Grindrod Shipping (GRIN) 20-F 5 Jun 20 2019 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2019shares
Cover [Abstract]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
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	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	GRIN
Entity Common Stock, Shares Outstanding	18,764,192
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Ordinary shares, no par value
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and bank balances	$ 35,553,000	$ 35,636,000
Trade receivables	13,173,000	12,034,000
Contract assets	3,844,000	1,959,000
Other receivables and prepayments	16,951,000	17,902,000
Due from joint ventures	3,855,000	13,516,000
Loans to joint ventures	1,037,000	23,803,000
Derivative financial instruments	173,000	0
Inventories	12,236,000	10,841,000
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	86,822,000	115,691,000
Assets classified as held for sale	4,677,000	7,258,000
Total current assets	91,499,000	122,949,000
Non-current assets
Restricted cash	9,611,000	11,627,000
Loans to joint ventures	2,627,000	0
Ships, property, plant and equipment	305,197,000	249,602,000
Right-of-use assets	55,238,000	0
Interest in joint ventures	52,475,000	54,560,000
Intangible assets	177,000	41,000
Goodwill	944,000	7,351,000
Deferred tax assets	1,299,000	1,497,000
Total non-current assets	427,568,000	324,678,000
Total assets	519,067,000	447,627,000
Current liabilities
Trade and other payables	28,327,000	22,364,000
Contract liabilities	4,080,000	4,223,000
Due to related parties	4,796,000	6,238,000
Lease liabilities	24,300,000	0
Bank loans and other borrowings	20,696,000	18,323,000
Provisions	959,000	1,578,000
Derivative financial instruments	0	867,000
Income tax payable	3,096,000	3,073,000
Current liabilities other than liabilities included in disposal groups classified as held for sale	86,254,000	56,666,000
Liabilities directly associated with assets classified as held for sale	538,000	0
Total current liabilities	86,792,000	56,666,000
Non-current liabilities
Trade and other payables	221,000	403,000
Lease liabilities	33,646,000	0
Bank loans and other borrowings	144,548,000	96,133,000
Retirement benefit obligation	1,922,000	1,922,000
Total non-current liabilities	180,337,000	98,458,000
Capital and reserves
Share capital	320,683,000	320,683,000
Other equity and reserves	(18,176,000)	(21,140,000)
Accumulated losses	(50,569,000)	(7,040,000)
Total equity	251,938,000	292,503,000
Total equity and liabilities	$ 519,067,000	$ 447,627,000

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Profit or loss [abstract]
Revenue	$ 331,046	$ 319,018	$ 409,522
Cost of sales
Voyage expenses	(149,444)	(151,705)	(166,924)
Vessel operating costs	(33,889)	(32,657)	(40,837)
Charter hire costs	(61,668)	(100,648)	(127,748)
Depreciation of ships, drydocking and plant and equipment– owned assets	(17,529)	(14,094)	(17,975)
Depreciation of ships and ship equipment – right-of-use assets	(30,449)	0	0
Other expenses	(697)	(1,146)	(16,364)
Cost of ship sale	(16,844)	(7,675)	(17,560)
Gross profit	20,526	11,093	22,114
Other operating (expense) income	(23,559)	6,022	(34,502)
Administrative expenses	(28,412)	(31,599)	(32,868)
Share of losses of joint ventures	(1,420)	(454)	(12,946)
Impairment loss recognised on financial assets	0	(1,583)	0
Interest income	1,979	3,787	7,164
Interest expense	(11,916)	(6,517)	(6,548)
Loss before taxation	(42,802)	(19,251)	(57,586)
Income tax	(685)	(1,389)	(3,226)
Loss for the year	(43,487)	(20,640)	(60,812)
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit obligation	(42)	8	157
Other comprehensive income that will not be reclassified to profit or loss, net of tax	(42)	8	157
Items that may be reclassified subsequently to profit or loss
Exchange differences arising on translation of foreign operations	761	(6,656)	4,232
Reclassification of translation reserve to profit or loss arising from loss of control of businesses	0	(1,063)	0
Net fair value gain (loss) on hedging instruments entered into for cash flow hedges	1,040	(852)	210
Other comprehensive (loss) income for the year, net of income tax	1,801	(8,571)	4,442
Other comprehensive income (loss) for the year, net of income tax	1,759	(8,563)	4,599
Total comprehensive loss for the year	$ (41,728)	$ (29,203)	$ (56,213)
Loss per share:
Basic and diluted	$ (2.29)	$ (1.08)	$ (3.19)

CONSOLIDATED AND COMBINED STA_2

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Share capital [member]		Parent Invested Capital [member]	Treasury shares [member]	Share compensation reserve [member]	Hedging reserve [member]	Translation reserve [member]	Merger reserve [member]	Accumulated losses [member]
Share capital, Balance at Dec. 31, 2016	$ 363,095	$ 0		$ 361,779	$ 0	$ 0	$ (225)	$ 1,541	$ 0	$ 0
Statement [Line Items]
Loss for the year	(60,812)	0		(60,812)	0	0	0	0	0	0
Other comprehensive loss for the year, net of income tax	4,599	0		157	0	0	210	4,232	0	0
Total comprehensive loss for the year	(56,213)	0		(60,655)	0	0	210	4,232	0	0
Issue of ordinary shares	15,000		[1]	15,000	0	0	0	0	0	0
Recognition of share-based payments (Note 29)	(472)	0		(472)	0	0	0	0	0	0
Dividends (Note 37)	(1,674)	0		(1,674)	0	0	0	0	0	0
Transaction with owners, recognised directly in equity	12,854		[1]	12,854	0	0	0	0	0	0
Share capital, Balance at Dec. 31, 2017	(319,736)		[1]	313,978	0	0	(15)	5,773	0	0
Statement [Line Items]
IFRS 9 and 15 adjustment (Note 2.3)	(474)			(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	0	(15)	5,773	0	0
Statement [Line Items]
Loss for the year	(20,640)	0		(13,453)	0	0	0	0	0	(7,187)
Other comprehensive loss for the year, net of income tax	(8,563)	0		0		0	(852)	(7,719)	8	0
Total comprehensive loss for the year	(29,203)	0		(13,453)	0	0	(852)	(7,719)	8	(7,187)
Recognition of share-based compensation from parent company	1,080	0		933	0	0	0	0	0	147
Issue of ordinary shares	0	320,683		(300,984)	0	0	0	(1,337)	(18,362)	0
Recognition of share-based payments (Note 29)	1,364	0		0	0	1,364	0	0	0	0
Transaction with owners, recognised directly in equity	2,444	320,683		(300,051)	0	1,364	0	(1,337)	(18,362)	147
Share capital, Balance at Dec. 31, 2018	292,503	320,683		0	0	1,364	(867)	(3,283)	(18,354)	(7,040)
Statement [Line Items]
Loss for the year	(43,487)	0		0	0	0	0	0	0	(43,487)
Other comprehensive loss for the year, net of income tax	1,759	0		0	0	0	1,040	761	0	(42)
Total comprehensive loss for the year	(41,728)	0		0	0	0	1,040	761	0	(43,529)
Recognition of share-based payments (Note 29)	3,156	0		0	0	3,156	0	0	0	0
Acquisition of treasury shares (Note 29)	(1,993)	0		0	(1,993)	0	0	0	0	0
Transaction with owners, recognised directly in equity	1,163	0		0	(1,993)	3,156	0	0	0	0
Share capital, Balance at Dec. 31, 2019	$ 251,938	$ 320,683		$ 0	$ (1,993)	$ 4,520	$ 173	$ (2,522)	$ (18,354)	$ (50,569)
[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, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Loss before taxation	$ (42,802)	$ (19,251)	$ (57,586)
Adjustments for:
Share of losses of joint ventures	1,420	454	12,946
Net gain on disposal of businesses	0	(3,255)	0
Gain on deemed disposal of previously held joint venture interest	0	(213)	0
Loss (gain) on disposal of ships	298	(992)	(167)
(Gain) loss on disposal of plant and equipment	(4)	(68)	107
Depreciation and amortisation	48,763	14,291	19,680
Impairment loss recognised on ships	16,995	0	16,503
Impairment loss recognised on right-of-use assets	2,250	0	0
Impairment loss on goodwill and intangibles	3,179	0	12,119
Impairment loss net of reversals on financial assets	0	1,583	18
Impairment loss on net assets of disposal group	0	0	5,092
Reversal of provision for onerous contracts	(408)	(457)	(7,427)
Recognition of share-based payments expenses	3,156	2,297	33
Net foreign exchange loss (gain)	709	(3,190)	(1,242)
Interest expense	11,916	6,517	6,548
Interest income	(1,979)	(3,787)	(7,164)
Components of defined benefit costs recognised in profit or loss	183	206	63
Operating cash flows before movements in working capital and ships	43,676	(5,865)	(477)
Inventories	(1,644)	(1,576)	1,017
Trade receivables, other receivables and prepayments	(1,506)	(1,689)	(279)
Contract assets	(2,063)	(123)	0
Trade and other payables	5,796	(2,561)	(3,055)
Contract liabilities	28	(331)	0
Due from related parties	0	(6,002)	(5,049)
Due to related parties	638	0	6,737
Operating cash flows before movements in ships	44,925	(18,147)	(1,106)
Capital expenditure on ships	(106,107)	(21,351)	(5,219)
Proceeds from disposal of ships	15,634	8,313	17,727
Net cash (used in) generated from operations	(45,548)	(31,185)	11,402
Interest paid	(11,307)	(5,860)	(6,206)
Interest received	1,825	1,363	2,677
Income tax paid	(557)	(1,678)	(4,498)
Net cash flows (used in) generated from operating activities	(55,587)	(37,360)	3,375
Investing activities
Advances to related parties	0	0	(1,264)
Repayment from related parties	7,648	14,054	415
Repayment of loans from joint venture	20,268	0	0
Cash inflow from acquisition of assets	0	952	0
Purchase of plant and equipment	(94)	(368)	(1,212)
Purchase of intangible assets	(161)	0	(19)
Proceeds from disposal of plant and equipment	5	68	18
Net proceeds from disposal of businesses (Note 41.1)	0	25,318	0
Capital distribution from a joint venture	2,500	0	0
Dividends received from a joint venture	5,000	0	0
Net cash generated from (used in) investing activities	35,166	40,024	(2,062)
Financing activities (Note A)
Long-term interest bearing debt raised	95,824	104,549	45,150
Payment of capital portion of long term interest-bearing debt	(45,540)	(99,503)	(40,869)
Principal repayments on lease liabilities	(29,905)	0	0
Loans from related parties	0	0	5,000
Repayment of loans from related parties	0	0	(42,000)
Repayment to related parties	0	(8,351)	0
Acquisition of treasury shares	(1,993)	0	0
Restricted cash	987	(8,582)	58
Issuance of shares (Note B)	0	0	15,000
Dividends paid	0	0	(1,674)
Purchase of Parent's ordinary shares for forfeitable share plan	0	0	(505)
Net cash flows generated from (used in) financing activities	19,373	(11,887)	(19,840)
Net decrease in cash and cash equivalents	(1,048)	(9,223)	(18,527)
Cash and cash equivalents at the beginning of the year (Note 6)	33,498	45,245	62,470
Effect of exchange rate changes on the balance of cash held in foreign currencies	77	(2,524)	1,302
Cash and cash equivalents at the end of the year	$ 32,527	$ 33,498	$ 45,245

COMBINED STATEMENTS OF CASH FLO

COMBINED STATEMENTS OF CASH FLOWS 1 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Bank loans [Member]
Statement1 [Line Items]
Opening Balance	$ 114,456	$ 108,754
Financing cash flows	50,284	5,046
Investing cash flows	0	0
Operating cash flows	0	0
Other changes	504	656
Closing Balance	165,244	114,456
Due (from) to related parties [Member]
Statement1 [Line Items]
Opening Balance	(7,278)	(10,068)
Financing cash flows	0	(8,351)
Investing cash flows	7,648	14,054
Operating cash flows	638	(6,002)
Other changes	(67)	3,089
Closing Balance	941	(7,278)
Lease liabilities [member]
Statement1 [Line Items]
Opening Balance	0	0
Financing cash flows	(29,905)	0
Investing cash flows	0	0
Operating cash flows	0	0
Other changes	19,185	0
Closing Balance	57,946	$ 0
Lease liabilities [member] | IFRS 16 adjustment [Member]
Statement1 [Line Items]
Closing Balance	$ 68,666

CONSOLIDATED AND COMBINED STA_4

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Additional Information) $ in Thousands	Jun. 18, 2018USD ($)shares
Statement1 [Line Items]
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, 2019
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 from the 19 June 2018 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’). Before the Spin-Off, two of GSSA’s businesses, Ocean Africa Container Lines division, or OACL, and Unicorn Bunker Services (Pty) Ltd, or Unicorn Bunker, were disposed to another Parent subsidiary on 1 January 2018. On 18 June 2018, the Spin-Off was affected 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 28). The purchase consideration was satisfied by the issuance by the company of compulsorily convertible notes which converted to 19,063,832 ordinary shares of the company on the same date. The principal activities of the Group are ship chartering, operating and sales of vessels. Information of the entities within the Group is contained in Note 16. The consolidated and combined financial statements of the Group for the year ended 31 December 2019 were authorised for issue by the Board of Directors on 5 June

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
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 and 31 December 2017 as the Group was under the management of Grindrod Limited and therefore considered to be under common management which forms the basis of the combined financial statements for the year ended 31 December 2017. 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 c 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 Leases Inventories Impairment of Assets 2.3 Application of new and revised International Financial Reporting Standards (IFRSs) From 1 January 2019, the Group has applied a number of new IFRS and amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2019. 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 16 Leases In the current year, the Group has applied IFRS 16 (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after 1 January 2019. IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. Details of these new requirements are described below. The impact of the adoption of IFRS 16 on the Group’s consolidated financial statements is described below. The date of initial application of IFRS 16 for the Group is 1 January 2019. The Group has applied IFRS 16 using the cumulative catch-up approach which: • requires the Group to recognise the cumulative effect of initially applying IFRS 16 as an adjustment, if any, to the opening balance of retained earnings at the date of initial application. • does not permit restatement of comparatives, which continue to be presented under IAS 17 Leases Determining Whether an Arrangement Contains a Lease (a) Impact of the new definition of a lease The Group has made use of the practical expedient available on transition to IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with IAS 17 and IFRIC 4 will continue to be applied to those leases entered or changed before 1 January 2019. The change in definition of a lease mainly relates to the concept of control. IFRS 16 determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. This is in contrast to the focus on 'risks and rewards' in IAS 17 and IFRIC 4. The Group applies the definition of a lease and related guidance set out in IFRS 16 to all lease contracts entered into or modified on or after 1 January 2019 (whether it is a lessor or a lessee in the lease contract). In preparation for the first-time adoption of IFRS 16, the Group has carried out an implementation project. The project has shown that the new definition in IFRS 16 will not significantly change the scope of contracts that meet the definition of a lease for the Group. b) Impact on lessee accounting Former operating leases IFRS 16 changes how the Group accounts for leases previously classified as operating leases under IAS 17. Applying IFRS 16 for leases, the Group: 1. Recognises right-of-use assets and lease liabilities in the consolidated statements of financial position, initially measured at the present value of future lease payments with the right-of-use asset adjusted by the amount of any prepaid or accrued lease payments in accordance with IFRS 16:C8(b)(ii). 2. Recognises depreciation of right-of-use assets and interest on lease liabilities in the consolidated and combined statement of profit and loss. Operating leases were previously recorded as “Charter hire costs” for ships, “Vessel operating costs” for ship equipment and “Administrative expenses” for property. When applying IFRS 16, the expense is split into “Interest expense” and “Depreciation – right-of-use assets”. Expenses relating to short-term leases and low value leases will continue to be expensed and disclosed in line with the previous treatment. 3. Separates the total amount of cash paid into a principal portion (presented within financing activities) and interest (presented within operating activities) in the consolidated statement of cash flows. Payments of operating leases were previously presented as part of net cash flows used in operating activities. Lease incentives (e.g. rent free period) are recognised as part of the measurement of the right-of-use assets and lease liabilities whereas under IAS 17 they resulted in the recognition of a lease incentive liability, amortised as a reduction of rental expense on a straight-line basis. The right-of-use assets will be tested for impairment in accordance with IAS 36 Impairment of Assets. The Group has used the following practical expedients when applying the cumulative catch-up approach to leases previously classified as operating leases applying IAS 17: · Leases ending within 12 months as at 1 January 2019 are accounted for as short-term leases irrespective of the initial lease period. For such leases and leases of low-value assets, the Group has elected not to recognise right-of-use assets and lease liabilities; · A single discount rate was applied to a portfolio of leases with reasonably similar characteristics; · Non-lease and lease components of the time chartered-in agreements will not be separated and will be treated as a single lease component for the purposes of recognition and measurement; and · The use of hindsight in determining the lease term when the contract contains options to extend or terminate the lease. (c) Impact on lessor accounting IFRS 16 does not change substantially how a lessor accounts for leases. Under IFRS 16, a lessor continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. However, IFRS 16 has changed and expanded the disclosures required, in particular regarding how a lessor manages the risks arising from its residual interest in leased assets. (d) Financial impact of initial application of IFRS 16 The following table shows the operating lease commitments disclosed applying IAS 17 at 31 December 2018, discounted using the incremental borrowing rate at the date of initial application and the lease liabilities recognised in the statement of financial position at the date of initial application. Adjusted as at US$’000 Operating lease commitments as at 31 December 2018 126,354 Less: Short-term leases recognised on a straight-line basis as expense (20,192 ) Less: Leases of low value assets recognised on a straight-line basis as expense (153 ) Operating lease obligations as at 1 January 2019 (without discounting) 106,009 Operating lease obligations as at 1 January 2019 (discounted) (1) 69,395 Less: Prepayments of lease payments recognised (729 ) Lease liabilities recognised as at 1 January 2019 68,666 (1) Right-of-use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position immediately before the date of initial application. Consequently, right-of-use assets of $69,395,000 were recognised on 1 January 2019, prepayments relating to leases of $729,000 were reclassified to right-of-use assets and there is no impact to retained earnings on 1 January 2019. The Group’s significant accounting policies for the leases are disclosed in Note 2.14. 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 17 Insurance Contracts IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 3 Definition of a business Amendments to IAS 1 and IAS 8 Definition of material Amendments to IAS 1 Classification of liabilities as Current or Non-current Conceptual framework Amendments to References to the Conceptual Framework in IFRS Standards 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. 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 (OCI) 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. 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. 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 IAS 39 Financial Instruments Provisions, Contingent Liabilities and Contingent Assets 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 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 mainly comprise cash and bank balances, trade and other receivables, loans to joint ventures and amounts due from joint ventures 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 (ECL), 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 ECL, 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. Impairment of financial assets The Group recognises a loss allowance for ECL on trade and other receivables and contract assets. The amount of ECL 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 (ECL) 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 ECL 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; or • 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, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group 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 Group 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 unless the Group has 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 ECL The measurement of ECL 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. 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). 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

CRITICAL ACCOUNTING JUDGEMENTS

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY	12 Months Ended
	Dec. 31, 2019
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 17 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 and other receivables, contract assets and amount due from joint ventures and loans to joint ventures When measuring expected credit loss in relation to the trade and other receivables, contract assets and amount due from joint ventures 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 the expected credit loss. 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 joint ventures and loans to joint ventures are provided in Notes 7, 8, 9, 10 and 11. 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 17. 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 (owned and right-of-use) 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 contracts of affreightment 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 7.61% (2018: 8.33%) 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. Accordingly, based on the carrying amounts of the owned ships and right-of-use ships as at end of each reporting periods, the Group has recognised an impairment loss of approximately $19,245,000 for the year ended 31 December 2019 (2018: $Nil and 2017: $16,503,000 ) recorded in profit or loss in the line item ‘Other operating (expense) income’. As at 31 December 2019 and 2018, 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 owned and right-of-use ships (on the basis that each of the other key assumptions remain unchanged): Drybulk Carriers · 0.0% to 19.63% decrease to the charter rate (2018: 13.3% to 37.8% decrease to the charter rate); or · 0.0% to 56.6% increase to the discount rate (2018: 12.3% to 81.8% increase to the discount rate). Tankers · 13.9% to 34.2% decrease to the charter rate (2018: 0.6% to 33.9% decrease to the charter rate); or · 14.3% to 45.2% increase to the discount rate (2018: 0.8% to 22.4%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. 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. The carrying amounts of the ships are disclosed in Notes 14 and 15. Estimation of lease term of charters with extension options When estimating the lease term of the respective lease arrangement, management considers all facts and circumstances that create an economic incentive to exercise an extension option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. This is assessed on an ongoing basis and the extension options are only included in the lease term if the lease is reasonably certain to be exercised. $53,954,000 have not been included in the lease liability because it is not reasonably certain that the leases will be extended. If a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee, the above assessment will be reviewed further. During the financial year ended December 31, 2019, the Group did not exercise any extension and termination options. Estimation uncertainty arising from variable lease payments One of the charter contracts requiring the recognition of a right-of-use assets and a lease liability contains variable payment terms that is linked to an index and such variable lease payments are recognised in charter hire cost in the profit or loss in the period in which the condition that triggers those payments occurs. A 5% increase in the index will result in such variable lease contracts to increase its total lease payments by approximately $185,000. 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 $5,657,000 (2018: $5,657,000) could arise. A tax provision of $2,400,000 (2018: $2,400,000) has been provided. In 2013, there were queries raised by the UK tax authorities on a subsidiary of UTI. The case went to a Tribunal in July 2019 and on 13 November 2019 the Tribunal ruled in favour of the Group. Subsequent to year end, have appealed the judgement and the outcome is still pending. At the date of authorisation of these financial statements, in view of the uncertainty of whether the judgement would be overruled, the provision has been retained.

FINANCIAL INSTRUMENTS, FINANCIA

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2019
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 2019 2018 US$’000 US$’000 Financial assets Derivative instruments designated in hedge accounting relationships 173 - Financial assets at amortised cost 81,021 112,855 Less: Transferred to asset of disposal group classified as held for sale (Note 40) (937 ) - 80,084 112,855 80,257 112,855 Financial liabilities Derivative instruments designated in hedge accounting relationships - 867 Financial liabilities at amortised cost 256,140 143,339 Less: Transferred to asset of disposal group classified as held for sale (Note 40) (538 ) - 255,602 143,339 255,602 144,206 (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. Other than liquidity risk there has been no change to the Group’s exposure to these financial risks. There have been no significant changes to 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 2019, 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 38 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 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 12-month or Gross Loss Net US$’000 US$’000 US$’000 31 December 2019 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 13,173 - 13,173 Contract assets 8 (i) Lifetime ECL (Simplified approach) 3,844 - 3,844 Other receivables 9 Performing 12-month ECL 14,258 - 14,258 Due from joint ventures 10 Performing 12-month ECL 3,855 - 3,855 Loans to joint ventures 11 Doubtful Lifetime ECL 5,216 (1,552 ) 3,664 40,346 (1,552 ) 38,794 Note Internal 12-month or Gross Loss Net US$’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 joint ventures 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 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 joint ventures 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 2019 would increase/decrease by $691,000 (2018: increase/decrease by $603,000 and 2017: increase/decrease by $470,000). This is mainly attributable to the Group’s exposure to interest rates on its variable rate bank loans and loans from/to joint ventures. (c) Foreign currency exchange risk management The Group’s main operational activities are carried out in United States dollars and South African rands, which is the functional currency of the respective financial statements of each Group entity. The risk arising from movements in foreign exchange rates is limited as the Group has minimal transactions in foreign currencies which mainly relates to administrative expenses in Singapore dollars, loans to joint ventures in Japanese yen and amounts due to related companies in South African rands and Great Britain pounds as well as bank balances in South African rands. The Group has access to a foreign exchange facility which enables it to enter into forward foreign exchange contracts. Management reviews and monitors currency risk exposure and determines whether any hedging is considered necessary. The objective of the foreign exchange exposure management policy is to ensure that all foreign exchange exposures are identified as early as possible and that the identified exposures are actively managed to reduce risk. All exposures are to reflect the underlying foreign currency commitments arising from trade and/or foreign currency finance. Under no circumstances are speculative positions, not supported by normal trade flows, permitted. At the end of the reporting period, the significant carrying amounts of monetary liabilities and monetary assets denominated in currencies other than the respective Group entities’ functional currencies are as follows: Liabilities Assets 2019 2018 2019 2018 US$’000 US$’000 US$’000 US$’000 United States dollars (657 ) (1,660 ) 1,893 4,941 South African rands (26,880 ) (22,909 ) 6,903 7,894 Japanese yen - (6,976 ) 6 765 Foreign currency sensitivity The following table details the sensitivity to a 10% increase and decrease in the relevant foreign currencies against the functional currency of each Group entity. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. If the relevant foreign currency strengthens by 10% against the functional currency of the entity, profit or loss will increase/(decrease) by: Impact on profit or loss 2019 2018 US$’000 US$’000 United States dollars 124 328 South African rands (1,998 ) (1,502 ) Japanese yen 1 (621 ) If the relevant foreign currency weakens by 10% against the functional currency of the entity, profit or loss will increase/(decrease) by: Impact on profit or loss 2019 2018 US$’000 US$’000 United States dollars (124 ) (328 ) South African rands 1,998 1,502 Japanese yen (1 ) 621 (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 shipping environment has been challenging and volatile over the last several years due to an oversupply of vessels allied to a lower growth rate of the world economy. As a result, the Group has reported losses and negative cash flow for the last three consecutive years. The outbreak of COVID-19 subsequent to the end of the reporting period has resulted in governments of many countries implementing measures to mitigate the spread of the virus. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the freight rates for drybulk vessels which has a significant impact on the Group's operations and cash flows . The Group manages liquidity risk by monitoring forecast and actual 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. There are measures in place to preserve cash, maintain adequate financing to meet Group’s obligations and protect existing loan covenants imposed by the banks. The covenant levels are monitored continuously to identify any potential covenant issues so that solutions such as can be implemented in advance. I Based on the 12 months cash flow forecast prepared by management from the date of the authorization of financial statements , the Board of Directors has no reason to believe that the Group will not continue as a going concern and has assessed that there is no material uncertainty related to these conditions and there is no substantial doubt about the Group’s ability to continue as a going concern. Management has plans to sell certain vessels, repay certain loans, protect existing covenants on term loans and maintain adequate liquidity. Subsequent to the end of the financial reporting period, management obtained an amendment to the definition of current assets and current liabilities to exclude the adjustments made on the implementation of IFRS 16 for purpose of working capital covenant compliance. In addition management obtained a temporary reduction in the minimum cash requirement from $30 million to $20 million for purpose of compliance with the loan covenant on 30 June 2020 and 30 September 2020, and an amendment to exclude the Sankaty facility from the current liabilities definition on 30 June 2020 and 30 September 2020 for purpose of working capital covenant compliance. Non-derivative financial liabilities The following tables detail the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. The adjustment column represents the possible future cash flows attributable to the instrument included in the maturity analysis which is not included in the carrying amount of the financial liability on the consolidated statements of financial position. Weighted On Within After Adjustment Total % p.a. US$’000 US$’000 US$’000 US$’000 US$’000 Group 2019 Non-interest bearing - 32,691 221 - - 32,912 Lease liabilities 5.41 26,728 35,637 - (4,381 ) 57,984 Variable interest rate instruments 5.09 27,747 123,030 44,423 (29,956 ) 165,244 87,166 158,888 44,423 (34,337 ) 256,140 Included in assets of a disposal group held for sale (Note 40) (539 ) - - 1 (538 ) 86,627 158,888 44,423 (34,336 ) 255,602 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 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 38. 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 2 to 5 years Adjustment Total US$’000 US$’000 US$’000 US$’000 Group 2019 Gross settled: Bunker swaps Gross inflow 173 - - 173 2018 Gross settled: Bunker swaps Gross outflow (867 ) - - (867 ) (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. There are no outstanding contracts at 31 December 2019. Accordingly, no sensitivity analysis is prepared. (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 2019 would decrease/increase by $Nil (2018: decrease/increase by $Nil and 2017: decrease/increase by $Nil). · hedging reserve for the year ended 31 December 2019 would decrease/increase by $209,000 (2018: decrease/increase by $355,000 and 2017: decrease/increase by $128,000). (g) Fair value measurement of financial assets and financial liabilities The carrying amounts of cash and cash equivalents, trade and other current receivables and payables, and other liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements. Financial instruments measured at fair value on a recurring basis 2019 2018 US$’000 US$’000 Financial Assets Bunker swaps 173 - Financial Liabilities 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 2019 Financial Assets Derivative financial instruments - 173 - 173 2018 Financial liabilities Derivative financial instruments - 867 - 867 (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 comprises 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. The management also ensures that the Group maintains gearing ratios within a set range to comply with the loan covenant imposed by a bank. The Group’s overall strategy remains unchanged from prior year. 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:

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
Disclosure of related parties transactions [Abstract]
RELATED PARTIES TRANSACTIONS	5 RELATED PARTIES TRANSACTIONS (i) Group companies 2019 2018 2017 US$’000 US$’000 US$’000 Freight revenue from related parties - - 939 Fuel and port expenses to related parties - (18,910 ) (55,895 ) Bunker swaps from related companies - 111 182 Guarantee fees from related parties - - 325 Guarantee fees to related parties - (54 ) (451 ) Interest expense on loans from related parties - - (629 ) Interest income on amounts due from related parties - - 1,199 Management fees to related parties - (1,135 ) (3,495 ) Net gain on disposal of businesses - 3,255 - Overhead recovery from (to) related party (included in administrative expenses) - 134 (202 ) Dividend paid to related party - - (1,674 ) Other expenses to related parties - (187 ) (1,268 ) (ii) Joint ventures 2019 2018 2017 US$’000 US$’000 US$’000 Interest income 983 2,573 4,346 Technical management fee income 1,625 1,625 1,625 Agency Fees from joint ventures 573 574 618 Charter hire and other related revenue 5,345 13,445 4,376 Charter hire and other related expenses (44,206 ) (52,050 ) (50,741 ) Payments on behalf of a joint venture (2,199 ) (1,217 ) (585 ) Purchase of ships from a joint venture 54,000 10,250 - Dividend income 5,000 - - Management fee income 86 217 350 Refer to Note 38 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 2019 2018 2017 US$’000 US$’000 US$’000 Short-term benefits 4,166 4,839 6,026 Share-based payments ( 1 ) - 84 459 4,166 4,923 6,485 (1) 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, 2019
Disclosure of cash and cash equivalents [Abstract]
CASH AND BANK BALANCES INCLUDING RESTRICTED CASH	6 CASH AND BANK BALANCES INCLUDING RESTRICTED CASH 2019 2018 US$’000 US$’000 Restricted cash, current portion 3,167 2,138 Cash on hand 357 438 Cash at bank 32,029 33,060 Cash and bank balances 35,553 35,636 Less: Restricted cash, current portion (3,167 ) (2,138 ) 32,386 33,498 Add: Cash and cash equivalents included in the disposal group held for sale (Note 40) 141 - Cash and cash equivalents in the statements of cash flows 32,527 33,498 Restricted cash Classified as: Current 3,167 2,138 Non-current 9,611 11,627 12,778 13,765 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, 2019
Disclosure Of Trade And Other Receivables [Abstract]
TRADE RECEIVABLES	7 TRADE RECEIVABLES 2019 2018 US$’000 US$’000 Trade receivables 10,171 8,936 Trade receivables due from the pools 3,706 3,098 13,877 12,034 Included in assets of a disposal group held for sale (Note 40) (704 ) - 13,173 12,034 The credit period is 1 to 30 days (2018: 1 to 30 days). No interest is charged on the outstanding invoice. Loss allowance for trade receivables has been measured at an amount equal to lifetime 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. The re 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. For trade receivables past due for more than 120 days, the Group would recognise 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 Not past < 30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 2019 Estimated total gross carrying amount at default, representing net carrying amount of default 9,955 1,233 1,244 280 1,165 - 13,877 Less: asset s of a disposal group (699 ) (1 ) (4 ) - - - (704 ) 9,256 1,232 1,240 280 1,165 - 13,173 2018 Estimated total gross carrying amount at default, representing net carrying amount of default 6,585 2,647 1,185 139 1,478 - 12,034

CONTRACT ASSETS

CONTRACT ASSETS	12 Months Ended
	Dec. 31, 2019
Contract assets [abstract]
CONTRACT ASSETS	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 which shall be recognised as revenue in the subsequent year. 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.

OTHER RECEIVABLES AND PREPAYMEN

OTHER RECEIVABLES AND PREPAYMENTS	12 Months Ended
	Dec. 31, 2019
Disclosure of Other Receivables and Prepayments [Abstract]
OTHER RECEIVABLES AND PREPAYMENTS	9 OTHER RECEIVABLES AND PREPAYMENTS 2019 2018 US$’000 US$’000 Deposits 346 337 Prepayments 2,693 1,663 Voyages in progress 10,377 12,156 Other receivables 3,627 3,746 17,043 17,902 Included in assets of a disposal group held for sale (Note 40) (92 ) - 16,951 17,902 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 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. No provision for loss allowance was made during 2019 and 2018. 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: 2019 2018 US$’000 US$’000 Balance as at 1 January - - Adjustment upon application of IFRS 9 - 70 Amount written off - (70 ) Balance as at 31 December - -

DUE FROM JOINT VENTURES

DUE FROM JOINT VENTURES	12 Months Ended
	Dec. 31, 2019
DUE FROM JOINT VENTURES [Abstract]
DUE FROM JOINT VENTURES	10 DUE FROM JOINT VENTURES 2019 2018 US$’000 US$’000 Due from joint ventures (Note 5) - non-interest bearing - trade 815 - - non interest bearing - non-trade 345 4,300 - interest bearing - non-trade 2,695 9,216 3,855 13,516 Amounts due from joint ventures are unsecured and repayable on demand and their carrying value approximate fair value. In 2019, interest was charged on the amounts due from joint ventures of US$2,695,000 (2018: $9,217,000) at 15.0% per annum (2018: 15.0% per annum). For purpose of impairment assessment, amounts due from joint ventures are considered to have low credit risk as they are not due for payment at the end of the reporting period and there has been no significant increase in the risk of default on the receivables since initial recognition. Accordingly, for the purpose of impairment assessment for these receivables, the loss allowance is measured at an amount equal to 12-month ECL. In determining the ECL, management has taken into account the historical default experience and the financial position of the counterparties, adjusted for factors that are specific to the related parties. 2019 2018 US$’000 US$’000 Loans to joint ventures analysed between: Assets Current assets 2,589 25,483 Provision for losses on joint ventures (1,552 ) (1,680 ) 1,037 23,803 Non-current assets 2,627 - Total 3,664 23,803 (1) $2,637,000 (2018: $2,640,000) 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 at the end of 3 years from date of the loan extension in 2019. The loan is unsecured and bear interest at rates ranging from 3.60% to 4.34% (2018: 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) $2,579,000 (2018: $22,843,000) of loans to a joint venture is unsecured and did not bear interest during the current year (2018: 2% per annum). 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.

LOANS TO JOINT VENTURES

LOANS TO JOINT VENTURES	12 Months Ended
	Dec. 31, 2019
LOANS TO JOINT VENTURES [Abstract]
LOANS TO JOINT VENTURES	11 LOANS TO JOINT VENTURES For purpose of impairment assessment, loans to joint ventures have been considered to have a 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 17) and any additional loss allowance required based on the expected recovery from the loan. The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for loans to joint venture: 2019 2018 US$’000 US$’000 Balance as at 1 January 2019 1,680 10,667 Loss allowance reversed in profit or loss during the year on changes in credit risk (128 ) (2,540 ) Amount written off - (6,447 ) Balance as at 31 December 2019 1,552 1,680

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	12 DERIVATIVE FINANCIAL INSTRUMENTS Bunker swaps - analysed between: 2019 2018 US$’000 US$’000 Assets Current assets 173 - Liabilities Current liabilities - (867 ) The Group has entered into a number of bunker swaps, as follows: 2019 Current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike price Quantity Notional Fair value US$ MT US$’000 US$’000 March 2020 Rott 0.5% Brg 471.3 600 283 40 January 2020 to February 2020 GO 10ppm 75.7 505 38 22 January 2020 to June 2020 ICE LS GasOil 566.5 2,400 1,360 111 1,681 173 2018 Current liabilities Derivative instruments in designated hedge accounting relationships: Settlement periods Strike price Quantity Notional Fair value US$ MT US$’000 US$’000 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 )

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2019
Disclosure Of Inventories [Abstract]
INVENTORIES	13 INVENTORIES 2019 2018 US$’000 US$’000 Bunkers and other consumables at cost 12,491 10,841 - - Ships reclassified from ships, property, plant and equipment as inventories (Note 14) (a) 15,932 7,321 Sale of ships recognised as inventories (a) (15,932 ) (7,321 ) Included in assets of a disposal group held for sale (Note 40) (255 ) - 12,236 10,841 (a) 2019 2018 US$’000 US$’000 Cost 40,871 15,203 Accumulated depreciation (11,659 ) (3,443 ) Impairment (13,280 ) (4,439 ) Carrying amount 15,932 7,321 On 2 April 2019 and 23 April 2019, the Group entered into memoranda of agreement with third parties for the sale of a ship at purchase consideration of $7,800,000 and $8,875,000 (net consideration of $7,378,000 and $8,257,000), On 10 October 2018, the Group entered into a memorandum of agreement with third party for the sale of a ship at purchase consideration of $8,650,000 (net consideration of $8,313,000).

SHIPS, PROPERTY, PLANT AND EQUI

SHIPS, PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2019
Disclosure Of Trade And Other Receivables Explanatory [Abstract]
SHIPS, PROPERTY, PLANT AND EQUIPMENT	14 SHIPS, PROPERTY, PLANT AND EQUIPMENT Office Plant and Ships Drydocking Construction Freehold Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2018 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 Additions 70 24 54,000 2,517 49,590 - 106,201 Disposals (26 ) (593 ) (70 ) (2,527 ) - - (3,216 ) Reclassification from construction in progress 54,648 552 (55,200 ) - - Reclassification to inventories (Note 13) - - (38,847 ) (2,024 ) - - (40,871 ) Reclassification to disposal group held for sale (Note 40) (144 ) - - - - - (144 ) Effect of foreign currency exchange differences 74 - - - - 5 79 Balance at 31 December 2019 4,994 4,802 497,569 11,432 774 268 519,839 Accumulated depreciation: Balance at 1 January 2018 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 Depreciation 155 798 13,562 3,169 - - 17,684 Disposals (25 ) (593 ) (70 ) (2,008 ) - - (2,696 ) Reclassification to disposal group held for sale (Note 40) (142 ) - - - - - (142 ) Reclassification to inventories (Note 13) - - (10,785 ) (874 ) - - (11,659 ) Effect of foreign currency exchange differences 71 - - - - - 71 Balance at 31 December 2019 4,607 4,307 114,018 4,607 - - 127,539 Impairment: Balance at 1 January 2018 - - 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 Impairment losses recognized in profit and loss - - 14,877 2,118 - - 16,995 Reclassification to inventories (Note 13) - - (12,130 ) (1,150 ) - - (13,280 ) Disposal - - - (519 ) - - (519 ) Balance at 31 December 2019 - - 83,479 3,314 310 - 87,103 Carrying Amount: At 31 December 2019 387 495 300,072 3,511 464 268 305,197 At 31 December 2018 472 1,269 235,795 5,730 6,074 263 249,602 Certain ships are pledged to secure bank borrowings as disclosed in Note 25.

RIGHT-OF-USE ASSETS

RIGHT-OF-USE ASSETS	12 Months Ended
	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [abstract]
RIGHT-OF-USE ASSETS	15 RIGHT-OF-USE ASSETS The Group leases several assets including office and residential property, ships and ship equipment which are disclosed as right-of-use assets. Office and Ships Ship Total US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2019 from the recognition of right-of-use assets on initial application of IFRS 16 596 68,588 211 69,395 Additions 2,161 16,946 82 19,189 Cancellation of leases during the year - - (22 ) (22 ) Reclassification to disposal group held for sale (Note 40) (35 ) - - (35 ) Effect of foreign currency exchange differences 11 - - 11 Balance at 31 December 2019 2,733 85,534 271 88,538 Accumulated depreciation: Depreciation, representing balance at 31 December 2019 (601 ) (30,307 ) (142 ) (31,050 ) Impairment: Impairment losses recognized in profit and loss, representing balance at 31 December 2019 - (2,250 ) - (2,250 ) Carrying amount: As at 31 December 2019 2,132 52,977 129 55,238 Right-of-use assets are depreciated over the remaining period of the lease. The average lease term is between 1 and 4 years for property, between 1 and 5 years for ships, and between 1 and 3 years for ship equipment. Depreciation expense of $30,449,000 for ships and ship equipment are recognised in cost of sales and the depreciation expense of $601,000 for property is recognised separately in administrative expenses. The Group has options to purchase certain ships at set prices at certain dates within the contracts. For the year ended 31 December 2019, the Group recognized expense of $63,113,000 for short term leases (i.e. a lease period of 12 months or less), US$73,000 for leases of low value assets and US$55,952,000 for variable lease payments in connection with pool arrangements not included in the measurement of the lease liability. Corresponding lease liabilities are disclosed in Note 24.

SUBSIDIARIES

SUBSIDIARIES	12 Months Ended
	Dec. 31, 2019
Disclosure Of Significant Investments In Subsidiaries Explanatory [Abstract]
SUBSIDIARIES	16 SUBSIDIARIES Details of the Group’s subsidiaries at the end of the reporting period are as follows: Proportion of ownership held by the Country of 2019 2018 Name of subsidiary Principal activity Incorporation % % 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. Dormant Singapore 100 % 100 % IVS Bulk 475 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 511 Pte. Ltd. Dormant Singapore 100 % 100 % IVS Bulk 512 Pte. Ltd. Dormant 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. Dormant Singapore 100 % 100 % IVS Bulk 3708 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 3720 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IM Shipping Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % 100 % 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. Dormant 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 Ship Owning and Operating Marshall Islands 100 % 100 % Unicorn Sun Pte. Ltd. (ii) Ship Owning and Operating Singapore 100 % 100 % Unicorn Moon Pte. Ltd. (ii) Ship Owning and Operating Singapore 100 % 100 % Proportion of ownership Country of 2019 2018 Name of subsidiary Principal activity Incorporation % % Held by Grindrod Shipping (South Africa) Pty Ltd Comshipco Schiffahrts Agentur GmbH Ship agents and operators Germany 100 % 100 % K2019570755 (South Africa) (Pty) Ltd ( Dormant South Africa 100 % - (i) On 6 April 2018, the Group purchased all of the remaining 49% 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) . (ii) These companies are incorporated in 2018. (iii) This company was incorporated in 2019.

INTEREST IN JOINT VENTURES

INTEREST IN JOINT VENTURES	12 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about Joint venture [Abstract]
INTEREST IN JOINT VENTURES	17 INTEREST IN JOINT VENTURES 2019 2018 US$’000 US$’000 Cost of investment in joint ventures 77,974 80,474 Share of post-acquisition loss, net of dividends received (25,416 ) (18,656 ) Reclassification to assets classified as held for sale (b) (83 ) (7,258 ) Carrying amount 52,475 54,560 The Group’s share of losses in joint ventures that are in excess of the Group’s cost of investment of $2,106,000 (2018: $2,445,000) are accounted for as provision for losses on joint ventures (Note 11 and Note 26). Details of the joint ventures are as follows: Name of joint venture Principal activity Country of Proportion of Cost of investment 2019 2018 2019 2018 Tri-View Shipping Pte. Ltd. (a) Ship owning and operating Singapore 51 % 51 % 132 132 Island Bulk Carriers Pte. Ltd. (a) Ship owning and operating Singapore 65 % 65 % * * IVS Bulk Pte. Ltd. (a) Ship owning and operating Singapore 33.5 % 33.5 % 66,440 66,440 Petrochemical Shipping Limited (b) Dormant Isle of Man 50 % 50 % 11,402 13,902 Leopard Tankers Pte. Ltd. (b) Ship owning and operating Singapore 50 % 50 % * * 77,974 80,474 * Amount is less than US$1,000. (a) 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. (b) These joint venture companies are expected to be dissolved in 2020. Accordingly, the carrying amount of the interest in joint ventures have been reclassified to assets classified as held for sale (Note 40). The above joint ventures are accounted for using the equity method in these consolidated and combined financial statements. In 2019, the total share of joint venture companies' loss after taxation amounts to $1,420,000 (2018: $454,000; 2017: $12,946,000). Summarised financial information in respect of the Group's joint ventures are set out below. The summarised financial information below represents amounts shown in the joint venture's financial statements prepared in accordance with IFRSs, adjusted by the Group for equity accounting purposes. 2019 2018 US$’000 US$’000 Tri-View Shipping Pte. Ltd. Current assets 897 2,342 Non-current assets 10,180 11,284 Current liabilities (805 ) (8,040 ) Non-current liabilities (6,300 ) - The above amounts of assets and liabilities include the following: Cash and cash equivalents 757 2,143 Current financial liabilities (excluding trade and other payable and provisions) (726 ) (7,995 ) Non-current financial liabilities (excluding trade and other payables and provisions) (6,300 ) - Revenue 2,488 3,029 Gross (loss) profit (1,290 ) 1,241 (Loss) profit for the year, representing total comprehensive (loss) profit for the year (1,615 ) 920 The above (loss) profit for the year include the following: Depreciation (2,102 ) - Interest expense (307 ) (328 ) Income tax expense - 11 Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 3,972 5,586 Proportion of the Group's ownership interest in the joint venture 51 % 51 % Other adjustments (31 ) (31 ) Carrying amount of the Group's interest in the joint venture 1,995 2,818 2019 2018 US$’000 US$’000 Island Bulk Carriers Pte. Ltd. Current assets 31 1,919 Non-current assets 329 403 Current liabilities (1,212 ) (3,499 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 5 56 Current financial liabilities (excluding trade and other payables and provisions) (898 ) (2,118 ) Revenue 10,499 28,899 Gross profit (loss) 476 (932 ) Profit (loss) for the year, representing total comprehensive profit (loss) for the year 325 (1,003 ) The above profit (loss) for the year include the following: Depreciation (84 ) - Reconciliation of the above financial information to the carrying amount of the interest in the joint venture in the consolidated and combined financial statements: Net liabilities of the joint venture (852 ) (1,177 ) Proportion of the Group's ownership interest in the joint venture 65 % 65 % Provision for losses on joint venture (Note 26) 554 765 Carrying amount of the Group's interest in the joint venture - - 2019 2018 US$’000 US$’000 IVS Bulk Pte. Ltd. Current assets 25,941 32,567 Non-current assets 263,670 268,247 Current liabilities (81,118 ) (21,602 ) Non-current liabilities (49,358 ) (116,314 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 25,650 26,232 Current financial liabilities (excluding trade and other payables and provisions) (78,507 ) (20,413 ) Non-current financial liabilities (excluding trade and other payables and provisions) (49,358 ) (116,314 ) Revenue 40,929 44,567 Gross profit 6,103 10,921 (Loss) profit for the year, representing total comprehensive (loss) profit for the year (3,764 ) 1,111 The above (loss) profit for the year include the following: Depreciation (14,020 ) (12,894 ) Interest income 33 24 Interest expense (9,029 ) (9,666 ) Income tax expense (1 ) - Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 159,135 162,898 Proportion of the Group's ownership interest in the joint venture 33.5 % 33.5 % Goodwill 3,575 3,575 Other adjustments (6,405 ) (6,404 ) Carrying amount of the Group's interest in the joint venture 50,480 51,742 2019 2018 US$’000 US$’000 Petrochemical Shipping Limited Current assets 206 7,083 Non-current assets - 14,484 Current liabilities (40 ) (7,050 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 203 5,623 Current financial liabilities (excluding trade and other payables and provisions) (38 ) (6,592 ) Revenue 15,857 13,755 Gross profit (loss) 456 (604 ) Profit (loss) for the year, representing total comprehensive loss for the year 650 (6,872 ) Dividend income from the joint venture during the year 5,000 - The above profit (loss) for the year include the following: Depreciation (2 ) (957 ) Impairment loss - (5,725 ) Interest income 59 76 Interest expense (79 ) (519 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 166 14,517 Proportion of the Group's ownership interest in the joint venture 50 % 50 % Reclassification to assets classified as held for sale (Note 40) (83 ) (7,258 ) Carrying amount of the Group's interest in the joint venture - - 2019 2018 US$’000 US$’000 Leopard Tankers Pte. Ltd. Current assets 2,894 5,095 Non-current assets - 108,000 Current liabilities (5,999 ) (116,456 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 2,802 3,899 Current financial liabilities (excluding trade and other payables and provisions) (5,819 ) (115,883 ) Revenue 110,002 16,589 Gross profit 874 7,137 Profit for the year, representing total comprehensive income for the year 255 5,079 The above profit for the year include the following: Depreciation - (3 ) Interest expense (458 ) (4,765 ) 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 (3,105 ) (3,361 ) Proportion of the Group's ownership interest in the joint venture 50 % 50 % Provision for losses on joint venture (Note 11) 1,552 1,680 Carrying amount of the Group's interest in the joint venture - -

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2019
INTANGIBLE ASSETS [Abstract]
INTANGIBLE ASSETS	18 INTANGIBLE ASSETS Total US$’000 Cost: Balance at 1 January 2018 8,402 Disposal (550 ) Effect of foreign currency exchange differences (1,082 ) Balance at 31 December 2018 6,770 Additions 161 Effect of foreign currency exchange differences 126 Balance at 31 December 2019 7,057 Accumulated amortisation: Balance at 1 January 2018 4,705 Amortisation 17 Disposal (550 ) Effect of foreign currency exchange differences (1,079 ) Balance at 31 December 2018 3,093 Amortisation 29 Effect of foreign currency exchange differences 122 Balance at 31 December 2019 3,244 Impairment: Balance at 1 January 2018, 31 December 2018 and 2019 3,636 Carrying Amount: At 31 December 2019 177 At 31 December 2018 41 Intangible assets include club memberships, customer relationships 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. 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 $3,636,000 was recognised in respect of the customer relationships based on the value in use calculations. The impairment in 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 was 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 estimated pre-tax discount rates to be 15% which they believed reflect the current market assessments of the time value of money and the risks specific to the cash generating units (CGUs). The growth rates were based on industry growth forecasts and are estimated to be 5.5%. Changes in selling prices and direct costs were based on past practices and expectations of future changes in the market. No impairment allowance was recognised in 2018 and 2019.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2019
GOODWILL [Abstract]
GOODWILL	19 GOODWILL 2019 2018 US$’000 US$’000 Cost: Balance at 1 January 16,004 17,985 Disposal - - Reclassification to disposal group held for sale (Note 40) (12,317 ) - Effect of foreign currency exchange differences 225 (1,981 ) At 31 December 3,912 16,004 Accumulated impairment losses: Balance at 1 January 8,653 9,566 Impairment 3,179 - Reclassification to disposal group held for sale (Note 40) (8,968 ) - Effect of foreign currency exchange differences 104 (913 ) Balance at 31 December 2,968 8,653 Carrying amount: At 31 December 944 7,351 Goodwill acquired in a business combination is allocated, at acquisition, to the CGUs that are expected to benefit from that business combination. Before recognition of impairment losses, the cost of goodwill had been allocated as follows: 2019 2018 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 Parcel Service 244 239 Unicorn Tankers International 604 604 3,912 16,004 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 In relation to the goodwill analysis for year ended 31 December 2018, the Group prepared 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 was per annum. This rate d id wa . Based on the value in use calculations, no impairment was required as at 31 December 2018 (2017: $6,119,000). 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 wa wa During the year ended 31 December 2019, the Group agreed to dispose the business to a third party (Note 40). Management assessed the fair value less cost to sell to its carrying value of the business and recorded an impairment loss of $3,179,000. Pursuant to the measurement requirements of IFRS 5, this impairment allowance

DEFERRED TAX

DEFERRED TAX	12 Months Ended
	Dec. 31, 2019
Disclosure of deferred taxes [Abstract]
DEFERRED TAX	20 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: 2019 2018 US$’000 US$’000 Deferred taxation analysed by major category: Capital allowances (54 ) (21 ) Other timing differences 1,353 1,518 1,299 1,497 Reconciliation of deferred taxation: Opening balance 1,497 1,179 IFRS 9 adjustment - 20 Adjusted opening balance 1,497 1,199 (Charge) credit to profit or loss for the year (Note 36) (108 ) 511 Deferred tax on the actuarial gain (113 ) - Exchange differences 23 (213 ) Closing balance 1,299 1,497 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 $ (2018: $956,000 ). )

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2019
Trade and other payables [abstract]
TRADE AND OTHER PAYABLES	21 TRADE AND OTHER PAYABLES 2019 2018 US$’000 US$’000 Trade payables 7,776 7,994 Accrued expenses 19,682 13,401 Others 1,588 1,372 Less: included in liabilities of a disposal group held for sale (Note 40) (498 ) - 28,548 22,767 Non-current trade and other payables (221 ) (403 ) Current trade and other payables 28,327 22,364 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, 2019
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 and it shall be recognised as revenue in the subsequent year. There were no significant changes in the contract liability balances during the reporting period.

DUE TO RELATED PARTIES

DUE TO RELATED PARTIES	12 Months Ended
	Dec. 31, 2019
Due to related party [Abstract]
DUE TO RELATED PARTIES	23 DUE TO RELATED PARTIES 2019 2018 US$’000 US$’000 Due to related parties - trade (Note 5) - 2 Due to related parties - non-trade (Note 5) - 1 Due to joint ventures - non-trade (Note 5) 4,796 6,235 4,796 6,238

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2019
Lease liabilities [abstract]
LEASE LIABILITIES	24 LEASE LIABILITIES Property Ships Ship Total US$’000 US$’000 US$’000 US$’000 Adjusted balance as at 1 January 2019 592 67,863 211 68,666 Additions 2,161 16,946 82 19,189 Disposal - - (22 ) (22 ) Interest expense 69 3,365 8 3,442 Lease payments (665 ) (32,538 ) (144 ) (33,347 ) - Principal (596 ) (29,173 ) (136 ) (29,905 ) - Interest (69 ) (3,365 ) (8 ) (3,442 ) Transferred to liabilities of a disposal group held for sale (Note 40) (38 ) - - (38 ) Effect of foreign currency exchange differences 56 - - 56 Lease liabilities as at 31 December 2019 2,175 55,636 135 57,946 31 December Adjusted as at US$’000 US$’000 Analysed between: Current portion 24,300 26,088 Non-current portion 33,646 42,578 57,946 68,666 Maturity analysis of lease liabilities is disclosed in Note 4. The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function. In 2018, the Group entered in a two year charter contract with options to extend the contracts and purchase options in favour of the company for two supramax drybulk vessels. The charters are expected to commence in September 2020 and January 2021 on delivery of the vessels from the shipyard and as a result, a lease liability and right-of-use asset has not been recognised at 31 December 2019. The aggregated future cash outflows to which the Group is exposed in respect of each charter is fixed payments of $4,453,000 per annum. As the lease is yet to commence, it cannot be determined whether the extension options or the purchase options will be exercised.

BANK LOANS AND OTHER BORROWINGS

BANK LOANS AND OTHER BORROWINGS	12 Months Ended
	Dec. 31, 2019
Secured loan [Abstract]
BANK LOANS AND OTHER BORROWINGS	25 BANK LOANS AND OTHER BORROWINGS 2019 2018 US$’000 US$’000 Secured – at amortised cost: Bank loans 131,231 114,456 Other borrowings 34,013 - 165,244 114,456 Analysed between: Current portion 20,696 18,323 Non-current portion 144,548 96,133 165,244 114,456 Interest payable (included in bank loans) 943 886 Non-current bank loans and other borrowings are estimated to be payable as follows: Within 2 to 5 years 144,548 96,133 Bank loans i. $100.0 million senior secured credit facility The facility bears interest at London Interbank Offered Rate (“LIBOR”) plus 2.95% per annum and is made up of two tranches. Tranche A and B are repayable quarterly commencing 16 August 2018 and mature on 15 May 2022 and 15 May 2023 respectively, with the option to extend for a further two years. Facility fees of $1,750,000 were payable to the lender upon signing the new loan agreement. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. As at 31 December 2019, the outstanding balance in relation to this facility is $49,088,000, net of $1,180,000 facility fees (2018: $87,741,000, net of $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 January 11, 2021, with the option to extend for a further two years. As at 31 December 2019, the outstanding balance in relation to this facility is $ (2018: $21,027,000). iii. $6.3 million senior secured credit facility The facility bears 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 $32,000 were payable to the lender upon signing the new loan agreement. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. As at 31 December 2019, the outstanding balance in relation to this facility is $4,421,000, net of $22,000 facility fees (2018: $5,688,000, net of $28,000 facility fees). iv. $29.9 million senior secured credit facility The facility bears interest at LIBOR plus 3.2% per annum and is repayable quarterly, commencing on 24 April 2019 and matures on 21 December 2023. v. Combined $31.4 million senior secured credit facility On 29 July 2019, the Group entered into two term facilities, each for an amount up to $15,720,000 to finance the acquisition of two supramax newbuildings. The facilities bear interest at LIBOR plus 2% per annum and is repayable quarterly, commencing on 5 November 2019 and 20 December 2019 and matures on 5 August 2026 and 2 4 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 2019 is $ (2018: $13,765,000) and $ (2018: $242,445,000) respectively. In addition, there are charges over the relevant subsidiaries’ earnings, insurances, charter and charter guarantees and any requisition compensation. Certain of the bank loans are guaranteed by Grindrod Shipping Pte. Ltd. and/or Grindrod Shipping Holdings Ltd. The bank loans are arranged at LIBOR plus the respective margins. These bear a weighted average effective interest rate of 5.09% (2018: 5.30%) per annum. At 31 December 2019, the Group had no available undrawn committed borrowing facilities (2018: $0) which are subjected to the Group meeting all conditions precedent to drawdown. These bank loan facilities contain financial covenants where the most stringent of which require the Group to maintain the following: • book value net worth of the lower of (a) the aggregate of $240 million plus 25% of the amount of positive retained earnings plus 50% of each capital raise and (b) $275 million (2018: $250 million); • cash and cash equivalent (including restricted cash held in the debt service reserve account) of not less than $30 million (2018: $30 million); • a ratio of debt to market adjusted tangible fixed assets of not more than 75% (2018: 75%) and • positive working capital, such that consolidated current assets must exceed the consolidated current liabilities. The Group was in compliance with its financial covenants as of 31 December 2019 and 31 December 2018. Subsequent to year end, there were amendments made to certain financial covenants. Please see Note 45 (c) for details. Other borrowings Other borrowings relate to $35,750,000 in financing arrangements entered into with third parties with respect to three of the vessels in the Group we regard as owned. The arrangements commenced on 26 June 2019, 20 26 May 20 August 2031 and 20

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2019
Provision for onerous contracts [Abstract]
PROVISIONS	26 PROVISIONS 2019 2018 US$’000 US$’000 Provision for losses on investment in joint ventures (i) 554 765 Provision for onerous contracts (ii) 405 813 959 1,578 (i) The joint venture, Island Bulk Carriers, generated profits during 2019 and the Group has reversed provisions of $211,000 representing the reduction of the Group’s share of the joint venture losses. (ii) Provision for onerous contracts represents the present value of the future charter payments of short-term leases 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. E xcept for short-term onerous contracts when the effect of discounting is immaterial, t Analysis of provision for onerous contracts: Balance at 1 January 813 1,270 Released to profit or loss (408 ) (457 ) Balance at 31 December 405 813

RETIREMENT BENEFIT OBLIGATION

RETIREMENT BENEFIT OBLIGATION	12 Months Ended
	Dec. 31, 2019
Disclosure of employee benefits [Abstract]
RETIREMENT BENEFIT OBLIGATION	27 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 2019, 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: 2019 2018 US$’000 US$’000 Recognised liability at beginning of the year 1,922 2,180 Recognised in profit or loss in the current year 183 55 Interest on obligation 183 206 Other - (151 ) Recognised in other comprehensive income in the current year Actuarial gains (70 ) (8 ) Translation 34 (305 ) Employer payments (147 ) - Present value of unfunded obligation recognised as a liability at end of year 1,922 1,922 The principal actuarial assumptions applied in the determination of fair values include: Health care cost inflation rate (p.a.) 7.6 % 8.2 % Discount rate (p.a.) 10.0 % 9.9 % Continuation at retirement 75.0 % 75.0 % The effect of an increase or decrease of 1% in the assumed medical cost trend rates are as follows: 2019 2018 Increase (Decrease) Increase (Decrease) Aggregate of the current service cost and interest cost 10.4% (8.9%) 10.4% (8.9%) Accrued liability at year-end 9.9% (8.6%) 9.9% (8.6%) 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 2019 is years (2018: 11 years and 2017: 12 years). 2019 2018 US$’000 US$’000 Present value of unfunded obligations 1,922 1,922 Present value of obligations in excess of plan assets 1,922 1,922

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2019
SHARE CAPITAL AND PREMIUM [Abstract]
SHARE CAPITAL	28 SHARE CAPITAL Number of Share 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 and 2019 19,063,833 320,683 * Amount is less than US$1,000. Except for treasury shares, 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 EQUITY AND RESERVES

OTHER EQUITY AND RESERVES	12 Months Ended
	Dec. 31, 2019
Other reserves [abstract]
OTHER EQUITY AND RESERVES	29 OTHER EQUITY AND RESERVES 2019 2018 US$’000 US$’000 Treasury share s (1,993 ) - Share compensation reserve 4,520 1,364 Hedging reserve 173 (867 ) Translation reserve (2,522 ) (3,283 ) Merger reserve (18,354 ) (18,354 ) (18,176 ) (21,140 ) Treasury share s Number of Treasury US$’000 Balance at 1 January 2018 and 2019 - - Acquisition of shares 299,641 1,993 Balance at 31 December 2019 299,641 1,993 On May 29, 2019, shareholders granted the board of directors’ with the authority to repurchase shares of the company. The repurchase authority expires at the next Annual General Meeting, unless renewed, and may be suspended or terminated by the company at any time without prior notice. The company has acquired ordinary shares in the open market on NASDAQ and the JSE over the period from the end of the second fiscal quarter through to end of the year. These shares may be re-issued, including for the purpose of issuing shares under the Group’s forfeitable share plan. See share compensation reserve for further information. Shares issued out of treasury shares are accounted for on a first in first out basis. Share compensation reserve 2019 2018 US$’000 US$’000 Balance at 1 January 1,364 - Share-based payments expenses 3,156 1,364 Balance at 31 December 4,520 1,364 The Group operates the 2018 FSP, in which certain employees of the company and its subsidiaries participate. On 31 July 2018, the Group granted the participating employees entitlements to be settled with a specified number of ordinary shares in the company (‘Awards”) which 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 may be granted under Awards that have not vested shall not exceed 5% of the ordinary shares in issue (excluding treasury shares) on the day preceding the Award. 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 2019, the issued share capital of the company comprised 19,063,833 ordinary shares. As at 31 December 2019, 728,000 ordinary shares were subject to Awards that had not been forfeited or vested and the maximum number of ordinary shares in respect of which further Awards could have been granted under the 2018 FSP was 210,209. Details of the share awards outstanding during the year are as follows: Number of Fair value at Granted during 2018, representing outstanding at 31 December 2018 743,000 US$ 10.18 Forfeited during the year (15,000 ) US$ 10.18 Outstanding at 31 December 2019 728,000 US$ 10.18 The fair value at grant date is determined based on the share price on the date of the grant. The Group recognised total expenses during the year of $3,156,000 relating to the 2018 FSP (2018: $2,294,000 of which, $1,364,000 relates to the 2018 FSP and $933,000 relates to forfeitable share plan previously operated 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 OCI 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 OCI 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 OCI 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, 2019
Revenue [abstract]
REVENUE	30 REVENUE A disaggregation of the Group’s revenue for the year based on timing of revenue recognition is as follows: 2019 2018 2017 US$’000 US$’000 US$’000 Over time: Charter hire 129,761 135,027 128,355 Freight revenue 178,750 168,828 257,614 Vessel revenue 308,511 303,855 385,969 Management fees 5,105 5,676 5,252 Miscellaneous 884 820 574 Other 5,989 6,496 5,826 At a point in time: Sale of ships 15,986 8,477 17,155 Sale of bunkers and other consumables 560 190 572 Ship sales 16,546 8,667 17,727 331,046 319,018 409,522 Management expects that 100% of the transaction price allocated to the unsatisfied contracts as of 31 December 2019 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, 2019
Disclosure of segments abstract [Abstract]
SEGMENT INFORMATION	31 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 profit (loss)) 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 2019, 2018 and 2017. 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 December 31, 2019, 2018 and 2017 no customers accounted for 10% or more of the Group’s drybulk business revenue. For the year ended December 31, 2019, five customers accounted for 10% or more of the Group’s tankers business revenue in amounts of approximately $21.2 million, $15.5 million, $8.5 million, $7.9 million and $7.4 million. For the year ended December 31, 2018, three customers accounted for 10% or more of the Group’s tankers business revenue in amounts of approximately $17.3 million, $14.3 million and $6.3 million and for the year ended December 31, 2017, four customers accounted for 10% or more of tankers business revenue, in the amounts of approximately $17.8 million, $15.7 million, $10.9 million and $8.9 million. Each of the foregoing with respect to the drybulk carrier business and tankers business has been calculated excluding revenue attributable to the OACL and Unicorn Bunker businesses, respectively, which were sold in the first quarter of 2018. The accounting policies of the segments are the same as the Group’s accounting policies as described in Note 2. The following is an analysis of the Group’s revenue, results and additions and impairments to non-current assets by segment: 2019 Drybulk Carrier Business Tanker Business Unallocated Consolidated Handysize Supramax Others Total MR Tanker Small Tanker Others Total Total Total Adjustments Total US$’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 102,805 153,937 - 256,742 37,813 13,419 5,182 56,414 - 313,156 (4,645 ) 308,511 Ship sale revenue 8,067 - - 8,067 7,352 8,480 - 15,832 - 23,899 (7,353 ) 16,546 Other 1,360 1,218 1,058 3,636 - - 924 924 - 4,560 1,429 5,989 Total revenue 112,232 155,155 1,058 268,445 45,165 21,899 6,106 73,170 - 341,615 (10,569 ) 331,046 Voyage expenses (53,449 ) (74,286 ) (22 ) (127,757 ) (5,502 ) (2,497 ) - (7,999 ) - (135,756 ) (13,688 ) (149,444 ) Vessel operating costs (23,632 ) (4,436 ) 1,483 (26,585 ) (10,194 ) (5,743 ) 864 (15,073 ) - (41,658 ) 7,769 (33,889 ) Charter hire costs (15,162 ) (41,393 ) - (56,555 ) (5,581 ) - - (5,581 ) - (62,136 ) 468 (61,668 ) Depreciation of ships, drydocking and plant and equipment– owned assets (10,585 ) (3,596 ) - (14,181 ) (5,305 ) (1,489 ) (2,269 ) (9,063 ) - (23,244 ) 5,715 (17,529 ) Depreciation of ships and ship equipment – right-of-use assets (114 ) (24,945 ) - (25,059 ) (5,420 ) (25 ) - (5,445 ) - (30,504 ) 55 (30,449 ) Cost of ship sale (8,280 ) - - (8,280 ) (7,757 ) (8,564 ) - (16,321 ) - (24,601 ) 7,757 (16,844 ) Other (232 ) (15 ) - (247 ) (139 ) (444 ) (2 ) (585 ) - (832 ) 135 (697 ) Costs of sales (111,454 ) (148,671 ) 1,461 (258,664 ) (39,898 ) (18,762 ) (1,407 ) (60,067 ) - (318,731 ) 8,211 (310,520 ) Gross profit (loss) 778 6,484 2,519 9,781 5,267 3,137 4,699 13,103 - 22,884 (2,358 ) 20,526 Operating (loss) profit (11,354 ) (4,910 ) 94 (16,170 ) (7,459 ) (5,774 ) 2,202 (11,031 ) (2,255 ) (29,456 ) (1,989 ) (31,445 ) Interest income 659 666 - 1,325 368 180 37 585 - 1,910 69 1,979 Interest expense (4,850 ) (5,257 ) - (10,107 ) (3,214 ) (893 ) (1,042 ) (5,149 ) - (15,256 ) 3,340 (11,916 ) Share of losses of joint ventures - - - - - - - - - (1,420 ) (1,420 ) Taxation (95 ) (99 ) - (194 ) (215 ) (296 ) 20 (491 ) - (685 ) - (685 ) (Loss) profit for the year (15,640 ) (9,600 ) 94 (25,146 ) (10,520 ) (6,783 ) 1,217 (16,086 ) (2,255 ) (43,487 ) - (43,487 ) Impairment loss on owned ships 2,905 - - 2,905 8,124 5,966 - 14,090 - 16,995 - 16,995 Impairment loss on right-of-use assets - 2,250 - 2,250 - - - - - 2,250 - 2,250 Impairment loss on goodwill and intangible assets - - - - 1,589 1,590 - 3,179 - 3,179 - 3,179 Capital expenditure 3,065 50,008 31 53,104 54,000 605 57 54,662 - 107,766 (1,565 ) 106,201 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 of ships, drydocking and plant and equipment– owned assets (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 of ships, drydocking and plant and equipment– owned assets (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 ( loss 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

OTHER OPERATING (EXPENSE) INCOM

OTHER OPERATING (EXPENSE) INCOME	12 Months Ended
	Dec. 31, 2019
Disclosure of other operating income expense [Abstract]
OTHER OPERATING (EXPENSE) INCOME	32 OTHER OPERATING (EXPENSE) INCOME 2019 2018 2017 US$’000 US$’000 US$’000 Impairment loss on ships (Note 14) (16,995 ) - (16,503 ) Impairment loss on right-of-use ships (Note 15) (2,250 ) - - Impairment loss on goodwill and intangibles (3,179 ) - (12,119 ) Impairment loss on assets of disposal group (Note 40) - - (5,092 ) Foreign exchange (loss) gain (330 ) 4,261 (507 ) Gain on deemed disposal of previously held joint venture interest - 213 - Gain on disposal of business - 3,255 - Other operating (expense) income (805 ) (1,707 ) (281 ) (23,559 ) 6,022 (34,502 )

INTEREST INCOME

INTEREST INCOME	12 Months Ended
	Dec. 31, 2019
Disclosure of interest income [Abstract]
INTEREST INCOME	33 INTEREST INCOME 2019 2018 2017 US$’000 US$’000 US$’000 Interest on loans to joint ventures (Note 5) 983 2,573 4,346 Guarantee fees from related parties (Note 5) - - 325 Bank interests 996 1,214 1,294 Other interests - - 1,199 1,979 3,787 7,164

INTEREST EXPENSE

INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2019
Disclosure of interest expenses [Abstract]
INTEREST EXPENSE	34 INTEREST EXPENSE 2019 2018 2017 US$’000 US$’000 US$’000 Interest on bank loans 7,832 6,139 5,300 Interest on loans from related parties (Note 5) - - 629 Amortisation of upfront fees on bank loans 448 220 - Guarantee fees to related parties (Note 5) - 54 451 Other finance cost 194 104 168 Interest on lease liabilities 3,442 - - 11,916 6,517 6,548

LOSS BEFORE TAXATION

LOSS BEFORE TAXATION	12 Months Ended
	Dec. 31, 2019
Disclosure of loss before taxation [Abstract]
LOSS BEFORE TAXATION	35 LOSS BEFORE TAXATION Loss before taxation has been arrived at after charging (crediting): 2019 2018 2017 US$’000 US$’000 US$’000 Depreciation of ships, drydocking and plant and equipment (Note 14) 17,529 14,095 17,975 Depreciation of other property, plant and equipment * 155 179 797 Amortisation of intangible assets * 29 17 908 Total depreciation and amortisation – owned assets 17,713 14,291 19,680 Depreciation of ships and ship equipment – right-of-use assets 30,449 - - Depreciation of property – right-of-use assets * 601 - - Total depreciation and amortisation – right-of-use assets 31,050 - - Total depreciation and amortisation 48,763 14,291 19,680 Impairment loss net of reversals recognised on financial assets - 1,583 18 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) 51,327 43,119 55,347 Expense recognised in respect of equity-settled share-based payments 3,156 2,297 472 Employee benefits expenses (including directors’ remuneration and share based payments) 19,336 20,283 19,349 Cost of defined benefit plan and defined contribution plans included in employee benefits expenses 1,245 1,381 1,350 * Included in administrative expenses

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2019
Disclosure of income tax [Abstract]
INCOME TAX	36 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 2019, 2018 and 2017 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% (2018: 28% and 2017: 28%). 2019 2018 2017 US$’000 US$’000 US$’000 Current tax In respect of the current year 569 467 3,694 Capital gains taxation - 1,797 - In respect of prior years 8 (364 ) 15 577 1,900 3,709 Deferred tax In respect of the current year 108 (505 ) (421 ) In respect of prior years - (6 ) (62 ) 108 (511 ) (483 ) 685 1,389 3,226 The total charge for the year can be reconciled to the accounting loss as follows : 2019 2018 2017 US$’000 US$’000 US$’000 Loss before tax (42,802 ) (19,251 ) (57,586 ) Income tax benefit calculated at corporate rate (7,264 ) (3,273 ) (9,790 ) Adjusted for: Effect of income that is exempted from tax - 1,619 - Effect of expenses that are not deductible in determining taxable profit 13,469 2,057 9,632 Effect of different tax rates of subsidiaries operating in other jurisdictions (1,118 ) (107 ) (851 ) Effect of income not taxable in determining taxable profit (4,409 ) - - Effect of tax losses disallowed to be brought forward - 1,494 4,277 (Over) under provision of tax in prior year 7 (128 ) (47 ) Effect of different tax rate applied for capital gains - (273 ) - Withholding tax - - 5 685 1,389 3,226

DIVIDENDS

DIVIDENDS	12 Months Ended
	Dec. 31, 2019
Disclosure of dividends [Abstract]
DIVIDENDS	37 DIVIDENDS On 31 March 2017, an interim dividend of $334.60 per share, amounting to $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, 2019
Disclosure of contingent liabilities [abstract]
CONTINGENT LIABILITIES	38 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 15 August 2019 for a credit facility of $2,069,000. 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 15 August 2019. 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 2019, the outstanding amount relating to the above loan facility was $1,841,000 (2018: $2,819,000 and 2017: $4,099,000). (b) Financial support from the Group At 31 December 2019, the Group has provided financial support to joint ventures of $20,804,000 (2018: $59,613,000), to enable the companies to meet their 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 2019 and 2018.

LEASES AND SHIP CHARTERS

LEASES AND SHIP CHARTERS	12 Months Ended
	Dec. 31, 2019
Disclosure of leases [Abstract]
LEASES AND SHIP CHARTERS	39 LEASES AND SHIP CHARTERS a) As Lessor Disclosure required by IFRS 16 Operating leases, in which the Group is the lessor, relate to a ship owned by the Group chartered out under bareboat charter party agreement with a lease term of 4 years, with 2 years extension option. The lease does not have an option to purchase the ship at the expiry of the lease period. Maturity analysis of operating lease payments: 2019 US$’000 Year 1 5,241 Year 2 5,256 Year 3 2,081 Total 12,578 Disclosure required by IAS 17 The Group has chartered out a number of ships under time charter party agreements which are classified as operating leases. These charters have an average term of one to seven years. Operating lease receipts are recognised in profit or loss during the year as part of revenue. Note 30 provides details of charter hire revenue earned during the year. Future minimum charter receipts receivable under non-cancellable operating leases as at 31 December 2018 are as follows: Chartered to third parties 2018 US$’000 Within 1 year 5,183 Within 2 to 5 years 2,067 7,250 b) As Lessee Disclosure required by IFRS 16 At December 31, 2019, the group is committed to $9,623,000 and $193,000 for short-term leases of ships and office and residential property respectively. Disclosure required by IAS 17 The Group has entered into time charter party agreements, classified as operating leases, to charter ships. These charters have terms of less than 12 months. Operating lease payments are recognised in profit or loss during the year as part of voyage expenses (classified into ‘cost of sales’). At December 31, 201 8 the Group has entered into 6 office leases which have a remaining non-cancellable lease term ranging from 3 to 21 months. The Group has entered into 8 residential property leases which have a remaining non-cancellable lease term ranging from 12 to 20 months respectively. 3 of the residential leases are for directors’ accommodation (Note 5). Future minimum lease payments payable under the non-cancellable operating leases as at 31 December are as follows: 2018 US$’000 Minimum lease payments under operating leases recognised as an expense in the year 107,251 Charter of ships Within 1 year 50,564 Within 2 to5 years 73,316 123,880 Office leases Within 1 year 671 Within 2 to 5 years 116 787 Residential property leases Within 1 year 338 Within 2 to 5 years 132 470 Total 125,137

ASSETS CLASSIFIED AS HELD FOR S

ASSETS CLASSIFIED AS HELD FOR SALE	12 Months Ended
	Dec. 31, 2019
Assets held for sale [Abstract]
ASSETS CLASSIFIED AS HELD FOR SALE	40 ASSETS CLASSIFIED AS HELD FOR SALE 2019 2018 US$’000 US$’000 Investment in joint ventures (i) (ii) 83 7,258 Assets of disposal group (iii) 4,594 - 4,677 7,258 Liabilities of disposal group (iii) (538 ) - 4,139 7,258 (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 2020. The proceeds from the dissolution is expected to exceed the carrying amount of $83,000 (2018: $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 purchased two vessels, the Leopard Sun and Leopard Moon in January 2019 and February 2019 respectively. At 31 December 2019, the carrying amount of the investment is $Nil (2018:$ Nil) and hence no further impairment loss was recognised on the classification to asset s (iii) In 2019, the Group agreed to dispose of one of GSSA’s businesses to a third party. Management assessed the fair value less cost to sell of the assets and liabilities of the disposal group on the date that they were classified as held for sale and recorded an impairment loss of $3,179,000. 2019 US$’000 Assets Cash and bank balances 141 Trade receivables 704 Other receivables and prepayments 92 Contract assets 16 Inventories 255 Ships, property, plant and equipment 2 Goodwill 3,349 Right-of-use assets 35 Assets classified as held for sale 4,594 Liabilities Trade and other payables 498 Contract liabilities 2 Lease liabilities 38 Liabilities directly associated with assets classified as held for sale 538 Net assets of disposal group 4,056

DISPOSALS OF BUSINESSES AND ASS

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION	12 Months Ended
	Dec. 31, 2019
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 $20,985,000 (South African Rands 260 million) for OACL and $15,496,000 (South African Rands 192 million) for UBS, respectively. Details of the sale of businesses as follows: 2018 US$’000 Total sales consideration 36,481 Carrying amount of net assets sold (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 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%. IM Shipping Pte Ltd is a vessel owning entity with no process and workforce. The transaction was determined by management to be in substance, an asset acquisition, and not a business combination as defined in IFRS 3 Business Combinations

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2019
Profit or loss [abstract]
EARNINGS PER SHARE	42 EARNINGS PER SHARE 2019 2018 2017 US$’000 US$’000 US$’000 Loss for the purpose of basic earnings per share Net loss attributable to the shareholders of the Group (43,487 ) (20,640 ) (60,812 ) Effect of dilutive potential on ordinary share - - - Earnings for the purposes of diluted earnings per share (43,487 ) (20,640 ) (60,812 ) Number of shares for the purpose of calculating basic and diluted earnings per share 2019 2018 2017 Issued ordinary shares as at 1 January (i) 19,063,833 19,063,833 19,063,833 Effect of treasury shares held 41,168 - - Weighted average number of ordinary shares as at 31 December 19,022,665 19,063,833 19,063,833 US$ US$ US$ Basic and diluted loss per share (2.29 ) (1.08 ) (3.19 ) (i) The shares granted under 2018 FSP in 2018 (Note 29) are not included in the calculation of diluted loss per share because they are antidilutive for the year ended 31 December 2019 and 31 December 2018. These shares granted under 2018 FSP could potentially dilute basic earnings per share in the future. Impact of changes in accounting policies The following table summarises that effect on both basic and diluted earnings per share, arising from changes in accounting policies: Impact on Impact on Impact on US$’000 US$’000 US$’000 31 December 2019 Impact of the adoption of IFRS 16 1,144 (0.06 ) (0.06 ) 31 December 2018 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

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2019
Commitments [Abstract]
COMMITMENTS	43 COMMITMENTS During 2018, the Group entered into shipbuilding contracts for the construction of a two bulk carriers. Under the terms of the agreements, the subsidiary was committed to payments for these ships under construction. The following has been authorised: 2019 2018 US$’000 US$’000 Due within 1 year 2,510 47,498 Due within 2 to 5 years - - 2,510 47,498 The expenditure will be financed out of cash resources from operations and bank loans.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2019
Disclosure of going concern [Abstract]
GOING CONCERN	44 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 as disclosed in Note 4 to the financial statements .

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2019
Events after reporting date [Abstract]
EVENTS AFTER THE REPORTING PERIOD	45 EVENTS AFTER THE REPORTING PERIOD (a) On 29 January 2020, the ship, Kowie was contracted for sale for US$9,150,000. The vessel has been delivered to the new owners on 28 February 2020. (b) On 14 Sankaty In connection with this acquisition, the Company and IVS Bulk as joint and several borrowers, entered into $114.1 million senior secured term loan facility to refinance the existing loans of IVS Bulk’s subsidiaries. The facility bears interest at LIBOR plus a margin of 3.10% per annum and matures on February 13, 2025. (c) On 11 March 2020, the World Health Organization declared the recent novel coronavirus (“COVID-19”) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Group conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. Management considers the outbreak to be a non-adjusting event for the financial year ended 31 December 2019. The extent to which COVID-19 will impact the Group’s subsequent results of operations and financial condition, including possible impairments, will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time. The lenders of the Group's senior secured credit facilities as described in Note 25 agreed to an amendment of the definitions of current asset and current liabilities to exclude the adjustments made for the implementation of IFRS 16. In addition, the lenders approved a temporary reduction of the cash covenant from $30 million to $20 million and an amendment to the calculation of the working capital covenant to exclude the Sankaty facility described in Note 40 (b) to be tested as at 30 June 2020 and 30 September 2020. (d) On 8 April 2020, the ship, Inyala was contracted for sale for US$14,100,000. The vessel has been delivered to the new owners on 4 June 2020. (e) On 4 May 2020, the ship, Rhino was contracted for sale for US$15,300,000. The vessel is expected to be delivered to the new owners in the first half of 2020 .

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
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 and 31 December 2017 as the Group was under the management of Grindrod Limited and therefore considered to be under common management which forms the basis of the combined financial statements for the year ended 31 December 2017. 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 c 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 Leases Inventories 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) From 1 January 2019, the Group has applied a number of new IFRS and amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2019. 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 16 Leases In the current year, the Group has applied IFRS 16 (as issued by the IASB in January 2016) that is effective for annual periods that begin on or after 1 January 2019. IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. Details of these new requirements are described below. The impact of the adoption of IFRS 16 on the Group’s consolidated financial statements is described below. The date of initial application of IFRS 16 for the Group is 1 January 2019. The Group has applied IFRS 16 using the cumulative catch-up approach which: • requires the Group to recognise the cumulative effect of initially applying IFRS 16 as an adjustment, if any, to the opening balance of retained earnings at the date of initial application. • does not permit restatement of comparatives, which continue to be presented under IAS 17 Leases Determining Whether an Arrangement Contains a Lease (a) Impact of the new definition of a lease The Group has made use of the practical expedient available on transition to IFRS 16 not to reassess whether a contract is or contains a lease. Accordingly, the definition of a lease in accordance with IAS 17 and IFRIC 4 will continue to be applied to those leases entered or changed before 1 January 2019. The change in definition of a lease mainly relates to the concept of control. IFRS 16 determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. This is in contrast to the focus on 'risks and rewards' in IAS 17 and IFRIC 4. The Group applies the definition of a lease and related guidance set out in IFRS 16 to all lease contracts entered into or modified on or after 1 January 2019 (whether it is a lessor or a lessee in the lease contract). In preparation for the first-time adoption of IFRS 16, the Group has carried out an implementation project. The project has shown that the new definition in IFRS 16 will not significantly change the scope of contracts that meet the definition of a lease for the Group. b) Impact on lessee accounting Former operating leases IFRS 16 changes how the Group accounts for leases previously classified as operating leases under IAS 17. Applying IFRS 16 for leases, the Group: 1. Recognises right-of-use assets and lease liabilities in the consolidated statements of financial position, initially measured at the present value of future lease payments with the right-of-use asset adjusted by the amount of any prepaid or accrued lease payments in accordance with IFRS 16:C8(b)(ii). 2. Recognises depreciation of right-of-use assets and interest on lease liabilities in the consolidated and combined statement of profit and loss. Operating leases were previously recorded as “Charter hire costs” for ships, “Vessel operating costs” for ship equipment and “Administrative expenses” for property. When applying IFRS 16, the expense is split into “Interest expense” and “Depreciation – right-of-use assets”. Expenses relating to short-term leases and low value leases will continue to be expensed and disclosed in line with the previous treatment. 3. Separates the total amount of cash paid into a principal portion (presented within financing activities) and interest (presented within operating activities) in the consolidated statement of cash flows. Payments of operating leases were previously presented as part of net cash flows used in operating activities. Lease incentives (e.g. rent free period) are recognised as part of the measurement of the right-of-use assets and lease liabilities whereas under IAS 17 they resulted in the recognition of a lease incentive liability, amortised as a reduction of rental expense on a straight-line basis. The right-of-use assets will be tested for impairment in accordance with IAS 36 Impairment of Assets. The Group has used the following practical expedients when applying the cumulative catch-up approach to leases previously classified as operating leases applying IAS 17: · Leases ending within 12 months as at 1 January 2019 are accounted for as short-term leases irrespective of the initial lease period. For such leases and leases of low-value assets, the Group has elected not to recognise right-of-use assets and lease liabilities; · A single discount rate was applied to a portfolio of leases with reasonably similar characteristics; · Non-lease and lease components of the time chartered-in agreements will not be separated and will be treated as a single lease component for the purposes of recognition and measurement; and · The use of hindsight in determining the lease term when the contract contains options to extend or terminate the lease. (c) Impact on lessor accounting IFRS 16 does not change substantially how a lessor accounts for leases. Under IFRS 16, a lessor continues to classify leases as either finance leases or operating leases and account for those two types of leases differently. However, IFRS 16 has changed and expanded the disclosures required, in particular regarding how a lessor manages the risks arising from its residual interest in leased assets. (d) Financial impact of initial application of IFRS 16 The following table shows the operating lease commitments disclosed applying IAS 17 at 31 December 2018, discounted using the incremental borrowing rate at the date of initial application and the lease liabilities recognised in the statement of financial position at the date of initial application. Adjusted as at US$’000 Operating lease commitments as at 31 December 2018 126,354 Less: Short-term leases recognised on a straight-line basis as expense (20,192 ) Less: Leases of low value assets recognised on a straight-line basis as expense (153 ) Operating lease obligations as at 1 January 2019 (without discounting) 106,009 Operating lease obligations as at 1 January 2019 (discounted) (1) 69,395 Less: Prepayments of lease payments recognised (729 ) Lease liabilities recognised as at 1 January 2019 68,666 (1) Right-of-use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the statement of financial position immediately before the date of initial application. Consequently, right-of-use assets of $69,395,000 were recognised on 1 January 2019, prepayments relating to leases of $729,000 were reclassified to right-of-use assets and there is no impact to retained earnings on 1 January 2019. The Group’s significant accounting policies for the leases are disclosed in Note 2.14.
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 17 Insurance Contracts IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 3 Definition of a business Amendments to IAS 1 and IAS 8 Definition of material Amendments to IAS 1 Classification of liabilities as Current or Non-current Conceptual framework Amendments to References to the Conceptual Framework in IFRS Standards 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.
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 (OCI) 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. 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. 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 IAS 39 Financial Instruments Provisions, Contingent Liabilities and Contingent Assets
Business Combinations
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 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 mainly comprise cash and bank balances, trade and other receivables, loans to joint ventures and amounts due from joint ventures 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 (ECL), 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 ECL, 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. Impairment of financial assets The Group recognises a loss allowance for ECL on trade and other receivables and contract assets. The amount of ECL 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 (ECL) 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 ECL 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; or • 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, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group 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 Group 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 unless the Group has 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 ECL The measurement of ECL 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. 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). 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 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 OCI 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 OCI. Furthermore, if the Group expects that some or all of the loss accumulated in OCI 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 OCI 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 freehold land and buildings 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 Drydocking - 2.5 to 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 drydocked 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 drydocking as they occur and depreciates these costs on a straight-line basis over 2.5 to 5 years, which is generally the period until the next scheduled drydocking. 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 drydocking. If the ship is disposed before the next drydocking, the carrying amount of drydocking 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 drydocking is shorter than expected, the undepreciated balance of the deferred drydocking cost is charged immediately as an expense before the next drydocking. Fully depreciated ships, 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. In relation to these assets that are held for rental, the cash payments to acquire such assets and subsequently cash proceeds from the sale of such assets are classified as cash flows from operating activities.
Intangible Assets	2.11 Intangible Assets Intangible assets acquired in a business combination are identified and recognized separately from goodwill. The cost of such tangible 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 Before 1 January 2019 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 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. 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. From 1 January 2019 The Group as lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses the incremental borrowing rate specific to the lessee. Lease payments included in the measurement of the lease liability comprise: · fixed lease payments (including in-substance fixed payments), less any lease incentives; · variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; · the amount expected to be payable by the lessee under residual value guarantees; · the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and · payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: · the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; · the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or · a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the ‘Ships, property, plant and equipment’ policy. The Group has identified that the contracts between the pools and vessels owners described in Note 2.17 below, meet the definition of leases under IFRS 16 and the share of third party vessel owners’ net earnings of the pool represents variable lease payments. Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line ‘Voyage expenses’ for expenses relating to ships and ‘Administrative expenses’ for all other expenses in the consolidated and combined statement of profit or loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has used this practical expedient. The Group as lessor The Group enters into lease agreements as a lessor with respect to its vessels and these are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Charter hire revenue (rental income from operating leases) is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
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 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 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.
Non-current assets and disposal groups held for sale	2.16 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	2.17 Revenue recognition and voyage expenses 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. 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 tanker rates earned by the vessel exceed certain thresholds for a period of time. For pool arrangements, the Group has two types of such arrangements: 1) pool arrangements that are controlled and managed by the Group namely, IVS Handysize Pool and IVS Supramax Pool; and 2) Pool arrangements operated by third parties in which the Group’s owned vessels are placed. An assessment is performed to determine who is the principal and agent in such arrangements. Indicators that the Group as the pool manager is a principal in a pool arrangement are: • The contract with the end charterer specifically names the pool, rather than the shipowner; • The pool manager is responsible for managing issues that may arise during the end charterer’s use of the vessel; • The pool manager has the power to decide which vessel in the pool it will use to fulfill the contract with the end charterer ; and • The pool manager sets the prices that the end charterer will pay to use the vessel. The Group has evaluated that it has the exclusive rights as the pool manager and hence it is a principal in the IVS Handysize and IVS Supramax Pool arrangements. In such arrangements, the Group recognizes total amount of the gross revenue earned by the pools as the revenue which it expects to be entitled for the satisfaction of the performance obligation and correspondingly, it also recognizes the share of third party vessel owners’ net earnings of the pool in the voyage expenses in the period incurred. The Group has identified that the contracts between the pools and vessels owners to contain a lease in accordance with IFRS 16. Refer to Note On the other hand, for third party pool arrangements that the Group’s vessels participate in, the Group recognizes revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. The net distribution is computed based on pool index and the participation days of the Group’s vessels in these third party pool arrangements. The pool index is variable and dependent on the participating vessels within the pool. Freight revenue Sale of ships, bunkers and other consumables The Group generates revenue from the sale of ships, bunkers and other consumables. Revenue is recognised when control of the ships, bunkers and other 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. Contract costs are deferred and amortised over the course of the voyage on a percentage completion basis that is consistent with the revenue recognition. 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 recognised as an asset 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	2.18 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	2.19 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 29. 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	2.2 0 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 OCI in the period in which they occur. Remeasurement recognised in OCI 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	2.2 1 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.
Provisions	2.2 2 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.
Income Tax	2.2 3 Income Tax Income tax expense or income in profit or loss 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 OCI 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 OCI or directly in equity), in which case the tax is also recognised outside profit or loss (either in OCI 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	2.2 4 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 and are rounded to the nearest thousands. 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	2.2 5 Cash and Cash Equivalents in the Statement of Cash Flows Cash and cash equivalents in the statement of cash flows comprise 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	2.2 6 Financial Guarantee Contracts Financial guarantee contracts are accounted for in terms of IFRS 4 Insurance Contracts Provisions, contingent liabilities and contingent assets

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Of Significant Accounting Policies [Abstract]
Summary of lease commitments	The following table shows the operating lease commitments disclosed applying IAS 17 at 31 December 2018, discounted using the incremental borrowing rate at the date of initial application and the lease liabilities recognised in the statement of financial position at the date of initial application. Adjusted as at US$’000 Operating lease commitments as at 31 December 2018 126,354 Less: Short-term leases recognised on a straight-line basis as expense (20,192 ) Less: Leases of low value assets recognised on a straight-line basis as expense (153 ) Operating lease obligations as at 1 January 2019 (without discounting) 106,009 Operating lease obligations as at 1 January 2019 (discounted) (1) 69,395 Less: Prepayments of lease payments recognised (729 ) Lease liabilities recognised as at 1 January 2019 68,666 (1)
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 freehold land and buildings 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 Drydocking - 2.5 to 5 years

FINANCIAL INSTRUMENTS, FINANC_2

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2019
Financial instruments financial risks and capital management [Abstract]
Disclosure of detailed information about financial instruments [text block]	2019 2018 US$’000 US$’000 Financial assets Derivative instruments designated in hedge accounting relationships 173 - Financial assets at amortised cost 81,021 112,855 Less: Transferred to asset of disposal group classified as held for sale (Note 40) (937 ) - 80,084 112,855 80,257 112,855 Financial liabilities Derivative instruments designated in hedge accounting relationships - 867 Financial liabilities at amortised cost 256,140 143,339 Less: Transferred to asset of disposal group classified as held for sale (Note 40) (538 ) - 255,602 143,339 255,602 144,206
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 12-month or Gross Loss Net US$’000 US$’000 US$’000 31 December 2019 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 13,173 - 13,173 Contract assets 8 (i) Lifetime ECL (Simplified approach) 3,844 - 3,844 Other receivables 9 Performing 12-month ECL 14,258 - 14,258 Due from joint ventures 10 Performing 12-month ECL 3,855 - 3,855 Loans to joint ventures 11 Doubtful Lifetime ECL 5,216 (1,552 ) 3,664 40,346 (1,552 ) 38,794 Note Internal 12-month or Gross Loss Net US$’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 joint ventures 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]	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 2019 2018 2019 2018 US$’000 US$’000 US$’000 US$’000 United States dollars (657 ) (1,660 ) 1,893 4,941 South African rands (26,880 ) (22,909 ) 6,903 7,894 Japanese yen - (6,976 ) 6 765
Disclosure of detailed information about foreign currency basis spreads strengthens by 10 % in profit or loss [Text block]	Impact on profit or loss 2019 2018 US$’000 US$’000 United States dollars 124 328 South African rands (1,998 ) (1,502 ) Japanese yen 1 (621 )
Disclosure of detailed information about foreign currency basis spreads weaknes by 10 % in profit or loss [Text block]	Impact on profit or loss 2019 2018 US$’000 US$’000 United States dollars (124 ) (328 ) South African rands 1,998 1,502 Japanese yen (1 ) 621
Disclosure of detailed information maturity analysis for non-derivative financial liabilities [Text block]	Weighted On Within After Adjustment Total % p.a. US$’000 US$’000 US$’000 US$’000 US$’000 Group 2019 Non-interest bearing - 32,691 221 - - 32,912 Lease liabilities 5.41 26,728 35,637 - (4,381 ) 57,984 Variable interest rate instruments 5.09 27,747 123,030 44,423 (29,956 ) 165,244 87,166 158,888 44,423 (34,337 ) 256,140 Included in assets of a disposal group held for sale (Note 40) (539 ) - - 1 (538 ) 86,627 158,888 44,423 (34,336 ) 255,602 2018 Non-interest bearing - 28,480 403 - - 28,883 Variable interest rate instruments 5.30 23,295 108,057 - (16,896 ) 114,456 51,775 108,460 - (16,896 ) 143,339
Disclosure of detailed information maturity analysis for derivative financial liabilities [Text Block]	On demand or Within 2 to 5 years Adjustment Total US$’000 US$’000 US$’000 US$’000 Group 2019 Gross settled: Bunker swaps Gross inflow 173 - - 173 2018 Gross settled: Bunker swaps Gross outflow (867 ) - - (867 )
Disclosure of detailed information about financial instruments measured at fair value on recuring basis [Text block]	2019 2018 US$’000 US$’000 Financial Assets Bunker swaps 173 - Financial Liabilities Bunker swaps - 867
Disclosure of detailed information significant unobservable inputs used in fair value measurement of assets [Text Block]	Level 1 Level 2 Level 3 Total US$’000 US$’000 US$’000 US$’000 2019 Financial Assets Derivative financial instruments - 173 - 173 2018 Financial liabilities Derivative financial instruments - 867 - 867

RELATED PARTIES TRANSACTIONS (T

RELATED PARTIES TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of related parties transactions [Abstract]
Disclosure of detailed information about transactions between related parties [Text Block]	(i) Group companies 2019 2018 2017 US$’000 US$’000 US$’000 Freight revenue from related parties - - 939 Fuel and port expenses to related parties - (18,910 ) (55,895 ) Bunker swaps from related companies - 111 182 Guarantee fees from related parties - - 325 Guarantee fees to related parties - (54 ) (451 ) Interest expense on loans from related parties - - (629 ) Interest income on amounts due from related parties - - 1,199 Management fees to related parties - (1,135 ) (3,495 ) Net gain on disposal of businesses - 3,255 - Overhead recovery from (to) related party (included in administrative expenses) - 134 (202 ) Dividend paid to related party - - (1,674 ) Other expenses to related parties - (187 ) (1,268 ) (ii) Joint ventures 2019 2018 2017 US$’000 US$’000 US$’000 Interest income 983 2,573 4,346 Technical management fee income 1,625 1,625 1,625 Agency Fees from joint ventures 573 574 618 Charter hire and other related revenue 5,345 13,445 4,376 Charter hire and other related expenses (44,206 ) (52,050 ) (50,741 ) Payments on behalf of a joint venture (2,199 ) (1,217 ) (585 ) Purchase of ships from a joint venture 54,000 10,250 - Dividend income 5,000 - - Management fee income 86 217 350 Refer to Note 38 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 2019 2018 2017 US$’000 US$’000 US$’000 Short-term benefits 4,166 4,839 6,026 Share-based payments ( 1 ) - 84 459 4,166 4,923 6,485 (1)

CASH AND BANK BALANCES INCLUD_2

CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of cash and cash equivalents [Abstract]
Disclosure of detailed information about cash and bank balances [Text Block]	2019 2018 US$’000 US$’000 Restricted cash, current portion 3,167 2,138 Cash on hand 357 438 Cash at bank 32,029 33,060 Cash and bank balances 35,553 35,636 Less: Restricted cash, current portion (3,167 ) (2,138 ) 32,386 33,498 Add: Cash and cash equivalents included in the disposal group held for sale (Note 40) 141 - Cash and cash equivalents in the statements of cash flows 32,527 33,498 Restricted cash Classified as: Current 3,167 2,138 Non-current 9,611 11,627 12,778 13,765

TRADE RECEIVABLES (Tables)

TRADE RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Of Trade And Other Receivables [Abstract]
Disclosure Of Detailed Information About Allowance For Doubtful Debts On Trade Receivables [Table Text Block]	2019 2018 US$’000 US$’000 Trade receivables 10,171 8,936 Trade receivables due from the pools 3,706 3,098 13,877 12,034 Included in assets of a disposal group held for sale (Note 40) (704 ) - 13,173 12,034
Disclosure Of Detailed Information About Trade Receivables [Table Text Block]	Trade receivables past due Not past < 30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 2019 Estimated total gross carrying amount at default, representing net carrying amount of default 9,955 1,233 1,244 280 1,165 - 13,877 Less: asset s of a disposal group (699 ) (1 ) (4 ) - - - (704 ) 9,256 1,232 1,240 280 1,165 - 13,173 2018 Estimated total gross carrying amount at default, representing net carrying amount of default 6,585 2,647 1,185 139 1,478 - 12,034

OTHER RECEIVABLES AND PREPAYM_2

OTHER RECEIVABLES AND PREPAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Other Receivables and Prepayments [Abstract]
Disclosure of detailed information for prepayments and other receivables text block [Table Text Block]	2019 2018 US$’000 US$’000 Deposits 346 337 Prepayments 2,693 1,663 Voyages in progress 10,377 12,156 Other receivables 3,627 3,746 17,043 17,902 Included in assets of a disposal group held for sale (Note 40) (92 ) - 16,951 17,902
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: 2019 2018 US$’000 US$’000 Balance as at 1 January - - Adjustment upon application of IFRS 9 - 70 Amount written off - (70 ) Balance as at 31 December - -

DUE FROM JOINT VENTURES (Tables

DUE FROM JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Due From Joint Ventures [Abstract]
DUE FROM JOINT VENTURES	2019 2018 US$’000 US$’000 Due from joint ventures (Note 5) - non-interest bearing - trade 815 - - non interest bearing - non-trade 345 4,300 - interest bearing - non-trade 2,695 9,216 3,855 13,516
Disclosure of detailed information about loans to joint ventures	2019 2018 US$’000 US$’000 Loans to joint ventures analysed between: Assets Current assets 2,589 25,483 Provision for losses on joint ventures (1,552 ) (1,680 ) 1,037 23,803 Non-current assets 2,627 - Total 3,664 23,803 (1) $2,637,000 (2018: $2,640,000) 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 at the end of 3 years from date of the loan extension in 2019. The loan is unsecured and bear interest at rates ranging from 3.60% to 4.34% (2018: 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) $2,579,000 (2018: $22,843,000) of loans to a joint venture is unsecured and did not bear interest during the current year (2018: 2% per annum). 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.

LOANS TO JOINT VENTURES (Tables

LOANS TO JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2019
LOANS TO JOINT VENTURES [Abstract]
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: 2019 2018 US$’000 US$’000 Balance as at 1 January 2019 1,680 10,667 Loss allowance reversed in profit or loss during the year on changes in credit risk (128 ) (2,540 ) Amount written off - (6,447 ) Balance as at 31 December 2019 1,552 1,680

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
Forward freight agreements and bunker swaps [Table Text Block]	Bunker swaps - analysed between: 2019 2018 US$’000 US$’000 Assets Current assets 173 - Liabilities Current liabilities - (867 )
Disclosure of Detailed Information of Number of Bunker Swaps [Table Text Block]	The Group has entered into a number of bunker swaps, as follows: 2019 Current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike price Quantity Notional Fair value US$ MT US$’000 US$’000 March 2020 Rott 0.5% Brg 471.3 600 283 40 January 2020 to February 2020 GO 10ppm 75.7 505 38 22 January 2020 to June 2020 ICE LS GasOil 566.5 2,400 1,360 111 1,681 173 2018 Current liabilities Derivative instruments in designated hedge accounting relationships: Settlement periods Strike price Quantity Notional Fair value US$ MT US$’000 US$’000 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 )

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Of Inventories [Abstract]
Disclosure of detailed information about inventories text block [Text Block]	2019 2018 US$’000 US$’000 Bunkers and other consumables at cost 12,491 10,841 - - Ships reclassified from ships, property, plant and equipment as inventories (Note 14) (a) 15,932 7,321 Sale of ships recognised as inventories (a) (15,932 ) (7,321 ) Included in assets of a disposal group held for sale (Note 40) (255 ) - 12,236 10,841
Disclosure of Detailed Information of Reclassification of Ships as Inventoriestext block [Text Block]	(a) 2019 2018 US$’000 US$’000 Cost 40,871 15,203 Accumulated depreciation (11,659 ) (3,443 ) Impairment (13,280 ) (4,439 ) Carrying amount 15,932 7,321

SHIPS, PROPERTY, PLANT AND EQ_2

SHIPS, PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2019
Ships property plant and equipment [Abstract]
Disclosure of detailed information about property, plant and equipment [text block]	Office Plant and Ships Drydocking Construction Freehold Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2018 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 Additions 70 24 54,000 2,517 49,590 - 106,201 Disposals (26 ) (593 ) (70 ) (2,527 ) - - (3,216 ) Reclassification from construction in progress 54,648 552 (55,200 ) - - Reclassification to inventories (Note 13) - - (38,847 ) (2,024 ) - - (40,871 ) Reclassification to disposal group held for sale (Note 40) (144 ) - - - - - (144 ) Effect of foreign currency exchange differences 74 - - - - 5 79 Balance at 31 December 2019 4,994 4,802 497,569 11,432 774 268 519,839 Accumulated depreciation: Balance at 1 January 2018 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 Depreciation 155 798 13,562 3,169 - - 17,684 Disposals (25 ) (593 ) (70 ) (2,008 ) - - (2,696 ) Reclassification to disposal group held for sale (Note 40) (142 ) - - - - - (142 ) Reclassification to inventories (Note 13) - - (10,785 ) (874 ) - - (11,659 ) Effect of foreign currency exchange differences 71 - - - - - 71 Balance at 31 December 2019 4,607 4,307 114,018 4,607 - - 127,539 Impairment: Balance at 1 January 2018 - - 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 Impairment losses recognized in profit and loss - - 14,877 2,118 - - 16,995 Reclassification to inventories (Note 13) - - (12,130 ) (1,150 ) - - (13,280 ) Disposal - - - (519 ) - - (519 ) Balance at 31 December 2019 - - 83,479 3,314 310 - 87,103 Carrying Amount: At 31 December 2019 387 495 300,072 3,511 464 268 305,197 At 31 December 2018 472 1,269 235,795 5,730 6,074 263 249,602

RIGHT-OF-USE ASSETS (Tables)

RIGHT-OF-USE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [abstract]
Summary of group leases	The Group leases several assets including office and residential property, ships and ship equipment which are disclosed as right-of-use assets. Office and Ships Ship Total US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2019 from the recognition of right-of-use assets on initial application of IFRS 16 596 68,588 211 69,395 Additions 2,161 16,946 82 19,189 Cancellation of leases during the year - - (22 ) (22 ) Reclassification to disposal group held for sale (Note 40) (35 ) - - (35 ) Effect of foreign currency exchange differences 11 - - 11 Balance at 31 December 2019 2,733 85,534 271 88,538 Accumulated depreciation: Depreciation, representing balance at 31 December 2019 (601 ) (30,307 ) (142 ) (31,050 ) Impairment: Impairment losses recognized in profit and loss, representing balance at 31 December 2019 - (2,250 ) - (2,250 ) Carrying amount: As at 31 December 2019 2,132 52,977 129 55,238

SUBSIDIARIES (Tables)

SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2019
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: Proportion of ownership held by the Country of 2019 2018 Name of subsidiary Principal activity Incorporation % % 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. Dormant Singapore 100 % 100 % IVS Bulk 475 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 511 Pte. Ltd. Dormant Singapore 100 % 100 % IVS Bulk 512 Pte. Ltd. Dormant 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. Dormant Singapore 100 % 100 % IVS Bulk 3708 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 3720 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IM Shipping Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % 100 % 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. Dormant 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 Ship Owning and Operating Marshall Islands 100 % 100 % Unicorn Sun Pte. Ltd. (ii) Ship Owning and Operating Singapore 100 % 100 % Unicorn Moon Pte. Ltd. (ii) Ship Owning and Operating Singapore 100 % 100 % Proportion of ownership Country of 2019 2018 Name of subsidiary Principal activity Incorporation % % Held by Grindrod Shipping (South Africa) Pty Ltd Comshipco Schiffahrts Agentur GmbH Ship agents and operators Germany 100 % 100 % K2019570755 (South Africa) (Pty) Ltd ( Dormant South Africa 100 % - (i) On 6 April 2018, the Group purchased all of the remaining 49% 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) . (ii) These companies are incorporated in 2018. (iii) This company was incorporated in 2019.

INTEREST IN JOINT VENTURES (Tab

INTEREST IN JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of detailed information about Joint venture [Abstract]
Disclosure Of Detailed Information About joint ventures [Text Block]	2019 2018 US$’000 US$’000 Cost of investment in joint ventures 77,974 80,474 Share of post-acquisition loss, net of dividends received (25,416 ) (18,656 ) Reclassification to assets classified as held for sale (b) (83 ) (7,258 ) Carrying amount 52,475 54,560
Disclosure Of Detailed Information About interest in joint ventures [Text Block]	Name of joint venture Principal activity Country of Proportion of Cost of investment 2019 2018 2019 2018 Tri-View Shipping Pte. Ltd. (a) Ship owning and operating Singapore 51 % 51 % 132 132 Island Bulk Carriers Pte. Ltd. (a) Ship owning and operating Singapore 65 % 65 % * * IVS Bulk Pte. Ltd. (a) Ship owning and operating Singapore 33.5 % 33.5 % 66,440 66,440 Petrochemical Shipping Limited (b) Dormant Isle of Man 50 % 50 % 11,402 13,902 Leopard Tankers Pte. Ltd. (b) Ship owning and operating Singapore 50 % 50 % * * 77,974 80,474 * Amount is less than US$1,000. (a) The Group has joint control over these entities by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval. (b) These joint venture companies are expected to be dissolved in 2020. Accordingly, the carrying amount of the interest in joint ventures have been reclassified to assets classified as held for sale (Note 40).
Disclosure of detailed information about Joint ventures financial statements adjusted by the group for Equity accounting [Text Block]	Summarised financial information in respect of the Group's joint ventures are set out below. The summarised financial information below represents amounts shown in the joint venture's financial statements prepared in accordance with IFRSs, adjusted by the Group for equity accounting purposes. 2019 2018 US$’000 US$’000 Tri-View Shipping Pte. Ltd. Current assets 897 2,342 Non-current assets 10,180 11,284 Current liabilities (805 ) (8,040 ) Non-current liabilities (6,300 ) - The above amounts of assets and liabilities include the following: Cash and cash equivalents 757 2,143 Current financial liabilities (excluding trade and other payable and provisions) (726 ) (7,995 ) Non-current financial liabilities (excluding trade and other payables and provisions) (6,300 ) - Revenue 2,488 3,029 Gross (loss) profit (1,290 ) 1,241 (Loss) profit for the year, representing total comprehensive (loss) profit for the year (1,615 ) 920 The above (loss) profit for the year include the following: Depreciation (2,102 ) - Interest expense (307 ) (328 ) Income tax expense - 11 Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 3,972 5,586 Proportion of the Group's ownership interest in the joint venture 51 % 51 % Other adjustments (31 ) (31 ) Carrying amount of the Group's interest in the joint venture 1,995 2,818 2019 2018 US$’000 US$’000 Island Bulk Carriers Pte. Ltd. Current assets 31 1,919 Non-current assets 329 403 Current liabilities (1,212 ) (3,499 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 5 56 Current financial liabilities (excluding trade and other payables and provisions) (898 ) (2,118 ) Revenue 10,499 28,899 Gross profit (loss) 476 (932 ) Profit (loss) for the year, representing total comprehensive profit (loss) for the year 325 (1,003 ) The above profit (loss) for the year include the following: Depreciation (84 ) - Reconciliation of the above financial information to the carrying amount of the interest in the joint venture in the consolidated and combined financial statements: Net liabilities of the joint venture (852 ) (1,177 ) Proportion of the Group's ownership interest in the joint venture 65 % 65 % Provision for losses on joint venture (Note 26) 554 765 Carrying amount of the Group's interest in the joint venture - - 2019 2018 US$’000 US$’000 IVS Bulk Pte. Ltd. Current assets 25,941 32,567 Non-current assets 263,670 268,247 Current liabilities (81,118 ) (21,602 ) Non-current liabilities (49,358 ) (116,314 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 25,650 26,232 Current financial liabilities (excluding trade and other payables and provisions) (78,507 ) (20,413 ) Non-current financial liabilities (excluding trade and other payables and provisions) (49,358 ) (116,314 ) Revenue 40,929 44,567 Gross profit 6,103 10,921 (Loss) profit for the year, representing total comprehensive (loss) profit for the year (3,764 ) 1,111 The above (loss) profit for the year include the following: Depreciation (14,020 ) (12,894 ) Interest income 33 24 Interest expense (9,029 ) (9,666 ) Income tax expense (1 ) - Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 159,135 162,898 Proportion of the Group's ownership interest in the joint venture 33.5 % 33.5 % Goodwill 3,575 3,575 Other adjustments (6,405 ) (6,404 ) Carrying amount of the Group's interest in the joint venture 50,480 51,742 2019 2018 US$’000 US$’000 Petrochemical Shipping Limited Current assets 206 7,083 Non-current assets - 14,484 Current liabilities (40 ) (7,050 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 203 5,623 Current financial liabilities (excluding trade and other payables and provisions) (38 ) (6,592 ) Revenue 15,857 13,755 Gross profit (loss) 456 (604 ) Profit (loss) for the year, representing total comprehensive loss for the year 650 (6,872 ) Dividend income from the joint venture during the year 5,000 - The above profit (loss) for the year include the following: Depreciation (2 ) (957 ) Impairment loss - (5,725 ) Interest income 59 76 Interest expense (79 ) (519 ) Reconciliation of the above summarised financial information to the carrying amount of the interest in the joint venture recognised in the consolidated and combined financial statements: Net assets of the joint venture 166 14,517 Proportion of the Group's ownership interest in the joint venture 50 % 50 % Reclassification to assets classified as held for sale (Note 40) (83 ) (7,258 ) Carrying amount of the Group's interest in the joint venture - - 2019 2018 US$’000 US$’000 Leopard Tankers Pte. Ltd. Current assets 2,894 5,095 Non-current assets - 108,000 Current liabilities (5,999 ) (116,456 ) The above amounts of assets and liabilities include the following: Cash and cash equivalents 2,802 3,899 Current financial liabilities (excluding trade and other payables and provisions) (5,819 ) (115,883 ) Revenue 110,002 16,589 Gross profit 874 7,137 Profit for the year, representing total comprehensive income for the year 255 5,079 The above profit for the year include the following: Depreciation - (3 ) Interest expense (458 ) (4,765 ) 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 (3,105 ) (3,361 ) Proportion of the Group's ownership interest in the joint venture 50 % 50 % Provision for losses on joint venture (Note 11) 1,552 1,680 Carrying amount of the Group's interest in the joint venture - -

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
INTANGIBLE ASSETS [Abstract]
Disclosure of detailed information about intangible assets [text block]	Total US$’000 Cost: Balance at 1 January 2018 8,402 Disposal (550 ) Effect of foreign currency exchange differences (1,082 ) Balance at 31 December 2018 6,770 Additions 161 Effect of foreign currency exchange differences 126 Balance at 31 December 2019 7,057 Accumulated amortisation: Balance at 1 January 2018 4,705 Amortisation 17 Disposal (550 ) Effect of foreign currency exchange differences (1,079 ) Balance at 31 December 2018 3,093 Amortisation 29 Effect of foreign currency exchange differences 122 Balance at 31 December 2019 3,244 Impairment: Balance at 1 January 2018, 31 December 2018 and 2019 3,636 Carrying Amount: At 31 December 2019 177 At 31 December 2018 41

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2019
GOODWILL [Abstract]
Disclosure of detailed information about goodwill [Table Text Block]	2019 2018 US$’000 US$’000 Cost: Balance at 1 January 16,004 17,985 Disposal - - Reclassification to disposal group held for sale (Note 40) (12,317 ) - Effect of foreign currency exchange differences 225 (1,981 ) At 31 December 3,912 16,004 Accumulated impairment losses: Balance at 1 January 8,653 9,566 Impairment 3,179 - Reclassification to disposal group held for sale (Note 40) (8,968 ) - Effect of foreign currency exchange differences 104 (913 ) Balance at 31 December 2,968 8,653 Carrying amount: At 31 December 944 7,351
Disclosure of detailed information about cost of goodwill [Table Text Block]	Goodwill acquired in a business combination is allocated, at acquisition, to the CGUs that are expected to benefit from that business combination. Before recognition of impairment losses, the cost of goodwill had been allocated as follows: 2019 2018 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 Parcel Service 244 239 Unicorn Tankers International 604 604 3,912 16,004

DEFERRED TAX (Tables)

DEFERRED TAX (Tables)	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 US$’000 US$’000 Deferred taxation analysed by major category: Capital allowances (54 ) (21 ) Other timing differences 1,353 1,518 1,299 1,497 Reconciliation of deferred taxation: Opening balance 1,497 1,179 IFRS 9 adjustment - 20 Adjusted opening balance 1,497 1,199 (Charge) credit to profit or loss for the year (Note 36) (108 ) 511 Deferred tax on the actuarial gain (113 ) - Exchange differences 23 (213 ) Closing balance 1,299 1,497

TRADE AND OTHER PAYABLES (Tabl

TRADE AND OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2019
Trade and other payables [abstract]
Disclosure of detailed information about trade and other payable [Table Text Block]	2019 2018 US$’000 US$’000 Trade payables 7,776 7,994 Accrued expenses 19,682 13,401 Others 1,588 1,372 Less: included in liabilities of a disposal group held for sale (Note 40) (498 ) - 28,548 22,767 Non-current trade and other payables (221 ) (403 ) Current trade and other payables 28,327 22,364

DUE TO RELATED PARTIES (Tables)

DUE TO RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2019
Due to related party [Abstract]
Disclosure of detailed information about related party transactions [Table Text Block]	2019 2018 US$’000 US$’000 Due to related parties - trade (Note 5) - 2 Due to related parties - non-trade (Note 5) - 1 Due to joint ventures - non-trade (Note 5) 4,796 6,235 4,796 6,238

LEASE LIABILITIES (Table)

LEASE LIABILITIES (Table)	12 Months Ended
	Dec. 31, 2019
Lease liabilities [abstract]
Disclosure Of Detailed Information About Movement In Lease Liabilities	Property Ships Ship Total US$’000 US$’000 US$’000 US$’000 Adjusted balance as at 1 January 2019 592 67,863 211 68,666 Additions 2,161 16,946 82 19,189 Disposal - - (22 ) (22 ) Interest expense 69 3,365 8 3,442 Lease payments (665 ) (32,538 ) (144 ) (33,347 ) - Principal (596 ) (29,173 ) (136 ) (29,905 ) - Interest (69 ) (3,365 ) (8 ) (3,442 ) Transferred to liabilities of a disposal group held for sale (Note 40) (38 ) - - (38 ) Effect of foreign currency exchange differences 56 - - 56 Lease liabilities as at 31 December 2019 2,175 55,636 135 57,946
Disclosure Of Detailed Information About Lease Liabilities	31 December Adjusted as at US$’000 US$’000 Analysed between: Current portion 24,300 26,088 Non-current portion 33,646 42,578 57,946 68,666

BANK LOANS AND OTHER BORROWIN_2

BANK LOANS AND OTHER BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2019
Secured loan [Abstract]
Schedule Of Long Term Borrowings [Table Text Block]	2019 2018 US$’000 US$’000 Secured – at amortised cost: Bank loans 131,231 114,456 Other borrowings 34,013 - 165,244 114,456 Analysed between: Current portion 20,696 18,323 Non-current portion 144,548 96,133 165,244 114,456 Interest payable (included in bank loans) 943 886 Non-current bank loans and other borrowings are estimated to be payable as follows: Within 2 to 5 years 144,548 96,133

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Provision for onerous contracts [Abstract]
Disclosure of detailed information about provision for onerous contract [Text Block]	2019 2018 US$’000 US$’000 Provision for losses on investment in joint ventures (i) 554 765 Provision for onerous contracts (ii) 405 813 959 1,578 (i) The joint venture, Island Bulk Carriers, generated profits during 2019 and the Group has reversed provisions of $211,000 representing the reduction of the Group’s share of the joint venture losses. (ii) Provision for onerous contracts represents the present value of the future charter payments of short-term leases 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. E xcept for short-term onerous contracts when the effect of discounting is immaterial, t
Disclosure of detailed information about analysis of provision for onerous contract Text block [Text Block]	Analysis of provision for onerous contracts: Balance at 1 January 813 1,270 Released to profit or loss (408 ) (457 ) Balance at 31 December 405 813

RETIREMENT BENEFIT OBLIGATION (

RETIREMENT BENEFIT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 US$’000 US$’000 Recognised liability at beginning of the year 1,922 2,180 Recognised in profit or loss in the current year 183 55 Interest on obligation 183 206 Other - (151 ) Recognised in other comprehensive income in the current year Actuarial gains (70 ) (8 ) Translation 34 (305 ) Employer payments (147 ) - Present value of unfunded obligation recognised as a liability at end of year 1,922 1,922 The principal actuarial assumptions applied in the determination of fair values include: Health care cost inflation rate (p.a.) 7.6 % 8.2 % Discount rate (p.a.) 10.0 % 9.9 % Continuation at retirement 75.0 % 75.0 %
Schedule of principal actuarial assumptions used [text block]	The effect of an increase or decrease of 1% in the assumed medical cost trend rates are as follows: 2019 2018 Increase (Decrease) Increase (Decrease) Aggregate of the current service cost and interest cost 10.4% (8.9%) 10.4% (8.9%) Accrued liability at year-end 9.9% (8.6%) 9.9% (8.6%)
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 2019 is years (2018: 11 years and 2017: 12 years). 2019 2018 US$’000 US$’000 Present value of unfunded obligations 1,922 1,922 Present value of obligations in excess of plan assets 1,922 1,922

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2019
Changes in equity [abstract]
Disclosure of detailed information about share capital and share premium [Table Text Block]	Number of Share 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 and 2019 19,063,833 320,683 * Amount is less than US$1,000.

OTHER EQUITY AND RESERVES (Tabl

OTHER EQUITY AND RESERVES (Tables)	12 Months Ended
	Dec. 31, 2019
Other reserves [abstract]
Disclosure Of Detailed Information About Other Reserves [Table Text Block]	2019 2018 US$’000 US$’000 Treasury share s (1,993 ) - Share compensation reserve 4,520 1,364 Hedging reserve 173 (867 ) Translation reserve (2,522 ) (3,283 ) Merger reserve (18,354 ) (18,354 ) (18,176 ) (21,140 )
Disclosure Of Treasury Shares Explanatory [Table Text Block]	Treasury share s Number of Treasury US$’000 Balance at 1 January 2018 and 2019 - - Acquisition of shares 299,641 1,993 Balance at 31 December 2019 299,641 1,993
Disclosure Of Detailed Information About Share Option Reserves [Table Text Block]	Share compensation reserve 2019 2018 US$’000 US$’000 Balance at 1 January 1,364 - Share-based payments expenses 3,156 1,364 Balance at 31 December 4,520 1,364
Disclosure of detailed information about share awards outstanding [Table Text Block]	Details of the share awards outstanding during the year are as follows: Number of Fair value at Granted during 2018, representing outstanding at 31 December 2018 743,000 US$ 10.18 Forfeited during the year (15,000 ) US$ 10.18 Outstanding at 31 December 2019 728,000 US$ 10.18

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 2017 US$’000 US$’000 US$’000 Over time: Charter hire 129,761 135,027 128,355 Freight revenue 178,750 168,828 257,614 Vessel revenue 308,511 303,855 385,969 Management fees 5,105 5,676 5,252 Miscellaneous 884 820 574 Other 5,989 6,496 5,826 At a point in time: Sale of ships 15,986 8,477 17,155 Sale of bunkers and other consumables 560 190 572 Ship sales 16,546 8,667 17,727 331,046 319,018 409,522

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of segments abstract [Abstract]
Disclosure of operating segments [text block]	The following is an analysis of the Group’s revenue, results and additions and impairments to non-current assets by segment: 2019 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 102,805 153,937 - 256,742 37,813 13,419 5,182 56,414 - 313,156 (4,645 ) 308,511 Ship sale revenue 8,067 - - 8,067 7,352 8,480 - 15,832 - 23,899 (7,353 ) 16,546 Other 1,360 1,218 1,058 3,636 - - 924 924 - 4,560 1,429 5,989 Total revenue 112,232 155,155 1,058 268,445 45,165 21,899 6,106 73,170 - 341,615 (10,569 ) 331,046 Voyage expenses (53,449 ) (74,286 ) (22 ) (127,757 ) (5,502 ) (2,497 ) - (7,999 ) - (135,756 ) (13,688 ) (149,444 ) Vessel operating costs (23,632 ) (4,436 ) 1,483 (26,585 ) (10,194 ) (5,743 ) 864 (15,073 ) - (41,658 ) 7,769 (33,889 ) Charter hire costs (15,162 ) (41,393 ) - (56,555 ) (5,581 ) - - (5,581 ) - (62,136 ) 468 (61,668 ) Depreciation of ships, drydocking and plant and equipment– owned assets (10,585 ) (3,596 ) - (14,181 ) (5,305 ) (1,489 ) (2,269 ) (9,063 ) - (23,244 ) 5,715 (17,529 ) Depreciation of ships and ship equipment – right-of-use assets (114 ) (24,945 ) - (25,059 ) (5,420 ) (25 ) - (5,445 ) - (30,504 ) 55 (30,449 ) Cost of ship sale (8,280 ) - - (8,280 ) (7,757 ) (8,564 ) - (16,321 ) - (24,601 ) 7,757 (16,844 ) Other (232 ) (15 ) - (247 ) (139 ) (444 ) (2 ) (585 ) - (832 ) 135 (697 ) Costs of sales (111,454 ) (148,671 ) 1,461 (258,664 ) (39,898 ) (18,762 ) (1,407 ) (60,067 ) - (318,731 ) 8,211 (310,520 ) Gross profit (loss) 778 6,484 2,519 9,781 5,267 3,137 4,699 13,103 - 22,884 (2,358 ) 20,526 Operating (loss) profit (11,354 ) (4,910 ) 94 (16,170 ) (7,459 ) (5,774 ) 2,202 (11,031 ) (2,255 ) (29,456 ) (1,989 ) (31,445 ) Interest income 659 666 - 1,325 368 180 37 585 - 1,910 69 1,979 Interest expense (4,850 ) (5,257 ) - (10,107 ) (3,214 ) (893 ) (1,042 ) (5,149 ) - (15,256 ) 3,340 (11,916 ) Share of losses of joint ventures - - - - - - - - - (1,420 ) (1,420 ) Taxation (95 ) (99 ) - (194 ) (215 ) (296 ) 20 (491 ) - (685 ) - (685 ) (Loss) profit for the year (15,640 ) (9,600 ) 94 (25,146 ) (10,520 ) (6,783 ) 1,217 (16,086 ) (2,255 ) (43,487 ) - (43,487 ) Impairment loss on owned ships 2,905 - - 2,905 8,124 5,966 - 14,090 - 16,995 - 16,995 Impairment loss on right-of-use assets - 2,250 - 2,250 - - - - - 2,250 - 2,250 Impairment loss on goodwill and intangible assets - - - - 1,589 1,590 - 3,179 - 3,179 - 3,179 Capital expenditure 3,065 50,008 31 53,104 54,000 605 57 54,662 - 107,766 (1,565 ) 106,201 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 of ships, drydocking and plant and equipment– owned assets (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 of ships, drydocking and plant and equipment– owned assets (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 ( loss 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

OTHER OPERATING (EXPENSE) INC_2

OTHER OPERATING (EXPENSE) INCOME (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of other operating income expense [Abstract]
Disclosure of detailed information for other operating expenses income [Text Block]	2019 2018 2017 US$’000 US$’000 US$’000 Impairment loss on ships (Note 14) (16,995 ) - (16,503 ) Impairment loss on right-of-use ships (Note 15) (2,250 ) - - Impairment loss on goodwill and intangibles (3,179 ) - (12,119 ) Impairment loss on assets of disposal group (Note 40) - - (5,092 ) Foreign exchange (loss) gain (330 ) 4,261 (507 ) Gain on deemed disposal of previously held joint venture interest - 213 - Gain on disposal of business - 3,255 - Other operating (expense) income (805 ) (1,707 ) (281 ) (23,559 ) 6,022 (34,502 )

INTEREST INCOME (Tables)

INTEREST INCOME (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of interest income [Abstract]
Disclosure of detailed information for interest income [Text Block]	2019 2018 2017 US$’000 US$’000 US$’000 Interest on loans to joint ventures (Note 5) 983 2,573 4,346 Guarantee fees from related parties (Note 5) - - 325 Bank interests 996 1,214 1,294 Other interests - - 1,199 1,979 3,787 7,164

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of interest expenses [Abstract]
Disclosure of detailed information for interest expense [Text Block]	2019 2018 2017 US$’000 US$’000 US$’000 Interest on bank loans 7,832 6,139 5,300 Interest on loans from related parties (Note 5) - - 629 Amortisation of upfront fees on bank loans 448 220 - Guarantee fees to related parties (Note 5) - 54 451 Other finance cost 194 104 168 Interest on lease liabilities 3,442 - - 11,916 6,517 6,548

LOSS BEFORE TAXATION (Tables)

LOSS BEFORE TAXATION (Tables)	12 Months Ended
	Dec. 31, 2019
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): 2019 2018 2017 US$’000 US$’000 US$’000 Depreciation of ships, drydocking and plant and equipment (Note 14) 17,529 14,095 17,975 Depreciation of other property, plant and equipment * 155 179 797 Amortisation of intangible assets * 29 17 908 Total depreciation and amortisation – owned assets 17,713 14,291 19,680 Depreciation of ships and ship equipment – right-of-use assets 30,449 - - Depreciation of property – right-of-use assets * 601 - - Total depreciation and amortisation – right-of-use assets 31,050 - - Total depreciation and amortisation 48,763 14,291 19,680 Impairment loss net of reversals recognised on financial assets - 1,583 18 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) 51,327 43,119 55,347 Expense recognised in respect of equity-settled share-based payments 3,156 2,297 472 Employee benefits expenses (including directors’ remuneration and share based payments) 19,336 20,283 19,349 Cost of defined benefit plan and defined contribution plans included in employee benefits expenses 1,245 1,381 1,350 * Included in administrative expenses

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2019
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% (2018: 28% and 2017: 28%). 2019 2018 2017 US$’000 US$’000 US$’000 Current tax In respect of the current year 569 467 3,694 Capital gains taxation - 1,797 - In respect of prior years 8 (364 ) 15 577 1,900 3,709 Deferred tax In respect of the current year 108 (505 ) (421 ) In respect of prior years - (6 ) (62 ) 108 (511 ) (483 ) 685 1,389 3,226
Disclosure of detailed information about income tax reconciliation [Text Block]	The total charge for the year can be reconciled to the accounting loss as follows : 2019 2018 2017 US$’000 US$’000 US$’000 Loss before tax (42,802 ) (19,251 ) (57,586 ) Income tax benefit calculated at corporate rate (7,264 ) (3,273 ) (9,790 ) Adjusted for: Effect of income that is exempted from tax - 1,619 - Effect of expenses that are not deductible in determining taxable profit 13,469 2,057 9,632 Effect of different tax rates of subsidiaries operating in other jurisdictions (1,118 ) (107 ) (851 ) Effect of income not taxable in determining taxable profit (4,409 ) - - Effect of tax losses disallowed to be brought forward - 1,494 4,277 (Over) under provision of tax in prior year 7 (128 ) (47 ) Effect of different tax rate applied for capital gains - (273 ) - Withholding tax - - 5 685 1,389 3,226

LEASES AND SHIP CHARTERS (Table

LEASES AND SHIP CHARTERS (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of leases [Abstract]
Disclosure of maturity analysis of operating lease payments [text block]	Maturity analysis of operating lease payments: 2019 US$’000 Year 1 5,241 Year 2 5,256 Year 3 2,081 Total 12,578
Disclosure of maturity analysis of finance lease payments receivable [text block]	Chartered to third parties 2018 US$’000 Within 1 year 5,183 Within 2 to 5 years 2,067 7,250 2018 US$’000 Minimum lease payments under operating leases recognised as an expense in the year 107,251 Charter of ships Within 1 year 50,564 Within 2 to5 years 73,316 123,880 Office leases Within 1 year 671 Within 2 to 5 years 116 787 Residential property leases Within 1 year 338 Within 2 to 5 years 132 470 Total 125,137

ASSETS CLASSIFIED AS HELD FOR_2

ASSETS CLASSIFIED AS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2019
Assets held for sale [Abstract]
Disclosure of detailed information about assets and liabilities of disposal group held for sale [Text Block]	2019 2018 US$’000 US$’000 Investment in joint ventures (i) (ii) 83 7,258 Assets of disposal group (iii) 4,594 - 4,677 7,258 Liabilities of disposal group (iii) (538 ) - 4,139 7,258 (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 2020. The proceeds from the dissolution is expected to exceed the carrying amount of $83,000 (2018: $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 purchased two vessels, the Leopard Sun and Leopard Moon in January 2019 and February 2019 respectively. At 31 December 2019, the carrying amount of the investment is $Nil (2018:$ Nil) and hence no further impairment loss was recognised on the classification to assets classified as held for sale. (iii) In 2019, the Group agreed to dispose of one of GSSA’s businesses to a third party. Management assessed the fair value less cost to sell of the assets and liabilities of the disposal group on the date that they were classified as held for sale and recorded an impairment loss of $3,179,000.
Disclosure of assets and liabilities comprising the disposal group classified held for sale table [Table Text Block]	The classes of assets and liabilities comprising the disposal group classified as held for sale are as follows: 2019 US$’000 Assets Cash and bank balances 141 Trade receivables 704 Other receivables and prepayments 92 Contract assets 16 Inventories 255 Ships, property, plant and equipment 2 Goodwill 3,349 Right-of-use assets 35 Assets classified as held for sale 4,594 Liabilities Trade and other payables 498 Contract liabilities 2 Lease liabilities 38 Liabilities directly associated with assets classified as held for sale 538 Net assets of disposal group 4,056

DISPOSALS OF BUSINESSES AND A_2

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION (Tables)	12 Months Ended
	Dec. 31, 2019
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 (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

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
Profit or loss [abstract]
Description of detailed information about earnings per share	2019 2018 2017 US$’000 US$’000 US$’000 Loss for the purpose of basic earnings per share Net loss attributable to the shareholders of the Group (43,487 ) (20,640 ) (60,812 ) Effect of dilutive potential on ordinary share - - - Earnings for the purposes of diluted earnings per share (43,487 ) (20,640 ) (60,812 ) Number of shares for the purpose of calculating basic and diluted earnings per share 2019 2018 2017 Issued ordinary shares as at 1 January (i) 19,063,833 19,063,833 19,063,833 Effect of treasury shares held 41,168 - - Weighted average number of ordinary shares as at 31 December 19,022,665 19,063,833 19,063,833 US$ US$ US$ Basic and diluted loss per share (2.29 ) (1.08 ) (3.19 ) (i)
Description of impairment effects on earnings per share	The following table summarises that effect on both basic and diluted earnings per share, arising from changes in accounting policies: Impact on Impact on Impact on US$’000 US$’000 US$’000 31 December 2019 Impact of the adoption of IFRS 16 1,144 (0.06 ) (0.06 ) 31 December 2018 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

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments [Abstract]
Disclosure of detailed information about capital commitments text block [Text Block]	The following has been authorised: 2019 2018 US$’000 US$’000 Due within 1 year 2,510 47,498 Due within 2 to 5 years - - 2,510 47,498

GENERAL (Detail Textual)

GENERAL (Detail Textual) $ in Thousands	Jun. 18, 2018USD ($)shares
Disclosure Of Basis Of Presentation Abstract [Abstract]
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 - Summary of lease commitments (Detail) - USD ($)	Jan. 01, 2019	Dec. 31, 2019
Disclosure Of Lease Commitments [Abstract]
Adjusted balance as at 1 January 2019	$ 126,354,000	$ 126,354,000
Less: Short-term leases recognised on a straight-line basis as expense	(20,192,000)	(63,113,000)
Less: Leases of low value assets recognised on a straight-line basis as expense	(153,000)	(73,000)
Operating lease obligations as at 1 January 2019 (without discounting)	106,009,000
Operating lease obligations as at 1 January 2019 (discounted)	69,395,000
Less: Prepayments of lease payments recognised	(729,000)
Lease liabilities as at 31 December 2019	$ 68,666,000	$ 57,946,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Dec. 31, 2019
Office equipment and furniture and fittings [Member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Plant and equipment [Member] | Bottom of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Plant and equipment [Member] | Top of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years
Motor vehicles [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years
Ships [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Ships [member] | Bottom of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	25 years
Ships [member] | Top of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	30 years
Drydocking [Member] | Bottom of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	2 years 6 months
Drydocking [Member] | Top of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Statement1 [Line Items]
Incremental borrowing rate		5.49%
Right-of-use assets	$ 55,238,000	$ 69,395,000	$ 0
Prepayments relating to leases		$ (729,000)
Ships [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Ships [member] | Bottom of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	25 years
Ships [member] | Top of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	30 years
Dry docking [Member] | Bottom of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	2 years 6 months
Dry docking [Member] | Top of range [member]
Statement1 [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years

CRITICAL ACCOUNTING JUDGEMENT_2

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Impairment loss recognised in profit or loss, goodwill	$ 19,245,000	$ 0	$ 16,503,000
Discount rate applied to cash flow projections	7.61%	8.33%
Tax effect from change in tax rate	$ 5,657,000	$ 5,657,000
Increase in index rate	5.00%
Increase decrease in lease payments	$ 185,000
Cash outflow for leases	$ 53,954,000
Ships [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Ships [member] | Bottom of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful life measured as period of time, property, plant and equipment	25 years
Ships [member] | Top of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful life measured as period of time, property, plant and equipment	30 years
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
Chemical tanker [Member] | Bottom of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	13.90%	0.60%
Increase in discount rate	14.30%	0.80%
Chemical tanker [Member] | Top of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	34.20%	33.90%
Increase in discount rate	45.20%	22.40%
Drybulk carrier [Member] | Bottom of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	0.00%	13.30%
Increase in discount rate	0.00%	12.30%
Drybulk carrier [Member] | Top of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	19.63%	37.80%
Increase in discount rate	56.60%	81.80%
Later than one year and not later than three years [member] | Ships [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Thereafter year [Member] | Ships [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
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, 2019	Dec. 31, 2018
Disclosure of financial assets [abstract]
Financial assets	$ 80,257	$ 112,855
Disclosure of financial liabilities [abstract]
Financial liabilities	255,602	144,206
Financial liabilities at amortised cost, category [member]
Disclosure of financial liabilities [abstract]
Amortised cost	256,140	143,339
Less: Transferred to asset of disposal group classified as held for sale (Note 39)	(538)	0
Financial liabilities	255,602	143,339
Financial assets at amortised cost, category [member]
Disclosure of financial assets [abstract]
Financial assets at amortised cost (2017: Loans and receivables)	81,021	112,855
Less: Transferred to asset of disposal group classified as held for sale (Note 39)	(937)	0
Financial assets	80,084	112,855
Derivatives [member]
Disclosure of financial assets [abstract]
Financial assets	173	0
Disclosure of financial liabilities [abstract]
Financial liabilities	$ 0	$ 867

FINANCIAL INSTRUMENTS, FINANC_4

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Gross carrying amount		$ 40,346	$ 69,231
Loss allowance		(1,552)	1,680
Net carrying amount		$ 38,794	$ 67,551
Trade receivables [member]
Statement1 [Line Items]
Internal Credit rating	[1]
12-month or lifetime ECL		Lifetime ECL (Simplified approach)	Lifetime ECL (Simplified approach)
Gross carrying amount		$ 13,173	$ 12,034
Loss allowance		0	0
Net carrying amount		$ 13,173	$ 12,034
Contract assets [member]
Statement1 [Line Items]
Internal Credit rating	[1]
12-month or lifetime ECL		Lifetime ECL (Simplified approach)	Lifetime ECL (Simplified approach)
Gross carrying amount		$ 3,844	$ 1,959
Loss allowance		0	0
Net carrying amount		$ 3,844	$ 1,959
Other Receivables [Member]
Statement1 [Line Items]
Internal Credit rating		Performing	Performing
12-month or lifetime ECL		12-month ECL	12-month ECL
Gross carrying amount		$ 14,258	$ 16,239
Loss allowance		0	0
Net carrying amount		$ 14,258	$ 16,239
Due From Related parties Member [Member]
Statement1 [Line Items]
Internal Credit rating		Performing	Performing
12-month or lifetime ECL		12-month ECL	12-month ECL
Gross carrying amount		$ 3,855	$ 13,516
Loss allowance		0	0
Net carrying amount		$ 3,855	$ 13,516
Loans to Joint Venture [Member]
Statement1 [Line Items]
Internal Credit rating		Doubtful	Doubtful
12-month or lifetime ECL		Lifetime ECL	Lifetime ECL
Gross carrying amount		$ 5,216	$ 25,483
Loss allowance		(1,552)	1,680
Net carrying amount		$ 3,664	$ 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 ECL 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, 2019	Dec. 31, 2018
Statement1 [Line Items]
Financial liabilities	$ 255,602	$ 144,206
Financial assets	80,257	112,855
United States dollars [Member]
Statement1 [Line Items]
Financial liabilities	(657)	(1,660)
Financial assets	1,893	4,941
South African rands [Member]
Statement1 [Line Items]
Financial liabilities	(26,880)	(22,909)
Financial assets	6,903	7,894
Japanese yen [Member]
Statement1 [Line Items]
Financial liabilities	0	(6,976)
Financial assets	$ 6	$ 765

FINANCIAL INSTRUMENTS, FINANC_6

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
United States dollars [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency strengthen by 10 %	$ 124	$ 328
South africa rands [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency strengthen by 10 %	(1,998)	(1,502)
Japanese yen [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency strengthen by 10 %	$ 1	$ (621)

FINANCIAL INSTRUMENTS, FINANC_7

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
United States dollars [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency weakens by 10 %	$ (124)	$ (328)
South africa rands [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency weakens by 10 %	1,998	1,502
Japanese yen [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency weakens by 10 %	$ (1)	$ 621

FINANCIAL INSTRUMENTS, FINANC_8

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 5) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 255,602	$ 143,339
Financial liabilities at amortised cost, category [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	256,140
included in assets of a disposal group held for sale [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ (538)
Lease liabilities [member]
Disclosure of maturity analysis for Non derivative financial liabilities group interest rate [Abstract]
Weighted average effective interest rate	5.41%
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 57,984
On demand or within 1 year
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	86,627	51,775
On demand or within 1 year | Financial liabilities at amortised cost, category [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	87,166
On demand or within 1 year | included in assets of a disposal group held for sale [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	(539)
On demand or within 1 year | Lease liabilities [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	26,728
Within 2 to 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	158,888	108,460
Within 2 to 5 years | Financial liabilities at amortised cost, category [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	158,888
Within 2 to 5 years | included in assets of a disposal group held for sale [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	0
Within 2 to 5 years | Lease liabilities [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	35,637
After 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	44,423	0
After 5 years | Financial liabilities at amortised cost, category [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	44,423
After 5 years | included in assets of a disposal group held for sale [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	0
After 5 years | Lease liabilities [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	0
Adjustment
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	(34,336)	$ (16,896)
Adjustment | Financial liabilities at amortised cost, category [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	(34,337)
Adjustment | included in assets of a disposal group held for sale [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	1
Adjustment | Lease liabilities [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ (4,381)
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	$ 32,912	$ 28,883
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	32,691	28,480
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	221	403
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	5.09%	5.30%
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 165,244	$ 114,456
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	27,747	23,295
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	123,030	108,057
Variable interest rate instruments [Member] | After 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	44,423	0
Variable interest rate instruments [Member] | Adjustment
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ (29,956)	$ (16,896)

FINANCIAL INSTRUMENTS, FINANC_9

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 6) - Forward freight agreements [Member] - Gross outflow [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Gross settled:
Derivative financial liabilities, undiscounted cash flows	$ 173	$ (867)
On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows	173	(867)
Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows	0	0
Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows	$ 0	$ 0

FINANCIAL INSTRUMENTS, FINAN_10

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 7) - Recurring fair value measurement [member] - Swap contract [member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Assets
Financial assets	$ 173	$ 0
Financial Liabilities
Financial liabilities	$ 0	$ 867

FINANCIAL INSTRUMENTS, FINAN_11

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 8) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial assets
Derivative financial instruments	$ 173	$ 0
Financial liabilities
Derivative financial instruments	0	867
Level 1
Financial assets
Derivative financial instruments	0
Financial liabilities
Derivative financial instruments		0
Level 2
Financial assets
Derivative financial instruments	173
Financial liabilities
Derivative financial instruments		867
Level 3
Financial assets
Derivative financial instruments	$ 0
Financial liabilities
Derivative financial instruments		$ 0

FINANCIAL INSTRUMENTS, FINAN_12

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2020	Jun. 30, 2020
Statement1 [Line Items]
Increase decrease in interest rate	$ 691,000	$ 603,000	$ 470,000
Increase decrease in hedging reserve in commodity price	$ 209,000	355,000	128,000
Commodity price rate	10.00%
Increase decrease in commodity price	$ 0	$ 0	$ 0
Liquidity risk [member] | Maximum [Member] | Reduction In The Minimum Cash Requirement [Member]
Statement1 [Line Items]
Cash held for managing liquidity risk				$ 30,000,000	$ 30,000,000
Liquidity risk [member] | Minimum [Member] | Reduction In The Minimum Cash Requirement [Member]
Statement1 [Line Items]
Cash held for managing liquidity risk				$ 20,000,000	$ 20,000,000

RELATED PARTIES TRANSACTIONS (D

RELATED PARTIES TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of holding company and related parties transactions [Line Items]
Freight revenue from related parties	$ 0	$ 0	$ 939
Fuel and port expenses to related parties	0	(18,910)	(55,895)
Bunker swaps from related companies	0	111	182
Guarantee fees from related parties	0	0	325
Guarantee fees to related parties	0	(54)	(451)
Interest expense on loans from related parties	0	0	(629)
Interest income on amounts due from related parties	0	0	1,199
Management fees to related parties	0	(1,135)	(3,495)
Net gain on disposal of businesses	0	3,255	0
Overhead recovery from (to) related party (included in administrative expenses)	0	134	(202)
Dividend paid to related party			(1,674)
Other expenses to related parties	0	(187)	(1,268)
Interest income	1,979	3,787	7,164
Joint ventures where entity is venturer [member]
Disclosure of holding company and related parties transactions [Line Items]
Interest income	983	2,573	4,346
Technical management fee income	1,625	1,625	1,625
Agency Fees from joint ventures	573	574	618
Charter hire and other related revenue	5,345	13,445	4,376
Charter hire and other related expenses	(44,206)	(52,050)	(50,741)
Payments on behalf of a joint venture	(2,199)	(1,217)	(585)
Purchase of ships from a joint venture	54,000	10,250	0
Dividend income	5,000	0	0
Management fee income	$ 86	$ 217	$ 350

RELATED PARTIES TRANSACTIONS _2

RELATED PARTIES TRANSACTIONS (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of holding company and related parties transactions [Line Items]
Short-term benefits		$ 4,166	$ 4,839	$ 6,026
Share-based payments	[1]	0	84	459
Total director's remuneration		$ 4,166	$ 4,923	$ 6,485
[1]	Represents share-based payments on FSP vested during the financial year.

CASH AND BANK BALANCES INCLUD_3

CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of cash and bank balances [Line Items]
Restricted cash, current portion	$ 3,167	$ 2,138
Cash on hand	357	438
Cash at bank	32,029	33,060
Cash and bank balances	35,553	35,636
Less: Restricted cash, current portion	(3,167)	(2,138)
Cash and Cash Equivalents Not part of Disposal Group	32,386	33,498
Add: Cash and cash equivalents included in the disposal group held for sale (Note 40)	141	0
Cash and cash equivalents in the statements of cash flows	32,527	33,498
Restricted cash
Current and Non Current	12,778	13,765
Short Term [Member]
Restricted cash
Current	3,167	2,138
Long Term [Member]
Restricted cash
Non-current	$ 9,611	$ 11,627

TRADE RECEIVABLES (Details)

TRADE RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Trade receivables	$ 10,171	$ 8,936
Trade receivables due from the pools	3,706	3,098
Trade Receivables Net allowances	13,877	12,034
Included in assets of a disposal group held for sale (Note 39)	(704)	0
Total trade receivables, net	$ 13,173	$ 12,034

TRADE RECEIVABLES (Details 1)

TRADE RECEIVABLES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Current trade receivables gross	$ 13,877	$ 12,034
Less: assets of a disposal group held for sale	(704)	0
Current trade receivables	13,173	12,034
Financing Receivables No past Due Member [Member]
Statement1 [Line Items]
Current trade receivables gross	9,955
Less: assets of a disposal group held for sale	(699)
Current trade receivables	9,256	6,585
Financing Receivables 1 to 30 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	1,233
Less: assets of a disposal group held for sale	(1)
Current trade receivables	1,232	2,647
Financing Receivables 31 to 60 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	1,244
Less: assets of a disposal group held for sale	(4)
Current trade receivables	1,240	1,185
Financing Receivables 61 to 90 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	280
Less: assets of a disposal group held for sale	0
Current trade receivables	280	139
Financing Receivables 91 To 120 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	1,165
Less: assets of a disposal group held for sale	0
Current trade receivables	1,165	1,478
Financing Receivable Equal To Greater Than 120 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	0
Less: assets of a disposal group held for sale	0
Current trade receivables	$ 0	$ 0

TRADE RECEIVABLES (Details Text

TRADE RECEIVABLES (Details Textual)	12 Months Ended
	Dec. 31, 2019
Disclosure Of Trade And Other Receivables [Abstract]
Disclosure of Risk Profile of Trade Receivables	The expected credit loss rate is considered immaterial for trade receivables outstanding for less than 120 days. For trade receivables past due for more than 120 days, the Group would recognise 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, 2019	Dec. 31, 2018
Current:
Deposits	$ 346	$ 337
Prepayments	2,693	1,663
Voyages in progress	10,377	12,156
Other receivables	3,627	3,746
Other current receivables and prepayments not part of disposal group	17,043	17,902
Included in assets of a disposal group held for sale (Note 40)	(92)	0
Other receivables and prepayments current	$ 16,951	$ 17,902

OTHER RECEIVABLES AND PREPAYM_4

OTHER RECEIVABLES AND PREPAYMENTS (Details1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Balance	$ 0	$ 0
Adjustment upon application of IFRS 9	0	70
Amount written off	0	(70)
Balance	$ 0	$ 0

DUE FROM JOINT VENTURES (Detail

DUE FROM JOINT VENTURES (Details) - Due from joint ventures [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Due from joint ventures (Note 5)
- non-interest bearing - trade	$ 815	$ 0
- non-interest bearing - non-trade	345	4,300
- interest bearing-non-trade	2,695	9,216
Due from joint ventures	$ 3,855	$ 13,516

DUE FROM JOINT VENTURES (Deta_2

DUE FROM JOINT VENTURES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Current assets	$ 91,499	$ 122,949
Non-current assets	427,568	324,678
Total assets	519,067	447,627
Joint ventures [member]
Assets
Current assets	2,589	25,483
Provision for losses on joint ventures	(1,552)	(1,680)
Current Loans to Joint Ventures	1,037	23,803
Non-current assets	2,627	0
Total assets	$ 3,664	$ 23,803

DUE FROM JOINT VENTURES (Parent

DUE FROM JOINT VENTURES (Parenthetical) (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Loans to Joint Venture	$ 2,637,000	$ 2,640,000
Unsecured Interest Rate		2.00%
Unsecured Loans To Joint Ventures	$ 2,579,000	$ 22,843,000
Bottom of range [member]
Statement1 [Line Items]
Unsecured Interest Rate	3.60%	3.14%
Top of range [member]
Statement1 [Line Items]
Unsecured Interest Rate	4.34%	4.34%

DUE FROM JOINT VENTURES (Deta_3

DUE FROM JOINT VENTURES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Interest income on loans and receivables	$ 983,000	$ 2,573,000	$ 4,346,000
Joint ventures [member]
Statement1 [Line Items]
Interest income on loans and receivables	$ 2,695,000	$ 9,217,000
Interest Rate	15.00%	15.00%

LOANS TO JOINT VENTURES (Detail

LOANS TO JOINT VENTURES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of joint ventures [line items]
Balance	$ 0	$ 0
Amount written off	0	(70)
Balance	0	0
Joint ventures where entity is venturer [member]
Disclosure of joint ventures [line items]
Balance	1,680	10,667
Loss allowance reversed in profit or loss during the year on changes in credit risk	(128)	(2,540)
Amount written off	0	(6,447)
Balance	$ 1,552	$ 1,680

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Current assets	$ 173	$ 0
Liabilities
Current liabilities	$ 0	$ (867)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) - Bunker Swaps [Member]	Dec. 31, 2019USD ($)MT	Dec. 31, 2018USD ($)MT
Current Assets
Disclosure of detailed information about hedges [abstract]
Notional value	$ 1,681,000
Fair value gain	173,000
Current Liabilities
Disclosure of detailed information about hedges [abstract]
Notional value		$ 4,416,000
Fair value gain		(867,000)
March 2020 Rott 0.5% Brg Bunker Swaps 600 Strike Price [Member] | Current Assets
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 471.3
Quantity | MT	600
Notional value	$ 283,000
Fair value gain	40,000
January 2020 to February 2020 Go 10ppm Bunker Swaps 75.7 Strike Price [Member] | Current Assets
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 75.7
Quantity | MT	505
Notional value	$ 38,000
Fair value gain	22,000
January 2020 to June 2020 ICE LS Gas Oil bunker Swaps 566.5 Strike Price [Member] | Current Assets
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 566.5
Quantity | MT	2,400
Notional value	$ 1,360,000
Fair value gain	$ 111,000
January 2019 to February 2019 MOPS 380 Bunker Swaps 457.75 Strike Rate [Member] | Current Liabilities
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
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
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
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
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
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
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
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
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
Disclosure of detailed information about hedges [abstract]
Strike Price		$ 406
Quantity | MT		1,500
Notional value		$ 609,000
Fair value gain		$ (106,000)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Bunkers and other consumables at cost	$ 12,491	$ 10,841
Ships recognised as inventories	0	0
Ships reclassified from Ships, property, plant and equipment as inventories (Note 14)	15,932	7,321
Sale of ships recognised as inventories	(15,932)	(7,321)
Included in assets of a disposal group held for sale (Note 40)	(255)	0
Inventories	$ 12,236	$ 10,841

INVENTORIES (Details 1)

INVENTORIES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Reclassified Asset as Inventories	$ 15,932	$ 7,321
Accumulated depreciation [member]
Statement1 [Line Items]
Reclassified Asset as Inventories	(11,659)	(3,443)
Impairment [member]
Statement1 [Line Items]
Reclassified Asset as Inventories	(13,280)	(4,439)
Cost [member]
Statement1 [Line Items]
Reclassified Asset as Inventories	$ 40,871	$ 15,203

INVENTORIES (Details Textual)

INVENTORIES (Details Textual) - USD ($)	Apr. 23, 2019	Apr. 02, 2019	Oct. 10, 2018
Disclosure Of Inventories [Abstract]
Purchase Consideration	$ 8,875,000	$ 7,800,000	$ 8,650,000
Net Consideration	$ 8,257,000	$ 7,378,000	$ 8,313,000

SHIPS, PROPERTY, PLANT AND EQ_3

SHIPS, PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Beginning balance	$ 249,602
Ending balance	305,197	$ 249,602
Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	457,790	447,690
Additions	106,201	21,719
Disposals	(3,216)	(6,706)
Acquired on acquisition of subsidiary (Note 41.2)		11,000
Reclassification to inventories (Note 13)	(40,871)	(15,203)
Reclassified to disposal group held for sale (Note 40)	(144)
Reclassification from construction in progress	0
Effect of foreign currency exchange differences	79	(710)
Ending balance	519,839	457,790
Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	124,281	120,230
Depreciation	17,684	14,274
Disposals	(2,696)	(6,182)
Reclassification to inventories (Note 13)	(11,659)	(3,443)
Reclassified to disposal group held for sale (Note 40)	(142)
Effect of foreign currency exchange differences	71	(598)
Ending balance	127,539	124,281
Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	83,907	88,868
Disposals	(519)	(522)
Impairment loss recognised on financial assets	16,995
Reclassification to inventories (Note 13)	(13,280)	(4,439)
Ending balance	87,103	83,907
Office equipment, furniture and fittings and motor vehicles [member]
Statement1 [Line Items]
Beginning balance	472
Ending balance	387	472
Office equipment, furniture and fittings and motor vehicles [member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	5,020	5,894
Additions	70	88
Disposals	(26)	(296)
Acquired on acquisition of subsidiary (Note 41.2)		0
Reclassification to inventories (Note 13)	0	0
Reclassified to disposal group held for sale (Note 40)	(144)
Effect of foreign currency exchange differences	74	(666)
Ending balance	4,994	5,020
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	4,548	5,263
Depreciation	155	179
Disposals	(25)	(296)
Reclassification to inventories (Note 13)	0	0
Reclassified to disposal group held for sale (Note 40)	(142)
Effect of foreign currency exchange differences	71	(598)
Ending balance	4,607	4,548
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	0	0
Disposals	0	0
Impairment loss recognised on financial assets	0
Reclassification to inventories (Note 13)	0	0
Ending balance	0	0
Plant and equipment [Member]
Statement1 [Line Items]
Beginning balance	1,269
Ending balance	495	1,269
Plant and equipment [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	5,371	6,205
Additions	24	280
Disposals	(593)	(1,057)
Acquired on acquisition of subsidiary (Note 41.2)		0
Reclassification to inventories (Note 13)	0	(57)
Reclassified to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0	0
Ending balance	4,802	5,371
Plant and equipment [Member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	4,102	4,448
Depreciation	798	768
Disposals	(593)	(1,057)
Reclassification to inventories (Note 13)	0	(57)
Reclassified to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0	0
Ending balance	4,307	4,102
Plant and equipment [Member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	0	0
Disposals	0	0
Impairment loss recognised on financial assets	0
Reclassification to inventories (Note 13)	0	0
Ending balance	0	0
Ships [member]
Statement1 [Line Items]
Beginning balance	235,795
Ending balance	300,072	235,795
Ships [member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	427,838	421,434
Additions	54,000	9,980
Disposals	(70)	0
Acquired on acquisition of subsidiary (Note 41.2)		10,584
Reclassification to inventories (Note 13)	(38,847)	(14,160)
Reclassified to disposal group held for sale (Note 40)	0
Reclassification from construction in progress	54,648
Effect of foreign currency exchange differences	0	0
Ending balance	497,569	427,838
Ships [member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	111,311	103,994
Depreciation	13,562	10,520
Disposals	(70)	0
Reclassification to inventories (Note 13)	(10,785)	(3,203)
Reclassified to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0	0
Ending balance	114,018	111,311
Ships [member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	80,732	85,171
Disposals	0	0
Impairment loss recognised on financial assets	14,877
Reclassification to inventories (Note 13)	(12,130)	(4,439)
Ending balance	83,479	80,732
Drydocking [Member]
Statement1 [Line Items]
Beginning balance	5,730
Ending balance	3,511	5,730
Drydocking [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	12,914	13,077
Additions	2,517	5,760
Disposals	(2,527)	(5,353)
Acquired on acquisition of subsidiary (Note 41.2)		416
Reclassification to inventories (Note 13)	(2,024)	(986)
Reclassified to disposal group held for sale (Note 40)	0
Reclassification from construction in progress	552
Effect of foreign currency exchange differences	0	0
Ending balance	11,432	12,914
Drydocking [Member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	4,320	6,525
Depreciation	3,169	2,807
Disposals	(2,008)	(4,829)
Reclassification to inventories (Note 13)	(874)	(183)
Reclassified to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0	0
Ending balance	4,607	4,320
Drydocking [Member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	2,865	3,387
Disposals	(519)	(522)
Impairment loss recognised on financial assets	2,118
Reclassification to inventories (Note 13)	(1,150)	0
Ending balance	3,314	2,865
Construction in progress [member]
Statement1 [Line Items]
Beginning balance	6,074
Ending balance	464	6,074
Construction in progress [member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	6,384	773
Additions	49,590	5,611
Disposals	0	0
Acquired on acquisition of subsidiary (Note 41.2)		0
Reclassification to inventories (Note 13)	0	0
Reclassified to disposal group held for sale (Note 40)	0
Reclassification from construction in progress	(55,200)
Effect of foreign currency exchange differences	0	0
Ending balance	774	6,384
Construction in progress [member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	0	0
Depreciation	0	0
Disposals	0	0
Reclassification to inventories (Note 13)	0	0
Reclassified to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0	0
Ending balance	0	0
Construction in progress [member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	310	310
Disposals	0	0
Impairment loss recognised on financial assets	0
Reclassification to inventories (Note 13)	0	0
Ending balance	310	310
Free hold land and buildings [Member]
Statement1 [Line Items]
Beginning balance	263
Ending balance	268	263
Free hold land and buildings [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	263	307
Additions	0	0
Disposals	0	0
Acquired on acquisition of subsidiary (Note 41.2)		0
Reclassification to inventories (Note 13)	0	0
Reclassified to disposal group held for sale (Note 40)	0
Reclassification from construction in progress	0
Effect of foreign currency exchange differences	5	(44)
Ending balance	268	263
Free hold land and buildings [Member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	0	0
Depreciation	0	0
Disposals	0	0
Reclassification to inventories (Note 13)	0	0
Reclassified to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0	0
Ending balance	0	0
Free hold land and buildings [Member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	0	0
Disposals	0	0
Impairment loss recognised on financial assets	0
Reclassification to inventories (Note 13)	0	0
Ending balance	$ 0	$ 0

RIGHT-OF-USE ASSETS - Summary o

RIGHT-OF-USE ASSETS - Summary of group leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	$ 0
Ending balance	55,238	$ 0
Impairment loss on right-of-use assets	2,250	0	$ 0
Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	69,395
Additions	19,189
Cancellation of leases during the year	(22)
Reclassification to disposal group held for sale (Note 40)	(35)
Effect of foreign currency exchange differences	11
Ending balance	88,538	69,395
Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets	(31,050)
Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Impairment loss on right-of-use assets	(2,250)
Office and residential property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Ending balance	2,132
Office and residential property [member] | Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	596
Additions	2,161
Cancellation of leases during the year	0
Reclassification to disposal group held for sale (Note 40)	(35)
Effect of foreign currency exchange differences	11
Ending balance	2,733	596
Office and residential property [member] | Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets	(601)
Office and residential property [member] | Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Impairment loss on right-of-use assets	0
Ships [member]
Disclosure of quantitative information about right-of-use assets [line items]
Ending balance	52,977
Ships [member] | Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	68,588
Additions	16,946
Cancellation of leases during the year	0
Reclassification to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0
Ending balance	85,534	68,588
Ships [member] | Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets	(30,307)
Ships [member] | Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Impairment loss on right-of-use assets	(2,250)
Ship equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Ending balance	129
Ship equipment [member] | Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	211
Additions	82
Cancellation of leases during the year	(22)
Reclassification to disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0
Ending balance	271	$ 211
Ship equipment [member] | Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets	(142)
Ship equipment [member] | Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Impairment loss on right-of-use assets	$ 0

RIGHT-OF-USE ASSETS (Details Te

RIGHT-OF-USE ASSETS (Details Textual) - USD ($)	Jan. 01, 2019	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Expense relating to short-term leases	$ 20,192,000	$ 63,113,000
Expense relating to leases of low-value assets	$ 153,000	73,000
Expense relating to variable lease payments		55,952,000
Office and residential property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation expense		$ 601,000
Office and residential property [member] | Bottom of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease Term		1 year
Office and residential property [member] | Top of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease Term		4 years
Ships [member] | Bottom of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease Term		1 year
Ships [member] | Top of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease Term		5 years
Ship equipment [member] | Bottom of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease Term		1 year
Ship equipment [member] | Top of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease Term		3 years
Ship and ship equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation expense		$ 30,449,000

SUBSIDIARIES (Details)

SUBSIDIARIES (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Grindrod Shipping Pte Ltd [Member]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 462 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 475 Pte. Ltd. [member]
Statement1 [Line Items]
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]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 511 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 512 Pte. Ltd.[member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 512 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 603 Pte. Ltd.[member]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 707 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 3708 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 3708 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 3720 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 3720 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%
IM Shipping Pte. Ltd. [member]
Statement1 [Line Items]
Name of subsidiary	IM Shipping 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%
Grindrod Shipping Services UK Limited [Member]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
Name of subsidiary	Unicorn Caspian 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 Marmara Pte. Ltd.[member]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
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]
Statement1 [Line Items]
Name of subsidiary	Grindrod Maritime 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]
Statement1 [Line Items]
Name of subsidiary	Unicorn Sun 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 Moon Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	Unicorn Moon 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%
Comshipco Schiffahrts Agentur GmbH [Member]
Statement1 [Line Items]
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%
K2019570755 (South Africa) (Pty) Ltd [member]
Statement1 [Line Items]
Name of subsidiary	K2019570755 (South Africa) (Pty) Ltd
Principal activity	South Africa
Country of incorporation	Dormant
Proportion of ownership interest and voting power held by the Group	100.00%

INTEREST IN JOINT VENTURES (Det

INTEREST IN JOINT VENTURES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Cost of investment in joint ventures	$ 77,974	$ 80,474
Share of post-acquisition loss, net of dividends received	(25,416)	(18,656)
Reclassification to assets classified as held for sale	(83)	(7,258)
Carrying amount	$ 52,475	$ 54,560

INTEREST IN JOINT VENTURES (D_2

INTEREST IN JOINT VENTURES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Cost of investment in joint ventures	$ 77,974	$ 80,474
Tri-View Shipping Pte. Ltd. [member]
Statement1 [Line Items]
Principal activity	Ship owning and operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	51.00%	51.00%
Cost of investment in joint ventures	$ 132	$ 132
Island Bulk Carriers Pte. Ltd. [member]
Statement1 [Line Items]
Principal activity	Ship owning and operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	65.00%	65.00%
Cost of investment in joint ventures
IVS Bulk Pte. Ltd. [member]
Statement1 [Line Items]
Principal activity	Ship owning and operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	33.50%	33.50%
Cost of investment in joint ventures	$ 66,440	$ 66,440
Petrochemical Shipping Limited [member]
Statement1 [Line Items]
Principal activity	Dormant
Country of incorporation	Isle of Man
Proportion of ownership interest and voting power held by the Group	50.00%	50.00%
Cost of investment in joint ventures	$ 11,402	$ 13,902
Leopard Tankers Pte. Ltd. [member]
Statement1 [Line Items]
Principal activity	Ship owning and operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	50.00%	50.00%
Cost of investment in joint ventures

INTEREST IN JOINT VENTURES (D_3

INTEREST IN JOINT VENTURES (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement1 [Line Items]
Current assets	$ 91,499,000	$ 122,949,000
Non-current assets	427,568,000	324,678,000
Current liabilities	(86,792,000)	(56,666,000)
Non-current liabilities	(180,337,000)	(98,458,000)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	32,527,000	33,498,000	$ 45,245,000	$ 62,470,000
Revenue	331,046,000	319,018,000	409,522,000
The above profit (loss) for the year include the following:
Depreciation	(17,529,000)	(14,094,000)	(17,975,000)
Impairment loss	(16,995,000)	0	(16,503,000)
Interest income	1,979,000	3,787,000	7,164,000
Interest expense	(11,916,000)	(6,517,000)	(6,548,000)
Income tax expense	685,000	1,389,000	$ 3,226,000
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	519,067,000	447,627,000
Provision for losses on joint venture	2,106,000	2,445,000
Goodwill	944,000	7,351,000
Carrying amount of the Group's interest in the joint venture	52,475,000	54,560,000
Tri-View Shipping Pte. Ltd. [member]
Statement1 [Line Items]
Current assets	897,000	2,342,000
Non-current assets	10,180,000	11,284,000
Current liabilities	(805,000)	(8,040,000)
Non-current liabilities	(6,300,000)	0
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	757,000	2,143,000
Current financial liabilities (excluding trade and other payables and provisions)	(726,000)	(7,995,000)
Non-current financial liabilities (excluding trade and other payables and provisions)	(6,300,000)	0
Revenue	2,488,000	3,029,000
Gross profit (loss)	(1,290,000)	1,241,000
Profit (loss) for the year, representing total comprehensive income (loss) for the year	(1,615,000)	920,000
The above profit (loss) for the year include the following:
Depreciation	(2,102,000)	0
Interest expense	(307,000)	(328,000)
Income tax expense	0	11,000
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	$ 3,972,000	$ 5,586,000
Proportion of the Group's ownership interest in the joint venture	51.00%	51.00%
Other adjustments	$ (31,000)	$ (31,000)
Carrying amount of the Group's interest in the joint venture	1,995,000	2,818,000
Island Bulk Carriers Pte. Ltd. [member]
Statement1 [Line Items]
Current assets	31,000	1,919,000
Non-current assets	329,000	403,000
Current liabilities	(1,212,000)	(3,499,000)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	5,000	56,000
Current financial liabilities (excluding trade and other payables and provisions)	(898,000)	(2,118,000)
Revenue	10,499,000	28,899,000
Gross profit (loss)	476,000	(932,000)
Profit (loss) for the year, representing total comprehensive income (loss) for the year	325,000	(1,003,000)
The above profit (loss) for the year include the following:
Depreciation	(84,000)	0
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	$ (852,000)	$ (1,177,000)
Proportion of the Group's ownership interest in the joint venture	65.00%	65.00%
Provision for losses on joint venture	$ 554,000	$ 765,000
Carrying amount of the Group's interest in the joint venture	0	0
IVS Bulk Pte. Ltd. [member]
Statement1 [Line Items]
Current assets	25,941,000	32,567,000
Non-current assets	263,670,000	268,247,000
Current liabilities	(81,118,000)	(21,602,000)
Non-current liabilities	(49,358,000)	(116,314,000)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	25,650,000	26,232,000
Current financial liabilities (excluding trade and other payables and provisions)	(78,507,000)	(20,413,000)
Non-current financial liabilities (excluding trade and other payables and provisions)	(49,358,000)	(116,314,000)
Revenue	40,929,000	44,567,000
Gross profit (loss)	6,103,000	10,921,000
Profit (loss) for the year, representing total comprehensive income (loss) for the year	(3,764,000)	1,111,000
The above profit (loss) for the year include the following:
Depreciation	(14,020,000)	(12,894,000)
Interest income	33,000	24,000
Interest expense	(9,029,000)	(9,666,000)
Income tax expense	(1,000)	0
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	$ 159,135,000	162,898,000
Proportion of the Group's ownership interest in the joint venture	33.50%
Goodwill	$ 3,575,000	3,575,000
Other adjustments	(6,405,000)	(6,404,000)
Carrying amount of the Group's interest in the joint venture	50,480,000	51,742,000
Petrochemical Shipping Limited
Statement1 [Line Items]
Current assets	206,000	7,083,000
Non-current assets	0	14,484,000
Current liabilities	(40,000)	(7,050,000)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	203,000	5,623,000
Current financial liabilities (excluding trade and other payables and provisions)	(38,000)	(6,592,000)
Revenue	15,857,000	13,755,000
Gross profit (loss)	456,000	(604,000)
Profit (loss) for the year, representing total comprehensive income (loss) for the year	650,000	(6,872,000)
Dividend income from the joint venture during the year	5,000,000	0
The above profit (loss) for the year include the following:
Depreciation	(2,000)	(957,000)
Impairment loss	0	(5,725,000)
Interest income	59,000	76,000
Interest expense	(79,000)	(519,000)
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	$ 166,000	$ 14,517,000
Proportion of the Group's ownership interest in the joint venture	50.00%	50.00%
Other adjustments	$ (83,000)	$ (7,258,000)
Carrying amount of the Group's interest in the joint venture	0	0
Leopard Tankers Pte. Ltd. [member]
Statement1 [Line Items]
Current assets	2,894,000	5,095,000
Non-current assets	0	108,000,000
Current liabilities	(5,999,000)	(116,456,000)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents	2,802,000	3,899,000
Current financial liabilities (excluding trade and other payables and provisions)	(5,819,000)	(115,883,000)
Revenue	110,002,000	16,589,000
Gross profit (loss)	874,000	7,137,000
Profit (loss) for the year, representing total comprehensive income (loss) for the year	255,000	5,079,000
The above profit (loss) for the year include the following:
Depreciation	0	(3,000)
Interest expense	(458,000)	(4,765,000)
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	$ (3,105,000)	$ (3,361,000)
Proportion of the Group's ownership interest in the joint venture	50.00%	50.00%
Provision for losses on joint venture	$ 1,552,000	$ 1,680,000
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about Joint venture [Abstract]
Provision for Losses on Joint Ventures	$ 2,106,000	$ 2,445,000
Unrecognised share of losses of joint ventures	$ 1,420,000	$ 454,000	$ 12,946,000

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Balance	$ 41
Balance	177	$ 41
Cost [member]
Statement1 [Line Items]
Balance	6,770	8,402
Additions	161
Disposal		(550)
Effect of foreign currency exchange differences	126	(1,082)
Balance	7,057	6,770
Accumulated amortisation [member]
Statement1 [Line Items]
Balance	3,093	4,705
Disposal		(550)
Amortisation	29	17
Effect of foreign currency exchange differences	122	(1,079)
Balance	3,244	$ 3,093
Impairment [member]
Statement1 [Line Items]
Balance	$ 3,636

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Impairment loss	$ 16,995,000	$ 0	$ 16,503,000
Pre Tax Discount Rate			15.00%
Growth rate used to extrapolate cash flow projections			5.50%
Customer-related intangible assets [member]
Statement1 [Line Items]
Impairment loss	$ 0	$ 0	$ 3,636,000
Intangible Assets Other than Goodwil useful Life	7 years
Licences [member]
Statement1 [Line Items]
Intangible Assets Other than Goodwil useful Life	3 years

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Balance	$ 7,351
Impairment	19,245	$ 0	$ 16,503
Balance	944	7,351
Cost [member]
Statement1 [Line Items]
Balance	16,004	17,985
Disposal	0
Reclassification to disposal group held for sale (Note 40	(12,317)	0
Effect of foreign currency exchange differences	225	(1,981)
Balance	3,912	16,004	17,985
Accumulated impairment [member]
Statement1 [Line Items]
Balance	8,653	9,566
Impairment	3,179	0
Reclassification to disposal group held for sale (Note 40	(8,968)	0
Effect of foreign currency exchange differences	104	(913)
Balance	$ 2,968	$ 8,653	$ 9,566

GOODWILL (Details 1)

GOODWILL (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Goodwill	$ 944	$ 7,351
Gross carrying amount [member]
Statement1 [Line Items]
Goodwill	3,912	16,004	$ 17,985
Gross carrying amount [member] | Parcel Service [Member]
Statement1 [Line Items]
Goodwill	244	239
Island Trading and Shipping [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Goodwill	3,064	3,064
Unicorn Tankers, a division of Grindrod Shipping (South Africa) Pty Ltd [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Goodwill	0	12,097
Unicorn Tankers International [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Goodwill	$ 604	$ 604

GOODWILL (Details Textual)

GOODWILL (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Growth rate used to extrapolate cash flow projections			5.50%
Discount rate applied to cash flow projections	7.61%	8.33%
Impairment loss	$ 16,995,000	$ 0	$ 16,503,000
Impairment	19,245,000	0	16,503,000
Goodwill	944,000	7,351,000
Accumulated impairment [member]
Statement1 [Line Items]
Impairment	3,179,000	0
Goodwill	2,968,000	$ 8,653,000	9,566,000
Unicorn Tankers a division of Grindrod Shipping South Africa PtyLtd [Member]
Statement1 [Line Items]
Growth rate used to extrapolate cash flow projections		5.50%
Discount rate applied to cash flow projections		15.00%
Impairment loss			$ 6,119,000
Unicorn Tanker CGU [member]
Statement1 [Line Items]
Goodwill	$ 6,528,000

DEFERRED TAX (Details)

DEFERRED TAX (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Deferred taxation analysed by major category:
Capital allowances			$ (54)	$ (21)
Other timing differences			1,353	1,518
Deferred tax liability (asset)	$ 1,299	$ 1,179	$ 1,299	$ 1,497
Reconciliation of deferred taxation:
Opening balance	1,497	1,179
IFRS 9 adjustment	0	20
Adjusted opening balance	1,497	1,199
(Charge) credit to profit or loss for the year (Note 36)	(108)	511
Deferred tax on the actuarial gain	(113)	0
Exchange differences	23	(213)
Closing balance	$ 1,299	$ 1,497

DEFERRED TAX (Detail Textuals)

DEFERRED TAX (Detail Textuals) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised	$ 1,315,000	$ 956,000
Unabsorbed tax losses	$ 580,000	$ 580,000

TRADE AND OTHER PAYABLES (Deta

TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Trade payables	$ 7,776	$ 7,994
Accrued expenses	19,682	13,401
Others	1,588	1,372
Less: included in liabilities of a disposal group held for sale (Note 40)	(498)	0
Trade and other payables	28,548	22,767
Non-current trade and other payables	(221)	(403)
Current trade and other payables	$ 28,327	$ 22,364

DUE TO RELATED PARTIES (Details

DUE TO RELATED PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Due to related parties - trade (Note 5)	$ 0	$ 2
Due to related parties - non-trade (Note 5)	0	1
Due to joint ventures - non-trade (Note 5)	4,796	6,235
At the end of the financial year	$ 4,796	$ 6,238

LEASE LIABILITIES - (Details)

LEASE LIABILITIES - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Adjusted balance as at 1 January 2019	$ 126,354
Interest expense	3,442	$ 0	$ 0
Lease payments	(29,905)	0	$ 0
Lease liabilities as at 31 December 2019	57,946	126,354
Property [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Lease liabilities as at 31 December 2019	2,175
Ships [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Lease liabilities as at 31 December 2019	55,636
Ship equipment [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Lease liabilities as at 31 December 2019	135
Restatement [Member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Adjusted balance as at 1 January 2019	68,666
Additions	19,189
Disposal	(22)
Interest expense	3,442
Lease payments	(33,347)
Principal	(29,905)
Interest	(3,442)
Transferred to liabilities of a disposal group held for sale (Note 40)	(38)
Effect of foreign currency exchange differences	56
Lease liabilities as at 31 December 2019		68,666
Restatement [Member] | Property [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Adjusted balance as at 1 January 2019	592
Additions	2,161
Disposal	0
Interest expense	69
Lease payments	(665)
Principal	(596)
Interest	(69)
Transferred to liabilities of a disposal group held for sale (Note 40)	(38)
Effect of foreign currency exchange differences	56
Lease liabilities as at 31 December 2019		592
Restatement [Member] | Ships [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Adjusted balance as at 1 January 2019	67,863
Additions	16,946
Disposal	0
Interest expense	3,365
Lease payments	(32,538)
Principal	(29,173)
Interest	(3,365)
Transferred to liabilities of a disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	0
Lease liabilities as at 31 December 2019		67,863
Restatement [Member] | Ship equipment [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Adjusted balance as at 1 January 2019	211
Additions	82
Disposal	(22)
Interest expense	8
Lease payments	(144)
Principal	(136)
Interest	(8)
Transferred to liabilities of a disposal group held for sale (Note 40)	0
Effect of foreign currency exchange differences	$ 0
Lease liabilities as at 31 December 2019		$ 211

LEASE LIABILITIES - (Details 1)

LEASE LIABILITIES - (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Lease Liabilities [Line Items]
Current portion	$ 24,300		$ 0
Non-current portion	33,646		0
Lease liabilities	$ 57,946	$ 68,666	126,354
Restatement [Member]
Lease Liabilities [Line Items]
Current portion		26,088
Non-current portion		42,578
Lease liabilities		$ 68,666	$ 68,666

LEASE LIABILITIES (Details Text

LEASE LIABILITIES (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Disclosure Of Detailed Information About Movement In Lease Liabilities [Abstract]
Future cash outflows	$ 4,453

BANK LOANS AND OTHER BORROWIN_3

BANK LOANS AND OTHER BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Secured—at amortised cost:
Bank Loans	$ 131,231	$ 114,456
Other borrowings	34,013	0
Borrowings	165,244	114,456
Current portion of secured bank loan received including disposal group	20,696	18,323
Non current portion of secured bank loan received	144,548	96,133
Total Bank Loan	165,244	114,456
Interest payable (included in bank loans)	943	886
Non-current portion of non-current borrowings	144,548	96,133
Within 2 to 5 years [member]
Secured—at amortised cost:
Non-current portion of non-current borrowings	$ 144,548	$ 96,133

BANK LOANS AND OTHER BORROWIN_4

BANK LOANS AND OTHER BORROWINGS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement1 [Line Items]
Restricted Cash and Cash Equivalents	$ 9,611,000	$ 11,627,000
Carrying value Security charge	265,874,000	242,445,000
Undrawn borrowing facilities	0	0
Borrowings	165,244,000	114,456,000
Line credit facility	$ 275,000,000	$ 250,000,000
Debt ratio	75.00%	75.00%
Cash and cash equivalents	$ 32,527,000	$ 33,498,000	$ 45,245,000	$ 62,470,000
Line Of Credit Description	book value net worth of the lower of (a) the aggregate of $240 million plus 25% of the amount of positive retained earnings plus 50% of each capital raise
Other borrowings	$ 34,013,000	$ 0
Other Borrowings [Member]
Statement1 [Line Items]
Carrying value Security charge	37,980,000
Secured term facility	$ 35,750,000
Borrowings, interest rate basis	3 month LIBOR plus 1.7% per annum
Borrowings, adjustment to interest rate basis	1.70%
Other borrowings	$ 34,013,000
Variable interest rate [Member]
Statement1 [Line Items]
Weighted average effective interest rate	5.09%	5.30%
Senior Secured Credit Facility one [Member]
Statement1 [Line Items]
Borrowings	$ 49,088,000	$ 87,741,000
Borrowing facility fee	1,180,000	1,530,000
Line of credit facility fee	$ 1,750,000
Borrowings, interest rate	2.95%
Senior Secured Credit Facility Two [Member]
Statement1 [Line Items]
Borrowings	$ 19,067,000	21,027,000
Borrowings, interest rate	2.65%
Senior Secured Credit Facility Three [Member]
Statement1 [Line Items]
Borrowings	$ 4,421,000	5,688,000
Borrowing facility fee	22,000	28,000
Line of credit facility fee	$ 32,000
Borrowings, interest rate	2.00%
Senior Secured Credit Facility Four [Member]
Statement1 [Line Items]
Borrowings	$ 27,776,000
Borrowing facility fee	304,000
Line of credit facility fee	$ 373,000
Borrowings, interest rate	3.20%
Senior Secured Credit Facility Five [Member]
Statement1 [Line Items]
Restricted Cash and Cash Equivalents	$ 30,000,000	30,000,000
Borrowings	30,879,000
Borrowing facility fee	149,000
Cash and cash equivalents	12,778,000	$ 13,765,000
Line of credit facility fee	78,600
Secured term facility	$ 15,720,000
Borrowings, interest rate	2.00%

PROVISIONS (Details)

PROVISIONS (Details) - USD ($) $ in Thousands		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Provision for onerous contracts
Provision for losses on investment in joint ventures	[1]	$ 554		$ 765
Provision for onerous contracts		405	[2]	813	[2]	$ 1,270
Total Provisions		$ 959		$ 1,578
[1]	The joint venture, Island Bulk Carriers, generated profits during 2019 and the Group has reversed provisions of $211,000 representing the reduction of the Group’s share of the joint venture losses.
[2]	Provision for onerous contracts represents the present value of the future charter payments of short-term leases 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. Except for short-term onerous contracts when the effect of discounting is immaterial, the rate used to discount the future charter payments is 7.61% (2018: 8.33%).

PROVISIONS (Details 1)

PROVISIONS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Analysis of provision for onerous contracts:
At beginning of the year	$ 813	[1]	$ 1,270
Released to profit or loss	(408)		(457)		$ (7,427)
At the end of the financial year	$ 405	[1]	$ 813	[1]	$ 1,270
[1]	Provision for onerous contracts represents the present value of the future charter payments of short-term leases 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. Except for short-term onerous contracts when the effect of discounting is immaterial, the rate used to discount the future charter payments is 7.61% (2018: 8.33%).

PROVISIONS (Details textual)

PROVISIONS (Details textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Provision for onerous contracts [Abstract]
Unused provision reversed, other provisions	$ 211,000
Discount rate in onerous contract provision	7.61%	8.33%

RETIREMENT BENEFIT OBLIGATION_2

RETIREMENT BENEFIT OBLIGATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Recognised liability at beginning of the year	$ 1,922	$ 2,180
Recognised in profit or loss in the current year	183	55
Interest on obligation	183	206
Other	0	(151)
Actuarial gains	(70)	(8)
Translation	34	(305)
Employer payments	(147)	0
Present value of unfunded obligation recognised as a liability at end of year	$ 1,922	$ 1,922
The principal actuarial assumptions applied in the determination of fair values include:
Health care cost inflation rate (p.a.)	7.60%	8.20%
Discount rate (p.a.)	10.00%	9.90%
Continuation at retirement	75.00%	75.00%

RETIREMENT BENEFIT OBLIGATION_3

RETIREMENT BENEFIT OBLIGATION (Details 1)	Dec. 31, 2019	Dec. 31, 2018
Current service Cost and interest cost [Member] | Bottom of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption	8.90%	8.90%
Current service Cost and interest cost [Member] | Top of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption	10.40%	10.40%
Accrued liability [Member] | Bottom of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption	8.60%	8.60%
Accrued liability [Member] | Top of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption	9.90%	9.90%

RETIREMENT BENEFIT OBLIGATION_4

RETIREMENT BENEFIT OBLIGATION (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Present value of unfunded obligations	$ 1,922	$ 1,922
Present value of obligations in excess of plan assets	$ 1,922	$ 1,922

RETIREMENT BENEFIT OBLIGATION_5

RETIREMENT BENEFIT OBLIGATION (Details Textual)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Medical cost trend rates	1.00%
Weighted average duration of defined benefit obligation	11 years	11 years	12 years

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Issued and paid up:
Number of shares, Balance	0
Number of shares, Balance	299,641,000	0
Share capital, Issue of ordinary shares		$ 0	$ 15,000
Share capital, Balance	$ 251,938	$ 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, Issue of ordinary shares	$ 320,683
Share capital, Balance	$ 320,683

OTHER EQUITY AND RESERVES (Deta

OTHER EQUITY AND RESERVES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Treasury shares	$ (1,993)	$ 0
Share compensation reserve	4,520	1,364	$ 0
Hedging reserve	173	(867)
Translation reserve	(2,522)	(3,283)
Merger reserve	(18,354)	(18,354)
Other reserves	$ (18,176)	$ (21,140)

OTHER EQUITY AND RESERVES (De_2

OTHER EQUITY AND RESERVES (Details 1) shares in Thousands	12 Months Ended
	Dec. 31, 2019shares
Disclosure Of Treasury Shares [Line Items]
Number of shares, Balance	0
Acquisition of shares	299,641
Number of shares, Balance	299,641
Treasury Share [member]
Disclosure Of Treasury Shares [Line Items]
Number of shares, Balance	0
Acquisition of shares	1,993
Number of shares, Balance	1,993

OTHER EQUITY AND RESERVES (De_3

OTHER EQUITY AND RESERVES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Balance	$ 1,364	$ 0
Share-based payments expenses	3,156	1,364
Balance	$ 4,520	$ 1,364

OTHER EQUITY AND RESERVES (De_4

OTHER EQUITY AND RESERVES (Details 3)	12 Months Ended
	Dec. 31, 2019$ / shares
Other reserves [abstract]
Number of share awards, Outstanding	743,000
Number of share awards, Forfeited during the year	(15,000)
Number of share awards, Outstanding	728,000
Fair value at grand date, Outstanding	$ 10.18
Fair value at grand date, Forfeited during the year	10.18
Fair value at grand date, Outstanding	$ 10.18

OTHER EQUITY AND RESERVES (De_5

OTHER EQUITY AND RESERVES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Description of vesting requirements for share-based payment arrangement	At any time, the aggregate number of ordinary shares of the company may be granted under Awards that have not vested shall not exceed 5% of the ordinary shares in issue (excluding treasury shares) on the day preceding the Award.
Issued Capital Shares	1
Increase in Number of issued Shares New Issues	19,063,833
Share based CompensationNumber Of Shares Nonvested Subjected to Awards	728,000
Expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets	$ 3,156,000	$ 2,294,000
Expense from share-based payment transactions with employees	$ 3,156,000	1,364,000
Incremental fair value granted, modified share-based payment arrangements		$ 933,000
2018 FSP [Member]
Statement1 [Line Items]
Share based Payments Number of Awards Available for Grant	210,209
Top of range [member]
Statement1 [Line Items]
Share based CompensationNumber Of Shares Nonvested Subjected to Awards	953,191

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Over time:
Charter hire	$ 129,761	$ 135,027	$ 128,355
Freight revenue	178,750	168,828	257,614
Vessel revenue	308,511	303,855	385,969
Management fees	5,105	5,676	5,252
Miscellaneous	884	820	574
Other	5,989	6,496	5,826
At a point in time:
Sale of ships	15,986	8,477	17,155
Sale of bunkers and other consumables	560	190	572
Ship sales	16,546	8,667	17,727
Revenue	$ 331,046	$ 319,018	$ 409,522

REVENUE (Details Textual)

REVENUE (Details Textual)	12 Months Ended
	Dec. 31, 2019
Statement1 [Line Items]
Percentage of Unsatisfied Revenue Expected to be Recognized	100.00%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Impairment loss recognised on financial assets
Total revenue	$ 331,046	$ 319,018	$ 409,522
Voyage expenses	149,444	151,705	166,924
Vessel operating costs	33,889	32,657	40,837
Gross profit (loss)	20,526	11,093	22,114
Interest income	1,979	3,787	7,164
Interest expense	(11,916)	(6,517)	(6,548)
Share of losses of joint ventures	(1,420)	(454)	(12,946)
Taxation	(685)	(1,389)	(3,226)
(Loss) profit for the year	(43,487)	(20,640)	(60,812)
Impairment loss on net assets of disposal group	0	0	5,092
Impairment loss on right-of-use assets	2,250	0	0
Unallocated Total [member]
Impairment loss recognised on financial assets
Vessel revenue	0	0
Ship sale revenue	0	0
Other	0	0
Total revenue
Voyage expenses	0	0
Vessel operating costs	0	0
Charter hire costs	0	0
Depreciation of ships, drydocking and plant and equipment– owned assets	0	0
Depreciation of ships and ship equipment – right-of-use assets	0
Cost of ship sale	0	0
Other	0	0
Cost of sales
Gross profit (loss)
Operating (loss) profit	(2,255)	(6,195)	(4,481)
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	(2,255)	(6,195)	(4,481)
Impairment loss on owned ships	0	0	0
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	0		2,364
Capital expenditure	0	0	0
Total [member]
Impairment loss recognised on financial assets
Vessel revenue	313,156	324,176	410,910
Ship sale revenue	23,899	12,447	17,727
Other	4,560	5,088	4,425
Total revenue	341,615	341,711	433,062
Voyage expenses	(135,756)	(140,182)	(158,355)
Vessel operating costs	(41,658)	(47,486)	(56,695)
Charter hire costs	(62,136)	(103,077)	(128,568)
Depreciation of ships, drydocking and plant and equipment– owned assets	(23,244)	(18,895)	(26,167)
Depreciation of ships and ship equipment – right-of-use assets	(30,504)
Cost of ship sale	(24,601)	(11,460)	(17,560)
Other	(832)	(1,635)	(16,638)
Cost of sales	(318,731)	(322,735)	(403,983)
Gross profit (loss)	22,884	18,976	29,079
Operating (loss) profit	(29,456)	(10,374)	(36,532)
Interest income	1,910	3,224	6,573
Interest expense	(15,256)	(12,023)	(11,973)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		(85)
Taxation	(685)	(1,384)	(3,767)
(Loss) profit for the year	(43,487)	(20,642)	(45,699)
Impairment loss on net assets of disposal group			5,092
Impairment loss on owned ships	16,995	2,862	32,180
Impairment loss on right-of-use assets	2,250
Impairment loss on goodwill and intangible assets	3,179		12,119
Capital expenditure	107,766	34,495	13,186
Adjustments [member]
Impairment loss recognised on financial assets
Vessel revenue	(4,645)	(20,321)	(24,941)
Ship sale revenue	(7,353)	(3,780)	0
Other	1,429	1,408	1,401
Total revenue	(10,569)	(22,693)	(23,540)
Voyage expenses	(13,688)	(11,523)	(8,569)
Vessel operating costs	7,769	14,829	15,858
Charter hire costs	468	2,429	820
Depreciation of ships, drydocking and plant and equipment– owned assets	5,715	4,801	8,192
Depreciation of ships and ship equipment – right-of-use assets	55
Cost of ship sale	7,757	3,785	0
Other	135	489	274
Cost of sales	8,211	14,810	16,575
Gross profit (loss)	(2,358)	(7,883)	(6,965)
Operating (loss) profit	(1,989)	(4,110)	(8,724)
Interest income	69	563	591
Interest expense	3,340	5,506	5,425
Share of losses of joint ventures	(1,420)	(454)	(12,946)
Impairment loss recognised on financial assets		(1,498)
Taxation	0	(5)	541
(Loss) profit for the year	0	2	(15,113)
Impairment loss on owned ships	0	(2,862)	(15,677)
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	0		0
Capital expenditure	(1,565)	(1,776)	(6,756)
Combined Total [Member]
Impairment loss recognised on financial assets
Vessel revenue	308,511	303,855	385,969
Ship sale revenue	16,546	8,667	17,727
Other	5,989	6,496	5,826
Total revenue	331,046	319,018	409,522
Voyage expenses	(149,444)	(151,705)	(166,924)
Vessel operating costs	(33,889)	(32,657)	(40,837)
Charter hire costs	(61,668)	(100,648)	(127,748)
Depreciation of ships, drydocking and plant and equipment– owned assets	(17,529)	(14,094)	(17,975)
Depreciation of ships and ship equipment – right-of-use assets	(30,449)
Cost of ship sale	(16,844)	(7,675)	(17,560)
Other	(697)	(1,146)	(16,364)
Cost of sales	(310,520)	(307,925)	(387,408)
Gross profit (loss)	20,526	11,093	22,114
Operating (loss) profit	(31,445)	(14,484)	(45,256)
Interest income	1,979	3,787	7,164
Interest expense	(11,916)	(6,517)	(6,548)
Share of losses of joint ventures	(1,420)	(454)	(12,946)
Impairment loss recognised on financial assets		(1,583)
Taxation	(685)	(1,389)	(3,226)
(Loss) profit for the year	(43,487)	(20,640)	(60,812)
Impairment loss on net assets of disposal group			5,092
Impairment loss on owned ships	16,995	0	16,503
Impairment loss on right-of-use assets	2,250
Impairment loss on goodwill and intangible assets	3,179		12,119
Capital expenditure	106,201	32,719	6,430
Drybulk carrier business [Member]
Impairment loss recognised on financial assets
Vessel revenue	256,742	263,687	331,423
Ship sale revenue	8,067	8,667	6,830
Other	3,636	3,955	3,618
Total revenue	268,445	276,309	341,871
Voyage expenses	(127,757)	(128,753)	(147,075)
Vessel operating costs	(26,585)	(28,249)	(30,868)
Charter hire costs	(56,555)	(86,987)	(110,163)
Depreciation of ships, drydocking and plant and equipment– owned assets	(14,181)	(11,732)	(13,294)
Depreciation of ships and ship equipment – right-of-use assets	(25,059)
Cost of ship sale	(8,280)	(7,676)	(5,339)
Other	(247)	333	(14,740)
Cost of sales	(258,664)	(263,064)	(321,479)
Gross profit (loss)	9,781	13,245	20,392
Operating (loss) profit	(16,170)	(3,964)	(7,200)
Interest income	1,325	2,388	5,662
Interest expense	(10,107)	(6,749)	(7,429)
Share of losses of joint ventures		0	0
Impairment loss recognised on financial assets		(24)
Taxation	(194)	(19)	(2,900)
(Loss) profit for the year	(25,146)	(8,368)	(11,867)
Impairment loss on net assets of disposal group			5,092
Impairment loss on owned ships	2,905	0	14,174
Impairment loss on right-of-use assets	2,250
Impairment loss on goodwill and intangible assets	0		0
Capital expenditure	53,104	33,626	9,894
Drybulk carrier business [Member] | Handysize [Member]
Impairment loss recognised on financial assets
Vessel revenue	102,805	116,372	118,262
Ship sale revenue	8,067	8,667	6,830
Other	1,360	1,670	1,639
Total revenue	112,232	126,709	126,731
Voyage expenses	(53,449)	(57,707)	(59,004)
Vessel operating costs	(23,632)	(26,514)	(26,546)
Charter hire costs	(15,162)	(16,091)	(22,773)
Depreciation of ships, drydocking and plant and equipment– owned assets	(10,585)	(9,016)	(10,642)
Depreciation of ships and ship equipment – right-of-use assets	(114)
Cost of ship sale	(8,280)	(7,676)	(5,339)
Other	(232)	(550)	341
Cost of sales	(111,454)	(117,554)	(123,963)
Gross profit (loss)	778	9,155	2,768
Operating (loss) profit	(11,354)	1,758	(20,039)
Interest income	659	1,196	2,052
Interest expense	(4,850)	(4,985)	(5,158)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		(16)
Taxation	(95)	113	(250)
(Loss) profit for the year	(15,640)	(1,934)	(23,395)
Impairment loss on owned ships	2,905	0	14,174
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	0		0
Capital expenditure	3,065	26,690	4,148
Drybulk carrier business [Member] | Supermax [Member]
Impairment loss recognised on financial assets
Vessel revenue	153,937	146,097	156,517
Ship sale revenue	0	0	0
Other	1,218	1,225	911
Total revenue	155,155	147,322	157,428
Voyage expenses	(74,286)	(71,087)	(76,497)
Vessel operating costs	(4,436)	(3,405)	(3,302)
Charter hire costs	(41,393)	(69,428)	(73,336)
Depreciation of ships, drydocking and plant and equipment– owned assets	(3,596)	(2,716)	(2,648)
Depreciation of ships and ship equipment – right-of-use assets	(24,945)
Cost of ship sale	0	0	0
Other	(15)	24	(124)
Cost of sales	(148,671)	(146,612)	(155,907)
Gross profit (loss)	6,484	710	1,521
Operating (loss) profit	(4,910)	(5,993)	(3,109)
Interest income	666	1,190	2,048
Interest expense	(5,257)	(1,764)	(2,218)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		(8)
Taxation	(99)	(131)	(240)
(Loss) profit for the year	(9,600)	(6,706)	(3,519)
Impairment loss on owned ships	0	0	0
Impairment loss on right-of-use assets	2,250
Impairment loss on goodwill and intangible assets	0		0
Capital expenditure	50,008	6,629	4,574
Drybulk carrier business [Member] | Others [Member]
Impairment loss recognised on financial assets
Vessel revenue	0	1,218	56,644
Ship sale revenue	0	0	0
Other	1,058	1,060	1,068
Total revenue	1,058	2,278	57,712
Voyage expenses	(22)	41	(11,574)
Vessel operating costs	1,483	1,670	(1,020)
Charter hire costs	0	(1,468)	(14,054)
Depreciation of ships, drydocking and plant and equipment– owned assets	0	0	(4)
Depreciation of ships and ship equipment – right-of-use assets	0
Cost of ship sale	0	0	0
Other	0	859	(14,957)
Cost of sales	1,461	1,102	(41,609)
Gross profit (loss)	2,519	3,380	16,103
Operating (loss) profit	94	271	15,948
Interest income	0	2	1,562
Interest expense	0	0	(53)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		0
Taxation	0	(1)	(2,410)
(Loss) profit for the year	94	272	15,047
Impairment loss on net assets of disposal group			5,092
Impairment loss on owned ships	0	0	0
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	0		0
Capital expenditure	31	307	1,172
Tanker business [Member]
Impairment loss recognised on financial assets
Vessel revenue	56,414	60,489	79,487
Ship sale revenue	15,832	3,780	10,897
Other	924	1,133	807
Total revenue	73,170	65,402	91,191
Voyage expenses	(7,999)	(11,429)	(11,280)
Vessel operating costs	(15,073)	(19,237)	(25,827)
Charter hire costs	(5,581)	(16,090)	(18,405)
Depreciation of ships, drydocking and plant and equipment– owned assets	(9,063)	(7,163)	(12,873)
Depreciation of ships and ship equipment – right-of-use assets	(5,445)
Cost of ship sale	(16,321)	(3,784)	(12,221)
Other	(585)	(1,968)	(1,898)
Cost of sales	(60,067)	(59,671)	(82,504)
Gross profit (loss)	13,103	5,731	8,687
Operating (loss) profit	(11,031)	(215)	(24,851)
Interest income	585	836	911
Interest expense	(5,149)	(5,274)	(4,544)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		(61)
Taxation	(491)	(1,365)	(867)
(Loss) profit for the year	(16,086)	(6,079)	(29,351)
Impairment loss on owned ships	14,090	2,862	18,006
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	3,179		9,755
Capital expenditure	54,662	869	3,292
Tanker business [Member] | MR tanker [Member]
Impairment loss recognised on financial assets
Vessel revenue	37,813	37,911	42,561
Ship sale revenue	7,352	0	10,897
Other	0	0	(151)
Total revenue	45,165	37,911	53,307
Voyage expenses	(5,502)	(7,966)	(7,555)
Vessel operating costs	(10,194)	(11,313)	(13,267)
Charter hire costs	(5,581)	(16,090)	(16,257)
Depreciation of ships, drydocking and plant and equipment– owned assets	(5,305)	(3,157)	(6,476)
Depreciation of ships and ship equipment – right-of-use assets	(5,420)
Cost of ship sale	(7,757)	0	(12,221)
Other	(139)	(1,269)	(756)
Cost of sales	(39,898)	(39,795)	(56,532)
Gross profit (loss)	5,267	(1,884)	(3,225)
Operating (loss) profit	(7,459)	(7,368)	(22,203)
Interest income	368	536	320
Interest expense	(3,214)	(3,249)	(2,583)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		(37)
Taxation	(215)	158	316
(Loss) profit for the year	(10,520)	(9,960)	(24,150)
Impairment loss on owned ships	8,124	1,262	13,149
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	1,589		3,902
Capital expenditure	54,000	0	2,287
Tanker business [Member] | Small tanker [Member]
Impairment loss recognised on financial assets
Vessel revenue	13,419	17,395	22,740
Ship sale revenue	8,480	3,780	0
Other	0	0	0
Total revenue	21,899	21,175	22,740
Voyage expenses	(2,497)	(3,463)	(3,725)
Vessel operating costs	(5,743)	(8,960)	(9,488)
Charter hire costs	0	0	(2,148)
Depreciation of ships, drydocking and plant and equipment– owned assets	(1,489)	(1,738)	(2,324)
Depreciation of ships and ship equipment – right-of-use assets	(25)
Cost of ship sale	(8,564)	(3,784)	0
Other	(444)	(697)	(864)
Cost of sales	(18,762)	(18,642)	(18,549)
Gross profit (loss)	3,137	2,533	4,191
Operating (loss) profit	(5,774)	(922)	(9,372)
Interest income	180	258	215
Interest expense	(893)	(921)	(600)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		(21)
Taxation	(296)	262	510
(Loss) profit for the year	(6,783)	(1,344)	(9,247)
Impairment loss on owned ships	5,966	1,600	4,857
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	1,590		5,853
Capital expenditure	605	815	20
Tanker business [Member] | Others [Member]
Impairment loss recognised on financial assets
Vessel revenue	5,182	5,183	14,186
Ship sale revenue	0	0	0
Other	924	1,133	958
Total revenue	6,106	6,316	15,144
Voyage expenses	0	0	0
Vessel operating costs	864	1,036	(3,072)
Charter hire costs	0	0	0
Depreciation of ships, drydocking and plant and equipment– owned assets	(2,269)	(2,268)	(4,073)
Depreciation of ships and ship equipment – right-of-use assets	0
Cost of ship sale	0	0	0
Other	(2)	(2)	(278)
Cost of sales	(1,407)	(1,234)	(7,423)
Gross profit (loss)	4,699	5,082	7,721
Operating (loss) profit	2,202	8,075	6,724
Interest income	37	42	376
Interest expense	(1,042)	(1,104)	(1,361)
Share of losses of joint ventures	0	0	0
Impairment loss recognised on financial assets		(3)
Taxation	20	(1,785)	(1,693)
(Loss) profit for the year	1,217	5,225	4,046
Impairment loss on owned ships	0	0	0
Impairment loss on right-of-use assets	0
Impairment loss on goodwill and intangible assets	0		0
Capital expenditure	$ 57	$ 54	$ 985

SEGMENT INFORMATION (Details Te

SEGMENT INFORMATION (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Revenue	$ 331,046	$ 319,018	$ 409,522
Drybulk carrier business [Member]
Statement1 [Line Items]
Customer risk percentage	10.00%
Revenue	$ 268,445	276,309	341,871
Drybulk carrier business [Member] | Customer one [Member]
Statement1 [Line Items]
Customer risk percentage	10.00%
Revenue	$ 21,200
Tanker business [Member]
Statement1 [Line Items]
Revenue	73,170	$ 65,402	$ 91,191
Tanker business [Member] | Customer one [Member]
Statement1 [Line Items]
Customer risk percentage		10.00%	10.00%
Revenue	15,500	$ 17,300	$ 17,800
Tanker business [Member] | Customer two [Member]
Statement1 [Line Items]
Revenue	8,500	14,300	15,700
Tanker business [Member] | Customer three [Member]
Statement1 [Line Items]
Revenue	7,900	$ 6,300	10,900
Tanker business [Member] | Customer four [Member]
Statement1 [Line Items]
Revenue	$ 7,400		$ 8,900

OTHER OPERATING (EXPENSE) INC_3

OTHER OPERATING (EXPENSE) INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of other operating income expense [Abstract]
Impairment loss on ships (Note 14)	$ (16,995)	$ 0	$ (16,503)
Impairment loss on right-of-use ships (Note 15)	(2,250)	0	0
Impairment loss on goodwill and intangibles	(3,179)	0	(12,119)
Impairment loss on assets of disposal group (Note 40)	0	0	(5,092)
Foreign exchange (loss) gain	(330)	4,261	(507)
Gain on deemed disposal of previously held joint venture interest	0	213	0
Gain on disposal of business	0	3,255	0
Other operating (expense) income	(805)	(1,707)	(281)
Total Other operating (expense) income	$ (23,559)	$ 6,022	$ (34,502)

INTEREST INCOME (Details)

INTEREST INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of interest income [Abstract]
Interests on loans to joint ventures (Note 5)	$ 983	$ 2,573	$ 4,346
Guarantee fees from related parties (Note 5)	0	0	325
Bank interests	996	1,214	1,294
Other interests	0	0	1,199
Interest income	$ 1,979	$ 3,787	$ 7,164

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of interest expenses [Abstract]
Interest on bank loans	$ 7,832	$ 6,139	$ 5,300
Interest on loans from related parties (Note 5)	0	0	629
Amortisation of upfront fees on bank loans	448	220	0
Guarantee fees to related parties (Note 5)	0	54	451
Other finance cost	194	104	168
Interest on lease liabilities	3,442	0	0
Interest Expense	$ 11,916	$ 6,517	$ 6,548

LOSS BEFORE TAXATION (Details)

LOSS BEFORE TAXATION (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Total depreciation and amortisation		$ 48,763	$ 14,291	$ 19,680
Impairment loss net of reversals recognised on financial assets		0	1,583	18
Net gain on disposal of businesses		0	(3,255)	0
Gain on deemed disposal of previously held joint venture interest		0	(213)	0
Cost of inventories recognised as expense (included in voyage expenses)		51,327	43,119	55,347
Expense recognised in respect of equity-settled share-based payments		3,156	2,297	472
Employee benefits expenses (including directors' remuneration and share    based payments)		19,336	20,283	19,349
Cost of defined benefit plan and defined contribution plans included in employee benefits expenses		1,245	1,381	1,350
Property, plant and equipment not subject to operating leases [member]
Statement1 [Line Items]
Depreciation of ships, drydocking and plant and equipment (Note 14)		17,529	14,095	17,975
Depreciation of other property, plant and equipment	[1]	155	179	797
Amortisation of intangible assets	[1]	29	17	908
Total depreciation and amortisation		17,713	14,291	19,680
Property, plant and equipment subject to operating leases [member]
Statement1 [Line Items]
Depreciation of ships and ship equipment – right-of-use assets		30,449	0	0
Depreciation of property – right-of-use assets	[1]	601	0	0
Total depreciation and amortisation – right-of-use assets		$ 31,050	$ 0	$ 0
[1]	Included in administrative expenses

INCOME TAX (Details)

INCOME TAX (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current tax
In respect of the current year	$ 569	$ 467	$ 3,694
Capital gains taxation	0	1,797	0
In respect of prior years	8	(364)	15
Current tax expense (income) and adjustments for current tax of prior periods	577	1,900	3,709
Deferred tax
In respect of the current year	108	(505)	(421)
In respect of prior years	0	(6)	(62)
Deferred tax expense (income)	108	(511)	(483)
Tax expense (income), continuing operations	$ 685	$ 1,389	$ 3,226

INCOME TAX (Details 1)

INCOME TAX (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Loss before tax	$ (42,802)	$ (19,251)	$ (57,586)
Income tax benefit calculated at corporate rate	(7,264)	(3,273)	(9,790)
Adjusted for:
Effect Of Income Exempted From Tax	0	1,619	0
Effect of expenses that are not deductible in determining taxable profit	13,469	2,057	9,632
Effect of different tax rates of subsidiaries operating in other jurisdictions	(1,118)	(107)	(851)
Effect of income not taxable in determining taxable profit	(4,409)	0	0
Effect of tax losses disallowed to be brought forward	0	1,494	4,277
(Over) under provision of tax in prior year	7	(128)	(47)
Effect of different tax rate applied for capital gains	0	(273)	0
Withholding tax	0	0	5
Tax expense (income), continuing operations	$ 685	$ 1,389	$ 3,226

INCOME TAX (Details Textual)

INCOME TAX (Details Textual)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Singapore [Member]
Statement1 [Line Items]
Applicable tax rate	17.00%	17.00%	17.00%
South africa [Member]
Statement1 [Line Items]
Applicable tax rate	28.00%	28.00%	28.00%

DIVIDENDS (Details Textual)

DIVIDENDS (Details Textual)	1 Months Ended
	Mar. 31, 2017USD ($)$ / shares
Statement1 [Line Items]
Dividends paid, ordinary shares per share | $ / shares	$ 334.60
Dividends paid, ordinary shares | $	$ 1,674,000

CONTINGENT LIABILITIES (Details

CONTINGENT LIABILITIES (Details Textual) - USD ($)	Aug. 15, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
MitsuiCo Financial Services [Member]
Statement1 [Line Items]
Credit facility face amount	$ 2,069,000
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		$ 1,841,000	$ 2,819,000	$ 4,099,000
Grindrod Shipping Pte Ltd and its subsidiaries [Member]
Statement1 [Line Items]
Credit facility face amount		$ 20,804,000	$ 59,613,000

LEASES AND SHIP CHARTERS (Detai

LEASES AND SHIP CHARTERS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 12,578	$ 125,137
Year 1
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	5,241
Year 2
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	5,256
Year 3
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 2,081

LEASES AND SHIP CHARTERS (Det_2

LEASES AND SHIP CHARTERS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Statement1 [Line Items]
Future minimum receivable under non-cancellable operating leases	$ 125,137	$ 12,578
Minimum lease payments under operating leases recognised	107,251
Future minimum lease payments payable under the non-cancellable operating leases	123,880
With in one year
Statement1 [Line Items]
Future minimum receivable under non-cancellable operating leases		$ 5,241
Future minimum lease payments payable under the non-cancellable operating leases	50,564
With in 2 to 5 years
Statement1 [Line Items]
Future minimum lease payments payable under the non-cancellable operating leases	73,316
Charter Of Ships [Member]
Statement1 [Line Items]
Future minimum receivable under non-cancellable operating leases	7,250
Charter Of Ships [Member] | With in one year
Statement1 [Line Items]
Future minimum receivable under non-cancellable operating leases	5,183
Charter Of Ships [Member] | With in 2 to 5 years
Statement1 [Line Items]
Future minimum receivable under non-cancellable operating leases	2,067
Office leases [Member]
Statement1 [Line Items]
Future minimum lease payments payable under the non-cancellable operating leases	787
Office leases [Member] | With in one year
Statement1 [Line Items]
Future minimum lease payments payable under the non-cancellable operating leases	671
Office leases [Member] | With in 2 to 5 years
Statement1 [Line Items]
Future minimum lease payments payable under the non-cancellable operating leases	116
Residential property leases [Member]
Statement1 [Line Items]
Future minimum lease payments payable under the non-cancellable operating leases	470
Residential property leases [Member] | With in one year
Statement1 [Line Items]
Future minimum lease payments payable under the non-cancellable operating leases	338
Residential property leases [Member] | With in 2 to 5 years
Statement1 [Line Items]
Future minimum lease payments payable under the non-cancellable operating leases	$ 132

LEASES AND SHIP CHARTERS (Det_3

LEASES AND SHIP CHARTERS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Description Of Number Of Leasing Arrangements Entered By Lessee And Remaining Lease Term Classified As Operating Lease		The Group has entered into 6 office leases which have a remaining non-cancellable lease term ranging from 3 to 21 months.
Current lease liabilities	$ 24,300,000	$ 0
Ships [member]
Statement1 [Line Items]
Current lease liabilities	$ 9,623,000
Ship Owned [Member]
Statement1 [Line Items]
Operating lease remaining lease term	4 years
Operating lease option to extend	2 years
Office And Residential Property [Member]
Statement1 [Line Items]
Current lease liabilities	$ 193,000
Residential Property Lease [Member]
Statement1 [Line Items]
Description Of Number Of Leasing Arrangements Entered By Lessee And Remaining Lease Term Classified As Operating Lease	The Group has entered into 8 residential property leases which have a remaining non-cancellable lease term ranging from 12 to 20 months respectively.
Bottom of range [member] | Office Lease [Member]
Statement1 [Line Items]
Operating lease remaining lease term	3 years
Bottom of range [member] | Residential Property Lease [Member]
Statement1 [Line Items]
Operating lease remaining lease term	12 years
Top of range [member] | Office Lease [Member]
Statement1 [Line Items]
Operating lease remaining lease term	21 years
Top of range [member] | Residential Property Lease [Member]
Statement1 [Line Items]
Operating lease remaining lease term	20 years

ASSETS CLASSIFIED AS HELD FOR_3

ASSETS CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Non-current assets or disposal groups classified as held for sale	$ 4,677	$ 7,258
Liabilities of disposal group	(538)	0
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners	4,139	7,258
Non-current assets held for sale [member]
Statement1 [Line Items]
Investment in joint ventures	83	7,258
Disposal groups classified as held for sale [member]
Statement1 [Line Items]
Net assets of disposal group	$ 4,594,000	$ 0

ASSETS CLASSIFIED AS HELD FOR_4

ASSETS CLASSIFIED AS HELD FOR SALE (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and bank balances	$ 141	$ 0
Trade receivables	704
Other receivables and prepayments	92
Contract assets	16
Inventories	255	0
Ships, property, plant and equipment	2
Goodwill	3,349
Right-of-use assets	35
Assets classified as held for sale	4,594
Liabilities
Trade and other payables	498
Contract liabilities	2
Lease liabilities	38
Liabilities directly associated with assets classified as held for sale	538	$ 0
Net assets of disposal group	$ 4,056

ASSETS CLASSIFIED AS HELD FOR_5

ASSETS CLASSIFIED AS HELD FOR SALE (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement1 [Line Items]
Proceeds from disposal or maturity of available-for-sale financial assets	$ 83,000	$ 7,258,000
Purchase of investments other than investments accounted for using equity method
Impairment loss recognised on assets of disposal group	0	$ 0	$ 5,092,000
Accumulated impairment [member]
Statement1 [Line Items]
Impairment loss recognised on assets of disposal group	$ 3,179,000

DISPOSALS OF BUSINESSES AND A_3

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Statement1 [Line Items]
Total sales consideration	$ 36,481
Carrying amount of net assets sold	(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)
Consideration Received Net	$ 25,318

DISPOSALS OF BUSINESSES AND A_4

DISPOSALS OF BUSINESSES AND ASSET ACQUISITION (Details Textual) R in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018ZAR (R)	Jun. 18, 2018USD ($)
Statement1 [Line Items]
Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates	$ 0	$ 213,000	$ 0
Consideration transferred, acquisition-date fair value					$ 320,683,000
Ocean Africa Container Lines [Member]
Statement1 [Line Items]
Consideration transferred, acquisition-date fair value		20,985,000		R 260
Unicorn Bunker Services [Member]
Statement1 [Line Items]
Consideration transferred, acquisition-date fair value		$ 15,496,000		R 192
IM Shipping [Member]
Statement1 [Line Items]
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Loss for the purpose of basic earnings per share
Net loss attributable to the shareholders of the Group	$ (43,487)	$ (20,640)	$ (60,812)
Effect of dilutive potential on ordinary share	0	0	0
Earnings for the purposes of diluted earnings per share	$ (43,487)	$ (20,640)	$ (60,812)
Number of shares
Issued ordinary shares	19,063,833	19,063,833	19,063,833
Effect of treasury shares held	41,168	0	0
Weighted average number of ordinary shares for the purpose of basic earnings per share	19,022,665	19,063,833	19,063,833
Basic and diluted loss per share	$ (2.29)	$ (1.08)	$ (3.19)

EARNINGS PER SHARE (Details 1)

EARNINGS PER SHARE (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
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]
Statement1 [Line Items]
Impact on profit for the year from continuing operations		$ (51)
Impact of the adoption of IFRS 15 [Member]
Statement1 [Line Items]
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)
mpact of the adoption of IFRS 16
Statement1 [Line Items]
Impact on profit for the year from continuing operations	$ 1,144
Impact on basic earnings per share	$ (0.06)
Impact on diluted earnings per share	$ (0.06)

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement1 [Line Items]
Contractual capital commitments	$ 2,510	$ 47,498
With in one year
Statement1 [Line Items]
Contractual capital commitments	2,510	47,498
With in 2 to 5 years
Statement1 [Line Items]
Contractual capital commitments	$ 0	$ 0

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details Textual) - USD ($)	May 04, 2020	Apr. 08, 2020	Mar. 11, 2020	Feb. 14, 2020	Jan. 29, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 18, 2018
Statement1 [Line Items]
Proceeds from sales of property plant and equipment						$ 5,000	$ 68,000	$ 18,000
Ordinary and preferred equity interest									100.00%
Consideration of acquisition transferred									$ 320,683,000
Net proceeds received						95,824,000	$ 104,549,000	$ 45,150,000
Temporary reduction of the cash covenant						$ 30,000,000
Nonadjusting Events After Reporting [Member]
Statement1 [Line Items]
Temporary reduction of the cash covenant			$ 20,000,000
IVS Bulk PteLtd [Member]
Statement1 [Line Items]
Proportion of the Group's ownership interest in the joint venture						33.50%
IVS Bulk PteLtd [Member] | Major business combination [member]
Statement1 [Line Items]
Ordinary and preferred equity interest				33.25%
Consideration of acquisition transferred				$ 44,100,000
Proportion of the Group's ownership interest in the joint venture				66.75%
Cash on hand and a facility agreement				$ 35,833,000
Facility fees				1,433,000
Net proceeds received				$ 34,400,000
Facility bears fixed interest				7.50%
IVS Bulk PteLtd [Member] | Major business combination [member] | Senior Secured Credit Facility Six [Member]
Statement1 [Line Items]
Secured term facility				$ 114,100,000
Borrowings, interest rate basis				LIBOR plus a margin of 3.10% per annum
Borrowings, adjustment to interest rate basis				3.10%
Ships [member] | Disposal of major subsidiary [member]
Statement1 [Line Items]
Proceeds from sales of property plant and equipment					$ 9,150,000
Ships [member] | Disposal of major subsidiary [member] | Forecast [Member]
Statement1 [Line Items]
Proceeds from sales of property plant and equipment	$ 15,300,000	$ 14,100,000