are determined based on the combination of the following assumptions: 1) Forecast earnings are based on internal estimates having considered: fixed future earnings from existing COAs and charter contracts, allowing for dry dock and commercial off hire days, internal forecasts, as well as third party information and historical earnings averages. 2) Pre-tax discount rate of 8.33% (2017: 7.55%) rate is used to discount future cash flows from deployment of the ships to their net present values. 3) Vessel operating expenses and drydock costs are based on management’s best estimates. As at 31 December 2018, and 2017, a possible change to the following estimate used in management’s assessment will result in the recoverable amount to be below the total carrying amount of the ships (on the basis that each of the other key assumptions remain unchanged): Drybulk Carriers  13.3% to 37.8% decrease to the charter rate (2017: 16.54% to 37.45% decrease to the charter rate); or  12.3% to 81.8% increase to the discount rate (2017: 10.59% to 37.38% increase to the discount rate). Tankers  0.6% to 33.9% decrease to the charter rate (2017: 1.67% to 55.56% decrease to the charter rate); or  0.8% to 22.4% increase to the discount rate (2017: 2.32% to 20.53% increase to the discount rate). Based on the key assumptions and taking into account the sensitivity analysis above, management has determined that the estimated recoverable amount of the ships are appropriate. Accordingly, there was no allowance for impairment loss recognised during the year (2017: US$16,503,000). The recoverable amounts of ships classified as inventories were determined based on fair value less cost of disposal, which were determined based on the market comparable approach that reflects recent transaction prices for similar ships, with similar age and specifications. In valuing the ships, the appraisers have taken into consideration the prevailing market conditions and have made adjustments for differences where necessary before arriving at the most appropriate value for the ships. Tax liabilities The Group acquired a wholly-owned subsidiary, Unicorn Tankers International Ltd (“UTI”), in 2013. UTI and its subsidiary are tax residents in United Kingdom (“UK”). In recent years, the UK tax authorities have revised their interpretations of certain areas of tonnage tax legislation. If certain legislation is interpreted in an alternative manner, additional taxation of up to US$5,657,000 (2017: US$5,657,000) could arise. A tax provision of US$2,400,000 (2017: US$2,400,000) has been provided. In 2013, there were queries raised by the UK tax authorities on a subsidiary of UTI. At the date of authorisation of these financial statements, the inquiries by the UK tax authorities are still ongoing. Management is of the opinion that UTI and its subsidiary had complied with the tax legislation and does not expect any additional taxation will arise out of the queries raised by the UK tax authorities.

FINANCIAL INSTRUMENTS, FINANCIA

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2018
Financial instruments financial risks and capital management [Abstract]
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT	4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (i) Categories of financial instruments 2018 2017 US$’000 US$’000 Financial assets Derivative instruments designated in hedge accounting relationships - 123 Financial assets at amortised cost 112,855 163,600 Less: Transferred to asset of disposal group classified as held for sale (Note 39) - (35,500 ) 112,855 128,100 112,855 128,223 Financial liabilities Derivative instruments designated in hedge accounting relationships 867 138 Financial liabilities at amortised cost 143,339 171,117 Less: Transferred to asset of disposal group classified as held for sale (Note 39) - (16,975 ) 143,339 154,142 144,206 154,280 (ii) Financial risk management policies and objectives The management of the Group monitors and manages the financial risks relating to the operations of the Group to ensure appropriate measures are implemented in a timely and effective manner. These risks include market risk (foreign currency risk, interest rate risk), credit risk and liquidity risk. The Group does not hold or issue derivative financial instruments for speculative purpose. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risk. Market risk exposures are measured using sensitivity analysis indicated below. (a) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31 December 2018, the Group’s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties and financial guarantees provided by the Group arises from: • the carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position; and • the maximum amount the Group would have to pay if the financial guarantee is called upon, irrespective of the likelihood of the guarantee being exercised as disclosed in Note 4(d). In order to minimise credit risk, the Group has categorised exposures according to their degree of risk of default. The Group uses its own trading records to rate its major customers and other debtors. The Group’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. The Group’s current credit risk grading framework comprises the following categories: Category Description Basis for recognising expected credit losses (ECL) Performing The counterparty has a low risk of default and does not have any past-due amounts. 12-month ECL Doubtful Amount is >90 days past due or there has been a significant increase in credit risk since initial recognition. Lifetime ECL – not credit-impaired In default Amount is >120 days past due or there is evidence indicating the asset is credit-impaired. Lifetime ECL – credit-impaired Write-off There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. Amount is written off The tables below detail the credit quality of the Group’s financial assets and other items, as well as maximum exposure to credit risk by credit risk rating grades: Note Internal credit rating 12-month or lifetime ECL Gross carrying amount Loss allowance Net carrying amount US$’000 US$’000 US$’000 31 December 2018 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 12,034 - 12,034 Contract assets 8 (i) Lifetime ECL (Simplified approach) 1,959 - 1,959 Other receivables 9 Performing 12-month ECL 16,239 - 16,239 Due from related parties 10 Performing 12-month ECL 13,516 - 13,516 Loans to joint ventures 11 Doubtful Lifetime ECL 25,483 1,680 23,803 69,231 1,680 67,551 (i) Further details on the loss allowance are disclosed in the respective notes. In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group uses its own trading records to rate its major customers. The Group's exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Before accepting any new customer, the Group assesses the potential customer’s credit quality and defines credit limits by customer. There are ongoing reviews on the limits attributed to customers. Credit approvals and other monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts. Furthermore, the Group reviews the recoverable amount of each trade debt on an individual basis at the end of the reporting period to ensure that adequate loss allowance is made for irrecoverable amounts. In this regard, management considers that the Group’s credit risk is significantly reduced. Trade receivables consist of a large number of customers, spread across diverse geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable. At the end of the reporting period, other than amounts due from related parties and joint ventures, the Group does not have significant credit risk exposure to any single counterparty or any Group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. The concentration of credit risk is limited due to the fact that the customer base is large and unrelated. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are third parties and banks with high internal and external credit ratings. In addition, the Group is exposed to credit risk in relation to financial guarantees given to banks. The Group’s maximum exposure in this respect is the maximum amount the Group could have to pay if the guarantee is called on. (b) Interest rate risk management The Group is exposed to interest rate risk through the impact of bank loans and loans granted from/to related parties at variable interest rates. The Group monitors its exposure to fluctuating interest rates and generally enters into contracts that are linked to market rates relative to the currency of the asset or liability. Interest rate sensitivity The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating rates. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates had been 50 basis points higher or lower and all other variables were held constant, the Group’s loss for the year ended 31 December 2018 would increase/decrease by US$603,000 (2017: increase/decrease by US$470,000 and 2016: increase/decrease by US$634,000). This is mainly attributable to the Group’s exposure to interest rates on its variable rate bank loans and loans from/to related parties. (c) Foreign currency exchange risk management The Group’s main operational activities are carried out in United States dollars and South African rands, which is the functional currency of the respective financial statements of each Group entity. The risk arising from movements in foreign exchange rates is limited as the Group has minimal transactions in foreign currencies which mainly relates to administrative expenses in Singapore dollars, loans to joint ventures in Japanese yen and amounts due to related companies in South African rands and Great Britain pounds as well as bank balances in South African rands. The Group has access to a foreign exchange facility which enables it to enter into forward foreign exchange contracts. Management reviews and monitors currency risk exposure and determines whether any hedging is considered necessary. The objective of the foreign exchange exposure management policy is to ensure that all foreign exchange exposures are identified as early as possible and that the identified exposures are actively managed to reduce risk. All exposures are to reflect the underlying foreign currency commitments arising from trade and/or foreign currency finance. Under no circumstances are speculative positions, not supported by normal trade flows, permitted. At the end of the reporting period, the significant carrying amounts of monetary liabilities and monetary assets denominated in currencies other than the respective Group entities’ functional currencies are as follows: Liabilities Assets 2018 2017 2018 2017 US$’000 US$’000 US$’000 US$’000 United States dollars (1,660 ) (186 ) 4,941 2,093 South African rands (22,909 ) (19,268 ) 7,894 119 Japanese yen (6,976 ) (11 ) 765 11,132 Foreign currency sensitivity The following table details the sensitivity to a 10% increase and decrease in the relevant foreign currencies against the functional currency of each Group entity. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. If the relevant foreign currency strengthens by 10% against the functional currency of the entity, profit or loss will increase/(decrease) by: Impact on profit or loss 2018 2017 US$’000 US$’000 United States dollars 328 191 South African rands (1,502 ) (1,915 ) Japanese yen (621 ) 1,112 If the relevant foreign currency weakens by 10% against the functional currency of the entity, profit or loss will increase/(decrease) by: Impact on profit or loss 2018 2017 US$’000 US$’000 United States dollars (328 ) (191 ) South African rands 1,502 1,915 Japanese yen 621 (1,112 ) (d) Liquidity risk management Liquidity risk refers to the risk that the Group is unable to pay its creditors due to insufficient funds. The Group maintains and monitors a level of cash deemed adequate by management at all times to finance its obligations as and when they fall due. The Group manages liquidity risk by monitoring forecast cash flows and ensuring that adequate borrowing facilities are maintained. The management may from time to time at their discretion raise or borrow monies for the purposes of the Group as they deem fit. Non-derivative financial liabilities The following tables detail the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. The adjustment column represents the possible future cash flows attributable to the instrument included in the maturity analysis which is not included in the carrying amount of the financial liability on the consolidated and combined statements of financial position. Weighted average effective interest rate On demand or within 1 year Within 2 to 5 years After 5 years Adjustment Total % p.a. US$’000 US$’000 US$’000 US$’000 US$’000 Group 2018 Non-interest bearing - 28,480 403 - - 28,883 Variable interest rate instruments 5.30 23,295 108,057 - (16,896 ) 114,456 51,775 108,460 - (16,896 ) 143,339 2017 Non-interest bearing - 38,854 6,534 - - 45,388 Variable interest rate instruments 3.83 90,128 23,035 - (4,409 ) 108,754 128,982 29,569 - (4,409 ) 154,142 The maximum amount that the Group could be forced to settle under the financial guarantee if the full guaranteed amount is claimed by the counterparty to the guarantee is disclosed in Note 37. The Group considers that it is more than likely that no amount will be payable under the arrangement. Derivative financial instruments The following table details the liquidity analysis for derivative financial instruments. The table has been drawn up based on the undiscounted gross inflows and (outflows) on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the end of reporting period. On demand or within 1 year Within 2 to 5 years Adjustment Total US$’000 US$’000 US$’000 US$’000 Group 2018 Gross settled: Bunker swaps Gross outflow (867 ) - - (867 ) 2017 Gross settled: Forward freight agreements Gross inflow 17 - - 17 Gross outflow (138 ) - - (138 ) (121 ) - - (121 ) Bunker swaps Gross inflow 106 - - 106 (15 ) - - (15 ) (e) Shipping market price risk management The Group is exposed to the fluctuations in market conditions in the shipping industry which in turn affects the Group’s profitability. Management continually assess shipping markets using their experience and detailed research. Risks are managed by fixing tonnage on longer term time charters, contracts of affreightment and entering into forward freight agreements. The carrying amount of the derivative financial instruments is disclosed in Note 12. Shipping market price sensitivity The sensitivity analyses below have been determined based on the exposure to shipping market price risk at the end of the reporting period. In respect of derivative financial instruments, if the shipping market prices had been 10% higher/lower while other variables were held constant:  loss for the year ended 31 December 2018 would decrease/increase by US$Nil (2017: decrease/increase by US$Nil and 2016: decrease/increase by US$Nil); and  hedging reserve would decrease/increase by US$Nil (2017: increase/decrease by US$316,000 and 2016: increase/decrease by US$70,000). (f) Commodity price risk management The Group uses bunker swaps to manage exposure to commodity price risk where the positions are not naturally economically hedged through the combination of holding inventory, forward sales contracts and forward purchase contracts. Management continually assess commodity price through their experience and detailed research. The carrying amount of the derivative financial instruments is disclosed in Note 12. Commodity price sensitivity The sensitivity analyses below have been determined based on the exposure to commodity price risk at the end of the reporting period. In respect of derivative financial instruments, if the commodity prices had been 10% higher/lower while other variables were held constant:  loss for the year ended 31 December 2018 would decrease/increase by US$Nil (2017: decrease/increase by US$Nil and 2016: decrease/increase by US$128,000).  hedging reserve would decrease/increase by US$355,000 (2017: decrease/increase by US$128,000 and 2016: decrease/increase by US$280,000). (g) Fair value measurement of financial assets and financial liabilities The carrying amounts of cash and cash equivalents, trade and other current receivables and payables, and other liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements. Financial instruments measured at fair value on a recurring basis 2018 2017 US$’000 US$’000 Financial Assets Forward freight agreements - 17 Bunker swaps - 106 Financial Liabilities Forward freight agreements - 138 Bunker swaps 867 - All the financial instruments relate to the forward freight agreements and bunker swap agreements and have been classified as Level 2 financial instruments, which indicates that the fair value of the instruments were determined based on discounted cash flow with reference to observable inputs for equivalent instruments, discounted at a rate that reflects the credit risk of various counterparties. Further details are disclosed in Note 12. There were no transfers between Level 1 and 2 in the period. Fair Value of Financial Instruments The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs) Level 2 and 3 fair values were determined by applying either a combination of, or one of the following valuation techniques: • market related interest rate yield curves to discount expected future cash flows; and/or • projected unit method; and/or • market value, and/or • the net asset value of the underlying investments; and/or • a price earnings multiple or a discounted projected income/present value approach The fair value measurement for income approach valuation is based on significant inputs that are not observable in the market. Key inputs used in the valuation include discount rates and future profit assumptions based on historical performance but adjusted for expected growth. Management reassess the earnings or yield multiples at least annually based on their assessment of the macro- and micro-economic environment. Level 1 Level 2 Level 3 Total US$’000 US$’000 US$’000 US$’000 2018 Financial liabilities Derivative financial instruments - 867 - 867 2017 Financial assets Derivative financial instruments - 123 - 123 Financial liabilities Derivative financial instruments - 138 - 138 (iii) Capital management policies and objectives The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt to equity balance. The capital structure of the Group consists of debt and equity, which is comprised of share capital and reserves. The Group also reviews the capital structure on a semi-annual basis. As a part of this review, the management considers the cost of capital and the risks associated with each class of capital. Management also ensures that the Group maintains gearing ratios within a set range to comply with the loan covenants imposed by a bank. The Group’s overall strategy remains unchanged from the prior year.

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Disclosure of related parties transactions [Abstract]
RELATED PARTIES TRANSACTIONS	5 RELATED PARTIES TRANSACTIONS Transactions between the Group and Grindrod Limited group of companies prior to the Spin-Off (Note 1) are disclosed as transactions with related parties under Group companies below. With effective from 18 June 2018, arising from the Spin-Off, Grindrod Limited group of companies no longer meet the definition of related parties and hence balances and transactions after this date are not disclosed as balances and transactions with related parties. Many of the Group’s transactions and arrangements are with related parties and the effect of these on the basis determined between the parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated. During the year, Group entities entered into the following transactions with related parties: (i) Group companies 2018 2017 2016 US$’000 US$’000 US$’000 Freight revenue from related parties - 939 1,017 Fuel and port expenses to related parties (18,910 ) (55,895 ) (46,477 ) Bunker swaps from related companies 111 182 - Guarantee fees from related parties - 325 486 Guarantee fees to related parties (54 ) (451 ) (514 ) Interest expense on loans from related parties - (629 ) (312 ) Interest income on amounts due from related parties - 1,199 909 Management fees to related parties (1,135 ) (3,495 ) (2,956 ) Net gain on disposal of businesses 3,255 - - Overhead recovery from/ (to) related party (included in administrative expenses) 134 (202 ) (967 ) Dividend paid to related party - (1,674 ) - Other expenses to related parties (187 ) (1,268 ) (2,216 ) (ii) Joint ventures 2018 2017 2016 US$’000 US$’000 US$’000 Interest income 2,573 4,346 2,728 Technical management fee income 1,625 1,625 1,427 Agency Fees from joint ventures 574 618 317 Charter hire and other related revenue 13,445 4,376 3,624 Charter hire and other related expenses (52,050 ) (50,741 ) (33,643 ) Payments on behalf of a joint venture (1,217 ) (585 ) (2 ) Purchase of ship from joint venture 10,250 - - Management fee income 217 350 350 Refer to Note 37 for information on the guarantees provided by the Group for loans within joint venture structures. (iii) Compensation of directors and key management personnel The remuneration of the directors and other members of key management is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. 2018 2017 2016 US$’000 US$’000 US$’000 Short-term benefits 4,839 6,026 3,511 Share-based payments 84 459 - 4,923 6,485 3,511 The remuneration of directors and key management is determined by the remuneration committee of Grindrod Shipping Holdings Limited (prior to 18 June 2018 by the remuneration committee of Grindrod Limited) having regard to the performance of individuals and market trends.

CASH AND BANK BALANCES INCLUDIN

CASH AND BANK BALANCES INCLUDING RESTRICTED CASH.	12 Months Ended
	Dec. 31, 2018
Disclosure of cash and cash equivalents [Abstract]
Disclosure of restricted cash and cash equivalents [text block]	6 CASH AND BANK BALANCES INCLUDING RESTRICTED CASH 2018 2017 US$’000 US$’000 Restricted cash, current portion 2,138 5,183 Cash on hand 438 347 Cash at bank 33,060 40,992 Cash and bank balances 35,636 46,522 Less: (2,138 ) (5,183 ) Less: Bank overdrafts - (4,028 ) 33,498 37,311 Add: Cash and cash equivalents included in a disposal group held for sale (Note 39) - 7,934 Cash and cash equivalents in the statements of cash flows 33,498 45,245 Restricted cash Classified as: Current 2,138 5,183 Non-current 11,627 - 13,765 5,183 The current portion of the restricted cash represents amounts placed in retention accounts can only be used to fund loan repayments or interest payments. The non-current portion of restricted cash represents debt reserves security deposit required due to the conditions of certain banking facilities and these deposits are not available to finance the Group’s day to day operations.

TRADE RECEIVABLES

TRADE RECEIVABLES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Trade And Other Receivables [Abstract]
Disclosure of trade and other receivables [text block]	7 TRADE RECEIVABLES 2018 2017 US$’000 US$’000 Trade receivables 8,936 17,249 Less: Loss allowance - - Loss allowance - (25 ) Included in assets of a disposal group held for sale (Note 39) - 25 8,936 17,249 Trade receivables due from the pools 3,098 1,676 Forward freight agreements - 605 Included in assets of a disposal group held for sale (Note 39) - (6,131 ) 12,034 13,399 The credit period is 1 to 30 days (2017: 1 to 30 days). No interest is charged on the outstanding invoice. Loss allowance for trade receivables has always been measured at an amount equal to lifetime expected credit losses (ECL). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. A trade receivable is written off when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. The following table details the risk profile of trade receivables based on the Group’s provision matrix. The expected credit loss rate is considered immaterial for trade receivables outstanding for less than 120 days and for trade receivables past due for more than 120 days, the Group has recognised a loss allowance of 100%, except for the adjustment to factors that are specific to the debtors, because historical experience has indicated that these receivables are generally not recoverable. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base. Trade receivables past due 2018 Not past due < 30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Estimated total gross carrying amount at default, representing net carrying amount of default 6,585 2,647 1,185 139 1,478 - 12,034 Previous accounting policy for impairment of trade receivables In 2017, allowance for doubtful debts for trade receivables were determined based on estimated irrecoverable amounts from charter hire income, determined by reference to past default experience. Included in the Group’s trade receivable balance are debtors with a carrying amount of US$4,243,000 which was past due at the end of reporting period for which the Group have not provided for, as there has not been a significant change in credit quality and the amounts are still considered recoverable. The average age of these receivables were as follows: 2017 US$’000 1 day to 30 days 2,509 31 days to 60 days 511 61 days to 90 days 209 More than 90 days 1,014 4,234 Movement in the loss allowance: 2017 US$’000 Balance at beginning of the year 5 Increase in allowance for doubtful debts 18 Effect of foreign exchange differences 2 25 Included in assets of a disposal group classified as held for sale (Note 39) (25 ) Balance at end of year -

CONTRACT ASSETS

CONTRACT ASSETS	12 Months Ended
	Dec. 31, 2018
Contract assets [abstract]
Disclosure Of Contract With customers Assets Explanatory	8 CONTRACT ASSETS This relates to unbilled revenue, recognised over the period in which the freight services are performed representing the entity’s right to consideration for the services performed as at the end of the reporting period. Management estimates the loss allowance on amounts due from customers at an amount equal to lifetime ECL, taking into account the historical default experience and the future prospects of the industry. None of the amounts due from customers at the end of the reporting period is past due.

OTHER RECEIVABLES AND PREPAYMEN

OTHER RECEIVABLES AND PREPAYMENTS	12 Months Ended
	Dec. 31, 2018
Disclosure of Other Receivables and Prepayments [Abstract]
Disclosure of prepayments and other assets [text block]	9 OTHER RECEIVABLES AND PREPAYMENTS 2018 2017 US$’000 US$’000 Current: Deposits 337 293 Prepayments 1,663 2,328 Voyages in progress 12,156 12,367 Other receivables 3,746 6,791 17,902 21,779 Included in assets of a disposal group held for sale (Note 39) - (4,592 ) 17,902 17,187 Non-current: Other receivables - 187 Included in assets of a disposal group held for sale (Note 39) - (115 ) - 72 17,902 17,259 For purpose of impairment assessment, other receivables are considered to have low credit risk as they are not due for payment at the end of the reporting period and there has been no significant increase in the risk of default on the receivables since initial recognition. Accordingly, for the purpose of impairment assessment for these receivables, the loss allowance is measured at an amount equal to 12-month expected credit losses (ECL). In determining the ECL, management has taken into account the historical default experience and the financial position of the counterparties, adjusted for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate. The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for other receivables in accordance with IFRS 9: 2018 US$’000 Balance as at 1 January 2018 - Adjustment upon application of IFRS 9 70 Change in loss allowance due to new trade receivables originated, net of those derecognised due to settlement - Amount written off (70 ) Balance as at 31 December 2018 -

DUE FROM RELATED PARTIES

DUE FROM RELATED PARTIES	12 Months Ended
	Dec. 31, 2018
DUE FROM RELATED PARTIES [Abstract]
Disclosure of Due From Related Parties [Text Block]	10 DUE FROM RELATED PARTIES 2018 2017 US$’000 US$’000 Due from related parties (Note 5) - non-interest bearing - trade - 22 - interest bearing - non-trade - 15,215 Due from joint ventures (Note 5) - non-interest bearing - non-trade 4,300 2,597 - interest bearing - non-trade 9,216 26,888 13,516 44,722 Included in assets of a disposal group held for sale (Note 39) - (17,724 ) 13,516 26,998 Amounts due from related parties and joint ventures are unsecured and repayable on demand and their carrying value approximate fair value. In 2018, interest was charged on the amounts due from joint ventures of US$9,216,000 at 15.0% per annum. In 2017, interest was charged on amounts due from related parties of US$15,215,000 at 8.22% per annum and amounts due from joint venture of US$26,888,000 at 15.0% per annum. For purpose of impairment assessment, amounts due from related parties are considered to have low credit risk as they are not due for payment at the end of the reporting period and there has been no significant increase in the risk of default on the receivables since initial recognition. Accordingly, for the purpose of impairment assessment for these receivables, the loss allowance is measured at an amount equal to 12-month expected credit losses (ECL). In determining the ECL, management has taken into account the historical default experience and the financial position of the counterparties, adjusted for factors that are specific to the related parties.

LOANS TO JOINT VENTURES

LOANS TO JOINT VENTURES	12 Months Ended
	Dec. 31, 2018
LOANS TO JOINT VENTURES [Abstract]
LOANS TO JOINT VENTURES	11 LOANS TO JOINT VENTURES 2018 2017 US$’000 US$’000 Loans to joint ventures analysed between: Assets Current assets 25,483 22,400 Provision for losses on joint ventures (1,680 ) (4,220 ) 23,803 18,180 Non-current assets - 13,748 Provision for losses on joint ventures - (6,447 ) - 7,301 Total 23,803 25,481 (1) US$2,640,000 (2017: US$2,636,000) of the loans is to a joint venture which relates to payments made for instalments due for a ship under construction in accordance with the terms of ship building contract. The loan is repayable over a period of 10 years from date ship’s delivery in 2009. The loan is unsecured and bear interest at rates ranging from 3.14% to 4.34% per annum during the year. The loan approximates the fair value as the loan is arranged at floating rates. (2) In 2017, US$11,129,000 of the loans is due from a joint venture which relates to payments made for instalments due for two ships under construction in accordance with the terms of ship building contracts. The loans were repayable over a period of 17 years from date of respective ships delivery in 2011 and 2012. The loan was unsecured and bore interest at rates ranging from 1.04% to 1.05% per annum during the year ended 2017. In 2018, the Group acquired the remaining equity interest of this joint venture resulting in the elimination of the loan balances. These loans approximate the fair value as the loan is arranged at floating rates. (3) US$22,843,000 (2017: US$22,383,000) of loans to a joint venture is unsecured and bear interest at a rate of 2% (2017: 2%) per annum during the year. The loan is expected to be repaid within 12 months from the end of the reporting period. The carrying value of the loans at year end approximates the fair value. For purpose of impairment assessment, loans to joint ventures have been considered to have significant increase in the risk of default on the loans since initial recognition because of the volatile economic environment the joint ventures operate in. Accordingly, for the purpose of impairment assessment for these receivables, the loss allowance is measured at lifetime ECL. In determining the ECL, management has taken into account the provision of losses that arose from the Group’s share of losses in joint venture that were in excess of the Group’s cost of investment in joint ventures (Note 16) and any additional loss allowance required based on the expected recovery from the loan. Under the previous accounting policy, the Group has provided an allowance of US$10,667,000 for impairment of the loans with joint ventures. The allowance represents the provision for losses on joint ventures that arose from the recognition of the Group’s share of losses in joint venture that were in excess of the group’s cost of investment in joint ventures (Note 16). The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for loans to joint venture: 2018 US$’000 Balance as at 1 January 2018 10,667 Loss allowance recognised in profit or loss (2,540 ) Amount written off (6,447 ) Balance as at 31 December 2018 1,680

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	12 DERIVATIVE FINANCIAL INSTRUMENTS Forward freight agreements and bunker swaps - analysed between: 2018 2017 US$’000 US$’000 Assets Current assets - 123 Liabilities Current liabilities (867 ) (138 ) The Group has entered into a number of forward freight agreements covering certain open positions of its capesize and handysize ships. These are entered into in the normal course of business in order to hedge against open positions in the fleet from contracts of affreightment and exposure on earnings for the handysize ships trading in a pool on the spot market. At 31 December 2018, there are 0 (2017: 7) outstanding forward freight agreements, maturing as follows: Settlement period Strike price Duration Notional value Fair value gain (loss) US$ US$’000 US$’000 2017 Derivative instruments in designated hedge accounting relationships: Current Assets January 2018 to March 2018 BSI - Ave 9,800 45 days 441 1 January 2018 to March 2018 BSI - Ave 10,300 40 days 412 16 853 17 Current Liabilities January 2018 to March 2018 BSI - Ave 8,900 30 days 267 (27 ) January 2018 to March 2018 BSI - Ave 9,150 90 days 824 (57 ) January 2018 to March 2018 BHSI - Ave 8,050 90 days 725 (40 ) January 2018 to March 2018 BHSI - Ave 8,100 15 days 122 (7 ) January 2018 to March 2018 BHSI - Ave 8,250 30 days 248 (7 ) 2,186 (138 ) The Group has entered into a number of bunker swaps, as follows: Settlement periods Strike price Quantity Notional value Fair value gain US$ US$’000 US$’000 2018 Current liabilities Derivative instruments in designated hedge accounting relationships: January 2019 to February 2019 MOPS380 457.75 1000 458 (135 ) January 2019 MOPS380 419.00 350 147 (33 ) January 2019 MOPS180 425.25 350 149 (34 ) May 2019 MOPS180 403.50 350 141 (31 ) September 2019 MOPS180 377.50 350 132 (26 ) January 2019 to September 2019 Rott 3.5% Brg 338.50 1,800 609 (101 ) January 2019 to September 2019 MOPS180 368.50 3,060 1,128 (164 ) January 2019 to September 2019 Rott 3.5% Brg 369.75 1,350 499 (118 ) January 2019 to September 2019 MOPS180 403.00 1,350 544 (119 ) January 2019 to March 2019 MOPS380 406.00 1,500 609 (106 ) 4,416 (867 ) 2017 Current asset Derivative instruments in designated hedge accounting relationships: January 2018 to December 2018 Rott 3.5% Brg 326 3,600 MT 1,174 106 BSI-Ave denotes “Baltic Supramax Index (Average)” BHSI-Ave denotes “Baltic Handysize Index (Average)” MOPS 380 denotes “Mean of Platts Singapore 380” Rott 3.5% Brg denotes “3.5% Fuel Oil Barges FOB Rotterdam”

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2018
DisclosureOfInventories [Abstract]
INVENTORIES	13 INVENTORIES 2018 2017 US$’000 US$’000 Bunkers and other consumables at cost 10,841 10,156 Ships recognised as inventories - - Ships reclassified from Ships, property, plant and equipment as inventories (Note 14) (a) 7,321 16,988 Sale of ships recognised as inventories (a) (7,321 ) (16,988 ) Included in assets of a disposal group held for sale (Note 39) - (1,078 ) 10,841 9,078 (a) On 10 October 2018, the Group entered into Memorandums of Agreement with third parties for the sale of a ship at purchase consideration of US$8,650,000. The ship was delivered to third parties on 26 October 2018. On 29 June 2017 and 27 October 2017, the Group entered into Memorandums of Agreement with third parties for the sale of ships at purchase consideration of US$10,897,000 and US$6,830,000 respectively. The ships were delivered to third parties on 17 October 2017 and 27 November 2017. Ships reclassified from Ships, property, plant and equipment as inventories is reconciled as follows: 2018 2017 US$’000 US$’000 Cost 15,203 39,256 Accumulated depreciation (3,443 ) (11,744 ) Impairment (4,439 ) (10,524 ) Carrying amount 7,321 16,988

SHIPS, PROPERTY, PLANT AND EQUI

SHIPS, PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2018
Disclosure Of Trade And Other Receivables Explanatory [Abstract]
SHIPS, PROPERTY, PLANT AND EQUIPMENT	14 SHIPS, PROPERTY, PLANT AND EQUIPMENT Office Plant and Plant and Ships Dry- Construction Freehold Leasehold Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2017 9,676 6,423 239 486,004 14,961 773 278 653 519,007 Additions 1,181 - - 339 4,880 - - 31 6,431 Disposals (340 ) (218 ) - - (3,183 ) - - (35 ) (3,776 ) Transfer 245 - (245 ) - - - - - - Reclassified to disposal group held for sale (Note 39) (5,876 ) - - (27,419 ) (1,983 ) - - (734 ) (36,012 ) Reclassification to inventories (Note 13) - - - (37,490 ) (1,766 ) - - - (39,256 ) Effect of foreign currency exchange differences 1,008 - 6 - 168 - 29 85 1,296 Balance at 31 December 2017 5,894 6,205 - 421,434 13,077 773 307 - 447,690 Additions 88 280 - 9,980 5,760 5,611 - - 21,719 Disposals (296 ) (1,057 ) - - (5,353 ) - - - (6,706 ) Acquired on acquisition of subsidiary (Note 41.2) - - - 10,584 416 - - - 11,000 Reclassification to inventories (Note 13) - (57 ) - (14,160 ) (986 ) - - - (15,203 ) Effect of foreign currency exchange differences (666 ) - - - - - (44 ) - (710 ) Balance at 31 December 2018 5,020 5,371 - 427,838 12,914 6,384 263 - 457,790 Accumulated depreciation: Balance at 1 January 2017 6,985 3,852 - 113,632 7,553 - - 199 132,221 Depreciation 706 814 - 13,416 3,745 - - 91 18,772 Disposals (218 ) (218 ) - - (3,183 ) - - (33 ) (3,652 ) Reclassified to disposal group held for sale (Note 39) (2,901 ) - - (12,119 ) (969 ) - - (300 ) (16,289 ) Reclassification to inventories (Note 13) - - - (10,948 ) (796 ) - - - (11,744 ) Effect of foreign currency exchange differences 691 - - 13 175 - - 43 922 Balance at 31 December 2017 5,263 4,448 - 103,994 6,525 - - - 120,230 Depreciation 179 768 - 10,520 2,807 - - - 14,274 Disposals (296 ) (1,057 ) - - (4,829 ) - - - (6,182 ) Reclassification to inventories (Note 13) - (57 ) - (3,203 ) (183 ) - - - (3,443 ) Effect of foreign currency exchange differences (598 ) - - - - - - - (598 ) Balance at 31 December 2018 4,548 4,102 - 111,311 4,320 - - - 124,281 Impairment: Balance at 1 January 2017 - - - 82,579 - 310 - - 82,889 Impairment losses recognised in profit or loss - - - 13,116 3,387 - - - 16,503 Reclassification to inventories (Note 13) - - - (10,524 ) - - - - (10,524 ) Balance at 31 December 2017 - - - 85,171 3,387 310 - - 88,868 Reclassification to inventories (Note 13) - - - (4,439 ) - - - - (4,439 ) Disposal - - - - (522 ) - - - (522 ) Balance at 31 December 2018 - - - 80,732 2,865 310 - - 83,907 Carrying Amount: At 31 December 2018 472 1,269 - 235,795 5,730 6,074 263 - 249,602 At 31 December 2017 631 1,757 - 232,269 3,165 463 307 - 238,592 Certain ships are pledged to secure bank borrowings as further discussed in Note 20.

SUBSIDIARIES

SUBSIDIARIES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Investments In Subsidiaries Explanatory [Abstract]
Disclosure of subsidiaries [text block]	15 SUBSIDIARIES Details of the Group’s subsidiaries at the end of the reporting period are as follows: Name of subsidiary Principal activity Country of Proportion of 2018 2017 % % Grindrod Shipping Pte. Ltd. Ship operating and management Singapore 100 % 100 % Grindrod Shipping (South Africa) Pty Ltd Ship operating and management South Africa 100 % 100 % Held by Grindrod Shipping Pte. Ltd IVS Bulk Owning Pte. Ltd. Dormant Singapore 100 % 100 % IVS Bulk Carriers Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 430 Pte. Ltd. Dormant Singapore 100 % 100 % IVS Bulk 462 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 475 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 511 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 512 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 603 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 609 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 611 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 612 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 707 Pte. Ltd. Ship Owning and Operating Singapore 100 % - IVS Bulk 3708 Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - IVS Bulk 3720 Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - IM Shipping Pte. Ltd. (ii) Ship Owning and Operating Singapore 100 % 51 % Grindrod Shipping Services UK Limited To provide shipping and shipping related services United Kingdom 100 % 100 % Unicorn Atlantic Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Baltic Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Ionia Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Tanker Operations (434) Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Ross Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Nyathi Limited Dormant Isle of Man 100 % 100 % Unicorn Caspian Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Marmara Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Scotia Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Malacca Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Bulk Carriers Ltd Dormant British Virgin Islands 100 % 100 % Unicorn Tankers International Ltd Dormant British Virgin Islands 100 % 100 % Grindrod Maritime LLC (formerly known as York Maritime Holdings. V. LLC) Ship Owning and Operating Marshall Islands 100 % 100 % Unicorn Sun Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - Unicorn Moon Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - Held by Grindrod Shipping (South Africa) Pty Ltd Unicorn Bunker Services Proprietary Limited (iii) Bunker owning and operating South Africa - 100 % Comshipco Schiffahrts Agentur GmbH Ship agents and operators Germany 100 % 100 % Unicorn Calulo Shipping Services Proprietary Limited (iv) Ship operating South Africa - 100 % (i) These companies were incorporated in 2018. (ii) On 6 April 2018, the Group purchased 49% of the remaining issued shares in the joint venture, IM Shipping Pte. Ltd. (“IM Shipping”). Subsequent to the purchase of these shares, IM Shipping became a wholly-owned subsidiary of the Group (Note 41.2). (iii) On 1 January 2018, the Group disposed the subsidiary to a related company within Grindrod Limited (Note 39). (iv) This company was deregistered in 2018.

INTEREST IN JOINT VENTURES

INTEREST IN JOINT VENTURES	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about Joint venture [Abstract]
INTEREST IN JOINT VENTURES	16 INTEREST IN JOINT VENTURES 2018 2017 US$’000 US$’000 Cost of investment in joint ventures 80,474 80,499 Share of post-acquisition loss, net of dividends received (18,656 ) (16,203 ) Reclassification to assets classified as held for sale (c) (7,258 ) - Carrying amount 54,560 64,296 The Group’s share of losses in joint ventures that are in excess of the Group’s cost of investment of $2,445,000 (2017: $10,667,000) are accounted for as provision for losses on joint ventures (Note 11 and Note 23). Details of the joint ventures are as follows: Name of joint venture Principal activity Country of incorporation Proportion of ownership interest and voting power held by the Group Cost of investment in joint ventures 2018 2017 2018 2017 Tri-View Shipping Pte. Ltd. (b) Ship owning and operating Singapore 51 % 51 % 132 132 IM Shipping Pte. Ltd. (a) Ship owning and operating Singapore 100 % 51 % - 25 Island Bulk Carriers Pte. Ltd. (b) Ship owning and operating Singapore 65 % 65 % * * IVS Bulk Pte. Ltd. (b) Ship owning and operating Singapore 33.5 % 33.5 % 66,440 66,440 Petrochemical Shipping Limited (c) Ship owning and operating Isle of Man 50 % 50 % 13,902 13,902 Leopard Tankers Pte. Ltd. (c) Ship owning and operating Singapore 50 % 50 % * * 80,474 80,499 * Amount is less than US$1,000. (a) On 6 April 2018, the company entered into a Share Purchase Agreement with a joint venture shareholder, with respect to the purchase of ordinary shares representing 49% of the total issued shares in IM Shipping Pte. Ltd. (“IM Shipping”). Subsequent to the purchase of these shares, IM Shipping became a wholly-owned subsidiary of the company. As part of the transaction, one of the ship’s owned by IM Shipping, “IVS Magpie” was sold to a wholly-owned subsidiary of the company. (b) The Group has joint control over these entities by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval. (c) These joint venture arrangements are expected to be dissolved in 2019. Accordingly, the carrying amount of the interest in joint ventures have been reclassified to assets classified as held for sale (Note 39). The above joint ventures are accounted for using the equity method in these consolidated and combined financial statements. In 2018, the total share of joint venture companies loss after taxation amounts to US$454,000 (2017: US$12,946,000 Summarised financial information in respect of the Group s joint ventures are set out below. The summarised financial information below represents amounts shown in the joint venture s financial statements prepared in accordance with IFRSs, adjusted by the Group for equity accounting purposes. Tri-View Shipping Pte. Ltd. 2018 2017 US$’000 US$’000 Current assets 2,342 2,771 Non-current assets 11,284 11,258 Current liabilities (8,040 ) (1,397 ) Non-current liabilities - (7,966 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 2,143 2,525 Current financial liabilities (excluding trade and other payable and provisions) (7,995 ) (1,302 ) Non-current financial liabilities (excluding trade and other payables and provisions) - (7,966 ) Revenue 3,029 2,495 Gross profit 1,241 15 Profit (loss) for the year, representing total comprehensive loss for the year 920 (3,606 ) The above profit (loss) for the year include the following: Depreciation and amortisation - (772 ) Impairment loss - (3,274 ) Interest expense (328 ) (283 ) Income tax expense 11 (11 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 5,586 4,666 Proportion of the Group s ownership interest in the joint venture 51 % 51 % Other adjustments (31 ) (31 ) Carrying amount of the Group s interest in the joint venture 2,818 2,349 2018 2017 US$’000 US$’000 IM Shipping Pte. Ltd. Current assets - 1,386 Non-current assets - 21,250 Current liabilities - (3,618 ) Non-current liabilities - (31,660 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents - 705 Current financial liabilities (excluding trade and other payables and provisions) - (3,326 ) Non-current financial liabilities (excluding trade and other payables and provisions) - (31,660 ) Revenue 13,129 7,363 Gross profit 1,486 2,030 Profit (loss) for the year, representing total comprehensive loss for the year 497 (16,196 ) The above profit (loss) for the year include the following: Depreciation and amortisation - (1,821 ) Impairment loss - (16,508 ) Interest expense (131 ) (335 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net (liabilities) assets of the joint venture - (12,642 ) Proportion of the Group s ownership interest in the joint venture - 51 % Provision for losses on joint venture (Note 11) - 6,447 Other adjustments - - Carrying amount of the Group s interest in the joint venture - - 2018 2017 US$’000 US$’000 Island Bulk Carriers Pte. Ltd. Current assets 1,919 1,602 Non-current assets 403 - Current liabilities (3,499 ) (1,781 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 56 5 Current financial liabilities (excluding trade and other payables and provisions) (2,118 ) (585 ) Revenue 28,899 22,594 Gross loss (932 ) (681 ) (Loss) for the year, representing total comprehensive loss for the year (1,003 ) (761 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net liabilities of the joint venture (1,177 ) (179 ) Proportion of the Group s ownership interest in the joint venture 65 % 65 % Provision for losses on joint venture (Note 23) 765 - Carrying amount of the Group s interest in the joint venture - (116 ) 2018 2017 US$’000 US$’000 IVS Bulk Pte. Ltd. Current assets 32,567 36,572 Non-current assets 268,247 277,651 Current liabilities (21,602 ) (38,035 ) Non-current liabilities (116,314 ) (114,400 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 26,232 30,451 Current financial liabilities (excluding trade and other payables and provisions) (20,413 ) (36,722 ) Non-current financial liabilities (excluding trade and other payables and provisions) (116,314 ) (114,400 ) Revenue 44,567 39,816 Gross profit 10,921 7,930 Profit for the year, representing total comprehensive profit for the year 1,111 4,143 The above profit for the year include the following: Depreciation and amortisation (12,894 ) (11,937 ) Interest income 24 12 Interest expense (9,666 ) (9,938 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 162,898 161,788 Proportion of the Group s ownership interest in the joint venture 33.5 % 33.5 % Goodwill 3,575 3,575 Other adjustments (6,404 ) (6,406 ) Carrying amount of the Group s interest in the joint venture 51,742 51,368 2018 2017 US$’000 US$’000 Petrochemical Shipping Limited Current assets 7,083 4,810 Non-current assets 14,484 28,000 Current liabilities (7,050 ) (11,327 ) Non-current liabilities - (94 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 5,623 4,077 Current financial liabilities (excluding trade and other payables and provisions) (6,592 ) (10,897 ) Non-current financial liabilities (excluding trade and other payables and provisions) - - Revenue 13,755 8,297 Gross (loss) profit (604 ) 828 Loss for the year, representing total comprehensive loss for the year (6,872 ) (8,644 ) The above loss for the year include the following: Depreciation and amortisation (957 ) (1,960 ) Impairment loss (5,725 ) (8,862 ) Interest income 76 38 Interest expense (519 ) (488 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 14,517 21,389 Proportion of the Group s ownership interest in the joint venture 50 % 50 % Other adjustments (7,258 ) - Carrying amount of the Group s interest in the joint venture - 10,695 2018 2017 US$’000 US$’000 Leopard Tankers Pte. Ltd. Current assets 5,095 10,810 Non-current assets 108,000 108,000 Current liabilities (116,456 ) (127,249 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 3,899 6,229 Current financial liabilities (excluding trade and other payables and provisions) (115,883 ) (125,611 ) Revenue 16,589 19,222 Gross profit 7,137 5,364 Profit (loss) for the year, representing total comprehensive income for the year 5,079 (13,258 ) The above profit (loss) for the year include the following: Depreciation and amortisation (3 ) (5,000 ) Impairment loss - (14,491 ) Interest expense (4,765 ) (4,302 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net (liabilities) assets of the joint venture (3,361 ) (8,439 ) Proportion of the Group s ownership interest in the joint venture 50 % 50 % Provision for losses on joint venture (Note 11) 1,680 4,220 Other adjustments - - Carrying amount of the Group s interest in the joint venture - -

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2018
INTANGIBLE ASSETS [Abstract]
Disclosure of intangible assets [text block]	17 INTANGIBLE ASSETS Total US$’000 Cost: Balance at 1 January 2017 10,259 Additions 19 Reclassified to assets held for sale (Note 39) (2,951 ) Effect of foreign currency exchange differences 1,075 Balance at 31 December 2017 8,402 Disposal (550 ) Effect of foreign currency exchange differences (1,082 ) Balance at 31 December 2018 6,770 Accumulated amortisation: Balance at 1 January 2017 3,669 Amortisation 908 Reclassified to assets held for sale (Note 39) (612 ) Effect of foreign currency exchange differences 740 Balance at 31 December 2017 4,705 Amortisation 17 Disposal (550 ) Effect of foreign currency exchange differences (1,079 ) Balance at 31 December 2018 3,093 Impairment: Balance at 1 January 2017 - Impairment losses recognised in profit or loss 3,636 Balance at 31 December 2017 and 2018 3,636 Carrying Amount: At 31 December 2018 41 At 31 December 2017 61 Intangible assets include club memberships, customer relationships, purchased lease contracts and software and licences. Club memberships are lifetime memberships and are not amortised. Customer relationships arose from the acquisition of business and are amortised over 7 years. Lease contracts relate to the purchase of the rights to lease a property on favourable terms to the market, are amortised over the lease term of between 11 and 20 years. Software and licenses arose from the installation of major information systems (including packaged software) and are amortised over 3 years, the period over which the benefit is expected to accrue. In 2017, an impairment of US$3,636,000 was recognised in respect of the customer relationships based on the value in use calculations. The impairment at 31 December 2017 arose from the unfavourable change in market conditions and following which, the management performed a reassessment and the recoverable amount of the customer relationship is less than the carrying amount, resulting in the impairment. The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. Management estimate pre-tax discount rates to be % which they believe reflect current market assessments of the time value of money and the risks specific to the CGUs. The growth rates re based on industry growth forecasts and are estimated to be %. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. No impairment assessment was performed in 2018 as the carrying amount is not significant. No such impairment allowance was recognised in 2018.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2018
GOODWILL [Abstract]
GOODWILL	18 GOODWILL 2018 2017 US$’000 US$’000 Cost: Balance at 1 January 17,985 16,626 Effect of foreign currency exchange differences (1,981 ) 1,359 At 31 December 16,004 17,985 Accumulated impairment losses: Balance at 1 January 9,566 604 Impairment - 8,483 Effect of foreign currency exchange differences (913 ) 479 Balance at 31 December 8,653 9,566 Carrying amount: At 31 December 7,351 8,419 Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to benefit from that business combination. Before recognition of impairment losses, the cost of goodwill had been allocated as follows: 2018 2017 US$’000 US$’000 Cost: Island Trading and Shipping 3,064 3,064 Unicorn Tankers, a division of Grindrod Shipping (South Africa) Pty Ltd 12,097 14,040 Parcel Service 239 277 Unicorn Tankers International 604 604 16,004 17,985 The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amounts of the CGUs are determined based on value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The following CGUs have carrying amounts of goodwill that are considered significant in comparison with the Group’s total goodwill balance: Unicorn Tankers, a division of Grindrod Shipping (South Africa) Pty Ltd The Group prepares five-year period cash flow forecasts derived from the most recent financial budgets approved by management and the cash flows for the five-year period have been extrapolated using an estimated growth rate of 5.5% (2017: 5.5%) per annum. This rate does not exceed the average long-term growth rate for the relevant markets. The rate used to discount the forecast cash flows is 15% (2017: 15%). Based on the value in use calculations, no impairment was required at 31 December 2018 (2017: US$6,119,000 and 2016: US$Nil). The impairment at 31 December 2017 arose from the unfavourable change in market conditions and following which, the management performed a reassessment and the recoverable amount of the CGU is less than the carrying amount, resulting in the impairment. As at 31 December 2018, any reasonably possible change to the key assumptions applied is not likely to cause the recoverable amount to be below the carrying amounts of the CGU.

DEFERRED TAX

DEFERRED TAX	12 Months Ended
	Dec. 31, 2018
Disclosure of deferred taxes [Abstract]
DEFERRED TAX	19 DEFERRED TAX The following are the major deferred tax liabilities and assets recognised by the Group and the movements thereon, during the current and prior reporting periods: 2018 2017 US$’000 US$’000 Deferred taxation analysed by major category: Capital allowances (21 ) (4,971 ) Other timing differences 1,518 2,593 Included in assets held for sale - 3,557 1,497 1,179 Reconciliation of deferred taxation: Opening balance 1,179 (2,950 ) IFRS 9 adjustment 20 - Adjusted opening balance 1,199 (2,950 ) Credit to profit or loss for the year (Note 35) 511 483 Reclassified to asset held for sale (Note 39) - 3,557 Exchange differences (213 ) 89 Closing balance 1,497 1,179 At the end of the reporting period, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised is US$956,000 (2017: US$603,000 and 2016: US$241,000). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. Subject to the agreement by the tax authorities, at the end of the reporting period, the Group has unabsorbed tax losses of US$580,000 (2017: US$580,000 and 2016: US$580,000) available for offset against future non-exempt profits. No deferred tax assets have been recognised on such losses due to the unpredictability of future profit streams.

BANK LOANS

BANK LOANS	12 Months Ended
	Dec. 31, 2018
Secured loan [Abstract]
BANK LOANS	20 BANK LOANS 2018 2017 US$’000 US$’000 Secured – at amortised cost: Bank loans 114,456 108,754 Analysed between: Current portion Within 1 year 18,323 89,573 Less: included as part of a disposal group held for sale (Note 39) - (1,609 ) 18,323 87,964 Non-current portion Within 2 to 5 years 96,133 27,131 Less: included as part of a disposal group held for sale (Note 39) - (6,341 ) 96,133 20,790 114,456 108,754 Interest payable (included in bank loans) 886 477 i. $100.0 million senior secured credit facility On 8 May 2018, the Group signed a refinancing agreement (“$100.0 million senior secured credit facility”) that replaced $50.0 million, $123.0 million and $21.0 million senior secured credit facilities (“previous loan facilities”) which had an outstanding balance of US$85,850,000 at 31 December 2017. The $100.0 million senior secured credit facility is made up of two tranches which bear interest at London Interbank Offered Rate (“LIBOR”) plus 2.95% per annum. Tranche A and B are repayable quarterly commencing 16 August 2018 and matures on 15 May 2022 and 15 May 2023 respectively, with the option to extend for a further two years. Facility fees of US$1,750,000 were payable to the lender upon signing the new loan agreement. These were recorded as transaction cost to the loan account to the extent the loan was drawn down. As at 31 December 2018, the outstanding balance in relation to this facility is US$87,741,000, net of US$1,530,000 facility fees. ii. $27.0 million senior secured credit facility The facility bears interest at LIBOR plus 2.65% per annum was fully drawn down in 2016 and is repayable quarterly, commencing 11 April 2017 and matures on 11 January 2021, with the option to extend for a further two years. As at 31 December 2018, the outstanding balance in relation to this facility is US$21,027,000 (2017: US$22,904,000). iii. $6.3 million secured term facility On 4 June 2018, the Group entered into a term facility (“$6.3 million secured term facility”) to refinance the ship loan entered by IM Shipping Pte Ltd which became a subsidiary of the Group on 6 April 2018 (Note 16). The facility bear interest at LIBOR plus 2% per annum and is repayable quarterly, commencing on 6 September 2018 and matures on 6 June 2023. Facility fees of US$32,000 were payable to the lender upon signing the new loan agreement. These were recorded as transaction cost to the loan account to the extent the loan was drawn down. As at 31 December 2018, the outstanding balance in relation to this facility is US$5,688,000, net of US$28,000 facility fees. The bank loans are secured on cash and certain ships owned by the Group. The cash pledged and the carrying value of the ships under security charge as at 31 December 2018 is US$13,765,000 and US$242,445,000 respectively. Under the previous loan facilities, the cash pledged and the carrying value of the ships under security charge as at 31 December 2017, was US$5,183,000 and US$233,866,000 respectively. In addition, the loan facility has charges over the subsidiaries’ earnings, insurances, charter and charter guarantees and any requisition compensation. Certain of the bank loans were guaranteed by the Grindrod Limited prior to the Spin-off on 18 June 2018 (Note 1) and thereafter, they are guaranteed by the Company. These bear a weighted average effective interest rate of 5.30% (2017: 3.83%) per annum. At 31 December 2018, the Group had no available undrawn committed borrowing facilities (2017: US$5,000,000) which are subjected to the Group meeting all conditions precedent to drawdown. These bank loan facilities contains financial covenants where the most stringent of which require the group to maintain the following: • book value net worth of not less than $250 million in 2018; • cash and cash equivalent (including restricted cash held in the debt service reserve account) of not less than $30 million and • a ratio of debt to market adjusted tangible fixed assets of not more than 75%. The Group was in compliance with its financial covenants as of 31 December 2018.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2018
Trade and other payables [abstract]
TRADE AND OTHER PAYABLES	21 TRADE AND OTHER PAYABLES 2018 2017 US$’000 US$’000 Trade payables 7,994 6,206 Accrued expenses 13,401 26,204 Advances received - 4,110 Others 1,372 1,218 22,767 37,738 Non-current trade and other payables (403 ) (1,167 ) 22,364 36,571 Less: included as part of a disposal group held for sale (Note 39) - (8,217 ) Current trade and other payables 22,364 28,354 Trade and other payables are recognised at amortised cost and their carrying value approximates fair value. Charter hire is paid in advance in terms of the charter contracts. The remaining payment terms are predominately 30 days. The Group’s trade and other payables are predominantly non-interest bearing and unsecured.

CONTRACT LIABILITIES

CONTRACT LIABILITIES	12 Months Ended
	Dec. 31, 2018
Contract liabilities [abstract]
CONTRACT LIABILITIES	22 CONTRACT LIABILITIES Advances received are classified as contract liabilities in accordance with IFRS 15 Revenue from Contracts with Customers. These arise when the customers’ make payments in advance and the amounts received exceeds the revenue recognised at the end of the reporting period. There were no significant changes in the contract liability balances during the reporting period.

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2018
Provision for onerous contracts [Abstract]
PROVISIONS	23 PROVISIONS 2018 2017 US$’000 US$’000 Provision for losses on investment in joint ventures (i) 765 - Provision for onerous contracts (ii) 813 1,270 1,578 1,270 (i) The joint venture, Island Bulk Carriers, incurred losses during the 2018 year. The Group has raised a provision of US$765,000 (2017: US$ Nil) being the Group’s share of these losses. (ii) Provision for onerous contracts represents the present value of the future charter payments that the Group is presently obligated to make under non-cancellable onerous operating charter agreements and contracts of affreightment, less charter revenue expected to be earned on the charter. The estimate may vary as a result of changes to ship running costs and charter and freight revenue. The rate used to discount the future charter payments is 8.33% (2017: 7.55%). Analysis of provision for onerous contracts: At beginning of the year 1,270 8,697 Released to profit or loss (457 ) (7,427 ) At the end of the financial year 813 1,270

DUE TO RELATED PARTIES

DUE TO RELATED PARTIES	12 Months Ended
	Dec. 31, 2018
Due to related party [Abstract]
DUE TO RELATED PARTIES	24 DUE TO RELATED PARTIES 2018 2017 US$’000 US$’000 Due to related parties - trade (Note 5) 2 1,073 Due to related parties - non-trade (Note 5) 1 12,906 Due to joint ventures - non-trade (Note 5) 6,235 3,965 6,238 17,944 Less: included as part of a disposal group held for sale (Note 39) - (1,014 ) 6,238 16,930

RETIREMENT BENEFIT OBLIGATION

RETIREMENT BENEFIT OBLIGATION	12 Months Ended
	Dec. 31, 2018
Disclosure of employee benefits [Abstract]
RETIREMENT BENEFIT OBLIGATION	25 RETIREMENT BENEFIT OBLIGATION The Group subsidises the medical aid contributions of certain retired employees and has an obligation to subsidise contributions of certain current employees when they reach retirement. In prior periods, the Group undertook to offer pensioners a voluntary benefit in lieu of their current medical subsidy in order to close out the liability on the statement of financial position. The proposed offer had three options, namely an annuity offer, a cash offer or to remain in the scheme. A number of employees chose the annuity and cash offer. The provision has been calculated on the remaining individuals in the scheme. The risks typically faced by the Group as a result of the post-retirement medical aid are risks relating to inflation, longevity, future changes in legislation, future changes in tax environment, perceived inequality by non-eligible employees, administration of fund and enforcement of eligibility criteria and rules. During November 2018, a valuation was performed by Alexander Forbes. Apart from paying costs of entitlement, the Group is not liable to pay additional contributions in the case the fund does not hold sufficient assets. In that case, the fund would take other measures to restore solvency. The amounts recognised in the annual financial statements in this respect are as follows: 2018 2017 US$’000 US$’000 Recognised liability at beginning of the year 2,180 2,065 Recognised in profit or loss in the current year 55 63 Interest on obligation 206 45 Current service cost - 43 Other (151 ) (25 ) Recognised in other comprehensive income in the current year (313 ) 52 Actuarial gains (8 ) (157 ) Translation (305 ) 209 Present value of unfunded obligation recognised as a liability at end of year 1,922 2,180 Less: current portion - - Long term portion 1,922 2,180 The principal actuarial assumptions applied in the determination of fair values include: Health care cost inflation rate (p.a.) 8.2 % 9.1 % Discount rate (p.a.) 9.9 % 10.5 % Continuation at retirement 75.0 % 79.5 % The effect of an increase or decrease of 1% in the assumed medical cost trend rates are as follows: 2018 2017 Increase (Decrease) Increase (Decrease) Aggregate of the current service cost and interest cost 10.4% (8.9%) 10.7% (9.1%) Accrued liability at year-end 9.9% (8.6%) 10.2% (8.8%) The sensitivity analysis presented above may not be representative of the actual change in the obligation as it is unlikely that the above change in assumptions would occur in isolation of one another. There was no change in the methods and assumptions used in preparing the sensitivity analysis from the prior year. The average duration of the benefit obligation as at 31 December 2 0 11 0 12 13 2018 2017 US$’000 US$’000 Present value of unfunded obligations 1,922 2,180 Present Value of Obligations in excess of Plan Assets 1,922 2,180

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2018
SHARE CAPITAL AND PREMIUM [Abstract]
SHARE CAPITAL	26 SHARE CAPITAL Number of shares Share capital US$’000 Issued and paid up: On 2 November 2017 (date of incorporation) and at 31 December 2017 1 * Issue of ordinary shares in connection with the Spin-off (Note 1) 19,063,832 320,683 At 31 December 2018 19,063,833 320,683 * Amount is less than US$ 1,000 Fully paid ordinary shares, which have no par value, carry one vote per share and a right to dividends as and when declared by the company.

OTHER RESERVES

OTHER RESERVES	12 Months Ended
	Dec. 31, 2018
Other reserves [abstract]
OTHER RESERVES	27 OTHER RESERVES 2018 2017 US$’000 US$’000 Share compensation reserve 1,364 - Hedging reserve (867 ) (15 ) Translation reserve (3,283 ) 5,773 Merger reserve (18,354 ) - (21,140 ) 5,758 Share compensation reserve 2018 2017 US$’000 US$’000 Balance at 1 January - - Share-based payments expenses 1,364 - Balance at 31 December 1,364 - The Group operates a forfeitable share plan (the “2018 FSP” or “Award”), in which certain employees of the company and its subsidiaries participate. On 31 July 2018, the Group granted the participating employee entitlements to be settled with a specified number of ordinary shares in the company which these shares will be allotted and issued in 3 equal tranches over a period of 3 years commencing on 1 March 2020. This is subject to the condition that the participating employee remains employed during the vesting period relevant to each tranche. A participant has no ownership rights (such as rights to dividends and voting) in the ordinary shares subject to the Award until such right has vested and the ordinary shares have been registered in the participant’s name. The Award is subject to the risk of forfeiture until the vesting date should the participating employee no longer be employed for the period ending on the vesting date. However, the participating employee may be settled with all or a portion of the Award as determined by the rules of the 2018 FSP depending on the reasons for termination of his employment prior to the vesting date, and, in the case of retirement or termination for a reason not specifically set out in the 2018 FSP prior to the vesting date, subject to the discretion of the Compensation and Nomination Committee. The vesting of the ordinary shares is not subject to any performance-related conditions. The Group may utilise treasury shares or issue new ordinary shares when settling shares upon a participating employee. The employee is not required to make any payment for the ordinary shares settled upon him or her but is liable for taxation thereon. At any time, the aggregate number of ordinary shares of the company subject to Awards and that have not vested shall not exceed 5% of the ordinary shares in issue. The 2018 FSP was adopted on 4 May 2018. On the date of adoption of the 2018 FSP, the company’s issued share capital comprised 1 ordinary share and accordingly no Awards could be granted thereunder. On 18 June 2018 the company’s share capital increased from 1 ordinary share to 19,063,833 ordinary shares, and from the following day the maximum number of ordinary shares that could have been granted was 953,191. Since 18 June 2018 there has been no change to the company’s share capital and as accordingly at 31 December 2018, the issued share capital of the company comprised 19,063,833 ordinary shares. As at that date, 743,000 and the maximum number of ordinary shares in respect of which further Awards could have been granted under the 2018 FSP was 210,191. Details of the share awards outstanding during the year are as follows: 2018 Number of share awards Fair value at grant date Outstanding at beginning of the year - Granted during the year 743,000 US$10.18 Forfeited during the year - Outstanding at the end of the year 743,000 The fair value at grant date is determined based on the share price on the date of the grant. The Group recognised total expenses of $2,294,000 related to share-based payment transactions during the year and of which, $1,364,000 relates to the 2018 FSP and $933,000 relates to forfeitable share plan previously granted by Grindrod Limited. Hedging reserve The hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge recognised in other comprehensive income and accumulated in hedging reserve is reclassified to profit or loss when the hedged transaction impacts the profit or loss, or is included as a basis adjustment to the non-financial hedged item, consistent with the applicable accounting policy. Translation reserve Exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into United States dollars are brought to account by recognising those exchange differences in other comprehensive income and accumulating them in a separate component of equity under the header of translation reserve. Gains and losses on hedging instruments that are designated as hedges of net investments in foreign operations are also recognised in other comprehensive income and accumulated in a separate component of equity under the header of translation reserve. Merger reserve This represents the residual differences between the ‘Parent invested capital’ and the Company’s ‘share capital’ as a result of the Spin-off (Note 2.2).

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2018
Revenue [abstract]
REVENUE	28 REVENUE A disaggregation of the Group’s revenue for the year based on timing of revenue recognition is as follows: 2018 2017 2016 US$’000 US$’000 US$’000 Over time: Charter hire 135,027 128,355 97,322 Freight revenue 168,828 257,614 256,801 Vessel revenue 303,855 385,969 354,123 Management fees 5,676 5,252 4,178 Miscellaneous 820 574 956 Other 6,496 5,826 5,134 At a point in time: Sale of ships 8,477 17,155 12,275 Sale of bunkers and other consumables 190 572 - Ship sales 8,667 17,727 12,275 319,018 409,522 371,532 Management expects that 100% of the transaction price allocated to the unsatisfied contracts as of 31 December 2018 will be recognised as revenue during the next reporting period. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2018
Disclosure of segments abstract [Abstract]
SEGMENT INFORMATION	29 SEGMENT INFORMATION The information reported to the Group’s chief operating decision maker, who are directors of the Group, for the purpose of resource allocation and assessment of segment performance is provided based on the six operating segments within the two businesses of the Group, which are also reportable segments of the Group: a. In the drybulk carrier business, the Group operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk vessels across the world. The Group operates this business with a focus on the categories of vessels – namely Handysize and Supramax, with all others businesses within this business categorized as Others. Accordingly, the reportable segments of the drybulk business are: Handysize; Supramax and Others. b. In the tanker business, the Group operates a diversified fleet of owned, long-term chartered and joint-venture liquid-bulk vessels across the world. The Group operates this business with a focus on the categories of vessels – namely MR Tankers and Small Tankers, with all other businesses within this business categorized as Others. Accordingly, the reportable segments of the tanker business are: MR Tankers; Small Tankers and Others. The reportable segments of the Group have been identified on a primary basis by the business segment which is representative of the internal reporting used for management purposes, including the chief operating decision maker, as well as the source and nature of business risks and returns. Joint-ventures financial information are included within the segment information on a proportionate consolidation basis as the Group’s chief operating decision maker reviews them together with the entities of the Group. Accordingly, joint-ventures’ proportionate financial information are adjusted out to reconcile to the consolidated and combined financial statements in the ‘Adjustments’ column. Segment profit (i.e. Gross (loss)/profit) represents the profit earned by each segment without allocation of central administration costs and directors’ salaries. This is the measure reported to the Group’s chief operating decision maker for the purposes of resource allocation and assessment of segment performance. Group activities that do not relate to the above two segments are accumulated in the ‘Unallocated’ segment financial information. Revenue reported in the segments represents revenue generated from external customers. There were no inter-segment sales in 2018, 2017 and 2016. For the purpose of monitoring segment performance and allocating resources between segments, the chief operating decision maker monitors the tangible, intangible and financial assets at the consolidated and combined Group level. It is not practical to report revenue or non-current assets on a geographical basis due to the international nature of the shipping market. For the years ended 31 December 2018 and 2017, no customers accounted for 10 10 $ 40.9 10 $ 17.3 14.3 6.3 10 17.8 15.7 10.9 $ 8.9 $ 33.2 12.3 9.9 9.1 The accounting policies of the segments are the same as the Group’s accounting policies as described in Note 2. The following is an analysis of the Group’s revenue, results and additions to non-current assets by segment: 2018 Drybulk Carrier Business Tanker Business Unallocated Consolidated Handysize Supramax Others Total MR Tanker Small Tanker Others Total Total Total Adjustments Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 116,372 146,097 1,218 263,687 37,911 17,395 5,183 60,489 - 324,176 (20,321 ) 303,855 Ship sale revenue 8,667 - - 8,667 - 3,780 - 3,780 - 12,447 (3,780 ) 8,667 Other 1,670 1,225 1,060 3,955 - - 1,133 1,133 - 5,088 1,408 6,496 Total revenue 126,709 147,322 2,278 276,309 37,911 21,175 6,316 65,402 341,711 (22,693 ) 319,018 Voyage expenses (57,707 ) (71,087 ) 41 (128,753 ) (7,966 ) (3,463 ) - (11,429 ) - (140,182 ) (11,523 ) (151,705 ) Vessel operating costs (26,514 ) (3,405 ) 1,670 (28,249 ) (11,313 ) (8,960 ) 1,036 (19,237 ) - (47,486 ) 14,829 (32,657 ) Charter hire costs (16,091 ) (69,428 ) (1,468 ) (86,987 ) (16,090 ) - - (16,090 ) - (103,077 ) 2,429 (100,648 ) Depreciation and amortisation (9,016 ) (2,716 ) - (11,732 ) (3,157 ) (1,738 ) (2,268 ) (7,163 ) - (18,895 ) 4,801 (14,094 ) Cost of ship sale (7,676 ) - - (7,676 ) - (3,784 ) - (3,784 ) - (11,460 ) 3,785 (7,675 ) Other (550 ) 24 859 333 (1,269 ) (697 ) (2 ) (1,968 ) - (1,635 ) 489 (1,146 ) Costs of sales (117,554 ) (146,612 ) 1,102 (263,064 ) (39,795 ) (18,642 ) (1,234 ) (59,671 ) (322,735 ) 14,810 (307,925 ) Gross profit (loss) 9,155 710 3,380 13,245 (1,884 ) 2,533 5,082 5,731 18,976 (7,883 ) 11,093 Operating (loss) profit 1,758 (5,993 ) 271 (3,964 ) (7,368 ) (922 ) 8,075 (215 ) (6,195 ) (10,374 ) (4,110 ) (14,484 ) Interest income 1,196 1,190 2 2,388 536 258 42 836 - 3,224 563 3,787 Interest expense (4,985 ) (1,764 ) - (6,749 ) (3,249 ) (921 ) (1,104 ) (5,274 ) - (12,023 ) 5,506 (6,517 ) Share of losses of joint ventures - - - - - - - - - - (454 ) (454 ) Impairment loss recognised on financial assets (16 ) (8 ) - (24 ) (37 ) (21 ) (3 ) (61 ) - (85 ) (1,498 ) (1,583 ) Taxation 113 (131 ) (1 ) (19 ) 158 262 (1,785 ) (1,365 ) - (1,384 ) (5 ) (1,389 ) (Loss) profit for the year (1,934 ) (6,706 ) 272 (8,368 ) (9,960 ) (1,344 ) 5,225 (6,079 ) (6,195 ) (20,642 ) 2 (20,640 ) Impairment loss on ships - - - - 1,262 1,600 - 2,862 - 2,862 (2,862 ) - Capital expenditure 26,690 6,629 307 33,626 - 815 54 869 - 34,495 (1,776 ) 32,719 2017 Drybulk Carrier Business Tanker Business Unallocated Combined Handysize Supramax Others Total MR Tanker Small Tanker Others Total Total Total Adjustments Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 118,262 156,517 56,644 331,423 42,561 22,740 14,186 79,487 410,910 (24,941 ) 385,969 Ship sale revenue 6,830 - - 6,830 10,897 - - 10,897 17,727 - 17,727 Other 1,639 911 1,068 3,618 (151 ) - 958 807 4,425 1,401 5,826 Total revenue 126,731 157,428 57,712 341,871 53,307 22,740 15,144 91,191 433,062 (23,540 ) 409,522 Voyage expenses (59,004 ) (76,497 ) (11,574 ) (147,075 ) (7,555 ) (3,725 ) - (11,280 ) (158,355 ) (8,569 ) (166,924 ) Vessel operating costs (26,546 ) (3,302 ) (1,020 ) (30,868 ) (13,267 ) (9,488 ) (3,072 ) (25,827 ) (56,695 ) 15,858 (40,837 ) Charter hire costs (22,773 ) (73,336 ) (14,054 ) (110,163 ) (16,257 ) (2,148 ) - (18,405 ) (128,568 ) 820 (127,748 ) Depreciation and amortisation (10,642 ) (2,648 ) (4 ) (13,294 ) (6,476 ) (2,324 ) (4,073 ) (12,873 ) (26,167 ) 8,192 (17,975 ) Cost of ship sale (5,339 ) - - (5,339 ) (12,221 ) - - (12,221 ) (17,560 ) - (17,560 ) Other 341 (124 ) (14,957 ) (14,740 ) (756 ) (864 ) (278 ) (1,898 ) (16,638 ) 274 (16,364 ) Costs of sales (123,963 ) (155,907 ) (41,609 ) (321,479 ) (56,532 ) (18,549 ) (7,423 ) (82,504 ) (403,983 ) 16,575 (387,408 ) Gross profit 2,768 1,521 16,103 20,392 (3,225 ) 4,191 7,721 8,687 29,079 (6,965 ) 22,114 Operating (loss) profit (20,039 ) (3,109 ) 15,948 (7,200 ) (22,203 ) (9,372 ) 6,724 (24,851 ) (4,481 ) (36,532 ) (8,724 ) (45,256 ) Interest income 2,052 2,048 1,562 5,662 320 215 376 911 6,573 591 7,164 Interest expense (5,158 ) (2,218 ) (53 ) (7,429 ) (2,583 ) (600 ) (1,361 ) (4,544 ) (11,973 ) 5,425 (6,548 ) Share of losses of joint ventures - - - - - - - - - (12,946 ) (12,946 ) Taxation (250 ) (240 ) (2,410 ) (2,900 ) 316 510 (1,693 ) (867 ) (3,767 ) 541 (3,226 ) (Loss) profit for the year (23,395 ) (3,519 ) 15,047 (11,867 ) (24,150 ) (9,247 ) 4,046 (29,351 ) (4,481 ) (45,699 ) (15,113 ) (60,812 ) Impairment loss on net assets of disposal group - - 5,092 5,092 - - - - - 5,092 - 5,092 Impairment loss on goodwill and intangible assets - - - - 3,902 5,853 - 9,755 2,364 12,119 - 12,119 Impairment loss on ships 14,174 - - 14,174 13,149 4,857 - 18,006 - 32,180 (15,677 ) 16,503 Capital expenditure 4,148 4,574 1,172 9,894 2,287 20 985 3,292 - 13,186 (6,756 ) 6,430 2016 Drybulk Carrier Business Tanker Business Unallocated Combined Handysize Supramax Others Total MR Tanker Small Tanker Others Total Total Total Adjustments Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 97,239 116,171 76,643 290,053 48,672 22,561 15,721 86,954 - 377,007 (22,884 ) 354,123 Ship sale revenue - - - - 12,277 - - 12,277 - 12,277 (2 ) 12,275 Other 1,670 905 927 3,502 (859 ) - 1,118 259 - 3,761 1,373 5,134 Total revenue 98,909 117,076 77,570 293,555 60,090 22,561 16,839 99,490 - 393,045 (21,513 ) 371,532 Voyage expenses (53,362 ) (56,009 ) (20,657 ) (130,028 ) (5,019 ) (3,454 ) (113 ) (8,586 ) - (138,614 ) (2,133 ) (140,727 ) Vessel operating costs (27,046 ) (2,482 ) 862 (28,666 ) (13,768 ) (9,581 ) (3,979 ) (27,328 ) - (55,994 ) 13,083 (42,911 ) Charter hire costs (16,579 ) (59,598 ) (22,500 ) (98,677 ) (17,682 ) (3,600 ) - (21,282 ) - (119,959 ) (1,121 ) (121,080 ) Depreciation and amortisation (11,988 ) (1,860 ) (23 ) (13,871 ) (7,778 ) (1,369 ) (3,698 ) (12,845 ) - (26,716 ) 6,910 (19,806 ) Cost of ship sale - - - - (13,351 ) - - (13,351 ) - (13,351 ) - (13,351 ) Other (409 ) 1,436 (26,943 ) (25,916 ) (1,030 ) (830 ) (609 ) (2,469 ) - (28,385 ) 525 (27,860 ) Costs of sales (109,384 ) (118,513 ) (69,261 ) (297,158 ) (58,628 ) (18,834 ) (8,399 ) (85,861 ) - (383,019 ) 17,284 (365,735 ) Gross (loss) profit (10,475 ) (1,437 ) 8,309 (3,603 ) 1,462 3,727 8,439 13,628 - 10,026 (4,229 ) 5,797 Operating (loss) profit (20,058 ) (8,869 ) (3,727 ) (32,654 ) (8,799 ) 1,801 7,164 166 (2,804 ) (35,292 ) (1,457 ) (36,749 ) Interest income 1,321 1,327 1,159 3,807 276 227 359 862 - 4,669 591 5,260 Interest expense (4,531 ) (1,397 ) (91 ) (6,019 ) (2,477 ) (498 ) (243 ) (3,218 ) - (9,237 ) 4,338 (4,899 ) Share of losses of joint ventures - - - - - - - - - - (3,472 ) (3,472 ) Taxation (1,459 ) (1,498 ) (2,755 ) (5,712 ) 1,884 1,499 (1,520 ) 1,863 - (3,849 ) (3,849 ) (Loss) profit for the year (24,727 ) (10,437 ) (5,414 ) (40,578 ) (9,116 ) 3,029 5,760 (327 ) (2,804 ) (43,709 ) - (43,709 ) Impairment loss on ships 4,425 - - 4,425 8,200 - - 8,200 - 12,625 - 12,625 Capital expenditure 8,005 18,024 540 26,569 26,979 2,455 263 29,697 - 56,266 (26,711 ) 29,555

OTHER OPERATING INCOME

OTHER OPERATING INCOME	12 Months Ended
	Dec. 31, 2018
Disclosure of other operating income expense [Abstract]
Disclosure of other operating income [text block]	30 OTHER OPERATING INCOME 2018 2017 2016 US$’000 US$’000 US$’000 Foreign exchange gain 7,132 3,595 4,142 Gain on deemed disposal of previously held joint venture interest 213 - - Gain on disposal of business 3,602 - - Other operating income 512 1,101 1,545 11,459 4,696 5,687

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2018
Disclosure Of Other Operating Expense Explanatory [Abstract]
Disclosure of other operating expense [text block]	31 OTHER OPERATING EXPENSES 2018 2017 2016 US$’000 US$’000 US$’000 Impairment loss on ships (Note 14) - 16,503 12,625 Impairment loss on goodwill and intangibles - 12,119 - Impairment loss on assets of disposal group (Note 39) - 5,092 - Loss on disposal of business 347 - - Foreign exchange loss 2,871 4,102 4,266 Other operating expenses 2,219 1,382 1,202 5,437 39,198 18,093

INTEREST INCOME

INTEREST INCOME	12 Months Ended
	Dec. 31, 2018
Disclosure of interest income [Abstract]
Disclosure of interest income [text block]	32 INTEREST INCOME 2018 2017 2016 US$’000 US$’000 US$’000 Interests on loans to joint ventures (Note 5) 2,573 4,346 2,728 Guarantee fees from related parties (Note 5) - 325 486 Bank interests 1,214 1,294 1,220 Other interests - 1,199 826 3,787 7,164 5,260

INTEREST EXPENSE

INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2018
Disclosure of interest expenses [Abstract]
Disclosure of interest expense [text block]	33 INTEREST EXPENSE 2018 2017 2016 US$’000 US$’000 US$’000 Interest on bank loans 6,139 5,300 3,834 Interest on loans from related parties (Note 5) - 629 312 Amortisation of upfront fees on bank loans 220 - - Guarantee fees to related parties (Note 5) 54 451 514 Other finance cost 104 168 239 6,517 6,548 4,899

LOSS BEFORE TAXATION

LOSS BEFORE TAXATION	12 Months Ended
	Dec. 31, 2018
Disclosure of loss before taxation [Abstract]
LOSS BEFORE TAXATION	34 LOSS BEFORE TAXATION Loss before taxation has been arrived at after charging (crediting): 2018 2017 2016 US$’000 US$’000 US$’000 Depreciation of ships, dry-docking and plant and equipment (Note 14) 14,094 17,975 19,806 Depreciation of other property, plant and equipment * 180 797 688 Amortisation of intangible assets * 17 908 1,057 Total depreciation and amortisation 14,291 19,680 21,551 Impairment loss net of reversals recognised on financial assets 1,583 18 (3 ) Net gain on disposal of businesses (3,255 ) - - Gain on deemed disposal of previously held joint venture interest (213 ) - - Cost of inventories recognised as expense (included in voyage expenses) 43,119 55,347 51,997 Expense recognised in respect of equity-settled share-based payments 2,297 472 176 Employee benefits expenses (including directors’ remuneration and share based payments) 20,283 19,349 15,691 Cost of defined benefit plan and defined contribution plans included in employee benefits expenses 1,381 1,350 1,226 * Included in administrative expenses

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2018
Disclosure of income tax [Abstract]
INCOME TAX	35 INCOME TAX In December 2004, Grindrod Shipping Pte. Ltd. was granted incentives under the Approved International Shipping Enterprise Incentive (“AIS”) Scheme, with effect from 10 June 2004. The incentives to the company were extended in October 2014, with effect from 10 June 2014. As such, the shipping profits of Grindrod Shipping Pte. Ltd. are exempted from income tax under Section 13F of the Singapore Income Tax Act. The shipping profits of the subsidiaries incorporated in Singapore are exempted from income tax under Section 13A of the Singapore Income Tax Act. The tax rate used for the 2018, 2017 and 2016 reconciliations below is the corporate tax rate of 17% payable by corporate entities in Singapore on taxable profits under tax law in that jurisdiction. The corporate taxation rates payable by the South African entities in terms of the tax law in South Africa is 28% (2017: 28% and 2016: 28%). 2018 2017 2016 US$’000 US$’000 US$’000 Current tax In respect of the current year 467 3,694 2,403 Capital gains taxation 1,797 - - In respect of prior years (364 ) 15 48 1,900 3,709 2,451 Deferred tax In respect of the current year (505 ) (421 ) 1,382 In respect of prior years (6 ) (62 ) 16 (511 ) (483 ) 1,398 1,389 3,226 3,849 The total charge for the year can be reconciled to the accounting loss as follows: 2018 2017 2016 US$’000 US$’000 US$’000 Loss before tax (19,251 ) (57,586 ) (39,860 ) Income tax benefit calculated at corporate rate (3,273 ) (9,790 ) (6,776 ) Adjusted for: Effect of income that is exempted from tax 1,619 - (834 ) Effect of expenses that are not deductible in determining taxable profit 2,057 9,632 5,337 Effect of different tax rates of subsidiaries operating in other jurisdictions (107 ) (851 ) 873 Effect of tax losses disallowed to be brought forward 1,494 4,277 5,185 (Over)underprovision of tax in prior year (128 ) (47 ) 64 Effect of different tax rate applied for capital gains (273 ) - - Withholding tax - 5 - 1,389 3,226 3,849

DIVIDENDS

DIVIDENDS	12 Months Ended
	Dec. 31, 2018
Disclosure of dividends [Abstract]
DIVIDENDS	36 DIVIDENDS On 31 March 2017, an interim dividend of US$334.60 per share, amounting to US$1,674,000 was declared and paid from Grindrod Shipping (South Africa) Pty Ltd to the ultimate holding company at that time, Grindrod Limited.

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2018
Disclosure of contingent liabilities [abstract]
CONTINGENT LIABILITIES	37 CONTINGENT LIABILITIES (a) Guarantee from the Group for a joint venture loan from a financial institution: Tri-View Shipping Pte. Ltd. (“TVS”), entered into a facility agreement with TVS’ related party, Mitsui & Co. Financial Services (Asia) Ltd (“Lender”) on 17 August 2016 for a credit facility of US$5,800,000. Mitsui & Co., Ltd (“Mitsui”), the joint venture partner holding 49% of the shares in TVS, provided a guarantee to the Lender for 100% of the loan amount (“Mitsui’s Guarantee”). In consideration of Mitsui providing Mitsui’s Guarantee, a guarantee facility agreement between Mitsui and the Group was signed on 17 August 2016. The Group shall provide a guarantee fee to Mitsui for 51% of any amounts to be paid by Mitsui under the Mitsui Guarantee. At 31 December 2018, the outstanding amount relating to the above loan facility was US$2,819,000 (2017: US$4,099,000 and 2016: US5,370,000). (b) Financial support from the Grindrod Shipping Pte. Ltd. and its subsidiaries to its joint ventures: At 31 December 2018, the Group has provided financial support to joint ventures of US$59,613,000 (2017: US$63,222,000), to enable the companies to meet its obligations as and when they fall due for at least 12 months from the date of signing of their respective financial statements for the financial year ended 31 December 2018 and 2017. (c) Guarantees from Grindrod Shipping Pte. Ltd. for a joint venture loan from a financial institution Leopard Tanker Pte. Ltd. (‘‘Leopard Tanker’’) entered into a facility agreement with a financial institution for a credit facility of US$138.5 million. The Group has provided a guarantee of up to 50% of the amount loaned and an undertaking to the lender to ensure a minimum working capital balance of US$250,000 for each of the vessels held by Leopard Tanker. At 31 December 2018, the outstanding amount relating to the above loan facility was US$70,197,000 (2017: US$77,599,000). No provision has been recognised in relation to the guarantee as the management does not view such payout to be probable under IAS 37.

LEASES AND SHIP CHARTERS

LEASES AND SHIP CHARTERS	12 Months Ended
	Dec. 31, 2018
Disclosure of leases [Abstract]
LEASES AND SHIP CHARTERS	38 LEASES AND SHIP CHARTERS a) As Lessor The Group has chartered out a number of ships under time charter party agreements which are classified as operating leases. These charters have an average term of one to seven years. Operating lease receipts are recognised in profit or loss during the year as part of revenue. Note 28 provides details of charter hire revenue earned during the year. Future minimum charter receipts receivable under non-cancellable operating leases as at December are as follows: Chartered to third parties 2018 2017 2016 US$’000 US$’000 US$’000 Within 1 year 5,183 5,183 11,420 Between two to five years 2,067 17,717 18,828 After five years - - 7,337 7,250 22,900 37,585 b) As Lessee The Group has entered into time charter party agreements, classified as operating leases, to charter ships. These charters have terms of five to 10 years with renewal options included in the contracts. Operating lease payments are recognised in profit or loss during the year as part of voyage expenses (classified into ‘cost of sales’). Future minimum lease payments payable under the non-cancellable operating leases as at December are as follows: 2018 2017 2016 US$’000 US$’000 US$’000 Within 1 year 50,564 80,350 80,205 Between two to five years 52,884 94,177 143,034 After five years 20,432 6,171 15,984 123,880 180,698 239,223 2018 2017 2016 US$’000 US$’000 US$’000 Minimum lease payments under operating leases recognised as an expense in the year 107,251 148,986 136,350 Office leases Within 1 year 671 5,596 5,129 Between two to five years 116 19,413 15,333 After 5 years - 5,779 6,285 787 30,788 26,747 Residential property leases Within 1 year 338 236 269 Between two to five years 132 86 48 470 322 317 Other leases Within one year - 159 61 Between two to five years - 46 1 - 205 62 The Group has entered into 6 (2017: 3 and 2016: 3) office leases which have a remaining non-cancellable lease term ranging from 3 to 21 months (2017: 3 to 20 months and 2016: 2 to 33 months). The Group has entered into 8 (2017: 8 and 2016: 8) residential property leases which have a remaining non-cancellable lease term ranging from to months (2017: to months and 2016: to months, respectively). 3 (2017: 3 and 2016: 3) of the residential leases are for directors’ accommodation (Note 5).

ASSETS CLASSIFIED AS HELD FOR S

ASSETS CLASSIFIED AS HELD FOR SALE	12 Months Ended
	Dec. 31, 2018
Assets held for sale [Abstract]
ASSETS CLASSIFIED AS HELD FOR SALE	39 ASSETS CLASSIFIED AS HELD FOR SALE 2018 2017 US$’000 US$’000 Investment in joint ventures (i) (ii) 7,258 - Net assets of disposal group (iii) - 33,940 7,258 33,940 (i) In 2018, the Group agreed to sell the vessel in Petrochemical Shipping Limited, a joint venture of the Group, and to wind up the joint venture arrangement. The joint venture arrangement is expected to be dissolved during March 2019. The proceeds from the dissolution is expected to exceed the carrying amount of US$7,258,000 and, accordingly no impairment loss has been recognised on the classification to assets classified as held for sale. (ii) In 2018, the Group agreed to wind up Leopard Tankers Pte. Ltd., a joint venture of the Group, in such a manner that the Group will purchase two vessels, the Leopard Sun and Leopard Moon. These vessels were subsequently purchased in January 2019 and February 2019 respectively (Note 44). At 31 December 2018, the carrying amount of the investment is US$Nil, and hence no further impairment loss was recognised on the classification to assets classified as held for sale. (iii) In 2017, there was a plan to dispose two of GSSA’s businesses to then related companies within the Grindrod Limited Group. Management has assessed the fair value less cost to sell of these non-current assets and disposal groups on the date that they were classified as held for sale and recorded an impairment loss of US$5,092,000. The classes of assets and liabilities comprising the disposal group classified as held for sale are as follows: 2017 US$’000 Assets Cash and bank balances 7,934 Trade receivables 6,106 Other receivables and prepayments 4,707 Due from related parties 17,724 Inventories 1,078 Taxation 301 Ships, property, plant and equipment 16,895 Intangible assets 75 Deferred tax assets 134 Assets classified as held for sale 54,954 Liabilities Short term borrowings 1,609 Trade and other payables 8,217 Due to related parties 1,014 Taxation 142 Long-term borrowings 6,341 Deferred tax liabilities 3,691 Liabilities directly associated with assets classified as held for sale 21,014 Net assets of disposal group 33,940

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2018
Commitments [Abstract]
COMMITMENTS	40 COMMITMENTS A subsidiary has entered into shipbuilding contracts for the construction of a two bulk carriers in 2018. Under the terms of the agreements, the subsidiary has committed to payments for these ships under construction. The following has been authorised: 2018 2017 US$’000 US$’000 Due within one year 15,833 - Due within 2 to 5 years 31,665 - 47,498 - The expenditure will be financed out of cash resources from operations and bank loans.

DISPOSALS OF BUSINESSES AND ASS

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION	12 Months Ended
	Dec. 31, 2018
Sale Of Business [Abstract]
DISPOSALS OF BUSINESSES AND ASSET ACQUISITION	41 DISPOSALS OF BUSINESSES AND ASSET ACQUISITION 41.1 DISPOSALS OF BUSINESSES In connection with the Spin-Off (Note 1), the Group sold two of its businesses to then related companies within Grindrod Limited. The two businesses are namely, Ocean Africa Container Lines division (“OACL”), a division of GSSA and Unicorn Bunker Services (Pty) Ltd (“Unicorn Bunker”), a subsidiary of GSSA. The sale and purchase agreements were signed on 1 January 2018 and the consideration of the sales was US$20,985,000 (South African Rands 260 million) for OACL and US$15,496,000 (South African Rands 192 million) for UBS, respectively. Details of the sale of businesses as follows: 2018 US$’000 Total sales consideration 36,481 Carrying amount of net assets sold (1) (34,289 ) Reclassification of translation reserve to profit or loss 1,063 Gain on sale before income tax 3,255 Net cash inflow arising on disposal Total sales consideration 36,481 Less: Net settlement of amount due to related parties 3,229 Cash consideration received 33,252 Cash and cash equivalents disposed of (7,934 ) 25,318 (1) The carrying amount of US$33,940,000 as at 31 December 2017 as disclosed in Note 39 is different from net assets sold of US$34,289,000 due to adjustments of $349,000 recorded subsequent to the 31 December 2017. 41.2 ACQUISITION OF ASSETS During the year ended 31 December 2018, the Group acquired additional equity interest in IM Shipping Pte. Ltd. from its joint venture partner which increased its ownership interest from 51% to 100%. $213,000 $11,000,000 and $952,000 respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2018
Income Statement [Abstract]
EARNINGS PER SHARE	42 EARNINGS PER SHARE 2018 2017 2016 US$’000 US$’000 US$’000 Loss for the purpose of basic earnings per share Net loss attributable to the shareholders of the Group (20,640 ) (60,812 ) (43,709 ) Effect of dilutive potential on ordinary share - - - Earnings for the purposes of diluted earnings per share (20,640 ) (60,812 ) (43,709 ) Number of shares 2018 2017 2016 Weighted average number of ordinary shares for the purpose of basic earnings per share (i) 19,063,833 19,063,833 19,063,833 US$ US$ US$ Basic and diluted loss per share (1.08 ) (3.19 ) (2.29 ) Impact of changes in accounting policies Impact on profit for the year from continuing operations Impact on basic earnings Impact on diluted earnings per share 31 December 2017 31 December 2017 31 December 2017 US$’000 US$ US$ Impact of the adoption of IFRS 15 (423 ) (0.02 ) (0.02 ) Impact of the adoption of IFRS 9 (51 ) * * (474 ) (0.02 ) (0.02 ) * Amount is less than US$0.01 (i) The 743,000 shares granted under 2018 FSP in 2018 are not included in the calculation of diluted loss per share because they are antidilutive for the year ended 31 December 2018 . These shares granted under 2018 FSP could potentially dilute basic earnings per share in the future.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2018
Disclosure of going concern [Abstract]
GOING CONCERN	43 GOING CONCERN The historical consolidated and combined financial information presented has been prepared on the assumption that the Group as a whole will continue to operate as going concerns. The Board of Directors has no reason to believe that the Group will not continue to operate as a going concern.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2018
Events after reporting date [Abstract]
EVENTS AFTER THE REPORTING PERIOD	44 EVENTS AFTER THE REPORTING PERIOD (a) On 26 January 2019, the ship, Leopard Sun was purchased from the joint venture (Leopard Tankers Pte. Ltd.) for US$27,000,000 and on the 4 February 2019 the Leopard Moon was purchased from the same entity and for the same amount. The vessels were financed with a new loan facility through NIBC and the funds were used to partially settle the purchase price settlement. The remaining purchase price was settled via the shareholder loan account. (b) On 18 February 2019, the ship, Lavela was contracted for sale from the joint venture (Petrochemical Shipping Limited) for US$14,800,000. (c) In December 2018, the trustees to the Grindrod Pension Fund, a fund for employees of the Former Parent group, recommended that the portion of the pension fund surplus that related to former or current employees of GSSA should be passed down to the Group. The advisors to the Grindrod Pension Fund recommended that GSSA should be included as a second participating employer of this fund and that GSSA should receive 40% of the Pension Fund Surplus. An amendment to the rules of the Grindrod Pension Fund is required for GSSA to become a participating employer which also requires approval by the Financial Sector Conduct Authority (“FSCA”). Application for a rule amendment was submitted to the FSCA post year end and the Group is yet to receive confirmation that the change has been accepted. (d) On 2 April 2019, the ship, IVS Kawana was contracted for sale from the subsidiary (IVS Bulk 462 Pte. Ltd.) for US$7,800,000. The vessel is expected to deliver to the new owners on the 30 April 2019.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Accounting Policies [Abstract]
Statement of compliance	2.1 Statement of compliance The consolidated and combined financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”).
Description of Accounting Policy For Basis of Preparation [Text Block]	2.2 Basis of preparation of historical consolidated and combined financial information Grindrod Shipping Holdings Ltd and its subsidiaries (the “Group”) resulting from the Spin-Off in Note 1 above is regarded as a continuing entity throughout the period ended 31 December 2018, 31 December 2017 and 31 December 2016 as the Group was under the management of Grindrod and therefore considered to be under common management which forms the basis of the combined financial statements for the year ended 31 December 2017 and 31 December 2016. The financial statements presented herein represent (i) prior to 18 June 2018, the combined financial statements of GSPL and GSSA and (ii) subsequent to 18 June 2018, the consolidated financial statements of the company as a separate publicly traded company following the Spin-Off of GSPL and GSSA from Grindrod Limited. Prior to the Spin-Off, equity relating to GSPL and GSSA represents the Parent’s net investment in the Company and accordingly, this has been presented as ‘Parent invested capital’ in the combined financial statements. Upon the Spin-Off on 18 June 2018, the Parent Invested Capital was adjusted as a result of settlement of assets and liabilities of GSPL and GSSA with the Parent and formed the company’s share capital with the residual differences recognised as reserves. The financial statements are prepared in accordance with the historical cost basis except as disclosed in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 Share-based Payment, leasing transactions that are within the scope of IAS 17 Leases, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 Inventories or value in use in IAS 36 Impairment of Assets.
Application of new and revised International Financial Reporting Standards (IFRSs)	2.3 Application of new and revised International Financial Reporting Standards (IFRSs) In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2018. The adoption of these new/revised IFRSs has not resulted in significant changes to the Group’s accounting policies and has no material effect on the amounts reported for the current or prior periods except as follows: IFRS 9 Financial Instruments IFRS 9 introduces new requirements for 1) the classification and measurement of financial assets and financial liabilities, 2) impairment of financial assets and 3) general hedge accounting. Details of these new requirements as well as their impact on the financial statements are described below. The Group applied IFRS 9 with an initial application date of 1 January 2018. The Group has not restated the comparative information, which continues to be reported under IAS 39. Effects arising from the adoption of IFRS 9 have been recognised directly in retained earnings (within parent invested capital). The significant accounting policies for financial instruments under IFRS 9 is as disclosed in Note 2.7. (a) Classification and measurement of financial assets and financial liabilities The classification of financial assets is based on two criteria: the company’s business model for managing the assets and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding. There are no changes in classification and measurement of the Group’s financial assets and financial liabilities. (b) Impairment of financial assets IFRS 9 requires an expected credit loss model as opposed to an incurred credit loss model under IAS 39. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. It is no longer necessary for a credit event to have occurred before credit losses are recognised. In particular, IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses (ECL) if the credit risk on that financial instrument has increased significantly since initial recognition, or if the financial instrument is a purchased or originated credit-impaired financial asset. However, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12-months ECL. IFRS 9 also requires a simplified approach for measuring the loss allowance at an amount equal to lifetime ECL for trade receivables and contract assets in certain circumstances. Arising from the above, the amount of adjustment for each financial statement line item affected by the application is presented below. (c) General hedge accounting The new general hedge accounting requirements retain the three types of hedge accounting. However, greater flexibility has been introduced to the types of transactions eligible for hedge accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types of risk components of non-financial items that are eligible for hedge accounting. In addition, the effectiveness test has been replaced with the principle of an ‘economic relationship’. Retrospective assessment of hedge effectiveness is also no longer required. Enhanced disclosure requirements about the Group’s risk management activities have also been introduced. In accordance with IFRS 9’s transition provisions for hedge accounting, the Group has applied the IFRS 9 hedge accounting requirements prospectively from the date of initial application on 1 January 2018. The Group’s qualifying hedging relationships in place as at 1 January 2018 also qualify for hedge accounting in accordance with IFRS 9 and were therefore regarded as continuing hedging relationships. No rebalancing of any of the hedging relationships was necessary on 1 January 2018. As the critical terms of the hedging instruments match those of their corresponding hedged items, all hedging relationships continue to be effective under IFRS 9’s effectiveness assessment requirements. The Group has also not designated any hedging relationships under IFRS 9 that would not have met the qualifying hedge accounting criteria under IAS 39. IFRS 9 requires hedging gains and losses to be recognised as an adjustment to the initial carrying amount of non-financial hedged items (basis adjustment). In addition, transfers from the hedging reserve to the initial carrying amount of the hedged item are not reclassification adjustments under IAS 1 Presentation of Financial Statements and hence they do not affect other comprehensive income. Hedging gains and losses subject to basis adjustments are categorised as amounts that will not be subsequently reclassified to profit or loss in other comprehensive income. This is consistent with the Group’s practice prior to the adoption of IFRS 9. Consistent with prior periods, when a forward contract is used in a cash flow hedge or fair value hedge relationship, the Group has designated the change in fair value of the entire forward contract, i.e. including the forward element, as the hedging instrument. Apart from this, the application of the IFRS 9 hedge accounting requirements has had no other impact on the results and financial position of the Group for the current and/or prior years. Please refer to Note 4 for detailed disclosures regarding to Group’s risk management activities. IFRS 15 Revenue from Contracts with Customers IFRS 15 supersedes IAS 11 Construction Contracts, IAS 18 Revenue and the related Interpretations. IFRS 15 introduces a 5-step approach to revenue recognition. Far more prescriptive guidance has been added in IFRS 15 to deal with specific scenarios. The Group has applied IFRS 15 using the modified retrospective method with the cumulative effect of initially applying this Standard recognised at the date of initial application (1 January 2018) as an adjustment to the opening balance of retained earnings (within Parent invested capital). Therefore, the comparative information was not restated and continues to be reported under IAS 11, IAS 18 and the related Interpretations. The Group has elected to apply this Standard retrospectively only to contracts that are not completed at the date of initial application. IFRS 15 uses the terms ‘contract asset’ and ‘contract liability’ to describe what might more commonly be known as ‘accrued revenue’ and ‘deferred revenue’, however the Standard does not prohibit an entity from using alternative descriptions in the statement of financial position. The Group has adopted the terminology used in IFRS 15 to describe such balances. Contract asset relates to the unbilled revenue that was previously included in Other receivables and prepayment - Voyage in progress. Contract liability refer to the amounts received in advance from the customers that was previously included in Trade and other payables. The Group’s significant accounting policies for its revenue streams are disclosed in Note 2.18. The effects of adopting IFRS 9 and IFRS 15 under the modified retrospective approach are presented and explained below: (A) Impact on the Statement of Financial Position as at 1 January 2018 (date of initial application) Previously reported as at 31 December 2017 Adoption of IFRS 9 Adoption of IFRS 15 Adjusted as at 1 January 2018 US$’000 US$’000 US$’000 US$’000 Current assets Contract assets - - 1,799 (ii) 1,799 Other receivables and prepayments 17,187 - (1,799 ) (ii) 14,517 (871 ) (iv) Non-current assets Other receivables and prepayments 72 (70 ) (i) - 2 Deferred tax asset - 19 (i) - 19 Current liabilities Trade and other payables 28,354 - (4,380 ) (ii) 23,526 (448 ) (iv) Contract liabilities - - 4,380 (ii) 4,380 Capital and reserves Parent invested capital 313,978 (51 ) (i) (423 ) (iii) 313,504 (B) Impact of IFRS 15 on the Statement of Financial Position as at 31 December 2018 (current reporting period) Under previous IFRS Adoption of IFRS 15 Under new IFRS US$’000 US$’000 US$’000 ASSETS Current assets Contract assets - 1,959 (ii) 1,959 Other receivables and prepayments 20,069 (1,959 ) (ii) 17,902 (208 ) (iv) Current liabilities Trade and other payables 26,193 (4,223 ) (ii) 22,364 394 (iv) Contract liabilities 4,223 (ii) 4,223 Capital and reserves Accumulated losses (6,438 ) (602 ) (iii) (7,040 ) (C) Impact of IFRS 15 on the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2018 (current reporting period) Under previous IFRS Adoption IFRS 15 Under new IFRS US$’000 US$’000 US$’000 Revenue 317,626 1,392 (iii) 319,018 Cost of sales Voyage expenses (150,831 ) (874 ) (iv) (151,705 ) Charter hire (100,309 ) (339 ) (iv) (100,648 ) Explanatory notes: IFRS 9 (i) IFRS 15 (ii) (iii) (iv) (D) Impact of IFRS 15 on the Statement of Cash Flows for the year ended 31 December 2018 (current reporting period) The adoption of IFRS 15 did not have a material impact on the company’s operating, investing and financing cash flows.
New and revised International Financial Reporting Standards (IFRSs) in issue but not yet effective	2.4 New and revised IFRSs in issue but not yet effective The Group has not applied the following new and revised IFRSs that are relevant to the Group that were issued but are not yet effective: IFRS 16 Leases Amendments to IAS 28 Long Term Interests in Associates and Joint Ventures Annual Improvements to IFRS Standards 2015-2017 Cycle Amendments to IFRS 3 Business combinations ; IFRS 11 Joint Arrangements ; IAS 12 Income Taxes ; and IAS 23 Borrowing Costs Amendments to IAS 19 Employee Benefits Plan Amendment, Curtailment or Settlement IFRS 10 Consolidated Financial Statements Sale or Contribution of Assets between an Investor and its Associate or Joint Venture IFRIC 23 Uncertainty over Income Tax Treatment The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except as noted below: IFRS 16 Leases IFRS 16 is applicable to the Group’s financial statements effective 1 January 2019. The new standard amends the existing accounting standards to require lessees to recognize, on a discounted basis, the rights and obligations created by the commitment to lease assets on the balance sheet, unless the term of the lease is less than 12 months or of low value. Accordingly, the standard will result in the recognition of right-of-use assets and corresponding lease liabilities, on the basis of the discounted remaining future minimum lease payments for our existing chartered-in vessel commitments that are currently reported as operating leases adjusting for prepayments and accrued lease payments. IFRS 16 requires that the Group assess the lease contracts to identify separate components and allocates the consideration in the contract to each component. Group shall make use of the practical expedient to elect, by class of underlying asset, not to separate non-lease components from lease components specifically with respect to time charter arrangements. Upon transition, a lessee shall apply IFRS 16 to its leases either retrospectively to each prior reporting period presented (the ‘full retrospective approach’) or retrospectively with the cumulative effect of initially applying IFRS 16 recognized at the date of initial application (the ‘modified retrospective approach’). The Group will apply the modified retrospective approach upon transition. The impact of the application of this standard on the statement of financial position at 1 January 2019 will be the recognition of right of use assets of approximately $65.2 million, corresponding lease liabilities of approximately $64.6 million and a credit of approximately $0.6 million to Accumulated loss. The Group will apply the practical expedient to account for existing time charters with remaining terms of less than 1 year on the date of initial application in the same way as short-term leases. The directors expect that the application of the above principles will not result in a material difference to the amount of revenue recognized under our existing accounting policies for pool and time-out charter arrangements.
Basis of Consolidation	2.5 Basis of Consolidation The consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group (its subsidiaries) made up to 31 December each year. Control is achieved when the Group has the power over the investee, is exposed; or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affects its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including; the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; potential voting rights held by the Group, other vote holders or other parties; rights arising from other contractual arrangements; and any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments when applicable, or the cost on initial recognition of an investment in a joint venture.
Business Combinations	2.6 Business combinations Acquisition of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred by the Group to the former owners of the acquiree, and equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments (see below). The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustment depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with 9 Financial Instruments , or IAS 37 Provisions, Contingent Liabilities and Contingent Assets , as appropriate, with the corresponding gain or loss being recognised in profit or loss. Where a business combination is achieved in stages, the Group’s previously held interests in the acquired entity are remeasured to fair value at the acquisition date (i.e. the date the Group attains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have been previously recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under the IFRS are recognised at their fair value at the acquisition date, except that:  deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;  liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree’s share-based payment awards transactions with share-based payment awards transactions of the acquirer in accordance with the method in IFRS 2 Classification and measurement of share based payments at the acquisition date; and  assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured with accordance with that Standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subjected to a maximum of one year from acquisition date.
Financial Instruments	2.7 Financial instruments Financial assets and financial liabilities are recognised on the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets (Before 1 January 2018) Effective interest method The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or where appropriate, a shorter period. Income and expense is recognised on an effective interest basis for debt instruments other than those financial instruments ‘‘at fair value through profit or loss’’. Loans and receivables Trade and other receivables (including trade and other receivables, loans to joint ventures, amounts due from related parties and cash and cash equivalents) that have fixed or determinable payments that are not quoted in an active market are classified as ‘‘loans and receivables’’. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest method, except for short-term receivables when the effect of discounting is immaterial. Impairment of financial assets Financial assets, other than those at fair value through profit or loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. Objective evidence of impairment could include: • Significant financial difficulty of the issuer or counterparty; or • Default or delinquency in interest or principal payments; or • It becoming probable that the borrower will enter bankruptcy or financial re-organisation. For certain categories of financial asset, such as receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortised cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. For financial assets that are carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of receivables where the carrying amount is reduced through the use of an allowance account. When a receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent the carrying amount of the financial asset at the date the impairment is reversed. Financial assets (From 1 January 2018) The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through OCI or through profit or loss), and • those to be measured at amortised cost. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Classification of financial assets Debt instruments that meet the following conditions are subsequently measured at amortised cost: • the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments relating to derivative financial instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVTOCI): • the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL). Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortised cost of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest is recognised using the effective interest method for debt instruments measured subsequently at amortised cost, except for short-term balances when the effect of discounting is immaterial. Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate as at each reporting date. For financial assets measured at amortised cost that are not part of a designated hedging relationship, exchange differences are recognised in profit or loss in the “other operating income” (Note 30) and “other operating expense” (Note 31) line items. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade and other receivables and contract assets. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the lifetime financial instrument. The Group recognises lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers historical loss rates for each category of customers and adjusts to reflect current and forward-looking macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified forecast economic information that relate to international shipping operations in which it operates to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors. The following information is taken into account when assessing whether credit risk has increased significantly since initial recognition: • existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; • an actual or expected significant deterioration in the operating results of the debtor; Irrespective of the outcome of the above assessment, the company presumes that the credit risk on a financial asset has increased since initial recognition when contractual payments are more than 90 days past due, based on factors considered such as payment history, ongoing business dealings, settlement arrangements and financial status of the debtors, being reasonable and supportable information that demonstrates otherwise. The assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if: i) the financial instrument has a low risk of default, ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and iii) adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations. The company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Definition of default The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable: • when there is a breach of financial covenants by the counterparty; or • information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group). Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 120 days past due based on factors considered such as past payment history, ongoing business dealings, settlement arrangements and financial status of the debtor, being reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: • significant financial difficulty of the issuer or the borrower; • a breach of contract, such as a default or past due event; • the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; • it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or • the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date; for financial guarantee contracts, the exposure includes the amount drawn down as at the reporting date, together with any additional amounts expected to be drawn down in the future by default date determined based on historical trend, the Group’s understanding of the specific future financing needs of the debtors, and other relevant forward-looking information. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the company in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month ECL at the current reporting date. Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. Financial liabilities and equity instruments Classification as debt or equity Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue cost. Repurchase of the company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the company’s own equity instruments. Financial Liabilities Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost, using the effective interest method, except for short-term balances when the effect of discounting is immaterial. Bank Loans Interest-bearing bank loans are initially measured at fair value and subsequently measured at amortised cost, using the effective interest method. Interest expense calculated using the effective interest method is recognised over the term of the borrowing in accordance with the company’s accounting policy for borrowing costs (see below). Foreign exchange gains and losses For financial liabilities that are denominated in a foreign currency and are measured at amortised cost as at each reporting date, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the “other operating income” (Note 30) and “other operating expenses” (Note 31) line items in profit or loss for financial liabilities that are not part of a designated hedging relationship. The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Derivative financial instruments The Group enters into freight forward agreements and bunker swaps to manage its exposure to freight rate and bunker prices respectively. Further details of derivative financial instruments are disclosed in Note 12. Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Group designates the derivatives as hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges). A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instruments is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group designates hedges of freight rate risk and bunker prices as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: • there is an economic relationship between the hedged item and the hedging instrument; • the effect of credit risk does not dominate the value changes that result from that economic relationship; and • the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. Note 12 contains details of the fair values of the derivative instruments used for hedging purposes. Movements in the hedging reserve in equity are also detailed in the statements of profit or loss other comprehensive income (“OCI”). Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in OCI and accumulated under the heading of Hedging Reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of other operating expense or other operating income. Amounts previously recognised in OCI and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognised in profit or loss in the same line of the statement of profit or loss and other comprehensive income as the recognised hedged item. However, when the forecast transaction that is hedged, results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in other comprehensive income will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss.
Offsetting Arrangements	2.8 Offsetting Arrangements Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. A right to set-off must be available today rather than being contingent on a future event and must be exercisable by any of the counterparties, both in the normal course of business and in the event of default, insolvency or bankruptcy.
Inventories	2.9 Inventories Inventories are assets held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories which include bunkers on board ships and other consumable stores are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Cost is determined on a first-in first-out basis. Spares on board ships are charged against income when issued to the ships. When inventories are sold, the carrying amount is recognised as part of cost of sales. Any write-down of inventories to net realisable value and all losses of inventories or reversals of previous write-downs or losses are recognised in cost of sales in the period the write-down, loss or reversal occurs.
Ships, Property, Plant and Equipment	2.10 Ships, Property, Plant and Equipment Ships, property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to write off the cost of assets other than property and ships under construction over their estimated useful lives, using the straight-line method, on the following bases: Office equipment and furniture and fittings - 3 years Plant and equipment - 3 to 5 years Motor vehicles - 5 years Ships - 15 years Dry-docking - 2.5 years The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Ships and properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Depreciation of these assets, on the same bases as other assets, commences when the assets are available for use. Ships are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expense incurred during the period. The market average useful life of a ship is estimated to range from 25 to 30 years at which point it would usually be scrapped. The Group policy is to maintain a young fleet compared to the market average and estimates useful life as 15 years from date of delivery for new ships. Ships are depreciated on a straight-line basis to an estimated residual value over their useful life. From time to time, the Group’s ships are required to be dry-docked for inspection and re-licensing at which time major repairs and maintenance that cannot be performed while the ships are in operation are generally performed. The Group capitalises the costs associated with dry-docking as they occur and amortises these costs on a straight-line basis over 2.5 to 5 years, which is generally the period until the next scheduled dry-docking. A portion of the cost of acquiring a new ship is estimated and allocated to the components expected to be replaced or refurbished at the next scheduled dry-docking. If the ship is disposed before the next dry-docking, the carrying amount of dry-docking expenses is included in determining the gain or loss on disposal of the ship and taken to the profit or loss. If the period to the next dry-docking is shorter than expected, the unamortised balance of the deferred dry-docking cost is charged immediately as an expense before the next dry-docking. Fully depreciated ships, property, plant and equipment still in use are retained in the financial statements. Assets that are held for rental are initially classified as ships, property, plant and equipment. When these assets cease to be rented and a decision is made to sell these assets, the carrying amount is transferred to inventories. Upon sale of these assets, the sales value is recorded in gross revenue and the related carrying value of these assets (held as inventories) is recorded in cost of sales.
Intangible Assets	2.11 Intangible Assets Intangible assets acquired in a business combination are identified and recognised separately from goodwill. The cost of such intangible assets is their fair value at the acquisition date. Subsequent to initial recognition, they are stated on the same basis as intangible assets acquired separately. Intangible assets acquired separately are reported at cost less accumulated amortisation and accumulated impairment losses. Intangible assets with finite useful lives are amortised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives are not amortised. Each period, the useful lives of such assets are reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for the asset, such events are tested for impairment in accordance with the policy below.
Impairment of Tangible and Intangible Assets Excluding Goodwill	2.12 Impairment of Tangible and Intangible Assets Excluding Goodwill At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is indication that the asset may be impaired.
Goodwill	2.13 Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest (if any) in the entity over net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary or the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Leases	2.14 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Group as lessor Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense over the lease term on the same basis as the lease income. The Group as lessee Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the year in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Interests in Joint Ventures	2.15 Interests in Joint Ventures A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of joint ventures are incorporated in these consolidated and combined financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations . Under the equity method, an investment in a joint venture is initially recognised in the consolidated and combined statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the joint venture. When the Group’s share of losses of a joint venture exceeds the Group’s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. An investment in a joint venture is accounted for using the equity method from the date on which the investee becomes a joint venture. On acquisition of the investment in a joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 36 Impairment of Assets applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in a joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. The Group discontinues the use of the equity method from the date when the investment ceases to be a joint venture, or when the investment is classified as held for sale. When the Group retains an interest in the former joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IFRS 9 Financial Instruments. The Group continues to use the equity method when the investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss, the proportion of the gain or loss that had previously been recognised in OCI relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a Group entity transacts with a joint venture of the Group, profits and losses resulting from the transactions with the joint venture are recognised in the Group’s consolidated and combined financial statements only to the extent of interests in the joint venture that are not related to the Group.
Provisions	2.16 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as a provision. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.
Non-current assets and disposal groups held for sale	2.17 Non-current assets and disposal groups held for sale Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.
Revenue recognition and voyage expenses	2.18 Revenue recognition and voyage expenses Before 1 January 2018 Revenue represents the gross inflow of economic benefits during the period arising in the course of the ordinary activities when those inflows result in increases in equity, other than increases relating to contributions from equity participants. Included in revenue are freight, charter hire, sale of ships, bunker and consumables related to the ship sales and management fee income. Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Charter hire is recognised on a daily accrual basis. Freight revenue is recognised on completion of the voyage and for uncompleted voyages at year-end on the percentage of completion basis. Results of uncompleted voyages are included based on the estimated voyage result and the voyage time elapsed. Anticipated losses for contracts arising on uncompleted voyages are provided in full. Sales of ships, bunkers and consumables are recognised when all the following conditions are satisfied: • The Group has transferred to the buyer the significant risks and rewards of ownership of the goods; • The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • The amount of revenue can be measured reliably; • It is probable that the economic benefits associated with the transaction will flow to the entity; and • The costs incurred or to be incurred in respect of the transaction can be measured reliably. Management fee income is recognised on accrual basis over the period of services rendered. From 1 January 2018 Vessel revenue The primary source of revenue for the Group is vessel revenue; comprising of charter hire of ships and freight revenue. Charter hire For time and bareboat charter contracts, hire is typically invoiced bi-monthly or monthly in advance and hire revenue is accrued based on the daily hire rates. Pool income is accrued monthly based on monthly pool results, index and participation days. The pool index is variable and dependent on the participating vessels within the pool. Other variable hire components of the contract, such as off-hire and speed claims, are recognised only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty is subsequently resolved. In a small number of charters, the Group may earn profit share consideration, which occurs when actual spot rates earned by the vessel exceed certain thresholds for a period of time. Freight revenue Sale of ships, bunkers and consumables The Group generates revenue from the sale of ships, bunkers and consumables. Revenue is recognised when control of the ships, bunkers and consumables have been delivered to the buyer. The Group only has the right to the consideration at the point of transfer of the asset. Management fees The Group also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investees as well as providing corporate management services to such entities. The performance obligations within these contracts will typically consist of crewing, technical management, insurance and potentially commercial management. The performance obligations are satisfied concurrently and consecutively rendered over the duration of the management contract, as measured using the time that has elapsed from commencement of performance. Consideration for such contracts will generally consist of a fixed monthly management fee, plus the reimbursement of crewing and other costs for vessels being managed. Management fees are typically invoiced monthly. Voyage expenses Voyage expenses that relate directly to a contract include charter hire expenses, fuel expenses and port expenses. Before 1 January 2018, voyage expenses were expensed based on percentage of completion derived from voyage time elapsed. From 1 January 2018, contract costs are deferred and amortised over the course of the voyage on a percentage completion basis that is consistent with the revenue recognition under IFRS 15. This percentage of completion is derived from time elapsed between the tender of readiness to load a cargo or delivery of a vessel to a charterer, and the completion of discharging a cargo or redelivery of a vessel from a charterer. Contract costs are deferred only if they represent incremental costs of obtaining a contract or fulfilment costs that (i) relate directly a contract or to an anticipated contract, (ii) generate or enhance resources to be used in meeting obligations under the contract and (iii) are expected to be recovered.
Borrowing Costs	2.19 Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Share-Based Payments	2.20 Share-Based Payments Equity-settled share options – Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 27. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
Retirement Benefit Costs	2.21 Retirement Benefit Costs Payments to defined contribution retirement benefit plans are charged as an expense when employees have rendered the services entitling them to the contributions. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund, and South African defined contribution provident funds, are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:  service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);  net interest expense or income; and  remeasurement. The Group presents the first two components of defined benefit costs in profit or loss in the line item ‘Administrative expense’. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognised in the consolidated and combined statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
Employee Leave Entitlement	2.22 Employee Leave Entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period.
Income Tax	2.23 Income Tax Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted in countries where the company and subsidiaries operate by the end of the reporting period. Deferred tax is recognised on the differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised on taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset realised based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to items credited or debited outside profit or loss (either in other comprehensive income or directly in equity), in which case the tax is also recognised outside profit or loss (either in other comprehensive income or directly in equity, respectively), or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in calculating goodwill or determining the excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost.
Foreign Currency Transactions and Translation	2.24 Foreign Currency Transactions and Translation The individual financial statements of each Group entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency which is either United States dollars or South African Rands). The consolidated and combined financial statements of the Group are presented in United States Dollars. In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in profit or loss for the year. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in OCI. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in OCI. Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings. For the purpose of presenting consolidated and combined financial statements, the assets and liabilities of the Group’s foreign operations (including comparatives) are expressed in United States Dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in OCI and accumulated in a separate component of equity under the header of translation reserve. On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, loss of joint control over a jointly controlled entity that includes a foreign operation, or loss of significant influence over an associate that includes a foreign operation), all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognised, but they are not reclassified to profit or loss. In the case of a partial disposal (i.e. no loss of control) of a subsidiary that includes a foreign operation, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. of associates or jointly controlled entities not involving a change of accounting basis), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in OCI.
Cash and Cash Equivalents in the Statement of Cash Flows	2.25 Cash and Cash Equivalents in the Statement of Cash Flows Cash and cash equivalents in the statement of cash flows are comprised of cash on hand and demand deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial Guarantee Contracts	2.26 Financial Guarantee Contracts Financial guarantee contracts are accounted for in terms of IFRS 4 Insurance Contracts and are measured initially at cost and thereafter, in accordance with IAS 37 Provisions, contingent liabilities and contingent assets .

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Accounting Policies [Abstract]
Disclosure And Detailed Information About Retrospective Effects On Financial Position [Text Block]	(A) Impact on the Statement of Financial Position as at 1 January 2018 (date of initial application) Previously reported as at 31 December 2017 Adoption of IFRS 9 Adoption of IFRS 15 Adjusted as at 1 January 2018 US$’000 US$’000 US$’000 US$’000 Current assets Contract assets - - 1,799 (ii) 1,799 Other receivables and prepayments 17,187 - (1,799 ) (ii) 14,517 (871 ) (iv) Non-current assets Other receivables and prepayments 72 (70 ) (i) - 2 Deferred tax asset - 19 (i) - 19 Current liabilities Trade and other payables 28,354 - (4,380 ) (ii) 23,526 (448 ) (iv) Contract liabilities - - 4,380 (ii) 4,380 Capital and reserves Parent invested capital 313,978 (51 ) (i) (423 ) (iii) 313,504 (B) Impact of IFRS 15 on the Statement of Financial Position as at 31 December 2018 (current reporting period) Under previous IFRS Adoption of IFRS 15 Under new IFRS US$’000 US$’000 US$’000 ASSETS Current assets Contract assets - 1,959 (ii) 1,959 Other receivables and prepayments 20,069 (1,959 ) (ii) 17,902 (208 ) (iv) Current liabilities Trade and other payables 26,193 (4,223 ) (ii) 22,364 394 (iv) Contract liabilities 4,223 (ii) 4,223 Capital and reserves Accumulated losses (6,438 ) (602 ) (iii) (7,040 )
Disclosure And Detailed Information About Retrospective Effects On Profit Or Loss And Other Comprehensive Income [Text Block]	(C) Impact of IFRS 15 on the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2018 (current reporting period) Under previous IFRS Adoption IFRS 15 Under new IFRS US$’000 US$’000 US$’000 Revenue 317,626 1,392 (iii) 319,018 Cost of sales Voyage expenses (150,831 ) (874 ) (iv) (151,705 ) Charter hire (100,309 ) (339 ) (iv) (100,648 )
Disclosure of detailed information about useful lives of property plant and equipment [Text Block]	Depreciation is charged so as to write off the cost of assets other than property and ships under construction over their estimated useful lives, using the straight-line method, on the following bases: Office equipment and furniture and fittings - 3 years Plant and equipment - 3 to 5 years Motor vehicles - 5 years Ships - 15 years Dry-docking - 2.5 years

FINANCIAL INSTRUMENTS, FINANC_2

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2018
Financial instruments financial risks and capital management [Abstract]
Disclosure of detailed information about financial instruments [text block]	2018 2017 US$’000 US$’000 Financial assets Derivative instruments designated in hedge accounting relationships - 123 Financial assets at amortised cost 112,855 163,600 Less: Transferred to asset of disposal group classified as held for sale (Note 39) - (35,500 ) 112,855 128,100 112,855 128,223 Financial liabilities Derivative instruments designated in hedge accounting relationships 867 138 Financial liabilities at amortised cost 143,339 171,117 Less: Transferred to asset of disposal group classified as held for sale (Note 39) - (16,975 ) 143,339 154,142 144,206 154,280
Credit Quality Of Financial assets And Exposure To Credit Risk [Text Block]	The tables below detail the credit quality of the Group’s financial assets and other items, as well as maximum exposure to credit risk by credit risk rating grades: Note Internal credit rating 12-month or lifetime ECL Gross carrying amount Loss allowance Net carrying amount US$’000 US$’000 US$’000 31 December 2018 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 12,034 - 12,034 Contract assets 8 (i) Lifetime ECL (Simplified approach) 1,959 - 1,959 Other receivables 9 Performing 12-month ECL 16,239 - 16,239 Due from related parties 10 Performing 12-month ECL 13,516 - 13,516 Loans to joint ventures 11 Doubtful Lifetime ECL 25,483 1,680 23,803 69,231 1,680 67,551
Disclosure of detailed information about Assets and liabilities in functional currency [Text Block]	Liabilities Assets 2018 2017 2018 2017 US$’000 US$’000 US$’000 US$’000 United States dollars (1,660 ) (186 ) 4,941 2,093 South African rands (22,909 ) (19,268 ) 7,894 119 Japanese yen (6,976 ) (11 ) 765 11,132
Disclosure of detailed information about foreign currency basis spreads strengthens by 10 % in profit or loss [Text block]	Impact on profit or loss 2018 2017 US$’000 US$’000 United States dollars 328 191 South African rands (1,502 ) (1,915 ) Japanese yen (621 ) 1,112
Disclosure of detailed information about foreign currency basis spreads weaknes by 10 % in profit or loss [Text block]	Impact on profit or loss 2018 2017 US$’000 US$’000 United States dollars (328 ) (191 ) South African rands 1,502 1,915 Japanese yen 621 (1,112 )
Disclosure of detailed information maturity analysis for non-derivative financial liabilities [Text block]	Weighted average effective interest rate On demand or within 1 year Within 2 to 5 years After 5 years Adjustment Total % p.a. US$’000 US$’000 US$’000 US$’000 US$’000 Group 2018 Non-interest bearing - 28,480 403 - - 28,883 Variable interest rate instruments 5.30 23,295 108,057 - (16,896 ) 114,456 51,775 108,460 - (16,896 ) 143,339 2017 Non-interest bearing - 38,854 6,534 - - 45,388 Variable interest rate instruments 3.83 90,128 23,035 - (4,409 ) 108,754 128,982 29,569 - (4,409 ) 154,142
Disclosure of detailed information maturity analysis for derivative financial liabilities [Text Block]	On demand or within 1 year Within 2 to 5 years Adjustment Total US$’000 US$’000 US$’000 US$’000 Group 2018 Gross settled: Bunker swaps Gross outflow (867 ) - - (867 ) 2017 Gross settled: Forward freight agreements Gross inflow 17 - - 17 Gross outflow (138 ) - - (138 ) (121 ) - - (121 ) Bunker swaps Gross inflow 106 - - 106 (15 ) - - (15 )
Disclosure of detailed information about financial instruments measured at fair value on recuring basis [Text block]	2018 2017 US$’000 US$’000 Financial Assets Forward freight agreements - 17 Bunker swaps - 106 Financial Liabilities Forward freight agreements - 138 Bunker swaps 867 -
Disclosure of detailed information significant unobservable inputs used in fair value measurement of assets [Text Block]	Level 1 Level 2 Level 3 Total US$’000 US$’000 US$’000 US$’000 2018 Financial liabilities Derivative financial instruments - 867 - 867 2017 Financial assets Derivative financial instruments - 123 - 123 Financial liabilities Derivative financial instruments - 138 - 138

RELATED PARTIES TRANSACTIONS (T

RELATED PARTIES TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of related parties transactions [Abstract]
Disclosure of detailed information about transactions between related parties [Text Block]	During the year, Group entities entered into the following transactions with related parties: (i) Group companies 2018 2017 2016 US$’000 US$’000 US$’000 Freight revenue from related parties - 939 1,017 Fuel and port expenses to related parties (18,910 ) (55,895 ) (46,477 ) Bunker swaps from related companies 111 182 - Guarantee fees from related parties - 325 486 Guarantee fees to related parties (54 ) (451 ) (514 ) Interest expense on loans from related parties - (629 ) (312 ) Interest income on amounts due from related parties - 1,199 909 Management fees to related parties (1,135 ) (3,495 ) (2,956 ) Net gain on disposal of businesses 3,255 - - Overhead recovery from/ (to) related party (included in administrative expenses) 134 (202 ) (967 ) Dividend paid to related party - (1,674 ) - Other expenses to related parties (187 ) (1,268 ) (2,216 ) (ii) Joint ventures 2018 2017 2016 US$’000 US$’000 US$’000 Interest income 2,573 4,346 2,728 Technical management fee income 1,625 1,625 1,427 Agency Fees from joint ventures 574 618 317 Charter hire and other related revenue 13,445 4,376 3,624 Charter hire and other related expenses (52,050 ) (50,741 ) (33,643 ) Payments on behalf of a joint venture (1,217 ) (585 ) (2 ) Purchase of ship from joint venture 10,250 - - Management fee income 217 350 350 Refer to Note 37 for information on the guarantees provided by the Group for loans within joint venture structures. (iii) Compensation of directors and key management personnel The remuneration of the directors and other members of key management is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. 2018 2017 2016 US$’000 US$’000 US$’000 Short-term benefits 4,839 6,026 3,511 Share-based payments 84 459 - 4,923 6,485 3,511

CASH AND BANK BALANCES INCLUD_2

CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of cash and cash equivalents [Abstract]
Disclosure of detailed information about cash and bank balances [Text Block]	2018 2017 US$’000 US$’000 Restricted cash, current portion 2,138 5,183 Cash on hand 438 347 Cash at bank 33,060 40,992 Cash and bank balances 35,636 46,522 Less: (2,138 ) (5,183 ) Less: Bank overdrafts - (4,028 ) 33,498 37,311 Add: Cash and cash equivalents included in a disposal group held for sale (Note 39) - 7,934 Cash and cash equivalents in the statements of cash flows 33,498 45,245 Restricted cash Classified as: Current 2,138 5,183 Non-current 11,627 - 13,765 5,183

TRADE RECEIVABLES (Tables)

TRADE RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Trade And Other Receivables [Abstract]
Disclosure Of Detailed Information About Allowance For Doubtful Debts On Trade Receivables [Table Text Block]	2018 2017 US$’000 US$’000 Trade receivables 8,936 17,249 Less: Loss allowance - - Loss allowance - (25 ) Included in assets of a disposal group held for sale (Note 39) - 25 8,936 17,249 Trade receivables due from the pools 3,098 1,676 Forward freight agreements - 605 Included in assets of a disposal group held for sale (Note 39) - (6,131 ) 12,034 13,399
Disclosure Of Detailed Information About Trade Receivables [Table Text Block]	Trade receivables past due 2018 Not past due < 30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Estimated total gross carrying amount at default, representing net carrying amount of default 6,585 2,647 1,185 139 1,478 - 12,034 2017 US$’000 1 day to 30 days 2,509 31 days to 60 days 511 61 days to 90 days 209 More than 90 days 1,014 4,234
Disclosure of detailed information about borrowings [Table Text Block]	Movement in the loss allowance: 2017 US$’000 Balance at beginning of the year 5 Increase in allowance for doubtful debts 18 Effect of foreign exchange differences 2 25 Included in assets of a disposal group classified as held for sale (Note 39) (25 ) Balance at end of year -

OTHER RECEIVABLES AND PREPAYM_2

OTHER RECEIVABLES AND PREPAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Other Receivables and Prepayments [Abstract]
Disclosure of detailed information for prepayments and other receivables text block [Table Text Block]	2018 2017 US$’000 US$’000 Current: Deposits 337 293 Prepayments 1,663 2,328 Voyages in progress 12,156 12,367 Other receivables 3,746 6,791 17,902 21,779 Included in assets of a disposal group held for sale (Note 39) - (4,592 ) 17,902 17,187 Non-current: Other receivables - 187 Included in assets of a disposal group held for sale (Note 39) - (115 ) - 72 17,902 17,259
Disclosure of Detailed Information About Movement in Expected Credit Loss [Table Text Block]	The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for other receivables in accordance with IFRS 9: 2018 US$’000 Balance as at 1 January 2018 - Adjustment upon application of IFRS 9 70 Change in loss allowance due to new trade receivables originated, net of those derecognised due to settlement - Amount written off (70 ) Balance as at 31 December 2018 -

DUE FROM RELATED PARTIES (Table

DUE FROM RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Due From Related Parties [Abstract]
Disclosure of detailed information about Related Party transactions Text block [Text Block]	2018 2017 US$’000 US$’000 Due from related parties (Note 5) - non-interest bearing - trade - 22 - interest bearing - non-trade - 15,215 Due from joint ventures (Note 5) - non-interest bearing - non-trade 4,300 2,597 - interest bearing - non-trade 9,216 26,888 13,516 44,722 Included in assets of a disposal group held for sale (Note 39) - (17,724 ) 13,516 26,998

LOANS TO JOINT VENTURES (Tables

LOANS TO JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2018
LOANS TO JOINT VENTURES [Abstract]
Disclosure of detailed information about loans to joint ventures	2018 2017 US$’000 US$’000 Loans to joint ventures analysed between: Assets Current assets 25,483 22,400 Provision for losses on joint ventures (1,680 ) (4,220 ) 23,803 18,180 Non-current assets - 13,748 Provision for losses on joint ventures - (6,447 ) - 7,301 Total 23,803 25,481
Disclosure Of Detailed Information About Loans Recognized Credit Impaired Lifetime [Table Text Block]	The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for loans to joint venture: 2018 US$’000 Balance as at 1 January 2018 10,667 Loss allowance recognised in profit or loss (2,540 ) Amount written off (6,447 ) Balance as at 31 December 2018 1,680

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
Forward freight agreements and bunker swaps [Table Text Block]	Forward freight agreements and bunker swaps - analysed between: 2018 2017 US$’000 US$’000 Assets Current assets - 123 Liabilities Current liabilities (867 ) (138 )
Disclosure of Detailed Information of Outstanding Forward Freight Agreement Maturity [Table Text Block]	At 31 December 2018, there are 0 (2017: 7) outstanding forward freight agreements, maturing as follows: Settlement period Strike price Duration Notional value Fair value gain (loss) US$ US$’000 US$’000 2017 Derivative instruments in designated hedge accounting relationships: Current Assets January 2018 to March 2018 BSI - Ave 9,800 45 days 441 1 January 2018 to March 2018 BSI - Ave 10,300 40 days 412 16 853 17 Current Liabilities January 2018 to March 2018 BSI - Ave 8,900 30 days 267 (27 ) January 2018 to March 2018 BSI - Ave 9,150 90 days 824 (57 ) January 2018 to March 2018 BHSI - Ave 8,050 90 days 725 (40 ) January 2018 to March 2018 BHSI - Ave 8,100 15 days 122 (7 ) January 2018 to March 2018 BHSI - Ave 8,250 30 days 248 (7 ) 2,186 (138 )
Disclosure of Detailed Information of Number of Bunker Swaps [Table Text Block]	The Group has entered into a number of bunker swaps, as follows: Settlement periods Strike price Quantity Notional value Fair value gain US$ US$’000 US$’000 2018 Current liabilities Derivative instruments in designated hedge accounting relationships: January 2019 to February 2019 MOPS380 457.75 1000 458 (135 ) January 2019 MOPS380 419.00 350 147 (33 ) January 2019 MOPS180 425.25 350 149 (34 ) May 2019 MOPS180 403.50 350 141 (31 ) September 2019 MOPS180 377.50 350 132 (26 ) January 2019 to September 2019 Rott 3.5% Brg 338.50 1,800 609 (101 ) January 2019 to September 2019 MOPS180 368.50 3,060 1,128 (164 ) January 2019 to September 2019 Rott 3.5% Brg 369.75 1,350 499 (118 ) January 2019 to September 2019 MOPS180 403.00 1,350 544 (119 ) January 2019 to March 2019 MOPS380 406.00 1,500 609 (106 ) 4,416 (867 ) 2017 Current asset Derivative instruments in designated hedge accounting relationships: January 2018 to December 2018 Rott 3.5% Brg 326 3,600 MT 1,174 106

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2018
DisclosureOfInventories [Abstract]
Disclosure of detailed information about inventories text block [Text Block]	2018 2017 US$’000 US$’000 Bunkers and other consumables at cost 10,841 10,156 Ships recognised as inventories - - Ships reclassified from Ships, property, plant and equipment as inventories (Note 14) (a) 7,321 16,988 Sale of ships recognised as inventories (a) (7,321 ) (16,988 ) Included in assets of a disposal group held for sale (Note 39) - (1,078 ) 10,841 9,078 (a) On 10 October 2018, the Group entered into Memorandums of Agreement with third parties for the sale of a ship at purchase consideration of US$8,650,000. The ship was delivered to third parties on 26 October 2018. On 29 June 2017 and 27 October 2017, the Group entered into Memorandums of Agreement with third parties for the sale of ships at purchase consideration of US$10,897,000 and US$6,830,000 respectively. The ships were delivered to third parties on 17 October 2017 and 27 November 2017.
Disclosure of Detailed Information of Reclassification of Ships as Inventoriestext block [Text Block]	Ships reclassified from Ships, property, plant and equipment as inventories is reconciled as follows: 2018 2017 US$’000 US$’000 Cost 15,203 39,256 Accumulated depreciation (3,443 ) (11,744 ) Impairment (4,439 ) (10,524 ) Carrying amount 7,321 16,988

SHIPS, PROPERTY, PLANT AND EQ_2

SHIPS, PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2018
Ships property plant and equipment [Abstract]
Disclosure of detailed information about property, plant and equipment [text block]	Office Plant and Plant and Ships Dry- Construction Freehold Leasehold Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2017 9,676 6,423 239 486,004 14,961 773 278 653 519,007 Additions 1,181 - - 339 4,880 - - 31 6,431 Disposals (340 ) (218 ) - - (3,183 ) - - (35 ) (3,776 ) Transfer 245 - (245 ) - - - - - - Reclassified to disposal group held for sale (Note 39) (5,876 ) - - (27,419 ) (1,983 ) - - (734 ) (36,012 ) Reclassification to inventories (Note 13) - - - (37,490 ) (1,766 ) - - - (39,256 ) Effect of foreign currency exchange differences 1,008 - 6 - 168 - 29 85 1,296 Balance at 31 December 2017 5,894 6,205 - 421,434 13,077 773 307 - 447,690 Additions 88 280 - 9,980 5,760 5,611 - - 21,719 Disposals (296 ) (1,057 ) - - (5,353 ) - - - (6,706 ) Acquired on acquisition of subsidiary (Note 41.2) - - - 10,584 416 - - - 11,000 Reclassification to inventories (Note 13) - (57 ) - (14,160 ) (986 ) - - - (15,203 ) Effect of foreign currency exchange differences (666 ) - - - - - (44 ) - (710 ) Balance at 31 December 2018 5,020 5,371 - 427,838 12,914 6,384 263 - 457,790 Accumulated depreciation: Balance at 1 January 2017 6,985 3,852 - 113,632 7,553 - - 199 132,221 Depreciation 706 814 - 13,416 3,745 - - 91 18,772 Disposals (218 ) (218 ) - - (3,183 ) - - (33 ) (3,652 ) Reclassified to disposal group held for sale (Note 39) (2,901 ) - - (12,119 ) (969 ) - - (300 ) (16,289 ) Reclassification to inventories (Note 13) - - - (10,948 ) (796 ) - - - (11,744 ) Effect of foreign currency exchange differences 691 - - 13 175 - - 43 922 Balance at 31 December 2017 5,263 4,448 - 103,994 6,525 - - - 120,230 Depreciation 179 768 - 10,520 2,807 - - - 14,274 Disposals (296 ) (1,057 ) - - (4,829 ) - - - (6,182 ) Reclassification to inventories (Note 13) - (57 ) - (3,203 ) (183 ) - - - (3,443 ) Effect of foreign currency exchange differences (598 ) - - - - - - - (598 ) Balance at 31 December 2018 4,548 4,102 - 111,311 4,320 - - - 124,281 Impairment: Balance at 1 January 2017 - - - 82,579 - 310 - - 82,889 Impairment losses recognised in profit or loss - - - 13,116 3,387 - - - 16,503 Reclassification to inventories (Note 13) - - - (10,524 ) - - - - (10,524 ) Balance at 31 December 2017 - - - 85,171 3,387 310 - - 88,868 Reclassification to inventories (Note 13) - - - (4,439 ) - - - - (4,439 ) Disposal - - - - (522 ) - - - (522 ) Balance at 31 December 2018 - - - 80,732 2,865 310 - - 83,907 Carrying Amount: At 31 December 2018 472 1,269 - 235,795 5,730 6,074 263 - 249,602 At 31 December 2017 631 1,757 - 232,269 3,165 463 307 - 238,592

SUBSIDIARIES (Tables)

SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Significant Investments In Subsidiaries Explanatory [Abstract]
Disclosure Of Detailed Information About Subsidiaries In Consolidated Financial Statements [Text Block]	Details of the Group’s subsidiaries at the end of the reporting period are as follows: Name of subsidiary Principal activity Country of Proportion of 2018 2017 % % Grindrod Shipping Pte. Ltd. Ship operating and management Singapore 100 % 100 % Grindrod Shipping (South Africa) Pty Ltd Ship operating and management South Africa 100 % 100 % Held by Grindrod Shipping Pte. Ltd IVS Bulk Owning Pte. Ltd. Dormant Singapore 100 % 100 % IVS Bulk Carriers Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 430 Pte. Ltd. Dormant Singapore 100 % 100 % IVS Bulk 462 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 475 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 511 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 512 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 603 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 609 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 611 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 612 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 707 Pte. Ltd. Ship Owning and Operating Singapore 100 % - IVS Bulk 3708 Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - IVS Bulk 3720 Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - IM Shipping Pte. Ltd. (ii) Ship Owning and Operating Singapore 100 % 51 % Grindrod Shipping Services UK Limited To provide shipping and shipping related services United Kingdom 100 % 100 % Unicorn Atlantic Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Baltic Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Ionia Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Tanker Operations (434) Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Ross Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Nyathi Limited Dormant Isle of Man 100 % 100 % Unicorn Caspian Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Unicorn Marmara Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Scotia Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Malacca Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Bulk Carriers Ltd Dormant British Virgin Islands 100 % 100 % Unicorn Tankers International Ltd Dormant British Virgin Islands 100 % 100 % Grindrod Maritime LLC (formerly known as York Maritime Holdings. V. LLC) Ship Owning and Operating Marshall Islands 100 % 100 % Unicorn Sun Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - Unicorn Moon Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - Held by Grindrod Shipping (South Africa) Pty Ltd Unicorn Bunker Services Proprietary Limited (iii) Bunker owning and operating South Africa - 100 % Comshipco Schiffahrts Agentur GmbH Ship agents and operators Germany 100 % 100 % Unicorn Calulo Shipping Services Proprietary Limited (iv) Ship operating South Africa - 100 % (i) These companies were incorporated in 2018. (ii) On 6 April 2018, the Group purchased 49% of the remaining issued shares in the joint venture, IM Shipping Pte. Ltd. (“IM Shipping”). Subsequent to the purchase of these shares, IM Shipping became a wholly-owned subsidiary of the Group (Note 41.2). (iii) On 1 January 2018, the Group disposed the subsidiary to a related company within Grindrod Limited (Note 39). (iv) This company was deregistered in 2018.

INTEREST IN JOINT VENTURES (Tab

INTEREST IN JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about Joint venture [Abstract]
Disclosure Of Detailed Information About joint ventures [Text Block]	2018 2017 US$’000 US$’000 Cost of investment in joint ventures 80,474 80,499 Share of post-acquisition loss, net of dividends received (18,656 ) (16,203 ) Reclassification to assets classified as held for sale (c) (7,258 ) - Carrying amount 54,560 64,296
Disclosure Of Detailed Information About interest in joint ventures [Text Block]	Name of joint venture Principal activity Country of incorporation Proportion of ownership interest and voting power held by the Group Cost of investment in joint ventures 2018 2017 2018 2017 Tri-View Shipping Pte. Ltd. (b) Ship owning and operating Singapore 51 % 51 % 132 132 IM Shipping Pte. Ltd. (a) Ship owning and operating Singapore 100 % 51 % - 25 Island Bulk Carriers Pte. Ltd. (b) Ship owning and operating Singapore 65 % 65 % * * IVS Bulk Pte. Ltd. (b) Ship owning and operating Singapore 33.5 % 33.5 % 66,440 66,440 Petrochemical Shipping Limited (c) Ship owning and operating Isle of Man 50 % 50 % 13,902 13,902 Leopard Tankers Pte. Ltd. (c) Ship owning and operating Singapore 50 % 50 % * * 80,474 80,499 * Amount is less than US$1,000. (a) On 6 April 2018, the company entered into a Share Purchase Agreement with a joint venture shareholder, with respect to the purchase of ordinary shares representing 49% of the total issued shares in IM Shipping Pte. Ltd. (“IM Shipping”). Subsequent to the purchase of these shares, IM Shipping became a wholly-owned subsidiary of the company. As part of the transaction, one of the ship’s owned by IM Shipping, “IVS Magpie” was sold to a wholly-owned subsidiary of the company. (b) The Group has joint control over these entities by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval. (c) These joint venture arrangements are expected to be dissolved in 2019. Accordingly, the carrying amount of the interest in joint ventures have been reclassified to assets classified as held for sale (Note 39).
Disclosure of detailed information about Joint ventures financial statements adjusted by the group for Equity accounting [Text Block]	Summarised financial information in respect of the Group s joint ventures are set out below. The summarised financial information below represents amounts shown in the joint venture s financial statements prepared in accordance with IFRSs, adjusted by the Group for equity accounting purposes. Tri-View Shipping Pte. Ltd. 2018 2017 US$’000 US$’000 Current assets 2,342 2,771 Non-current assets 11,284 11,258 Current liabilities (8,040 ) (1,397 ) Non-current liabilities - (7,966 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 2,143 2,525 Current financial liabilities (excluding trade and other payable and provisions) (7,995 ) (1,302 ) Non-current financial liabilities (excluding trade and other payables and provisions) - (7,966 ) Revenue 3,029 2,495 Gross profit 1,241 15 Profit (loss) for the year, representing total comprehensive loss for the year 920 (3,606 ) The above profit (loss) for the year include the following: Depreciation and amortisation - (772 ) Impairment loss - (3,274 ) Interest expense (328 ) (283 ) Income tax expense 11 (11 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 5,586 4,666 Proportion of the Group s ownership interest in the joint venture 51 % 51 % Other adjustments (31 ) (31 ) Carrying amount of the Group s interest in the joint venture 2,818 2,349 2018 2017 US$’000 US$’000 IM Shipping Pte. Ltd. Current assets - 1,386 Non-current assets - 21,250 Current liabilities - (3,618 ) Non-current liabilities - (31,660 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents - 705 Current financial liabilities (excluding trade and other payables and provisions) - (3,326 ) Non-current financial liabilities (excluding trade and other payables and provisions) - (31,660 ) Revenue 13,129 7,363 Gross profit 1,486 2,030 Profit (loss) for the year, representing total comprehensive loss for the year 497 (16,196 ) The above profit (loss) for the year include the following: Depreciation and amortisation - (1,821 ) Impairment loss - (16,508 ) Interest expense (131 ) (335 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net (liabilities) assets of the joint venture - (12,642 ) Proportion of the Group s ownership interest in the joint venture - 51 % Provision for losses on joint venture (Note 11) - 6,447 Other adjustments - - Carrying amount of the Group s interest in the joint venture - - 2018 2017 US$’000 US$’000 Island Bulk Carriers Pte. Ltd. Current assets 1,919 1,602 Non-current assets 403 - Current liabilities (3,499 ) (1,781 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 56 5 Current financial liabilities (excluding trade and other payables and provisions) (2,118 ) (585 ) Revenue 28,899 22,594 Gross loss (932 ) (681 ) (Loss) for the year, representing total comprehensive loss for the year (1,003 ) (761 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net liabilities of the joint venture (1,177 ) (179 ) Proportion of the Group s ownership interest in the joint venture 65 % 65 % Provision for losses on joint venture (Note 23) 765 - Carrying amount of the Group s interest in the joint venture - (116 ) 2018 2017 US$’000 US$’000 IVS Bulk Pte. Ltd. Current assets 32,567 36,572 Non-current assets 268,247 277,651 Current liabilities (21,602 ) (38,035 ) Non-current liabilities (116,314 ) (114,400 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 26,232 30,451 Current financial liabilities (excluding trade and other payables and provisions) (20,413 ) (36,722 ) Non-current financial liabilities (excluding trade and other payables and provisions) (116,314 ) (114,400 ) Revenue 44,567 39,816 Gross profit 10,921 7,930 Profit for the year, representing total comprehensive profit for the year 1,111 4,143 The above profit for the year include the following: Depreciation and amortisation (12,894 ) (11,937 ) Interest income 24 12 Interest expense (9,666 ) (9,938 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 162,898 161,788 Proportion of the Group s ownership interest in the joint venture 33.5 % 33.5 % Goodwill 3,575 3,575 Other adjustments (6,404 ) (6,406 ) Carrying amount of the Group s interest in the joint venture 51,742 51,368 2018 2017 US$’000 US$’000 Petrochemical Shipping Limited Current assets 7,083 4,810 Non-current assets 14,484 28,000 Current liabilities (7,050 ) (11,327 ) Non-current liabilities - (94 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 5,623 4,077 Current financial liabilities (excluding trade and other payables and provisions) (6,592 ) (10,897 ) Non-current financial liabilities (excluding trade and other payables and provisions) - - Revenue 13,755 8,297 Gross (loss) profit (604 ) 828 Loss for the year, representing total comprehensive loss for the year (6,872 ) (8,644 ) The above loss for the year include the following: Depreciation and amortisation (957 ) (1,960 ) Impairment loss (5,725 ) (8,862 ) Interest income 76 38 Interest expense (519 ) (488 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 14,517 21,389 Proportion of the Group s ownership interest in the joint venture 50 % 50 % Other adjustments (7,258 ) - Carrying amount of the Group s interest in the joint venture - 10,695 2018 2017 US$’000 US$’000 Leopard Tankers Pte. Ltd. Current assets 5,095 10,810 Non-current assets 108,000 108,000 Current liabilities (116,456 ) (127,249 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 3,899 6,229 Current financial liabilities (excluding trade and other payables and provisions) (115,883 ) (125,611 ) Revenue 16,589 19,222 Gross profit 7,137 5,364 Profit (loss) for the year, representing total comprehensive income for the year 5,079 (13,258 ) The above profit (loss) for the year include the following: Depreciation and amortisation (3 ) (5,000 ) Impairment loss - (14,491 ) Interest expense (4,765 ) (4,302 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net (liabilities) assets of the joint venture (3,361 ) (8,439 ) Proportion of the Group s ownership interest in the joint venture 50 % 50 % Provision for losses on joint venture (Note 11) 1,680 4,220 Other adjustments - - Carrying amount of the Group s interest in the joint venture - -

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
INTANGIBLE ASSETS [Abstract]
Disclosure of detailed information about intangible assets [text block]	Total US$’000 Cost: Balance at 1 January 2017 10,259 Additions 19 Reclassified to assets held for sale (Note 39) (2,951 ) Effect of foreign currency exchange differences 1,075 Balance at 31 December 2017 8,402 Disposal (550 ) Effect of foreign currency exchange differences (1,082 ) Balance at 31 December 2018 6,770 Accumulated amortisation: Balance at 1 January 2017 3,669 Amortisation 908 Reclassified to assets held for sale (Note 39) (612 ) Effect of foreign currency exchange differences 740 Balance at 31 December 2017 4,705 Amortisation 17 Disposal (550 ) Effect of foreign currency exchange differences (1,079 ) Balance at 31 December 2018 3,093 Impairment: Balance at 1 January 2017 - Impairment losses recognised in profit or loss 3,636 Balance at 31 December 2017 and 2018 3,636 Carrying Amount: At 31 December 2018 41 At 31 December 2017 61

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2018
GOODWILL [Abstract]
Disclosure of detailed information about goodwill [Table Text Block]	2018 2017 US$’000 US$’000 Cost: Balance at 1 January 17,985 16,626 Effect of foreign currency exchange differences (1,981 ) 1,359 At 31 December 16,004 17,985 Accumulated impairment losses: Balance at 1 January 9,566 604 Impairment - 8,483 Effect of foreign currency exchange differences (913 ) 479 Balance at 31 December 8,653 9,566 Carrying amount: At 31 December 7,351 8,419
Disclosure of detailed information about cost of goodwill [Table Text Block]	Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to benefit from that business combination. Before recognition of impairment losses, the cost of goodwill had been allocated as follows: 2018 2017 US$’000 US$’000 Cost: Island Trading and Shipping 3,064 3,064 Unicorn Tankers, a division of Grindrod Shipping (South Africa) Pty Ltd 12,097 14,040 Parcel Service 239 277 Unicorn Tankers International 604 604 16,004 17,985

DEFERRED TAX (Tables)

DEFERRED TAX (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of deferred taxes [Abstract]
Disclosure of detailed information about deferred tax liabilities and assets [Text Block]	The following are the major deferred tax liabilities and assets recognised by the Group and the movements thereon, during the current and prior reporting periods: 2018 2017 US$’000 US$’000 Deferred taxation analysed by major category: Capital allowances (21 ) (4,971 ) Other timing differences 1,518 2,593 Included in assets held for sale - 3,557 1,497 1,179 Reconciliation of deferred taxation: Opening balance 1,179 (2,950 ) IFRS 9 adjustment 20 - Adjusted opening balance 1,199 (2,950 ) Credit to profit or loss for the year (Note 35) 511 483 Reclassified to asset held for sale (Note 39) - 3,557 Exchange differences (213 ) 89 Closing balance 1,497 1,179

BANK LOANS (Tables)

BANK LOANS (Tables)	12 Months Ended
	Dec. 31, 2018
Secured loan [Abstract]
Schedule Of Long Term Borrowings [Table Text Block]	2018 2017 US$’000 US$’000 Secured – at amortised cost: Bank loans 114,456 108,754 Analysed between: Current portion Within 1 year 18,323 89,573 Less: included as part of a disposal group held for sale (Note 39) - (1,609 ) 18,323 87,964 Non-current portion Within 2 to 5 years 96,133 27,131 Less: included as part of a disposal group held for sale (Note 39) - (6,341 ) 96,133 20,790 114,456 108,754 Interest payable (included in bank loans) 886 477

TRADE AND OTHER PAYABLES (Tabl

TRADE AND OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and other payables [abstract]
Disclosure of detailed information about trade and other payable [Table Text Block]	2018 2017 US$’000 US$’000 Trade payables 7,994 6,206 Accrued expenses 13,401 26,204 Advances received - 4,110 Others 1,372 1,218 22,767 37,738 Non-current trade and other payables (403 ) (1,167 ) 22,364 36,571 Less: included as part of a disposal group held for sale (Note 39) - (8,217 ) Current trade and other payables 22,364 28,354

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Provision for onerous contracts [Abstract]
Disclosure of detailed information about provision for onerous contract [Text Block]	2018 2017 US$’000 US$’000 Provision for losses on investment in joint ventures (i) 765 - Provision for onerous contracts (ii) 813 1,270 1,578 1,270 (i) The joint venture, Island Bulk Carriers, incurred losses during the 2018 year. The Group has raised a provision of US$765,000 (2017: US$ Nil) being the Group’s share of these losses. (ii) Provision for onerous contracts represents the present value of the future charter payments that the Group is presently obligated to make under non-cancellable onerous operating charter agreements and contracts of affreightment, less charter revenue expected to be earned on the charter. The estimate may vary as a result of changes to ship running costs and charter and freight revenue. The rate used to discount the future charter payments is 8.33% (2017: 7.55%).
Disclosure of detailed information about analysis of provision for onerous contract Text block [Text Block]	Analysis of provision for onerous contracts: At beginning of the year 1,270 8,697 Released to profit or loss (457 ) (7,427 ) At the end of the financial year 813 1,270

DUE TO RELATED PARTIES (Tables)

DUE TO RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2018
Due to related party [Abstract]
Disclosure of detailed information about related party transactions [Table Text Block]	2018 2017 US$’000 US$’000 Due to related parties - trade (Note 5) 2 1,073 Due to related parties - non-trade (Note 5) 1 12,906 Due to joint ventures - non-trade (Note 5) 6,235 3,965 6,238 17,944 Less: included as part of a disposal group held for sale (Note 39) - (1,014 ) 6,238 16,930

RETIREMENT BENEFIT OBLIGATION (

RETIREMENT BENEFIT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of employee benefits [Abstract]
Disclosure of net defined benefit liability (asset) [text block]	The amounts recognised in the annual financial statements in this respect are as follows: 2018 2017 US$’000 US$’000 Recognised liability at beginning of the year 2,180 2,065 Recognised in profit or loss in the current year 55 63 Interest on obligation 206 45 Current service cost - 43 Other (151 ) (25 ) Recognised in other comprehensive income in the current year (313 ) 52 Actuarial gains (8 ) (157 ) Translation (305 ) 209 Present value of unfunded obligation recognised as a liability at end of year 1,922 2,180 Less: current portion - - Long term portion 1,922 2,180 The principal actuarial assumptions applied in the determination of fair values include: Health care cost inflation rate (p.a.) 8.2 % 9.1 % Discount rate (p.a.) 9.9 % 10.5 % Continuation at retirement 75.0 % 79.5 %
Schedule of principal actuarial assumptions used [Table Text Block]	The effect of an increase or decrease of 1% in the assumed medical cost trend rates are as follows: 2018 2017 Increase (Decrease) Increase (Decrease) Aggregate of the current service cost and interest cost 10.4% (8.9%) 10.7% (9.1%) Accrued liability at year-end 9.9% (8.6%) 10.2% (8.8%)
Disclosure of sensitivity analysis for actuarial assumptions [text block]	There was no change in the methods and assumptions used in preparing the sensitivity analysis from the prior year. The average duration of the benefit obligation as at 31 December 2 0 11 0 12 13 2018 2017 US$’000 US$’000 Present value of unfunded obligations 1,922 2,180 Present Value of Obligations in excess of Plan Assets 1,922 2,180

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2018
Changes in equity [abstract]
Disclosure of detailed information about share capital and share premium [Table Text Block]	Number of shares Share capital US$’000 Issued and paid up: On 2 November 2017 (date of incorporation) and at 31 December 2017 1 * Issue of ordinary shares in connection with the Spin-off (Note 1) 19,063,832 320,683 At 31 December 2018 19,063,833 320,683 * Amount is less than US$ 1,000

OTHER RESERVES (Tables)

OTHER RESERVES (Tables)	12 Months Ended
	Dec. 31, 2018
Other reserves [abstract]
Disclosure Of Detailed Information About Other Reserves [Table Text Block]	2018 2017 US$’000 US$’000 Share compensation reserve 1,364 - Hedging reserve (867 ) (15 ) Translation reserve (3,283 ) 5,773 Merger reserve (18,354 ) - (21,140 ) 5,758
Disclosure Of Detailed Information About Share Option Reserves [Table Text Block]	Share compensation reserve 2018 2017 US$’000 US$’000 Balance at 1 January - - Share-based payments expenses 1,364 - Balance at 31 December 1,364 -
Disclosure of detailed information about share awards outstanding [Table Text Block]	2018 Number of share awards Fair value at grant date Outstanding at beginning of the year - Granted during the year 743,000 US$10.18 Forfeited during the year - Outstanding at the end of the year 743,000

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue [abstract]
Disclosure of Detailed Information About Timing Of Revenue [Table Text Block]	A disaggregation of the Group’s revenue for the year based on timing of revenue recognition is as follows: 2018 2017 2016 US$’000 US$’000 US$’000 Over time: Charter hire 135,027 128,355 97,322 Freight revenue 168,828 257,614 256,801 Vessel revenue 303,855 385,969 354,123 Management fees 5,676 5,252 4,178 Miscellaneous 820 574 956 Other 6,496 5,826 5,134 At a point in time: Sale of ships 8,477 17,155 12,275 Sale of bunkers and other consumables 190 572 - Ship sales 8,667 17,727 12,275 319,018 409,522 371,532

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of segments abstract [Abstract]
Disclosure of operating segments [text block]	The following is an analysis of the Group’s revenue, results and additions to non-current assets by segment: 2018 Drybulk Carrier Business Tanker Business Unallocated Consolidated Handysize Supramax Others Total MR Tanker Small Tanker Others Total Total Total Adjustments Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 116,372 146,097 1,218 263,687 37,911 17,395 5,183 60,489 - 324,176 (20,321 ) 303,855 Ship sale revenue 8,667 - - 8,667 - 3,780 - 3,780 - 12,447 (3,780 ) 8,667 Other 1,670 1,225 1,060 3,955 - - 1,133 1,133 - 5,088 1,408 6,496 Total revenue 126,709 147,322 2,278 276,309 37,911 21,175 6,316 65,402 341,711 (22,693 ) 319,018 Voyage expenses (57,707 ) (71,087 ) 41 (128,753 ) (7,966 ) (3,463 ) - (11,429 ) - (140,182 ) (11,523 ) (151,705 ) Vessel operating costs (26,514 ) (3,405 ) 1,670 (28,249 ) (11,313 ) (8,960 ) 1,036 (19,237 ) - (47,486 ) 14,829 (32,657 ) Charter hire costs (16,091 ) (69,428 ) (1,468 ) (86,987 ) (16,090 ) - - (16,090 ) - (103,077 ) 2,429 (100,648 ) Depreciation and amortisation (9,016 ) (2,716 ) - (11,732 ) (3,157 ) (1,738 ) (2,268 ) (7,163 ) - (18,895 ) 4,801 (14,094 ) Cost of ship sale (7,676 ) - - (7,676 ) - (3,784 ) - (3,784 ) - (11,460 ) 3,785 (7,675 ) Other (550 ) 24 859 333 (1,269 ) (697 ) (2 ) (1,968 ) - (1,635 ) 489 (1,146 ) Costs of sales (117,554 ) (146,612 ) 1,102 (263,064 ) (39,795 ) (18,642 ) (1,234 ) (59,671 ) (322,735 ) 14,810 (307,925 ) Gross profit (loss) 9,155 710 3,380 13,245 (1,884 ) 2,533 5,082 5,731 18,976 (7,883 ) 11,093 Operating (loss) profit 1,758 (5,993 ) 271 (3,964 ) (7,368 ) (922 ) 8,075 (215 ) (6,195 ) (10,374 ) (4,110 ) (14,484 ) Interest income 1,196 1,190 2 2,388 536 258 42 836 - 3,224 563 3,787 Interest expense (4,985 ) (1,764 ) - (6,749 ) (3,249 ) (921 ) (1,104 ) (5,274 ) - (12,023 ) 5,506 (6,517 ) Share of losses of joint ventures - - - - - - - - - - (454 ) (454 ) Impairment loss recognised on financial assets (16 ) (8 ) - (24 ) (37 ) (21 ) (3 ) (61 ) - (85 ) (1,498 ) (1,583 ) Taxation 113 (131 ) (1 ) (19 ) 158 262 (1,785 ) (1,365 ) - (1,384 ) (5 ) (1,389 ) (Loss) profit for the year (1,934 ) (6,706 ) 272 (8,368 ) (9,960 ) (1,344 ) 5,225 (6,079 ) (6,195 ) (20,642 ) 2 (20,640 ) Impairment loss on ships - - - - 1,262 1,600 - 2,862 - 2,862 (2,862 ) - Capital expenditure 26,690 6,629 307 33,626 - 815 54 869 - 34,495 (1,776 ) 32,719 2017 Drybulk Carrier Business Tanker Business Unallocated Combined Handysize Supramax Others Total MR Tanker Small Tanker Others Total Total Total Adjustments Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 118,262 156,517 56,644 331,423 42,561 22,740 14,186 79,487 410,910 (24,941 ) 385,969 Ship sale revenue 6,830 - - 6,830 10,897 - - 10,897 17,727 - 17,727 Other 1,639 911 1,068 3,618 (151 ) - 958 807 4,425 1,401 5,826 Total revenue 126,731 157,428 57,712 341,871 53,307 22,740 15,144 91,191 433,062 (23,540 ) 409,522 Voyage expenses (59,004 ) (76,497 ) (11,574 ) (147,075 ) (7,555 ) (3,725 ) - (11,280 ) (158,355 ) (8,569 ) (166,924 ) Vessel operating costs (26,546 ) (3,302 ) (1,020 ) (30,868 ) (13,267 ) (9,488 ) (3,072 ) (25,827 ) (56,695 ) 15,858 (40,837 ) Charter hire costs (22,773 ) (73,336 ) (14,054 ) (110,163 ) (16,257 ) (2,148 ) - (18,405 ) (128,568 ) 820 (127,748 ) Depreciation and amortisation (10,642 ) (2,648 ) (4 ) (13,294 ) (6,476 ) (2,324 ) (4,073 ) (12,873 ) (26,167 ) 8,192 (17,975 ) Cost of ship sale (5,339 ) - - (5,339 ) (12,221 ) - - (12,221 ) (17,560 ) - (17,560 ) Other 341 (124 ) (14,957 ) (14,740 ) (756 ) (864 ) (278 ) (1,898 ) (16,638 ) 274 (16,364 ) Costs of sales (123,963 ) (155,907 ) (41,609 ) (321,479 ) (56,532 ) (18,549 ) (7,423 ) (82,504 ) (403,983 ) 16,575 (387,408 ) Gross profit 2,768 1,521 16,103 20,392 (3,225 ) 4,191 7,721 8,687 29,079 (6,965 ) 22,114 Operating (loss) profit (20,039 ) (3,109 ) 15,948 (7,200 ) (22,203 ) (9,372 ) 6,724 (24,851 ) (4,481 ) (36,532 ) (8,724 ) (45,256 ) Interest income 2,052 2,048 1,562 5,662 320 215 376 911 6,573 591 7,164 Interest expense (5,158 ) (2,218 ) (53 ) (7,429 ) (2,583 ) (600 ) (1,361 ) (4,544 ) (11,973 ) 5,425 (6,548 ) Share of losses of joint ventures - - - - - - - - - (12,946 ) (12,946 ) Taxation (250 ) (240 ) (2,410 ) (2,900 ) 316 510 (1,693 ) (867 ) (3,767 ) 541 (3,226 ) (Loss) profit for the year (23,395 ) (3,519 ) 15,047 (11,867 ) (24,150 ) (9,247 ) 4,046 (29,351 ) (4,481 ) (45,699 ) (15,113 ) (60,812 ) Impairment loss on net assets of disposal group - - 5,092 5,092 - - - - - 5,092 - 5,092 Impairment loss on goodwill and intangible assets - - - - 3,902 5,853 - 9,755 2,364 12,119 - 12,119 Impairment loss on ships 14,174 - - 14,174 13,149 4,857 - 18,006 - 32,180 (15,677 ) 16,503 Capital expenditure 4,148 4,574 1,172 9,894 2,287 20 985 3,292 - 13,186 (6,756 ) 6,430 2016 Drybulk Carrier Business Tanker Business Unallocated Combined Handysize Supramax Others Total MR Tanker Small Tanker Others Total Total Total Adjustments Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 97,239 116,171 76,643 290,053 48,672 22,561 15,721 86,954 - 377,007 (22,884 ) 354,123 Ship sale revenue - - - - 12,277 - - 12,277 - 12,277 (2 ) 12,275 Other 1,670 905 927 3,502 (859 ) - 1,118 259 - 3,761 1,373 5,134 Total revenue 98,909 117,076 77,570 293,555 60,090 22,561 16,839 99,490 - 393,045 (21,513 ) 371,532 Voyage expenses (53,362 ) (56,009 ) (20,657 ) (130,028 ) (5,019 ) (3,454 ) (113 ) (8,586 ) - (138,614 ) (2,133 ) (140,727 ) Vessel operating costs (27,046 ) (2,482 ) 862 (28,666 ) (13,768 ) (9,581 ) (3,979 ) (27,328 ) - (55,994 ) 13,083 (42,911 ) Charter hire costs (16,579 ) (59,598 ) (22,500 ) (98,677 ) (17,682 ) (3,600 ) - (21,282 ) - (119,959 ) (1,121 ) (121,080 ) Depreciation and amortisation (11,988 ) (1,860 ) (23 ) (13,871 ) (7,778 ) (1,369 ) (3,698 ) (12,845 ) - (26,716 ) 6,910 (19,806 ) Cost of ship sale - - - - (13,351 ) - - (13,351 ) - (13,351 ) - (13,351 ) Other (409 ) 1,436 (26,943 ) (25,916 ) (1,030 ) (830 ) (609 ) (2,469 ) - (28,385 ) 525 (27,860 ) Costs of sales (109,384 ) (118,513 ) (69,261 ) (297,158 ) (58,628 ) (18,834 ) (8,399 ) (85,861 ) - (383,019 ) 17,284 (365,735 ) Gross (loss) profit (10,475 ) (1,437 ) 8,309 (3,603 ) 1,462 3,727 8,439 13,628 - 10,026 (4,229 ) 5,797 Operating (loss) profit (20,058 ) (8,869 ) (3,727 ) (32,654 ) (8,799 ) 1,801 7,164 166 (2,804 ) (35,292 ) (1,457 ) (36,749 ) Interest income 1,321 1,327 1,159 3,807 276 227 359 862 - 4,669 591 5,260 Interest expense (4,531 ) (1,397 ) (91 ) (6,019 ) (2,477 ) (498 ) (243 ) (3,218 ) - (9,237 ) 4,338 (4,899 ) Share of losses of joint ventures - - - - - - - - - - (3,472 ) (3,472 ) Taxation (1,459 ) (1,498 ) (2,755 ) (5,712 ) 1,884 1,499 (1,520 ) 1,863 - (3,849 ) (3,849 ) (Loss) profit for the year (24,727 ) (10,437 ) (5,414 ) (40,578 ) (9,116 ) 3,029 5,760 (327 ) (2,804 ) (43,709 ) - (43,709 ) Impairment loss on ships 4,425 - - 4,425 8,200 - - 8,200 - 12,625 - 12,625 Capital expenditure 8,005 18,024 540 26,569 26,979 2,455 263 29,697 - 56,266 (26,711 ) 29,555

OTHER OPERATING INCOME (Tables)

OTHER OPERATING INCOME (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of other operating income expense [Abstract]
Disclosure of detailed information for other operating income [Text Block]	2018 2017 2016 US$’000 US$’000 US$’000 Foreign exchange gain 7,132 3,595 4,142 Gain on deemed disposal of previously held joint venture interest 213 - - Gain on disposal of business 3,602 - - Other operating income 512 1,101 1,545 11,459 4,696 5,687

OTHER OPERATING EXPENSES (Table

OTHER OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Other Operating Expense Explanatory [Abstract]
Disclosure of detailed information for other operating expense [Text Block]	2018 2017 2016 US$’000 US$’000 US$’000 Impairment loss on ships (Note 14) - 16,503 12,625 Impairment loss on goodwill and intangibles - 12,119 - Impairment loss on assets of disposal group (Note 39) - 5,092 - Loss on disposal of business 347 - - Foreign exchange loss 2,871 4,102 4,266 Other operating expenses 2,219 1,382 1,202 5,437 39,198 18,093

INTEREST INCOME (Tables)

INTEREST INCOME (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of interest income [Abstract]
Disclosure of detailed information for interest income [Text Block]	2018 2017 2016 US$’000 US$’000 US$’000 Interests on loans to joint ventures (Note 5) 2,573 4,346 2,728 Guarantee fees from related parties (Note 5) - 325 486 Bank interests 1,214 1,294 1,220 Other interests - 1,199 826 3,787 7,164 5,260

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of interest expenses [Abstract]
Disclosure of detailed information for interest expense [Text Block]	2018 2017 2016 US$’000 US$’000 US$’000 Interest on bank loans 6,139 5,300 3,834 Interest on loans from related parties (Note 5) - 629 312 Amortisation of upfront fees on bank loans 220 - - Guarantee fees to related parties (Note 5) 54 451 514 Other finance cost 104 168 239 6,517 6,548 4,899

LOSS BEFORE TAXATION (Tables)

LOSS BEFORE TAXATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of loss before taxation [Abstract]
Disclosure of detailed information regarding adjustments to reconcile profitloss before tax [Text Block]	Loss before taxation has been arrived at after charging (crediting): 2018 2017 2016 US$’000 US$’000 US$’000 Depreciation of ships, dry-docking and plant and equipment (Note 14) 14,094 17,975 19,806 Depreciation of other property, plant and equipment * 180 797 688 Amortisation of intangible assets * 17 908 1,057 Total depreciation and amortisation 14,291 19,680 21,551 Impairment loss net of reversals recognised on financial assets 1,583 18 (3 ) Net gain on disposal of businesses (3,255 ) - - Gain on deemed disposal of previously held joint venture interest (213 ) - - Cost of inventories recognised as expense (included in voyage expenses) 43,119 55,347 51,997 Expense recognised in respect of equity-settled share-based payments 2,297 472 176 Employee benefits expenses (including directors’ remuneration and share based payments) 20,283 19,349 15,691 Cost of defined benefit plan and defined contribution plans included in employee benefits expenses 1,381 1,350 1,226 * Included in administrative expenses

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of income tax [Abstract]
Disclosure of detailed information about adjustments for income tax expense [Text Block]	The corporate taxation rates payable by the South African entities in terms of the tax law in South Africa is 28% (2017: 28% and 2016: 28%). 2018 2017 2016 US$’000 US$’000 US$’000 Current tax In respect of the current year 467 3,694 2,403 Capital gains taxation 1,797 - - In respect of prior years (364 ) 15 48 1,900 3,709 2,451 Deferred tax In respect of the current year (505 ) (421 ) 1,382 In respect of prior years (6 ) (62 ) 16 (511 ) (483 ) 1,398 1,389 3,226 3,849
Disclosure of detailed information about income tax reconciliation [Text Block]	The total charge for the year can be reconciled to the accounting loss as follows: 2018 2017 2016 US$’000 US$’000 US$’000 Loss before tax (19,251 ) (57,586 ) (39,860 ) Income tax benefit calculated at corporate rate (3,273 ) (9,790 ) (6,776 ) Adjusted for: Effect of income that is exempted from tax 1,619 - (834 ) Effect of expenses that are not deductible in determining taxable profit 2,057 9,632 5,337 Effect of different tax rates of subsidiaries operating in other jurisdictions (107 ) (851 ) 873 Effect of tax losses disallowed to be brought forward 1,494 4,277 5,185 (Over)underprovision of tax in prior year (128 ) (47 ) 64 Effect of different tax rate applied for capital gains (273 ) - - Withholding tax - 5 - 1,389 3,226 3,849

LEASES AND SHIP CHARTERS (Table

LEASES AND SHIP CHARTERS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of leases [Abstract]
Disclosure of finance lease and operating lease by lessor [text block]	Chartered to third parties 2018 2017 2016 US$’000 US$’000 US$’000 Within 1 year 5,183 5,183 11,420 Between two to five years 2,067 17,717 18,828 After five years - - 7,337 7,250 22,900 37,585
Disclosure of finance lease and operating lease by lessee [text block]	2018 2017 2016 US$’000 US$’000 US$’000 Within 1 year 50,564 80,350 80,205 Between two to five years 52,884 94,177 143,034 After five years 20,432 6,171 15,984 123,880 180,698 239,223 2018 2017 2016 US$’000 US$’000 US$’000 Minimum lease payments under operating leases recognised as an expense in the year 107,251 148,986 136,350 Office leases Within 1 year 671 5,596 5,129 Between two to five years 116 19,413 15,333 After 5 years - 5,779 6,285 787 30,788 26,747 Residential property leases Within 1 year 338 236 269 Between two to five years 132 86 48 470 322 317 Other leases Within one year - 159 61 Between two to five years - 46 1 - 205 62

ASSETS CLASSIFIED AS HELD FOR_2

ASSETS CLASSIFIED AS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2018
Assets held for sale [Abstract]
Disclosure of detailed information about assets and liabilities of disposal group held for sale [Text Block]	2018 2017 US$’000 US$’000 Investment in joint ventures (i) (ii) 7,258 - Net assets of disposal group (iii) - 33,940 7,258 33,940 (i) In 2018, the Group agreed to sell the vessel in Petrochemical Shipping Limited, a joint venture of the Group, and to wind up the joint venture arrangement. The joint venture arrangement is expected to be dissolved during March 2019. The proceeds from the dissolution is expected to exceed the carrying amount of US$7,258,000 and, accordingly no impairment loss has been recognised on the classification to assets classified as held for sale. (ii) In 2018, the Group agreed to wind up Leopard Tankers Pte. Ltd., a joint venture of the Group, in such a manner that the Group will purchase two vessels, the Leopard Sun and Leopard Moon. These vessels were subsequently purchased in January 2019 and February 2019 respectively (Note 44). At 31 December 2018, the carrying amount of the investment is US$Nil, and hence no further impairment loss was recognised on the classification to assets classified as held for sale. (iii) In 2017, there was a plan to dispose two of GSSA’s businesses to then related companies within the Grindrod Limited Group. Management has assessed the fair value less cost to sell of these non-current assets and disposal groups on the date that they were classified as held for sale and recorded an impairment loss of US$5,092,000.
Disclosure of assets and liabilities comprising the disposal group classified held for sale table [Table Text Block]	The classes of assets and liabilities comprising the disposal group classified as held for sale are as follows: 2017 US$’000 Assets Cash and bank balances 7,934 Trade receivables 6,106 Other receivables and prepayments 4,707 Due from related parties 17,724 Inventories 1,078 Taxation 301 Ships, property, plant and equipment 16,895 Intangible assets 75 Deferred tax assets 134 Assets classified as held for sale 54,954 Liabilities Short term borrowings 1,609 Trade and other payables 8,217 Due to related parties 1,014 Taxation 142 Long-term borrowings 6,341 Deferred tax liabilities 3,691 Liabilities directly associated with assets classified as held for sale 21,014 Net assets of disposal group 33,940

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments [Abstract]
Disclosure of detailed information about capital commitments text block [Text Block]	The following has been authorised: 2018 2017 US$’000 US$’000 Due within one year 15,833 - Due within 2 to 5 years 31,665 - 47,498 -

DISPOSALS OF BUSINESSES AND A_2

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION (Tables)	12 Months Ended
	Dec. 31, 2018
Sale Of Business [Abstract]
Disclosure of detailed information about Sale Of Business	Details of the sale of businesses as follows: 2018 US$’000 Total sales consideration 36,481 Carrying amount of net assets sold (1) (34,289 ) Reclassification of translation reserve to profit or loss 1,063 Gain on sale before income tax 3,255 Net cash inflow arising on disposal Total sales consideration 36,481 Less: Net settlement of amount due to related parties 3,229 Cash consideration received 33,252 Cash and cash equivalents disposed of (7,934 ) 25,318 (1) The carrying amount of US$33,940,000 as at 31 December 2017 as disclosed in Note 39 is different from net assets sold of US$34,289,000 due to adjustments of $349,000 recorded subsequent to the 31 December 2017.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
Income Statement [Abstract]
Description of detailed information about earnings per share	2018 2017 2016 US$’000 US$’000 US$’000 Loss for the purpose of basic earnings per share Net loss attributable to the shareholders of the Group (20,640 ) (60,812 ) (43,709 ) Effect of dilutive potential on ordinary share - - - Earnings for the purposes of diluted earnings per share (20,640 ) (60,812 ) (43,709 ) Number of shares 2018 2017 2016 Weighted average number of ordinary shares for the purpose of basic earnings per share (i) 19,063,833 19,063,833 19,063,833 US$ US$ US$ Basic and diluted loss per share (1.08 ) (3.19 ) (2.29 ) (i)
Description of impairment effects on earnings per share	Impact of changes in accounting policies Impact on profit for the year from continuing operations Impact on basic earnings Impact on diluted earnings per share 31 December 2017 31 December 2017 31 December 2017 US$’000 US$ US$ Impact of the adoption of IFRS 15 (423 ) (0.02 ) (0.02 ) Impact of the adoption of IFRS 9 (51 ) * * (474 ) (0.02 ) (0.02 ) * Amount is less than US$0.01

GENERAL (Detail Textual)

GENERAL (Detail Textual) $ in Thousands	Jun. 18, 2018USD ($)shares
Percentage of voting equity interests acquired	100.00%
Consideration transferred, acquisition-date fair value | $	$ 320,683
Business Combination Issuance of Convertible Notes Converted Stock Issued | shares	19,063,832

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands		Jan. 01, 2018	Dec. 31, 2018	Dec. 31, 2017
Current assets
Other receivables and prepayments			$ 17,902	$ 17,187
Non-current assets
Other receivables and prepayments			0	72
Deferred tax asset			1,497	1,179
Current liabilities
Trade and other payables			22,364	28,354
Capital and reserves
Parent invested capital			$ 0	313,978
Additional Loss Allowance for Impairment Requirement		$ 70,000
Additional Loss Allowance Impact on Deferred Tax		19,000
Previously stated [member]
Current assets
Contract assets		0		0
Other receivables and prepayments		20,069		17,187
Non-current assets
Other receivables and prepayments				72
Deferred tax asset				0
Current liabilities
Trade and other payables		26,193		28,354
Contract liabilities				0
Capital and reserves
Parent invested capital				313,978
Accumulated losses		(6,438)
Adoption of IFRS 9 [Member]
Current assets
Contract assets				0
Other receivables and prepayments				0
Non-current assets
Other receivables and prepayments	[1]			(70)
Deferred tax asset	[1]			19
Current liabilities
Trade and other payables				0
Contract liabilities				0
Capital and reserves
Parent invested capital	[1]			(51)
Adoption of IFRS 15 [Member]
Current assets
Contract assets	[2]	1,959		1,799
Other receivables and prepayments	[3]	(1,959)		(1,799)
Non-current assets
Other receivables and prepayments				0
Deferred tax asset				0
Current liabilities
Trade and other payables	[3]	(4,223)		(4,380)
Contract liabilities	[2]	4,223		4,380
Capital and reserves
Parent invested capital	[4]			(423)
Accumulated losses	[4]	(602)
Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Current assets
Contract assets		1,959		1,799
Other receivables and prepayments		17,902		14,517
Non-current assets
Other receivables and prepayments				2
Deferred tax asset				19
Current liabilities
Trade and other payables		22,364		23,526
Contract liabilities		4,223		4,380
Capital and reserves
Parent invested capital				$ 313,504
Accumulated losses		$ (7,040)
[1]	The adoption of IFRS 9 impairment requirements has resulted in additional loss allowance of US$70,000 as at 1 January 2018 to be recognised net of its related deferred tax impact of US$19,000 resulting in a net decrease in parent invested capital as at 1 January 2018.The adoption of IFRS 9 did not result in a material impact in the year ended 31 December 2018.
[2]	Under IFRS 15, revenue recognised prior to the date on which it is invoiced to the customer is recognised as a contract asset. This balance was previously presented as part of otherreceivables and so has been reclassified. The amounts received in advance from customers that were previously recognised as Trade and other payables is now recognised as a contract liability. There was no impact on the statement of profit or loss as a result of these reclassifications.
[3]	Under IFRS 15, revenue recognised prior to the date on which it is invoiced to the customer is recognised as a contract asset. This balance was previously presented as part of other receivables and prepayment and so has been reclassified to contract asset. Similarly, the amounts received in advance from customers that were previously recognised as trade and other payables has been reclassified as a contract liability. There was no impact on the statement of profit or loss as a result of these reclassifications.
[4]	Under IFRS 15, there is a change in period of recognition for freight revenue and the relevant contract costs as the Group satisfies its performance obligation of each freight contract. Revenue is now recognised over time from the point when the ship is ready for load of cargo until the discharge of cargo at the destination. Based on previous revenue standards, revenue was recognised over time from the point when the ship discharge cargo of the previous voyage until the discharge of cargo at the destination. As such, this results in the adjustment to revenue and contract assets to reflect the change in percentage of completion for ongoing voyages as at year end.

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue		$ 319,018	$ 409,522	$ 371,532
Cost of sales
Charter hire		100,648	$ 127,748	$ 121,080
Previously stated [member]
Revenue		317,626
Cost of sales
Travel expense		(150,831)
Charter hire		(100,309)
Adoption of IFRS 15 [Member]
Revenue	[1]	1,392
Cost of sales
Travel expense	[2]	(874)
Charter hire	[2]	(339)
Increase (decrease) due to changes in accounting policy required by IFRSs [member]
Revenue		319,018
Cost of sales
Travel expense		(151,705)
Charter hire		$ (100,648)
[1]	Under IFRS 15, there is a change in period of recognition for freight revenue and the relevant contract costs as the Group satisfies its performance obligation of each freight contract. Revenue is now recognised over time from the point when the ship is ready for load of cargo until the discharge of cargo at the destination. Based on previous revenue standards, revenue was recognised over time from the point when the ship discharge cargo of the previous voyage until the discharge of cargo at the destination. As such, this results in the adjustment to revenue and contract assets to reflect the change in percentage of completion for ongoing voyages as at year end.
[2]	The Group incurs cost in the fulfilment of freight contract, which are deferred and amortised over the period of the voyage. Due to change in percentage of completion as mentioned in (iii) above, adjustments have been made to cost of sales and the corresponding voyage in progress in other receivables and prepayment and accrued expense in trade and other payable as at year end.

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Dec. 31, 2018
Office equipment and furniture and fittings [Member]
Useful lives or depreciation rates, property, plant and equipment	3
Plant and equipment [Member] | Bottom of range [member]
Useful lives or depreciation rates, property, plant and equipment	3
Plant and equipment [Member] | Top of range [member]
Useful lives or depreciation rates, property, plant and equipment	5
Motor vehicles [member]
Useful lives or depreciation rates, property, plant and equipment	5
Ships [member]
Useful lives or depreciation rates, property, plant and equipment	15
Ships [member] | Bottom of range [member]
Useful lives or depreciation rates, property, plant and equipment	25
Ships [member] | Top of range [member]
Useful lives or depreciation rates, property, plant and equipment	30
Dry docking [Member] | Bottom of range [member]
Useful lives or depreciation rates, property, plant and equipment	2.5
Dry docking [Member] | Top of range [member]
Useful lives or depreciation rates, property, plant and equipment	5

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Millions	Jan. 02, 2018	Dec. 31, 2018	Jan. 01, 2019
Right-of-use assets			$ 65.2
Accumulated Losses Recognised in Lease Liability	$ 0.6
Ships [member]
Useful lives or depreciation rates, property, plant and equipment		15
Ships [member] | Bottom of range [member]
Useful lives or depreciation rates, property, plant and equipment		25
Ships [member] | Top of range [member]
Useful lives or depreciation rates, property, plant and equipment		30
Dry docking [Member] | Bottom of range [member]
Useful lives or depreciation rates, property, plant and equipment		2.5
Dry docking [Member] | Top of range [member]
Useful lives or depreciation rates, property, plant and equipment		5
Adoption of IFRS 16 [Member]
Lease liabilities			$ 64.6

CRITICAL ACCOUNTING JUDGEMENT_2

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Goodwill	$ 7,351,000	$ 8,419,000
Impairment loss recognised in profit or loss, goodwill	$ 0	$ 8,483,000
Discount rate applied to cash flow projections	8.33%	7.55%
Tax effect from change in tax rate	$ 5,657,000	$ 5,657,000
Allowance for Impairment Losses		16,503,000
Ships [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful lives or depreciation rates, property, plant and equipment	15
Ships [member] | Bottom of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful lives or depreciation rates, property, plant and equipment	25
Ships [member] | Top of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful lives or depreciation rates, property, plant and equipment	30
Provision for tax [Member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Tax effect from change in tax rate	$ 2,400,000	$ 2,400,000
Bulk carrier [Member] | Bottom of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	13.30%	16.54%
Increase (decrease) through change in discount rate, other provisions	$ 12.3	$ 10.59
Bulk carrier [Member] | Top of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	37.80%	37.45%
Increase (decrease) through change in discount rate, other provisions	$ 81.8	$ 37.38
Chemical tanker [Member] | Bottom of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	0.60%	1.67%
Increase (decrease) through change in discount rate, other provisions	$ 0.8	$ 2.32
Chemical tanker [Member] | Top of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	33.90%	55.56%
Increase (decrease) through change in discount rate, other provisions	$ 22.4	$ 20.53
Later than one year and not later than three years [member] | Ships [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful lives or depreciation rates, property, plant and equipment	15
Thereafter year [Member] | Ships [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful lives or depreciation rates, property, plant and equipment	15
Triview Shipping [Member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Proportion of ownership interest in joint venture	51.00%
Island Bulk Carriers [Member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Proportion of ownership interest in joint venture	65.00%
IVS Bulk [Member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Proportion of ownership interest in joint venture	33.50%

FINANCIAL INSTRUMENTS, FINANC_3

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets [abstract]
Financial assets	$ 112,855	$ 128,223
Disclosure of financial liabilities [abstract]
Financial liabilities	144,206	154,280
Financial liabilities at amortised cost, category [member]
Disclosure of financial liabilities [abstract]
Amortised cost	143,339	171,117
Less: Transferred to asset of disposal group classified as held for sale (Note 39)	0	(16,975)
Financial liabilities	143,339	154,142
Financial assets at amortised cost, category [member]
Disclosure of financial assets [abstract]
Financial assets at amortised cost (2017: Loans and receivables)	112,855	163,600
Less: Transferred to asset of disposal group classified as held for sale (Note 39)	0	(35,500)
Financial assets	112,855	128,100
Derivatives [member]
Disclosure of financial assets [abstract]
Financial assets	0	123
Disclosure of financial liabilities [abstract]
Financial liabilities	$ 867	$ 138

FINANCIAL INSTRUMENTS, FINANC_4

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Gross carrying amount	$ 69,231
Loss allowance	1,680
Net carrying amount	$ 67,551
Trade receivables [member]
Internal Credit rating		[1]
12-month or lifetime ECL	Lifetime ECL (Simplified approach)
Gross carrying amount	$ 12,034
Loss allowance	0
Net carrying amount	$ 12,034
Contract assets [member]
Internal Credit rating		[1]
Gross carrying amount	$ 1,959
Loss allowance	0
Net carrying amount	$ 1,959
Other Receivables [Member]
Internal Credit rating	Performing
12-month or lifetime ECL	12-month ECL
Gross carrying amount	$ 16,239
Loss allowance	0
Net carrying amount	$ 16,239
Due From Related parties Member [Member]
Internal Credit rating	Performing
12-month or lifetime ECL	12-month ECL
Gross carrying amount	$ 13,516
Loss allowance	0
Net carrying amount	$ 13,516
Loans to Joint Venture [Member]
Internal Credit rating	Doubtful
12-month or lifetime ECL	Lifetime ECL
Gross carrying amount	$ 25,483
Loss allowance	1,680
Net carrying amount	$ 23,803
[1]	For trade receivables and contract assets, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. The Group determines the expected credit losses on these items by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit risk profile of these assets is presented based on their past due status in terms of the provision matrix.

FINANCIAL INSTRUMENTS, FINANC_5

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial liabilities	$ 144,206	$ 154,280
Financial assets	112,855	128,223
United States dollars [Member]
Financial liabilities	(1,660)	(186)
Financial assets	4,941	2,093
South African rands [Member]
Financial liabilities	(22,909)	(19,268)
Financial assets	7,894	119
Japanese yen [Member]
Financial liabilities	(6,976)	(11)
Financial assets	$ 765	$ 11,132

FINANCIAL INSTRUMENTS, FINANC_6

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
United States dollars [Member]
Impact on profit or loss in foreign currency strengthen by 10 %	$ 328	$ 191
South africa rands [Member]
Impact on profit or loss in foreign currency strengthen by 10 %	(1,502)	(1,915)
Japanese yen [Member]
Impact on profit or loss in foreign currency strengthen by 10 %	$ (621)	$ 1,112

FINANCIAL INSTRUMENTS, FINANC_7

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
United States dollars [Member]
Impact on profit or loss in foreign currency weakens by 10 %	$ (328)	$ (191)
South africa rands [Member]
Impact on profit or loss in foreign currency weakens by 10 %	1,502	1,915
Japanese yen [Member]
Impact on profit or loss in foreign currency weakens by 10 %	$ 621	$ (1,112)

FINANCIAL INSTRUMENTS, FINANC_8

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 5) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 143,339	$ 154,142
On demand or within 1 year
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	51,775	128,982
Within 2 to 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	108,460	29,569
After 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Adjustment
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ (16,896)	$ (4,409)
Non-interest bearing [Member]
Disclosure of maturity analysis for Non derivative financial liabilities group interest rate [Abstract]
Weighted average effective interest rate	0.00%	0.00%
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 28,883	$ 45,388
Non-interest bearing [Member] | On demand or within 1 year
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	28,480	38,854
Non-interest bearing [Member] | Within 2 to 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	403	6,534
Non-interest bearing [Member] | After 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Non-interest bearing [Member] | Adjustment
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 0	$ 0
Variable interest rate instruments [Member]
Disclosure of maturity analysis for Non derivative financial liabilities group interest rate [Abstract]
Weighted average effective interest rate	5.30%	3.83%
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 114,456	$ 108,754
Variable interest rate instruments [Member] | On demand or within 1 year
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	23,295	90,128
Variable interest rate instruments [Member] | Within 2 to 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	108,057	23,035
Variable interest rate instruments [Member] | After 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Variable interest rate instruments [Member] | Adjustment
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ (16,896)	$ (4,409)

FINANCIAL INSTRUMENTS, FINANC_9

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 6) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Forward freight agreements [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows		$ (121)
Forward freight agreements [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		(121)
Forward freight agreements [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements [Member] | Gross inflow [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows		17
Forward freight agreements [Member] | Gross inflow [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		17
Forward freight agreements [Member] | Gross inflow [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements [Member] | Gross inflow [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements [Member] | Gross outflow [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows	$ (867)	(138)
Forward freight agreements [Member] | Gross outflow [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows	(867)	(138)
Forward freight agreements [Member] | Gross outflow [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows	0	0
Forward freight agreements [Member] | Gross outflow [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows	$ 0	0
Swap contract [member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows		(15)
Swap contract [member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		(15)
Swap contract [member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Swap contract [member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Swap contract [member] | Gross inflow [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows		106
Swap contract [member] | Gross inflow [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		106
Swap contract [member] | Gross inflow [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Swap contract [member] | Gross inflow [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		$ 0

FINANCIAL INSTRUMENTS, FINAN_10

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 7) - Recurring fair value measurement [member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Forward freight agreements [Member]
Financial Assets
Financial assets	$ 0	$ 17
Financial Liabilities
Financial liabilities	0	138
Swap contract [member]
Financial Assets
Financial assets	0	106
Financial Liabilities
Financial liabilities	$ 867	$ 0

FINANCIAL INSTRUMENTS, FINAN_11

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 8) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial assets
Derivative financial instruments	$ 0	$ 123
Financial liabilities
Derivative financial instruments	867	138
Level 1
Financial assets
Derivative financial instruments		0
Financial liabilities
Derivative financial instruments	0	0
Level 2
Financial assets
Derivative financial instruments		123
Financial liabilities
Derivative financial instruments	867	138
Level 3
Financial assets
Derivative financial instruments		0
Financial liabilities
Derivative financial instruments	$ 0	$ 0

FINANCIAL INSTRUMENTS, FINAN_12

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase decrease in interest rate	$ 603,000	$ 470,000	$ 634,000
Other reserves	$ (21,140,000)	5,758,000	0
Market price rate	10.00%
Increase Decrease In Shipping Market Price	$ 0	0	0
Increase decrease in hedging reserve in commodity price	$ 355,000	128,000	280,000
Commodity price rate	10.00%
Increase decrease in commodity price	$ 0	0	128,000
Increase decrease in hedging reserve	$ 0	$ 316,000	$ 70,000

RELATED PARTIES TRANSACTIONS (D

RELATED PARTIES TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of holding company and related parties transactions [Line Items]
Freight revenue from related parties	$ 0	$ 939	$ 1,017
Fuel and port expenses to related parties	(18,910)	(55,895)	(46,477)
Bunker swaps from related companies	111	182	0
Guarantee fees from related parties	0	325	486
Guarantee fees to related parties	(54)	(451)	(514)
Interest expense on loans from related parties	0	(629)	(312)
Interest income on amounts due from related parties	0	1,199	909
Management fees to related parties	(1,135)	(3,495)	(2,956)
Net gain on disposal of businesses	3,255	0	0
Overhead recovery from/ (to) related party (included in administrative expenses)	134	(202)	(967)
Dividend paid to related party		1,674
Other expenses to related parties	(187)	(1,268)	(2,216)
Interest income	3,787	7,164	5,260
Joint ventures where entity is venturer [member]
Disclosure of holding company and related parties transactions [Line Items]
Interest income	2,573	4,346	2,728
Technical management fee income	1,625	1,625	1,427
Agency Fees from joint ventures	574	618	317
Charter hire and other related revenue	13,445	4,376	3,624
Charter hire and other related expenses	(52,050)	(50,741)	(33,643)
Payments on behalf of a joint venture	(1,217)	(585)	(2)
Purchase of ship from joint venture	10,250	0	0
Management fee income	$ 217	$ 350	$ 350

RELATED PARTIES TRANSACTIONS _2

RELATED PARTIES TRANSACTIONS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of holding company and related parties transactions [Line Items]
Short-term benefits	$ 4,839	$ 6,026	$ 3,511
Share-based payments	84	459	0
Total director's remuneration	$ 4,923	$ 6,485	$ 3,511

CASH AND BANK BALANCES INCLUD_3

CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Disclosure of cash and bank balances [Line Items]
Current Portion of Restricted Cash	$ 2,138	$ 5,183
Cash on hand	438	347
Cash at bank	33,060	40,992
Cash and bank balances	35,636	46,522
Less: Restricted cash, current portion	(2,138)	(5,183)
Less: Bank overdrafts	0	(4,028)
Cash and Cash Equivalents Not part of Disposal Group	33,498	37,311
Add: Cash and cash equivalents included in a disposal group held for sale (Note 39)	0	7,934
Cash and cash equivalents in the statements of cash flows	33,498	45,245
Restricted cash
Current and Non Current	13,765	5,183
Short Term [Member]
Restricted cash
Current	2,138	5,183
Long Term [Member]
Restricted cash
Non-current	$ 11,627	$ 0

TRADE RECEIVABLES (Details)

TRADE RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trade receivables	$ 8,936	$ 17,249
Less: Loss allowance	0	0
Loss allowance	0	(25)	$ (5)
Included in assets of a disposal group held for sale (Note 39)	0	25
Trade Receivables Net allowances	8,936	17,249
Trade receivables due from the pools	3,098	1,676
Forward freight agreements	0	605
Included in assets of a disposal group held for sale (Note 39)	0	(6,131)
Total trade receivables, net	$ 12,034	$ 13,399

TRADE RECEIVABLES (Details 1)

TRADE RECEIVABLES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current trade receivables	$ 12,034	$ 13,399
Financing Receivables No past Due Member [Member]
Current trade receivables	6,585
Financing Receivables 1 to 30 Days Past Due [Member]
Current trade receivables	2,647
Financing Receivables 31 to 60 Days Past Due [Member]
Current trade receivables	1,185
Financing Receivables 61 to 90 Days Past Due [Member]
Current trade receivables	139
Financing Receivables 91 To 120 Days Past Due [Member]
Current trade receivables	1,478
Financing Receivable Equal To Greater Than 120 Days Past Due [Member]
Current trade receivables	$ 0

TRADE RECEIVABLE (Details 2)

TRADE RECEIVABLE (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade receivable not impaired	$ 4,243	$ 4,234
1 day to 30 days
Trade receivable not impaired		2,509
31 days to 60 days
Trade receivable not impaired		511
61 days to 90 days
Trade receivable not impaired		209
More than 90 days
Trade receivable not impaired		$ 1,014

TRADE RECEIVABLES (Details 3)

TRADE RECEIVABLES (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Balance at beginning of the year	$ 5
Increase in allowance for doubtful debts	18
Effect of foreign exchange differences	2
Balance at end of year	25
Discontinued Operation Held for sale [Member]
Balance at end of year	(25)
Continued Operation [Member]
Balance at end of year	$ 0

TRADE RECEIVABLES (Details Text

TRADE RECEIVABLES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Trade And Other Receivables [Abstract]
Trade receivable debtors carrying amount	$ 4,243	$ 4,234
Allowance for Doubtful Debts on Trade Receivables	$ 0	$ 0
Disclosure of Risk Profile of Trade Receivables	The expected credit loss rate is considered immaterial for trade receivables outstanding for less than 120 days and for trade receivables past due for more than 120 days, the Group has recognised a loss allowance of 100%, except for the adjustment to factors that are specific to the debtors, because historical experience has indicated that these receivables are generally not recoverable

OTHER RECEIVABLES AND PREPAYM_3

OTHER RECEIVABLES AND PREPAYMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current:
Deposits	$ 337	$ 293
Prepayments	1,663	2,328
Voyages in progress	12,156	12,367
Other receivables	3,746	6,791
Other current receivables and prepayments not part of disposal group	17,902	21,779
Included in assets of a disposal group held for sale (Note 39)	0	(4,592)
Other receivables and prepayments current	17,902	17,187
Non-current:
Other receivables	0	187
Included in assets of a disposal group held for sale (Note 39)	0	(115)
Other receivables and prepayments	0	72
Other receivables and prepayments current and non current	$ 17,902	$ 17,259

OTHER RECEIVABLES AND PREPAYM_4

OTHER RECEIVABLES AND PREPAYMENTS (Details1) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Balance	$ 0
Adjustment upon application of IFRS 9	70
Change in loss allowance due to new trade receivables originated, net of those derecognised due to settlement	0
Amount written off	(70)
Balance	$ 0

DUE FROM RELATED PARTIES (Detai

DUE FROM RELATED PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade and other receivables [abstract]
Due From Related Parties not part of disposal group	$ 13,516	$ 44,722
Included in assets of a disposal group held for sale (Note 39)	0	(17,724)
Receivables due from related parties	13,516	26,998
Due from related parties [Member]
Trade and other receivables [abstract]
- non-interest bearing - trade	0	22
-interest bearing-non-trade	0	15,215
Due from joint ventures [Member]
Trade and other receivables [abstract]
- non-interest bearing - non-trade	4,300	2,597
-interest bearing-non-trade	$ 9,216	$ 26,888

DUE FROM RELATED PARTIES (Det_2

DUE FROM RELATED PARTIES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest income on loans and receivables	$ 2,573,000	$ 4,346,000	$ 2,728,000
Joint ventures [member]
Interest income on loans and receivables	$ 9,216,000	$ 26,888,000
Interest Rate	15.00%	15.00%
Due from related parties [Member]
Interest income on loans and receivables		$ 15,215,000
Interest Rate		8.22%

LOANS TO JOINT VENTURES (Detail

LOANS TO JOINT VENTURES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Current assets	$ 122,949	$ 187,202
Non-current assets	324,678	319,920
Total assets	447,627	507,122
Joint ventures [member]
Assets
Current assets	25,483	22,400
Provision for losses on joint ventures	(1,680)	(4,220)
Current Loans to Joint Ventures	23,803	18,180
Non-current assets	0	13,748
Provision for losses on joint ventures	0	(6,447)
Non Current Loans to Joint Ventures	0	7,301
Total assets	$ 23,803	$ 25,481

LOANS TO JOINT VENTURES (Deta_2

LOANS TO JOINT VENTURES (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Disclosure of joint ventures [line items]
Balance	$ 0
Amount written off	(70)
Balance	0
Joint ventures where entity is venturer [member]
Disclosure of joint ventures [line items]
Balance	10,667
Loss allowance recognised in profit or loss	(2,540)
Amount written off	(6,447)
Balance	$ 1,680

LOANS TO JOINT VENTURES (Deta_3

LOANS TO JOINT VENTURES (Details textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Loans to Joint Venture	$ 2,640,000	$ 2,636,000
Unsecured Interest Rate	2.00%	2.00%
Unsecured Loans To Joint Ventures	$ 22,843,000	$ 22,383,000
Loans Repayable Period	10 years	17 years
Allowance for Impairement on Loan Losses	$ 10,667,000
Two ships [Member]
Loans to Joint Venture		$ 11,129,000
Bottom of range [member]
Unsecured Interest Rate	3.14%	1.04%
Top of range [member]
Unsecured Interest Rate	4.34%	1.05%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Current assets	$ 0	$ 123
Liabilities
Current liabilities	$ (867)	$ (138)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Details1)	Dec. 31, 2017USD ($)
Current Assets
Categories of current financial [abstract]
Notional value	$ 853,000
Fair value gain (loss)	17,000
Current Liabilities
Categories of current financial [abstract]
Notional value	2,186,000
Fair value gain (loss)	(138,000)
January 2018 to March 2018, BSI—Ave, 45 days | Current Assets
Categories of current financial [abstract]
Strike Price	9,800
Notional value	441,000
Fair value gain (loss)	1,000
January 2018 to March 2018, BSI—Ave, 40 days | Current Assets
Categories of current financial [abstract]
Strike Price	10,300
Notional value	412,000
Fair value gain (loss)	16,000
January 2018 to March 2018, BSI—Ave, 30 days | Current Liabilities
Categories of current financial [abstract]
Strike Price	8,900
Notional value	267,000
Fair value gain (loss)	(27,000)
January 2018 to March 2018, BSI—Ave, 90 days | Current Liabilities
Categories of current financial [abstract]
Strike Price	9,150
Notional value	824,000
Fair value gain (loss)	(57,000)
January 2018 to March 2018, BHSI—Ave, 90 days | Current Liabilities
Categories of current financial [abstract]
Strike Price	8,050
Notional value	725,000
Fair value gain (loss)	(40,000)
January 2018 to March 2018, BHSI—Ave, 15 days | Current Liabilities
Categories of current financial [abstract]
Strike Price	8,100
Notional value	122,000
Fair value gain (loss)	(7,000)
January 2018 to March 2018, BHSI—Ave, 30 days | Current Liabilities
Categories of current financial [abstract]
Strike Price	8,250
Notional value	248,000
Fair value gain (loss)	$ (7,000)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2)	Dec. 31, 2018USD ($)MT	Dec. 31, 2017USD ($)MT
Current Assets
Disclosure of detailed information about hedges [abstract]
Notional value		$ 853,000
Fair value gain		17,000
Current Liabilities
Disclosure of detailed information about hedges [abstract]
Notional value		2,186,000
Fair value gain		(138,000)
Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Notional value	$ 4,416,000
Fair value gain	(867,000)
January 2019 to February 2019 MOPS 380 Bunker Swaps 457.75 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 457.75
Quantity | MT	1,000
Notional value	$ 458,000
Fair value gain	(135,000)
January 2019 MOPS 380 Bunker Swaps 419.00 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 419
Quantity | MT	350
Notional value	$ 147,000
Fair value gain	(33,000)
January 2019 MOPS 180 Bunker Swaps 425.25 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 425.25
Quantity | MT	350
Notional value	$ 149,000
Fair value gain	(34,000)
May 2019 MOPS 180 Bunker Swaps 403.50 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 403.50
Quantity | MT	350
Notional value	$ 141,000
Fair value gain	(31,000)
September 2019 MOPS 180 Bunker Swaps 377.50 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 377.50
Quantity | MT	350
Notional value	$ 132,000
Fair value gain	(26,000)
January 2019 to September 2019 Rott 35 Brg Bunker Swaps 338.50 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 338.50
Quantity | MT	1,800
Notional value	$ 609,000
Fair value gain	(101,000)
January 2019 to September 2019 MOPS 180 Bunker Swaps 368.50 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 368.50
Quantity | MT	3,060
Notional value	$ 1,128,000
Fair value gain	(164,000)
January 2019 to September 2019 Rott 3.5% Brg Bunker Swaps 369.75 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 369.75
Quantity | MT	1,350
Notional value	$ 499,000
Fair value gain	(118,000)
January 2019 to September 2019 MOPS 180 Bunker Swaps 403.00 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 403
Quantity | MT	1,350
Notional value	$ 544,000
Fair value gain	(119,000)
January 2019 to March 2019 MOPS 380 Bunker Swaps 406.00 Strike Rate [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 406
Quantity | MT	1,500
Notional value	$ 609,000
Fair value gain	$ (106,000)
January 2018 to December 2018 Rott 35 Brg Bunker Swaps 326 Strike Rate [Member] | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price		$ 326
Quantity | MT		3,600
Notional value		$ 1,174,000
Fair value gain		$ 106,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Bunkers and other consumables at cost		$ 10,841	$ 10,156
Ships recognised as inventories		0	0
Ships reclassified from Ships, property, plant and equipment as inventories (Note 14)	[1]	7,321	16,988
Sale of ships recognised as inventories	[1]	(7,321)	(16,988)
Included in assets of a disposal group held for sale (Note 39)		0	(1,078)
Inventories		$ 10,841	$ 9,078
[1]	On 10 October 2018, the Group entered into Memorandums of Agreement with third parties for the sale of a ship at purchase consideration of US$8,650,000. The ship was delivered to third parties on 26 October 2018.

INVENTORIES (Details 1)

INVENTORIES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Reclassified Asset as Inventories	$ 7,321	$ 16,988
Accumulated depreciation [member]
Reclassified Asset as Inventories	(3,443)	(11,744)
Impairment [member]
Reclassified Asset as Inventories	(4,439)	(10,524)
Cost [member]
Reclassified Asset as Inventories	$ 15,203	$ 39,256

INVENTORIES (Details Textual)

INVENTORIES (Details Textual) - USD ($)	1 Months Ended
	Oct. 10, 2018	Oct. 27, 2017	Jun. 29, 2017
DisclosureOfInventories [Abstract]
Purchase Consideration	$ 8,650,000	$ 6,830,000	$ 10,897,000

SHIPS, PROPERTY, PLANT AND EQ_3

SHIPS, PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Beginning balance	$ 238,592
Depreciation	14,094	$ 17,975	$ 19,806
Ending balance	249,602	238,592
Gross carrying amount [member]
Beginning balance	447,690	519,007
Additions	21,719	6,431
Disposals	(6,706)	(3,776)
Transfer		0
Acquired on acquisition of subsidiary (Note 41.2)	11,000
Reclassified to disposal group held for sale (Note 39)		(36,012)
Reclassification to inventories (Note 13)	(15,203)	(39,256)
Effect of foreign currency exchange differences	(710)	1,296
Ending balance	457,790	447,690	519,007
Accumulated depreciation and amortisation [member]
Beginning balance	120,230	132,221
Depreciation	14,274	18,772
Disposals	(6,182)	(3,652)
Reclassified to disposal group held for sale (Note 39)		(16,289)
Reclassification to inventories (Note 13)	(3,443)	(11,744)
Effect of foreign currency exchange differences	(598)	922
Ending balance	124,281	120,230	132,221
Accumulated impairment [member]
Beginning balance	88,868	82,889
Disposals	(522)
Impairment loss recognised on financial assets		16,503
Reclassification to inventories (Note 13)	(4,439)	(10,524)
Ending balance	83,907	88,868	82,889
Office equipment, furniture and fittings and motor vehicles [member]
Beginning balance	631
Ending balance	472	631
Office equipment, furniture and fittings and motor vehicles [member] | Gross carrying amount [member]
Beginning balance	5,894	9,676
Additions	88	1,181
Disposals	(296)	(340)
Transfer		245
Acquired on acquisition of subsidiary (Note 41.2)	0
Reclassified to disposal group held for sale (Note 39)		(5,876)
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	(666)	1,008
Ending balance	5,020	5,894	9,676
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated depreciation and amortisation [member]
Beginning balance	5,263	6,985
Depreciation	179	706
Disposals	(296)	(218)
Reclassified to disposal group held for sale (Note 39)		(2,901)
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	(598)	691
Ending balance	4,548	5,263	6,985
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated impairment [member]
Beginning balance	0	0
Disposals	0
Impairment loss recognised on financial assets		0
Reclassification to inventories (Note 13)	0	0
Ending balance	0	0	0
Plant and equipment [Member]
Beginning balance	1,757
Ending balance	1,269	1,757
Plant and equipment [Member] | Gross carrying amount [member]
Beginning balance	6,205	6,423
Additions	280	0
Disposals	(1,057)	(218)
Transfer		0
Acquired on acquisition of subsidiary (Note 41.2)	0
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	(57)	0
Effect of foreign currency exchange differences	0	0
Ending balance	5,371	6,205	6,423
Plant and equipment [Member] | Accumulated depreciation and amortisation [member]
Beginning balance	4,448	3,852
Depreciation	768	814
Disposals	(1,057)	(218)
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	(57)	0
Effect of foreign currency exchange differences	0	0
Ending balance	4,102	4,448	3,852
Plant and equipment [Member] | Accumulated impairment [member]
Beginning balance	0	0
Disposals	0
Impairment loss recognised on financial assets		0
Reclassification to inventories (Note 13)	0	0
Ending balance	0	0	0
Plant and equipment construction in progress [Member]
Beginning balance	0
Ending balance	0	0
Plant and equipment construction in progress [Member] | Gross carrying amount [member]
Beginning balance	0	239
Additions	0	0
Disposals	0	0
Transfer		(245)
Acquired on acquisition of subsidiary (Note 41.2)	0
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	0	6
Ending balance	0	0	239
Plant and equipment construction in progress [Member] | Accumulated depreciation and amortisation [member]
Beginning balance	0	0
Depreciation	0	0
Disposals	0	0
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	0	0
Ending balance	0	0	0
Plant and equipment construction in progress [Member] | Accumulated impairment [member]
Beginning balance	0	0
Disposals	0
Impairment loss recognised on financial assets		0
Reclassification to inventories (Note 13)	0	0
Ending balance	0	0	0
Ships [member]
Beginning balance	232,269
Ending balance	235,795	232,269
Ships [member] | Gross carrying amount [member]
Beginning balance	421,434	486,004
Additions	9,980	339
Disposals	0	0
Transfer		0
Acquired on acquisition of subsidiary (Note 41.2)	10,584
Reclassified to disposal group held for sale (Note 39)		(27,419)
Reclassification to inventories (Note 13)	(14,160)	(37,490)
Effect of foreign currency exchange differences	0	0
Ending balance	427,838	421,434	486,004
Ships [member] | Accumulated depreciation and amortisation [member]
Beginning balance	103,994	113,632
Depreciation	10,520	13,416
Disposals	0	0
Reclassified to disposal group held for sale (Note 39)		(12,119)
Reclassification to inventories (Note 13)	(3,203)	(10,948)
Effect of foreign currency exchange differences	0	13
Ending balance	111,311	103,994	113,632
Ships [member] | Accumulated impairment [member]
Beginning balance	85,171	82,579
Disposals	0
Impairment loss recognised on financial assets		13,116
Reclassification to inventories (Note 13)	(4,439)	(10,524)
Ending balance	80,732	85,171	82,579
Dry docking [Member]
Beginning balance	3,165
Ending balance	5,730	3,165
Dry docking [Member] | Gross carrying amount [member]
Beginning balance	13,077	14,961
Additions	5,760	4,880
Disposals	(5,353)	(3,183)
Transfer		0
Acquired on acquisition of subsidiary (Note 41.2)	416
Reclassified to disposal group held for sale (Note 39)		(1,983)
Reclassification to inventories (Note 13)	(986)	(1,766)
Effect of foreign currency exchange differences	0	168
Ending balance	12,914	13,077	14,961
Dry docking [Member] | Accumulated depreciation and amortisation [member]
Beginning balance	6,525	7,553
Depreciation	2,807	3,745
Disposals	(4,829)	(3,183)
Reclassified to disposal group held for sale (Note 39)		(969)
Reclassification to inventories (Note 13)	(183)	(796)
Effect of foreign currency exchange differences	0	175
Ending balance	4,320	6,525	7,553
Dry docking [Member] | Accumulated impairment [member]
Beginning balance	3,387	0
Disposals	(522)
Impairment loss recognised on financial assets		3,387
Reclassification to inventories (Note 13)	0	0
Ending balance	2,865	3,387	0
Construction in progress [member]
Beginning balance	463
Ending balance	6,074	463
Construction in progress [member] | Gross carrying amount [member]
Beginning balance	773	773
Additions	5,611	0
Disposals	0	0
Transfer		0
Acquired on acquisition of subsidiary (Note 41.2)	0
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	0	0
Ending balance	6,384	773	773
Construction in progress [member] | Accumulated depreciation and amortisation [member]
Beginning balance	0	0
Depreciation	0	0
Disposals	0	0
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	0	0
Ending balance	0	0	0
Construction in progress [member] | Accumulated impairment [member]
Beginning balance	310	310
Disposals	0
Impairment loss recognised on financial assets		0
Reclassification to inventories (Note 13)	0	0
Ending balance	310	310	310
Free hold land and buildings [Member]
Beginning balance	307
Ending balance	263	307
Free hold land and buildings [Member] | Gross carrying amount [member]
Beginning balance	307	278
Additions	0	0
Disposals	0	0
Transfer		0
Acquired on acquisition of subsidiary (Note 41.2)	0
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	(44)	29
Ending balance	263	307	278
Free hold land and buildings [Member] | Accumulated depreciation and amortisation [member]
Beginning balance	0	0
Depreciation	0	0
Disposals	0	0
Reclassified to disposal group held for sale (Note 39)		0
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	0	0
Ending balance	0	0	0
Free hold land and buildings [Member] | Accumulated impairment [member]
Beginning balance	0	0
Disposals	0
Impairment loss recognised on financial assets		0
Reclassification to inventories (Note 13)	0	0
Ending balance	0	0	0
Leasehold Improvements [Member]
Beginning balance	0
Ending balance	0	0
Leasehold Improvements [Member] | Gross carrying amount [member]
Beginning balance	0	653
Additions	0	31
Disposals	0	(35)
Transfer		0
Acquired on acquisition of subsidiary (Note 41.2)	0
Reclassified to disposal group held for sale (Note 39)		(734)
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	0	85
Ending balance	0	0	653
Leasehold Improvements [Member] | Accumulated depreciation and amortisation [member]
Beginning balance	0	199
Depreciation	0	91
Disposals	0	(33)
Reclassified to disposal group held for sale (Note 39)		(300)
Reclassification to inventories (Note 13)	0	0
Effect of foreign currency exchange differences	0	43
Ending balance	0	0	199
Leasehold Improvements [Member] | Accumulated impairment [member]
Beginning balance	0	0
Disposals	0
Impairment loss recognised on financial assets		0
Reclassification to inventories (Note 13)	0	0
Ending balance	$ 0	$ 0	$ 0

SUBSIDIARIES (Details)

SUBSIDIARIES (Details)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Grindrod Shipping Pte Ltd [Member]
Name of subsidiary		Grindrod Shipping Pte. Ltd.
Principal activity		Ship operating and management
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Grindrod Shipping South Africa [Member]
Name of subsidiary		Grindrod Shipping (South Africa) Pty Ltd
Principal activity		Ship operating and management
Country of incorporation		South Africa
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk Owning Pte. Ltd. [member]
Name of subsidiary		IVS Bulk Owning Pte. Ltd.
Principal activity		Dormant
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk Carriers Pte. Ltd. [member]
Name of subsidiary		IVS Bulk Carriers Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 430 Pte. Ltd.[member]
Name of subsidiary		IVS Bulk 430 Pte. Ltd.
Principal activity		Dormant
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 462 Pte. Ltd. [member]
Name of subsidiary		IVS Bulk 462 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 475 Pte. Ltd. [member]
Name of subsidiary		IVS Bulk 475 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 511 Pte. Ltd.[member]
Name of subsidiary		IVS Bulk 511 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 512 Pte. Ltd.[member]
Name of subsidiary		IVS Bulk 512 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 603 Pte. Ltd.[member]
Name of subsidiary		IVS Bulk 603 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 609 Pte. Ltd. [member]
Name of subsidiary		IVS Bulk 609 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 611 Pte. Ltd. [member]
Name of subsidiary		IVS Bulk 611 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 612 Pte. Ltd.[member]
Name of subsidiary		IVS Bulk 612 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
IVS Bulk 707 Pte. Ltd.[Member]
Name of subsidiary		IVS Bulk 707 Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	0.00%
IVS Bulk 3708 Pte Ltd [Member]
Name of subsidiary	[1]	IVS Bulk 3708 Pte. Ltd.
Principal activity	[1]	Ship Owning and Operating
Country of incorporation	[1]	Singapore
Proportion of ownership interest and voting power held by the Group	[1]	100.00%	0.00%
IVS Bulk 3720 Pte Ltd [Member]
Name of subsidiary	[1]	IVS Bulk 3720 Pte. Ltd.
Principal activity	[1]	Ship Owning and Operating
Country of incorporation	[1]	Singapore
Proportion of ownership interest and voting power held by the Group	[1]	100.00%	0.00%
IM Shipping Pte. Ltd. [member]
Name of subsidiary	[2]	IM Shipping Pte. Ltd.
Principal activity	[2]	Ship Owning and Operating
Country of incorporation	[2]	Singapore
Proportion of ownership interest and voting power held by the Group	[2]	100.00%	51.00%
Grindrod Shipping Services UK Limited [Member]
Name of subsidiary		Grindrod Shipping Services UK Limited
Principal activity		To provide shipping and shipping related services
Country of incorporation		United Kingdom
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Atlantic Pte. Ltd. [member]
Name of subsidiary		Unicorn Atlantic Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Baltic Pte. Ltd.[member]
Name of subsidiary		Unicorn Baltic Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Ionia Pte. Ltd. [member]
Name of subsidiary		Unicorn Ionia Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Tanker Operations (434) Pte. Ltd. [member]
Name of subsidiary		Unicorn Tanker Operations (434) Pte. Ltd.
Principal activity		Dormant
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Ross Pte. Ltd. [member]
Name of subsidiary		Unicorn Ross Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Nyathi Limited [Member]
Name of subsidiary		Nyathi Limited
Principal activity		Dormant
Country of incorporation		Isle of Man
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Caspian Pte. Ltd.[member]
Name of subsidiary		Unicorn Caspian Pte. Ltd.
Principal activity		Ship Owning and Operating
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Marmara Pte. Ltd.[member]
Name of subsidiary		Unicorn Marmara Pte. Ltd.
Principal activity		Dormant
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Scotia Pte. Ltd. [member]
Name of subsidiary		Unicorn Scotia Pte. Ltd.
Principal activity		Dormant
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Malacca Pte. Ltd. [member]
Name of subsidiary		Unicorn Malacca Pte. Ltd.
Principal activity		Dormant
Country of incorporation		Singapore
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Bulk Carriers Ltd [member]
Name of subsidiary		Unicorn Bulk Carriers Ltd
Principal activity		Dormant
Country of incorporation		British Virgin Islands
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Tankers International Ltd [member]
Name of subsidiary		Unicorn Tankers International Ltd
Principal activity		Dormant
Country of incorporation		British Virgin Islands
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Grindrod Maritime LLC [member]
Name of subsidiary		Grindrod Maritime LLC (formerly known as York Maritime Holdings, V, LLC)
Principal activity		Ship Owning and Operating
Country of incorporation		Marshall Islands
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Sun Pte Ltd [Member]
Name of subsidiary	[3]	Unicorn Sun Pte. Ltd.
Principal activity	[3]	Ship Owning and Operating
Country of incorporation	[3]	Singapore
Proportion of ownership interest and voting power held by the Group	[3]	100.00%	0.00%
Unicorn Moon Pte Ltd [Member]
Name of subsidiary	[3]	Unicorn Moon Pte. Ltd.
Principal activity	[3]	Ship Owning and Operating
Country of incorporation	[3]	Singapore
Proportion of ownership interest and voting power held by the Group	[3]	100.00%	0.00%
Comshipco Schiffahrts Agentur GmbH [Member]
Name of subsidiary		Comshipco Schiffahrts Agentur GmbH
Principal activity		Ship agents and operators
Country of incorporation		Germany
Proportion of ownership interest and voting power held by the Group		100.00%	100.00%
Unicorn Bunker Services Proprietary Limited [Member]
Name of subsidiary	[4]	Unicorn Bunker Services Proprietary Limited
Principal activity	[4]	Bunker owning and operating
Country of incorporation	[4]	South Africa
Proportion of ownership interest and voting power held by the Group	[4]	0.00%	100.00%
Unicorn Calulo Shipping Services Proprietary Limited [Member]
Name of subsidiary	[5]	Unicorn Calulo Shipping Services Proprietary Limited
Principal activity	[5]	Ship operating
Country of incorporation	[5]	South Africa
Proportion of ownership interest and voting power held by the Group	[5]	0.00%	100.00%
[1]	These companies were incorporated in 2018.
[2]	On 6 April 2018, the Group purchased 49% of the remaining issued shares in the joint venture, IM Shipping Pte. Ltd. (“IM Shipping”). Subsequent to the purchase of these shares, IM Shipping became a wholly-owned subsidiary of the Group (Note 41.2).
[3]	These companies are incorporated in 2018.
[4]	On 1 January 2018, the Group disposed the subsidiary to a related company within Grindrod Limited (Note 39).
[5]	This company was deregistered in 2018.

INTEREST IN JOINT VENTURES (Det

INTEREST IN JOINT VENTURES (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Cost of investment in joint ventures		$ 80,474	$ 80,499
Share of post-acquisition loss, net of dividends received		(18,656)	(16,203)
Reclassification to assets classified as held for sale	[1]	(7,258)	0
Carrying amount		$ 54,560	$ 64,296
[1]	These joint venture arrangements are expected to be dissolved in 2019. Accordingly, the carrying amount of the interest in joint ventures have been reclassified to assets classified as held for sale (Note 39).

INTEREST IN JOINT VENTURES (D_2

INTEREST IN JOINT VENTURES (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Cost of investment in joint ventures		$ 80,474	$ 80,499
Tri-View Shipping Pte. Ltd. [member]
Name of joint venture	[1]	Tri-View Shipping Pte. Ltd.
Principal activity	[1]	Ship owning and operating
Country of incorporation	[1]	Singapore
Proportion of ownership interest and voting power held by the Group	[1]	51.00%	51.00%
Cost of investment in joint ventures	[1]	$ 132	$ 132
IM Shipping Pte. Ltd. [member]
Name of joint venture	[2]	IM Shipping Pte. Ltd.
Principal activity	[2]	Ship owning and operating
Country of incorporation	[2]	Singapore
Proportion of ownership interest and voting power held by the Group	[2]	100.00%	51.00%
Cost of investment in joint ventures	[2]	$ 0	$ 25
Island Bulk Carriers Pte. Ltd. [member]
Name of joint venture	[1]	Island Bulk Carriers Pte. Ltd.
Principal activity	[1]	Ship owning and operating
Country of incorporation	[1]	Singapore
Proportion of ownership interest and voting power held by the Group	[1]	65.00%	65.00%
Cost of investment in joint ventures	[1],[3]
IVS Bulk Pte. Ltd. [member]
Name of joint venture	[1]	IVS Bulk Pte. Ltd.
Principal activity	[1]	Ship owning and operating
Country of incorporation	[1]	Singapore
Proportion of ownership interest and voting power held by the Group	[1]	33.50%	33.50%
Cost of investment in joint ventures	[1]	$ 66,440	$ 66,440
Petrochemical Shipping Limited [member]
Name of joint venture	[4]	Petrochemical Shipping Limited
Principal activity	[4]	Ship owning and operating
Country of incorporation	[4]	Isle of Man
Proportion of ownership interest and voting power held by the Group	[4]	50.00%	50.00%
Cost of investment in joint ventures	[4]	$ 13,902	$ 13,902
Leopard Tankers Pte. Ltd. [member]
Name of joint venture	[4]	Leopard Tankers Pte. Ltd.
Principal activity	[4]	Ship owning and operating
Country of incorporation	[4]	Singapore
Proportion of ownership interest and voting power held by the Group	[4]	50.00%	50.00%
Cost of investment in joint ventures	[3],[4]
[1]	The Group has joint control over these entities by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval.
[2]	On 6 April 2018, the company entered into a Share Purchase Agreement with a joint venture shareholder, with respect to the purchase of ordinary shares representing 49% of the total issued shares in IM Shipping Pte. Ltd. (“IM Shipping”). Subsequent to the purchase of these shares, IM Shipping became a wholly-owned subsidiary of the company. As part of the transaction, one of the ship’s owned by IM Shipping, “IVS Magpie” was sold to a wholly-owned subsidiary of the company.
[3]	Amount is less than US$1,000.
[4]	These joint venture arrangements are expected to be dissolved in 2019. Accordingly, the carrying amount of the interest in joint ventures have been reclassified to assets classified as held for sale (Note 39).

INTEREST IN JOINT VENTURES (D_3

INTEREST IN JOINT VENTURES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current assets	$ 122,949	$ 187,202
Non-current assets	324,678	319,920
Current liabilities	(56,666)	(163,249)
Non-current liabilities	(98,458)	(24,137)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	33,498	45,245	$ 62,470	$ 70,030
Revenue	319,018	409,522	371,532
The above profit (loss) for the year include the following:
Depreciation and amortisation	(14,094)	(17,975)	(19,806)
Impairment loss	0	(16,503)	(12,625)
Interest income	3,787	7,164	5,260
Interest expense	(6,517)	(6,548)	(4,899)
Income tax expense	1,389	3,226	$ 3,849
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements:
Net assets of the joint venture	447,627	507,122
Provision for losses on joint venture	2,445	10,667
Goodwill	7,351	8,419
Carrying amount of the Group's interest in the joint venture	54,560	64,296
Tri-View Shipping Pte. Ltd. [member]
Current assets	2,342	2,771
Non-current assets	11,284	11,258
Current liabilities	(8,040)	(1,397)
Non-current liabilities	0	(7,966)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	2,143	2,525
Current financial liabilities (excluding trade and other payables and provisions)	(7,995)	(1,302)
Non-current financial liabilities (excluding trade and other payables and provisions)	0	(7,966)
Revenue	3,029	2,495
Gross profit (loss)	1,241	15
Profit (loss) for the year, representing total comprehensive income (loss) for the year	920	(3,606)
The above profit (loss) for the year include the following:
Depreciation and amortisation	0	(772)
Impairment loss	0	(3,274)
Interest expense	(328)	(283)
Income tax expense	11	(11)
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements:
Net assets of the joint venture	$ 5,586	$ 4,666
Proportion of the Group's ownership interest in the joint venture	51.00%	51.00%
Other adjustments	$ (31)	$ (31)
Carrying amount of the Group's interest in the joint venture	2,818	2,349
IM Shipping Pte. Ltd. [member]
Current assets	0	1,386
Non-current assets	0	21,250
Current liabilities	0	(3,618)
Non-current liabilities	0	(31,660)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	0	705
Current financial liabilities (excluding trade and other payables and provisions)	0	(3,326)
Non-current financial liabilities (excluding trade and other payables and provisions)	0	(31,660)
Revenue	13,129	7,363
Gross profit (loss)	1,486	2,030
Profit (loss) for the year, representing total comprehensive income (loss) for the year	497	(16,196)
The above profit (loss) for the year include the following:
Depreciation and amortisation	0	(1,821)
Impairment loss	0	(16,508)
Interest expense	(131)	(335)
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements:
Net assets of the joint venture	$ 0
Net liabilities of the joint venture		$ (12,642)
Proportion of the Group's ownership interest in the joint venture	0.00%	51.00%
Provision for losses on joint venture	$ 0	$ 6,447
Other adjustments	0	0
Carrying amount of the Group's interest in the joint venture	0	0
Island Bulk Carriers Pte. Ltd. [member]
Current assets	1,919	1,602
Non-current assets	403	0
Current liabilities	(3,499)	(1,781)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	56	5
Current financial liabilities (excluding trade and other payables and provisions)	(2,118)	(585)
Revenue	28,899	22,594
Gross profit (loss)	(932)	(681)
Profit (loss) for the year, representing total comprehensive income (loss) for the year	(1,003)	(761)
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements:
Net liabilities of the joint venture	$ (1,177)	$ (179)
Proportion of the Group's ownership interest in the joint venture	65.00%	65.00%
Provision for losses on joint venture	$ 765	$ 0
Carrying amount of the Group's interest in the joint venture	0	(116)
IVS Bulk Pte. Ltd. [member]
Current assets	32,567	36,572
Non-current assets	268,247	277,651
Current liabilities	(21,602)	(38,035)
Non-current liabilities	(116,314)	(114,400)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	26,232	30,451
Current financial liabilities (excluding trade and other payables and provisions)	(20,413)	(36,722)
Non-current financial liabilities (excluding trade and other payables and provisions)	(116,314)	(114,400)
Revenue	44,567	39,816
Gross profit (loss)	10,921	7,930
Profit (loss) for the year, representing total comprehensive income (loss) for the year	1,111	4,143
The above profit (loss) for the year include the following:
Depreciation and amortisation	(12,894)	(11,937)
Interest income	24	12
Interest expense	(9,666)	(9,938)
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements:
Net assets of the joint venture	$ 162,898	$ 161,788
Proportion of the Group's ownership interest in the joint venture	33.50%	33.50%
Goodwill	$ 3,575	$ 3,575
Other adjustments	(6,404)	(6,406)
Carrying amount of the Group's interest in the joint venture	51,742	51,368
Petrochemical Shipping Limited
Current assets	7,083	4,810
Non-current assets	14,484	28,000
Current liabilities	(7,050)	(11,327)
Non-current liabilities	0	(94)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	5,623	4,077
Current financial liabilities (excluding trade and other payables and provisions)	(6,592)	(10,897)
Non-current financial liabilities (excluding trade and other payables and provisions)	0	0
Revenue	13,755	8,297
Gross profit (loss)	(604)	828
Profit (loss) for the year, representing total comprehensive income (loss) for the year	(6,872)	(8,644)
The above profit (loss) for the year include the following:
Depreciation and amortisation	(957)	(1,960)
Impairment loss	(5,725)	(8,862)
Interest income	76	38
Interest expense	(519)	(488)
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements:
Net assets of the joint venture	$ 14,517	$ 21,389
Proportion of the Group's ownership interest in the joint venture	50.00%	50.00%
Other adjustments	$ (7,258)	$ 0
Carrying amount of the Group's interest in the joint venture	0	10,695
Leopard Tankers Pte. Ltd. [member]
Current assets	5,095	10,810
Non-current assets	108,000	108,000
Current liabilities	(116,456)	(127,249)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	3,899	6,229
Current financial liabilities (excluding trade and other payables and provisions)	(115,883)	(125,611)
Revenue	16,589	19,222
Gross profit (loss)	7,137	5,364
Profit (loss) for the year, representing total comprehensive income (loss) for the year	5,079	(13,258)
The above profit (loss) for the year include the following:
Depreciation and amortisation	(3)	(5,000)
Impairment loss	0	(14,491)
Interest expense	(4,765)	(4,302)
Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements:
Net liabilities of the joint venture	$ (3,361)	$ (8,439)
Proportion of the Group's ownership interest in the joint venture	50.00%	50.00%
Provision for losses on joint venture	$ 1,680	$ 4,220
Other adjustments	0	0
Carrying amount of the Group's interest in the joint venture	$ 0	$ 0

INTEREST IN JOINT VENTURES (D_4

INTEREST IN JOINT VENTURES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Provision for Losses on Joint Ventures	$ 2,445,000	$ 10,667,000
Unrecognised share of losses of joint ventures	$ 454,000	$ 12,946,000	$ 3,472,000

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Balance	$ 61
Balance	41	$ 61
Gross carrying amount [member]
Balance	8,402	10,259
Additions		19
Disposal	(550)
Reclassified to assets held for sale		(2,951)
Effect of foreign currency exchange differences	(1,082)	1,075
Balance	6,770	8,402
Accumulated depreciation and amortisation [member]
Balance	4,705	3,669
Disposal	(550)
Amortisation	17	908
Reclassified to assets held for sale		(612)
Effect of foreign currency exchange differences	(1,079)	740
Balance	3,093	4,705
Impairment [member]
Balance	0
Impairment losses recognised in profit or loss	3,636
Balance	$ 3,636	$ 0

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Impairment loss	$ 0	$ 16,503	$ 12,625
Pre Tax Discount Rate	0.00%	15.00%
Growth rate used to extrapolate cash flow projections	0.00%	5.50%
Bottom of range [member]
Amortization of Finance Lease Term	11 years
Top of range [member]
Amortization of Finance Lease Term	20 years
Customer-related intangible assets [member]
Intangible Assets Other than Goodwil useful Life	7 years
Licences [member]
Intangible Assets Other than Goodwil useful Life	3 years

GOODWILL (Details)

GOODWILL (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Balance	$ 8,419,000
Impairment	0	$ 8,483,000
Balance	7,351,000	8,419,000
Gross carrying amount [member]
Balance	17,985,000	16,626,000
Effect of foreign currency exchange differences	(1,981,000)	1,359,000
Balance	16,004,000	17,985,000
Accumulated impairment [member]
Balance	9,566,000	604,000
Impairment	0	8,483,000
Effect of foreign currency exchange differences	(913,000)	479,000
Balance	$ 8,653,000	$ 9,566,000

GOODWILL (Details1)

GOODWILL (Details1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill	$ 7,351	$ 8,419
Gross carrying amount [member]
Goodwill	16,004	17,985	$ 16,626
Gross carrying amount [member] | Parcel Service [Member]
Goodwill	239	277
Island Trading and Shipping [Member] | Gross carrying amount [member]
Goodwill	3,064	3,064
Unicorn Tankers, a division of Grindrod Shipping (South Africa) Pty Ltd [Member] | Gross carrying amount [member]
Goodwill	12,097	14,040
Unicorn Tankers International [Member] | Gross carrying amount [member]
Goodwill	$ 604	$ 604

GOODWILL (Details Textual)

GOODWILL (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Growth rate used to extrapolate cash flow projections	0.00%	5.50%
Discount rate applied to cash flow projections	8.33%	7.55%
Impairment loss	$ 0	$ 16,503	$ 12,625
Unicorn Tankers a division of Grindrod Shipping South Africa PtyLtd [Member]
Growth rate used to extrapolate cash flow projections	5.50%	5.50%
Discount rate applied to cash flow projections	15.00%	15.00%
Impairment loss	$ 0	$ 6,119	$ 0

DEFERRED TAX (Details)

DEFERRED TAX (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Deferred taxation analysed by major category:
Capital allowances			$ (21)	$ (4,971)
Other timing differences			1,518	2,593
Included in assets held for sale			0	3,557
Deferred tax liability (asset)	$ 1,179	$ 1,179	$ 1,497	$ 1,179
Reconciliation of deferred taxation:
Opening balance	1,179	(2,950)
IFRS 9 adjustment	20	0
Adjusted opening balance	1,199	(2,950)
Credit to profit or loss for the year	511	483
Reclassified to asset held for sale	0	3,557
Exchange differences	(213)	89
Closing balance	$ 1,497	$ 1,179

DEFERRED TAX (Detail Textuals)

DEFERRED TAX (Detail Textuals) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised	$ 956,000	$ 603,000	$ 241,000
Unabsorbed tax losses	$ 580,000	$ 580,000	$ 580,000

BANK LOANS (Details)

BANK LOANS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Secured—at amortised cost:
Bank Loans	$ 114,456	$ 108,754
Current portion
Within 1 year	18,323	89,573
Less: included as part of a disposal group held for sale	0	(1,609)
Current portion of secured bank loan received including disposal group	18,323	87,964
Non-current portion
Within 2 to 5 years	96,133	27,131
Less: included as part of a disposal group held for sale	0	(6,341)
Non current portion of secured bank loan received	96,133	20,790
Total Bank Loan	114,456	108,754
Interest payable (included in bank loans)	$ 886	$ 477

BANK LOANS (Details Textual)

BANK LOANS (Details Textual) - USD ($)	Dec. 31, 2018	May 08, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents	$ 11,627,000		$ 0
Undrawn borrowing facilities	0		5,000,000
Line of Credit Facility Available Borrowing Capacity		$ 100,000,000
Line credit facility	$ 250,000,000
Debt ratio	75.00%
Cash and cash equivalents	$ 33,498,000		$ 45,245,000	$ 62,470,000	$ 70,030,000
Variable interest rate [Member]
Weighted average effective interest rate	5.30%		3.83%
Previous Senior Secured Credit Facility [Member]
Line of Credit Facility Available Borrowing Capacity		50,000,000
Previous Senior Secured Credit Facility one [Member]
Line of Credit Facility Available Borrowing Capacity		123,000,000
Previous Senior Secured Credit Facility Two [Member]
Line of Credit Facility Available Borrowing Capacity		$ 21,000,000
Secured Term Facility [Member]
Restricted Cash and Cash Equivalents	$ 13,765,000		$ 5,183,000
Carrying value Security charge	242,445,000		233,866,000
Borrowings	5,688,000
Borrowing facility fee	28,000
Line of credit facility fee	32,000
Secured term facility	$ 6,300,000
Borrowings, interest rate	2.00%
Senior Secured Credit Facility one [Member]
Borrowings	$ 87,741,000
Borrowing facility fee	1,530,000
Line credit facility			85,850,000
Line of credit facility fee	1,750,000
Secured term facility	$ 100,000,000
Borrowings, interest rate	2.95%
Senior Secured Credit Facility Two [Member]
Borrowings	$ 21,027,000		$ 22,904,000
Secured term facility	$ 27,000,000
Borrowings, interest rate	2.65%

TRADE AND OTHER PAYABLES (Deta

TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Trade payables	$ 7,994	$ 6,206
Accrued expenses	13,401	26,204
Advances received	0	4,110
Others	1,372	1,218
Trade and other payables	22,767	37,738
Non-current trade and other payables	(403)	(1,167)
Non current payable and other payables including disposal group held for sale	22,364	36,571
Less: included as part of a disposal group held for sale (Note 39)	0	(8,217)
Current trade and other payables	$ 22,364	$ 28,354

PROVISIONS (Details)

PROVISIONS (Details) - USD ($) $ in Thousands		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Provision for onerous contracts
Provision for losses on investment in joint ventures	[1]	$ 765		$ 0
Provision for onerous contracts		813	[2]	1,270	[2]	$ 8,697
Total Provisions		$ 1,578		$ 1,270
[1]	The joint venture, Island Bulk Carriers, incurred losses during the 2018 year. The Group has raised a provision of US$765,000 (2017: US$ Nil) being the Group’s share of these losses.
[2]	Provision for onerous contracts represents the present value of the future charter payments that the Group is presently obligated to make under non-cancellable onerous operating charter agreements and contracts of affreightment, less charter revenue expected to be earned on the charter. The estimate may vary as a result of changes to ship running costs and charter and freight revenue. The rate used to discount the future charter payments is 8.33% (2017: 7.55%).

PROVISIONS (Details 1)

PROVISIONS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Analysis of provision for onerous contracts:
At beginning of the year	$ 1,270	[1]	$ 8,697
Released to profit or loss	(458)		(7,427)		$ 3,821
At the end of the financial year	$ 813	[1]	$ 1,270	[1]	$ 8,697
[1]	Provision for onerous contracts represents the present value of the future charter payments that the Group is presently obligated to make under non-cancellable onerous operating charter agreements and contracts of affreightment, less charter revenue expected to be earned on the charter. The estimate may vary as a result of changes to ship running costs and charter and freight revenue. The rate used to discount the future charter payments is 8.33% (2017: 7.55%).

PROVISIONS (Details textual)

PROVISIONS (Details textual) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Provision for onerous contracts [Abstract]
Provision for losses on investment in joint ventures	[1]	$ 765	$ 0
Discount rate in onerous contract provision		8.33%	7.55%
[1]	The joint venture, Island Bulk Carriers, incurred losses during the 2018 year. The Group has raised a provision of US$765,000 (2017: US$ Nil) being the Group’s share of these losses.

DUE TO RELATED PARTIES (Details

DUE TO RELATED PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Due to related parties—trade (Note 5)	$ 2	$ 1,073
Due to related parties—non-trade (Note 5)	1	12,906
Due to joint ventures—non-trade (Note 5)	6,235	3,965
At the end of the financial year	6,238	17,944
Less: included as part of a disposal group held for sale (Note 39)	0	(1,014)
Current payables to related parties	$ 6,238	$ 16,930

RETIREMENT BENEFIT OBLIGATION_2

RETIREMENT BENEFIT OBLIGATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Recognised liability at beginning of the year	$ 2,180	$ 2,065
Recognised in profit or loss in the current year	55	63
Interest on obligation	206	45
Current service cost	0	43
Other	(151)	(25)
Recognised in other comprehensive income in the current year	(313)	52
Actuarial gains	(8)	(157)
Translation	(305)	209
Present value of unfunded obligation recognised as a liability at end of year	1,922	2,180
Less: current portion	0	0
Long term portion	$ 1,922	$ 2,180
The principal actuarial assumptions applied in the determination of fair values include:
Health care cost inflation rate (p.a.)	8.20%	9.10%
Discount rate (p.a.)	9.90%	10.50%
Continuation at retirement	75	79.5

RETIREMENT BENEFIT OBLIGATION_3

RETIREMENT BENEFIT OBLIGATION (Details 1) - Actuarial assumption of medical cost trend rates [member]	Dec. 31, 2018	Dec. 31, 2017
Current service Cost and interest cost [Member] | Bottom of range [member]
Percentage of reasonably possible increase decrease in actuarial assumption	8.90%	9.10%
Current service Cost and interest cost [Member] | Top of range [member]
Percentage of reasonably possible increase decrease in actuarial assumption	10.40%	10.70%
Accrued liability [Member] | Bottom of range [member]
Percentage of reasonably possible increase decrease in actuarial assumption	8.60%	8.80%
Accrued liability [Member] | Top of range [member]
Percentage of reasonably possible increase decrease in actuarial assumption	9.90%	10.20%

RETIREMENT BENEFIT OBLIGATION_4

RETIREMENT BENEFIT OBLIGATION (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Present value of unfunded obligations	$ 1,922	$ 2,180
Present Value of Obligations in excess of Plan Assets	$ 1,922	$ 2,180

RETIREMENT BENEFIT OBLIGATION_5

RETIREMENT BENEFIT OBLIGATION (Details Textual)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Medical cost trend rates	1.00%
Weighted average duration of defined benefit obligation	11 years	12 years	13 years

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Issued and paid up:
Share capital, Balance		$ 319,736	$ 363,095
Share capital, Issue of ordinary shares		0	15,000
Share capital, Balance		$ 292,503	$ 319,736
Share capital [member]
Issued and paid up:
Number of shares, Balance		1
Number of shares, Issue of ordinary shares		19,063,832
Number of shares, Balance		19,063,833	1
Share capital, Balance	[1]
Share capital, Issue of ordinary shares		320,683
Share capital, Balance		$ 320,683		[1]
[1]	Amount is less than US$1,000.

OTHER RESERVES (Details)

OTHER RESERVES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share compensation reserve	$ 1,364	$ 0	$ 0
Hedging reserve	(867)	(15)
Translation reserve	(3,283)	5,773
Merger reserve	(18,354)	0
Other reserves	$ (21,140)	$ 5,758	$ 0

OTHER RESERVES (Details 1)

OTHER RESERVES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Balance	$ 0	$ 0
Share-based payments expenses	1,364	0
Balance	$ 1,364	$ 0

OTHER RESERVES (Details 2)

OTHER RESERVES (Details 2)	12 Months Ended
	Dec. 31, 2018USD ($)
Other reserves [abstract]
Number of share awards, Outstanding	0
Number of share awards, Granted during the year	743,000
Number of share awards, Forfeited during the year	0
Number of share awards, Outstanding	743,000
Fair value at grand date, Granted during the year	$ 10.18

OTHER RESERVES (Details Textual

OTHER RESERVES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Description of vesting requirements for share-based payment arrangement	At any time, the aggregate number of ordinary shares of the company subject to Awards and that have not vested shall not exceed 5% of the ordinary shares in issue.
Issued Capital Shares	1
Increase in Number of issued Shares New Issues	19,063,833
Share based CompensationNumber Of Shares Nonvested Subjected to Awards	743,000
Expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets	$ 2,294,000
Expense from share-based payment transactions with employees	1,364,000	$ 0
Incremental fair value granted, modified share-based payment arrangements	$ 933,000
2018 FSP [Member]
Share based Payments Number of Awards Available for Grant	210,191
Top of range [member]
Share based CompensationNumber Of Shares Nonvested Subjected to Awards	953,191

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Over time:
Charter hire	$ 135,027	$ 128,355	$ 97,322
Freight revenue	168,828	257,614	256,801
Vessel revenue	303,855	385,969	354,123
Management fees	5,676	5,252	4,178
Miscellaneous	820	574	956
Other	6,496	5,826	5,134
At a point in time:
Sale of ships	8,477	17,155	12,275
Sale of bunkers and other consumables	190	572	0
Ship sales	8,667	17,727	12,275
Revenue	$ 319,018	$ 409,522	$ 371,532

REVENUE (Details Textual)

REVENUE (Details Textual)	12 Months Ended
	Dec. 31, 2018
Percentage of Unsatisfied Revenue Expected to be Recognized	100.00%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total revenue	$ 319,018	$ 409,522	$ 371,532
Voyage expenses	151,705	166,924	140,727
Vessel operating costs	32,657	40,837	42,911
Depreciation and amortisation	(14,094)	(17,975)	(19,806)
Gross profit (loss)	11,093	22,114	5,797
Interest income	3,787	7,164	5,260
Interest expense	(6,517)	(6,548)	(4,899)
Share of losses of joint ventures	(454)	(12,946)	(3,472)
Taxation	(1,389)	(3,226)	(3,849)
(Loss) profit for the year	(20,640)	(60,812)	(43,709)
Impairment loss on net assets of disposal group	0	5,092	0
Impairment loss on goodwill and intangible assets	0	12,119	0
Unallocated Total [member]
Vessel revenue	0		0
Ship sale revenue	0		0
Other	0		0
Total revenue			0
Voyage expenses	0		0
Vessel operating costs	0		0
Charter hire costs	0		0
Depreciation and amortisation	0		0
Cost of ship sale	0		0
Other	0		0
Cost of sales			0
Gross profit (loss)			0
Operating (loss) profit	(6,195)	(4,481)	(2,804)
Interest income	0		0
Interest expense	0		0
Share of losses of joint ventures	0		0
Impairment loss recognised on financial assets	0
Taxation	0		0
(Loss) profit for the year	(6,195)	(4,481)	(2,804)
Impairment loss on goodwill and intangible assets		2,364
Impairment loss on ships	0	0	0
Capital expenditure	0	0	0
Total [member]
Vessel revenue	324,176	410,910	377,007
Ship sale revenue	12,447	17,727	12,277
Other	5,088	4,425	3,761
Total revenue	341,711	433,062	393,045
Voyage expenses	(140,182)	(158,355)	(138,614)
Vessel operating costs	(47,486)	(56,695)	(55,994)
Charter hire costs	(103,077)	(128,568)	(119,959)
Depreciation and amortisation	(18,895)	(26,167)	(26,716)
Cost of ship sale	(11,460)	(17,560)	(13,351)
Other	(1,635)	(16,638)	(28,385)
Cost of sales	(322,735)	(403,983)	(383,019)
Gross profit (loss)	18,976	29,079	10,026
Operating (loss) profit	(10,374)	(36,532)	(35,292)
Interest income	3,224	6,573	4,669
Interest expense	(12,023)	(11,973)	(9,237)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(85)
Taxation	(1,384)	(3,767)	(3,849)
(Loss) profit for the year	(20,642)	(45,699)	(43,709)
Impairment loss on net assets of disposal group		5,092
Impairment loss on goodwill and intangible assets		12,119
Impairment loss on ships	2,862	32,180	12,625
Capital expenditure	34,495	13,186	56,266
Adjustments [member]
Vessel revenue	(20,321)	(24,941)	(22,884)
Ship sale revenue	(3,780)	0	(2)
Other	1,408	1,401	1,373
Total revenue	(22,693)	(23,540)	(21,513)
Voyage expenses	(11,523)	(8,569)	(2,133)
Vessel operating costs	14,829	15,858	13,083
Charter hire costs	2,429	820	(1,121)
Depreciation and amortisation	4,801	8,192	6,910
Cost of ship sale	3,785	0	0
Other	489	274	525
Cost of sales	14,810	16,575	17,284
Gross profit (loss)	(7,883)	(6,965)	(4,229)
Operating (loss) profit	(4,110)	(8,724)	(1,457)
Interest income	563	591	591
Interest expense	5,506	5,425	4,338
Share of losses of joint ventures	(454)	(12,946)	(3,472)
Impairment loss recognised on financial assets	(1,498)
Taxation	(5)	541
(Loss) profit for the year	2	(15,113)	0
Impairment loss on goodwill and intangible assets		0
Impairment loss on ships	(2,862)	(15,677)	0
Capital expenditure	(1,776)	(6,756)	(26,711)
Combined Total [Member]
Vessel revenue	303,855	385,969	354,123
Ship sale revenue	8,667	17,727	12,275
Other	6,496	5,826	5,134
Total revenue	319,018	409,522	371,532
Voyage expenses	(151,705)	(166,924)	(140,727)
Vessel operating costs	(32,657)	(40,837)	(42,911)
Charter hire costs	(100,648)	(127,748)	(121,080)
Depreciation and amortisation	(14,094)	(17,975)	(19,806)
Cost of ship sale	(7,675)	(17,560)	(13,351)
Other	(1,146)	(16,364)	(27,860)
Cost of sales	(307,925)	(387,408)	(365,735)
Gross profit (loss)	11,093	22,114	5,797
Operating (loss) profit	(14,484)	(45,256)	(36,749)
Interest income	3,787	7,164	5,260
Interest expense	(6,517)	(6,548)	(4,899)
Share of losses of joint ventures	(454)	(12,946)	(3,472)
Impairment loss recognised on financial assets	(1,583)
Taxation	(1,389)	(3,226)	(3,849)
(Loss) profit for the year	(20,640)	(60,812)	(43,709)
Impairment loss on net assets of disposal group		5,092
Impairment loss on goodwill and intangible assets		12,119
Impairment loss on ships	0	16,503	12,625
Capital expenditure	32,719	6,430	29,555
Drybulk carrier business [Member]
Vessel revenue	263,687	331,423	290,053
Ship sale revenue	8,667	6,830	0
Other	3,955	3,618	3,502
Total revenue	276,309	341,871	293,555
Voyage expenses	(128,753)	(147,075)	(130,028)
Vessel operating costs	(28,249)	(30,868)	(28,666)
Charter hire costs	(86,987)	(110,163)	(98,677)
Depreciation and amortisation	(11,732)	(13,294)	(13,871)
Cost of ship sale	(7,676)	(5,339)	0
Other	333	(14,740)	(25,916)
Cost of sales	(263,064)	(321,479)	(297,158)
Gross profit (loss)	13,245	20,392	(3,603)
Operating (loss) profit	(3,964)	(7,200)	(32,654)
Interest income	2,388	5,662	3,807
Interest expense	(6,749)	(7,429)	(6,019)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(24)
Taxation	(19)	(2,900)	(5,712)
(Loss) profit for the year	(8,368)	(11,867)	(40,578)
Impairment loss on net assets of disposal group		5,092
Impairment loss on goodwill and intangible assets		0
Impairment loss on ships	0	14,174	4,425
Capital expenditure	33,626	9,894	26,569
Drybulk carrier business [Member] | Handysize [Member]
Vessel revenue	116,372	118,262	97,239
Ship sale revenue	8,667	6,830	0
Other	1,670	1,639	1,670
Total revenue	126,709	126,731	98,909
Voyage expenses	(57,707)	(59,004)	(53,362)
Vessel operating costs	(26,514)	(26,546)	(27,046)
Charter hire costs	(16,091)	(22,773)	(16,579)
Depreciation and amortisation	(9,016)	(10,642)	(11,988)
Cost of ship sale	(7,676)	(5,339)	0
Other	(550)	341	(409)
Cost of sales	(117,554)	(123,963)	(109,384)
Gross profit (loss)	9,155	2,768	(10,475)
Operating (loss) profit	1,758	(20,039)	(20,058)
Interest income	1,196	2,052	1,321
Interest expense	(4,985)	(5,158)	(4,531)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(16)
Taxation	113	(250)	(1,459)
(Loss) profit for the year	(1,934)	(23,395)	(24,727)
Impairment loss on goodwill and intangible assets		0
Impairment loss on ships	0	14,174	4,425
Capital expenditure	26,690	4,148	8,005
Drybulk carrier business [Member] | Supermax [Member]
Vessel revenue	146,097	156,517	116,171
Ship sale revenue	0	0	0
Other	1,225	911	905
Total revenue	147,322	157,428	117,076
Voyage expenses	(71,087)	(76,497)	(56,009)
Vessel operating costs	(3,405)	(3,302)	(2,482)
Charter hire costs	(69,428)	(73,336)	(59,598)
Depreciation and amortisation	(2,716)	(2,648)	(1,860)
Cost of ship sale	0	0	0
Other	24	(124)	1,436
Cost of sales	(146,612)	(155,907)	(118,513)
Gross profit (loss)	710	1,521	(1,437)
Operating (loss) profit	(5,993)	(3,109)	(8,869)
Interest income	1,190	2,048	1,327
Interest expense	(1,764)	(2,218)	(1,397)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(8)
Taxation	(131)	(240)	(1,498)
(Loss) profit for the year	(6,706)	(3,519)	(10,437)
Impairment loss on goodwill and intangible assets		0
Impairment loss on ships	0	0	0
Capital expenditure	6,629	4,574	18,024
Drybulk carrier business [Member] | Others [Member]
Vessel revenue	1,218	56,644	76,643
Ship sale revenue	0	0	0
Other	1,060	1,068	927
Total revenue	2,278	57,712	77,570
Voyage expenses	41	(11,574)	(20,657)
Vessel operating costs	1,670	(1,020)	862
Charter hire costs	(1,468)	(14,054)	(22,500)
Depreciation and amortisation	0	(4)	(23)
Cost of ship sale	0	0	0
Other	859	(14,957)	(26,943)
Cost of sales	1,102	(41,609)	(69,261)
Gross profit (loss)	3,380	16,103	8,309
Operating (loss) profit	271	15,948	(3,727)
Interest income	2	1,562	1,159
Interest expense	0	(53)	(91)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	0
Taxation	(1)	(2,410)	(2,755)
(Loss) profit for the year	272	15,047	(5,414)
Impairment loss on net assets of disposal group		5,092
Impairment loss on goodwill and intangible assets		0
Impairment loss on ships	0	0	0
Capital expenditure	307	1,172	540
Tanker business [Member]
Vessel revenue	60,489	79,487	86,954
Ship sale revenue	3,780	10,897	12,277
Other	1,133	807	259
Total revenue	65,402	91,191	99,490
Voyage expenses	(11,429)	(11,280)	(8,586)
Vessel operating costs	(19,237)	(25,827)	(27,328)
Charter hire costs	(16,090)	(18,405)	(21,282)
Depreciation and amortisation	(7,163)	(12,873)	(12,845)
Cost of ship sale	(3,784)	(12,221)	(13,351)
Other	(1,968)	(1,898)	(2,469)
Cost of sales	(59,671)	(82,504)	(85,861)
Gross profit (loss)	5,731	8,687	13,628
Operating (loss) profit	(215)	(24,851)	166
Interest income	836	911	862
Interest expense	(5,274)	(4,544)	(3,218)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(61)
Taxation	(1,365)	(867)	1,863
(Loss) profit for the year	(6,079)	(29,351)	(327)
Impairment loss on goodwill and intangible assets		9,755
Impairment loss on ships	2,862	18,006	8,200
Capital expenditure	869	3,292	29,697
Tanker business [Member] | MR tanker [Member]
Vessel revenue	37,911	42,561	48,672
Ship sale revenue	0	10,897	12,277
Other	0	(151)	(859)
Total revenue	37,911	53,307	60,090
Voyage expenses	(7,966)	(7,555)	(5,019)
Vessel operating costs	(11,313)	(13,267)	(13,768)
Charter hire costs	(16,090)	(16,257)	(17,682)
Depreciation and amortisation	(3,157)	(6,476)	(7,778)
Cost of ship sale	0	(12,221)	(13,351)
Other	(1,269)	(756)	(1,030)
Cost of sales	(39,795)	(56,532)	(58,628)
Gross profit (loss)	(1,884)	(3,225)	1,462
Operating (loss) profit	(7,368)	(22,203)	(8,799)
Interest income	536	320	276
Interest expense	(3,249)	(2,583)	(2,477)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(37)
Taxation	158	316	1,884
(Loss) profit for the year	(9,960)	(24,150)	(9,116)
Impairment loss on goodwill and intangible assets		3,902
Impairment loss on ships	1,262	13,149	8,200
Capital expenditure	0	2,287	26,979
Tanker business [Member] | Small tanker [Member]
Vessel revenue	17,395	22,740	22,561
Ship sale revenue	3,780	0	0
Other	0	0	0
Total revenue	21,175	22,740	22,561
Voyage expenses	(3,463)	(3,725)	(3,454)
Vessel operating costs	(8,960)	(9,488)	(9,581)
Charter hire costs	0	(2,148)	(3,600)
Depreciation and amortisation	(1,738)	(2,324)	(1,369)
Cost of ship sale	(3,784)	0	0
Other	(697)	(864)	(830)
Cost of sales	(18,642)	(18,549)	(18,834)
Gross profit (loss)	2,533	4,191	3,727
Operating (loss) profit	(922)	(9,372)	1,801
Interest income	258	215	227
Interest expense	(921)	(600)	(498)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(21)
Taxation	262	510	1,499
(Loss) profit for the year	(1,344)	(9,247)	3,029
Impairment loss on goodwill and intangible assets		5,853
Impairment loss on ships	1,600	4,857	0
Capital expenditure	815	20	2,455
Tanker business [Member] | Others [Member]
Vessel revenue	5,183	14,186	15,721
Ship sale revenue	0	0	0
Other	1,133	958	1,118
Total revenue	6,316	15,144	16,839
Voyage expenses	0	0	(113)
Vessel operating costs	1,036	(3,072)	(3,979)
Charter hire costs	0	0	0
Depreciation and amortisation	(2,268)	(4,073)	(3,698)
Cost of ship sale	0	0	0
Other	(2)	(278)	(609)
Cost of sales	(1,234)	(7,423)	(8,399)
Gross profit (loss)	5,082	7,721	8,439
Operating (loss) profit	8,075	6,724	7,164
Interest income	42	376	359
Interest expense	(1,104)	(1,361)	(243)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets	(3)
Taxation	(1,785)	(1,693)	(1,520)
(Loss) profit for the year	5,225	4,046	5,760
Impairment loss on goodwill and intangible assets		0
Impairment loss on ships	0	0	0
Capital expenditure	$ 54	$ 985	$ 263

SEGMENT INFORMATION (Details Te

SEGMENT INFORMATION (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue	$ 319,018	$ 409,522	$ 371,532
Drybulk carrier business [Member]
Customer risk percentage	10.00%	10.00%
Revenue	$ 276,309	$ 341,871	$ 293,555
Drybulk carrier business [Member] | Customer one [Member]
Customer risk percentage			10.00%
Revenue			$ 40,900
Tanker business [Member]
Revenue	$ 65,402	$ 91,191	$ 99,490
Tanker business [Member] | Customer one [Member]
Customer risk percentage	10.00%	10.00%	10.00%
Revenue	$ 17,300	$ 17,800	$ 33,200
Tanker business [Member] | Customer two [Member]
Customer risk percentage	10.00%	10.00%	10.00%
Revenue	$ 14,300	$ 15,700	$ 12,300
Tanker business [Member] | Customer three [Member]
Customer risk percentage	10.00%	10.00%	10.00%
Revenue	$ 6,300	$ 10,900	$ 9,900
Tanker business [Member] | Customer four [Member]
Customer risk percentage		10.00%	10.00%
Revenue		$ 8,900	$ 9,100

OTHER OPERATING INCOME (Details

OTHER OPERATING INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of other operating income expense [Abstract]
Foreign exchange gain	$ 7,132	$ 3,595	$ 4,142
Gain on deemed disposal of previously held joint venture interest	213	0	0
Gain on disposal of business	3,255	0	0
Other operating income	512	1,101	1,545
Other Income	$ 11,459	$ 4,696	$ 5,687

OTHER OPERATING EXPENSES (Detai

OTHER OPERATING EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Other Operating Expense Explanatory [Abstract]
Impairment loss on ships (Note 14)	$ 0	$ 16,503	$ 12,625
Impairment loss on goodwill and intangibles	0	12,119	0
Impairment loss on assets of disposal group (Note 39)	0	5,092	0
Loss on disposal of business	347	0	0
Foreign exchange loss	2,871	4,102	4,266
Other operating expenses	2,219	1,382	1,202
Other operating expense	$ 5,437	$ 39,198	$ 18,093

INTEREST INCOME (Details)

INTEREST INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of interest income [Abstract]
Interests on loans to joint ventures (Note 5)	$ 2,573	$ 4,346	$ 2,728
Guarantee fees from related parties (Note 5)	0	325	486
Bank interests	1,214	1,294	1,220
Other interests	0	1,199	826
Interest income	$ 3,787	$ 7,164	$ 5,260

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of interest expenses [Abstract]
Interest on bank loans	$ 6,139	$ 5,300	$ 3,834
Interest on loans from related parties (Note 5)	0	629	312
Amortisation of upfront fees on bank loans	220	0	0
Guarantee fees to related parties (Note 5)	54	451	514
Other finance cost	104	168	239
Interest Expense	$ 6,517	$ 6,548	$ 4,899

LOSS BEFORE TAXATION (Details)

LOSS BEFORE TAXATION (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Depreciation of ships, dry-docking and plant and equipment (Note 14)		$ 14,094	$ 17,975	$ 19,806
Depreciation of other property, plant and equipment	[1]	180	797	688
Amortisation of intangible assets	[1]	17	908	1,057
Total depreciation and amortisation		14,291	19,680	21,551
Impairment loss net of reversals recognised on financial assets		1,583	18	(3)
Net gain on disposal of businesses		(3,255)	0	0
Gain on deemed disposal of previously held joint venture interest		(213)	0	0
Cost of inventories recognised as expense (included in voyage expenses)		43,119	55,347	51,997
Expense recognised in respect of equity-settled share-based payments		2,297	472	176
Employee benefits expenses (including directors' remuneration and share    based payments)		20,283	19,349	15,691
Cost of defined benefit plan and defined contribution plans included in employee benefits expenses		$ 1,381	$ 1,350	$ 1,226
[1]	Included in administrative expenses

INCOME TAX (Details)

INCOME TAX (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current tax
In respect of the current year	$ 467	$ 3,694	$ 2,403
Capital gains taxation	1,797	0	0
In respect of prior years	(364)	15	48
Current tax expense (income) and adjustments for current tax of prior periods	1,900	3,709	2,451
Deferred tax
In respect of the current year	(505)	(421)	1,382
In respect of prior years	(6)	(62)	16
Deferred tax expense (income)	(511)	(483)	1,398
Tax expense (income), continuing operations	$ 1,389	$ 3,226	$ 3,849

INCOME TAX (Details 1)

INCOME TAX (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss before tax	$ (19,251)	$ (57,586)	$ (39,860)
Income tax benefit calculated at corporate rate	(3,273)	(9,790)	(6,776)
Adjusted for:
Effect of income that is exempted from tax	1,619	0	(834)
Effect of expenses that are not deductible in determining taxable profit	2,057	9,632	5,337
Effect of different tax rates of subsidiaries operating in other jurisdictions	(107)	(851)	873
Effect of tax losses disallowed to be brought forward	1,494	4,277	5,185
(Over)underprovision of tax in prior year	(128)	(47)	64
Effect of different tax rate applied for capital gains	(273)	0	0
Withholding tax	0	5	0
Tax expense (income), continuing operations	$ 1,389	$ 3,226	$ 3,849

INCOME TAX (Details Textual)

INCOME TAX (Details Textual)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Singapore [Member]
Applicable tax rate	17.00%	28.00%	28.00%
South africa [Member]
Applicable tax rate	17.00%	28.00%	28.00%

DIVIDENDS (Details Textual)

DIVIDENDS (Details Textual)	1 Months Ended
	Mar. 31, 2017USD ($)$ / shares
Dividends paid, ordinary shares per share | $ / shares	$ 334.60
Dividends paid, ordinary shares | $	$ 1,674,000

CONTINGENT LIABILITIES (Details

CONTINGENT LIABILITIES (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 17, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Leopard Tanker [Member]
Credit facility face amount		$ 138,500,000
Percentage of guarantee provided		50.00%
Line of credits		$ 70,197,000	$ 77,599,000
Description of guarantee provided		undertaking to the lender to ensure a minimum working capital balance of US$250,000 for each of the vessels held by Leopard Tanker
MitsuiCo Financial Services [Member]
Credit facility face amount	$ 5,800,000
Proportion of ownership interest in joint venture	49.00%
Percentage of guarantee provided	100.00%
Percentage of fee to be paid for guarantee provided	51.00%
Line of credits		$ 2,819,000	4,099,000	$ 5,370,000
Grindrod Shipping Pte Ltd and its subsidiaries [Member]
Credit facility face amount		$ 59,613,000	$ 63,222,000

LEASES AND SHIP CHARTERS (Detai

LEASES AND SHIP CHARTERS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Minimum lease payments receivable under non-cancellable operating lease	$ 7,250	$ 22,900	$ 37,585
With in one year
Minimum lease payments receivable under non-cancellable operating lease	5,183	5,183	11,420
Between two to five years
Minimum lease payments receivable under non-cancellable operating lease	2,067	17,717	18,828
After five years
Minimum lease payments receivable under non-cancellable operating lease	$ 0	$ 0	$ 7,337

LEASES AND SHIP CHARTERS (Det_2

LEASES AND SHIP CHARTERS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Minimum lease payments payable under non-cancellable operating lease	$ 123,880	$ 180,698	$ 239,223
Minimum operating lease payments recognised as expense	107,251	148,986	136,350
On demand or within 1 year
Minimum lease payments payable under non-cancellable operating lease	50,564	80,350	80,205
Between two to five years
Minimum lease payments payable under non-cancellable operating lease	52,884	94,177	143,034
After five years
Minimum lease payments payable under non-cancellable operating lease	20,432	6,171	15,984
Office leases [Member]
Minimum operating lease payments recognised as expense	787	30,788	26,747
Office leases [Member] | On demand or within 1 year
Minimum operating lease payments recognised as expense	671	5,596	5,129
Office leases [Member] | Between two to five years
Minimum operating lease payments recognised as expense	116	19,413	15,333
Office leases [Member] | After five years
Minimum operating lease payments recognised as expense	0	5,779	6,285
Residential property leases [Member]
Minimum operating lease payments recognised as expense	470	322	317
Residential property leases [Member] | On demand or within 1 year
Minimum operating lease payments recognised as expense	338	236	269
Residential property leases [Member] | Between two to five years
Minimum operating lease payments recognised as expense	132	86	48
Other leases member [Member]
Minimum operating lease payments recognised as expense	0	205	62
Other leases member [Member] | On demand or within 1 year
Minimum operating lease payments recognised as expense	0	159	61
Other leases member [Member] | Between two to five years
Minimum operating lease payments recognised as expense	$ 0	$ 46	$ 1

LEASES AND SHIP CHARTERS (Det_3

LEASES AND SHIP CHARTERS (Details Textual)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Office leases [Member]
Description Of Number Of Leasing Arrangements Entered By Lessee And Remaining Lease Term Classified As Operating Lease	The Group has entered into 6 (2017: 3 and 2016: 3) office leases which have a remaining non-cancellable lease term ranging from 3 to 21 months (2017: 3 to 20 months and 2016: 2 to 33 months).
Office leases [Member] | Bottom of range [member]
Operating lease remaining lease term	3 months	3 months	2 months
Office leases [Member] | Top of range [member]
Operating lease remaining lease term	21 months	20 months	33 months
Residential property leases [Member]
Description Of Number Of Leasing Arrangements Entered By Lessee And Remaining Lease Term Classified As Operating Lease	The Group has entered into 8(2017: 8 and 2016: 8) residential property leases which have a remaining non-cancellable lease term ranging from 12to 20months (2017: 2 to 21 months and 2016: 2 to 16 months, respectively). 3(2017: 3 and 2016: 3) of the residentialleases are for directors' accommodation (Note 5).
Residential property leases [Member] | Bottom of range [member]
Operating lease remaining lease term	12 months	2 months	2 months
Residential property leases [Member] | Top of range [member]
Operating lease remaining lease term	20 months	21 months	16 months

ASSETS CLASSIFIED AS HELD FOR_3

ASSETS CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Non-current assets or disposal groups classified as held for sale		$ 7,258	$ 54,954
Non-current assets held for sale [member]
Investment in joint ventures	[1],[2]	7,258	0
Disposal groups classified as held for sale [member]
Net assets of disposal group	[3]	$ 0	$ 33,940
[1]	In 2018, the Group agreed to sell its vessel in Petrochemical Shipping Limited, a joint venture of the Group, and to wind up the joint venture arrangement. The joint venture arrangement is expected to be dissolved during March 2019. The proceeds from the dissolution is expected to exceed the carrying amount of US$7,258,000 and, accordingly no impairment loss has been recognised on the classification to assets classified as held for sale.
[2]	In 2018, the Group agreed to wind up Leopard Tankers Pte. Ltd., a joint venture of the Group, in such a manner that the Group will purchase two vessels, the Leopard Sun and Leopard Moon. These vessels were subsequently purchased in January 2019 and February 2019 respectively (Note 44). At 31 December 2018, the carrying amount of the investment is US$Nil and hence, no further impairment loss was recognised on the classification to assets classified as held for sale.
[3]	In 2017, there was a plan to dispose two of GSSA’s businesses to related companies within the Grindrod Limited Group. Management has assessed the fair value less cost to sell of these non-current assets and disposal groups on the date that they were classified as held for sale and recorded an impairment loss of US$5,092,000. These businesses were subsequently sold on 1 January 2018 (Note 41.1).

ASSETS CLASSIFIED AS HELD FOR_4

ASSETS CLASSIFIED AS HELD FOR SALE (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and bank balances	$ 0	$ 7,934
Trade receivables		6,106
Other receivables and prepayments		4,707
Due from related parties		17,724
Inventories	0	1,078
Taxation		301
Ships, property, plant and equipment		16,895
Intangible assets		75
Deferred tax assets		134
Assets classified as held for sale		54,954
Liabilities
Short term borrowings		1,609
Trade and other payables		8,217
Due to related parties		1,014
Taxation		142
Long-term borrowings		6,341
Deferred tax liabilities		3,691
Liabilities directly associated with assets classified as held for sale	$ 0	21,014
Net assets of disposal group		$ 33,940

ASSETS CLASSIFIED AS HELD FOR_5

ASSETS CLASSIFIED AS HELD FOR SALE (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Proceeds from disposal or maturity of available-for-sale financial assets	$ 7,258,000
Purchase of investments other than investments accounted for using equity method
Impairment loss recognised on assets of disposal group	$ 0	$ 5,092,000	$ 0

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Contractual capital commitments	$ 47,498	$ 0
With in one year
Contractual capital commitments	15,833	0
With in 2 to 5 years
Contractual capital commitments	$ 31,665	$ 0

DISPOSALS OF BUSINESSES AND A_3

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Total sales consideration	$ 36,481
Carrying amount of net assets sold	(34,289)	[1]
Reclassification of translation reserve to profit or loss	1,063
Gain on sale before income tax	3,255
Net cash inflow arising on disposal
Total sales consideration	36,481
Less: Net settlement of amount due to related parties	3,229
Cash consideration received	33,252
Cash and cash equivalents disposed of	(7,934)
Consideration Received Net	$ 25,318
[1]	The carrying amount of US$33,940,000 as at 31 December 2017 as disclosed in Note 39 is different from net assets sold of US$34,289,000 due to adjustments of $349,000 recorded subsequent to the 31 December 2017.

DISPOSALS OF BUSINESSES AND A_4

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION (Details textual) R in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2018ZAR (R)	Jun. 18, 2018USD ($)
Carrying Value Of Assets Held For Sale	$ 54,954,000
Carrying Value Of Liabilities Held For Sale	20,665,000
Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates	213,000	$ 0	$ 0
Consideration transferred, acquisition-date fair value					$ 320,683,000
Net asset sold disposal group		34,289,000
Adjustments for losses (gains) on disposal of non-current assets		349,000
Financial assets reclassified out of financial assets at fair value through profit or loss, carrying amount		$ 33,940,000
Ocean Africa Container Lines [Member]
Consideration transferred, acquisition-date fair value	20,985,000			R 260
Unicorn Bunker Services [Member]
Consideration transferred, acquisition-date fair value	$ 15,496,000			R 192
IM Shipping [Member]
Proportion of ownership interest in joint venture	51.00%
Cumulative Proportion Of Ownership Interest In Joint Venture After All Transactions	100.00%
Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates	$ 213,000
Property, plant and equipment recognised as of acquisition date	11,000,000
Cash and cash equivalents recognised as of acquisition date	$ 952,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss for the purpose of basic earnings per share
Net loss attributable to the shareholders of the Group		$ (20,640)	$ (60,812)	$ (43,709)
Effect of dilutive potential on ordinary share		0	0	0
Earnings for the purposes of diluted earnings per share		$ (20,640)	$ (60,812)	$ (43,709)
Number of shares
Weighted average number of ordinary shares for the purpose of basic earnings per share	[1]	19,063,833	19,063,833	19,063,833
Basic and diluted loss per share		$ (1.08)	$ (3.19)	$ (2.29)
[1]	Basic and diluted loss per share for the year ended 31 December 2017 and 2016 were calculated assuming the number of shares issued as at 18 June 2018 (the date of the Spin-Off) to provide comparative figures to the 2018 results.

EARNINGS PER SHARE (Details 1)

EARNINGS PER SHARE (Details 1) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)$ / shares
Impact on profit for the year from continuing operations | $	$ (474)
Impact on basic earnings per share	$ (0.02)
Impact on diluted earnings per share	$ (0.02)
Impact of the adoption of IFRS 9 [Member]
Impact on profit for the year from continuing operations | $	$ (51)
Impact on basic earnings per share		[1]
Impact on diluted earnings per share		[1]
Impact of the adoption of IFRS 15 [Member]
Impact on profit for the year from continuing operations | $	$ (423)
Impact on basic earnings per share	$ (0.02)
Impact on diluted earnings per share	$ (0.02)
[1]	Amount is less than US$0.01

EARNINGS PER SHARE (Details Tex

EARNINGS PER SHARE (Details Textual)	12 Months Ended
	Dec. 31, 2018Numbers
Number Of Instruments Other Equity Instruments Granted	743,000
Ordinary Share [Member]
Number Of Instruments Other Equity Instruments Granted	743,000

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details Textual) - USD ($)	Feb. 04, 2019	Feb. 18, 2019	Jan. 26, 2019	Dec. 31, 2018	Apr. 02, 2019
Pension defined benefit plans [member]
Percentage of pension fund surplus				40.00%
Ships [member] | Nonadjusting Events After Reporting [Member]
Ships					$ 7,800,000
Ships [member] | Leopard Tankers PteLtd [Member] | Nonadjusting Events After Reporting [Member]
Additions other than through business combinations, property, plant and equipment	$ 27,000,000		$ 27,000,000
Ships [member] | Petrochemical Shipping Limited [Member] | Nonadjusting Events After Reporting [Member]
Disposals, property, plant and equipment		$ 14,800,000