Grindrod Shipping (GRIN) 20-F 23 Mar 23 2022 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
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	Accelerated Filer
Trading Symbol	GRIN
Entity Common Stock, Shares Outstanding	18,484,861
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
ICFR Auditor Attestation Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	1046
Auditor Location	Singapore
Document Registration Statement	false
Entity Incorporation, State or Country Code	U0
Entity File Number	001-38440
Entity Address, Address Line One	#03-01 Southpoint
Entity Address, Address Line Two	200 Cantonment Road
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	089763
Document Accounting Standard	International Financial Reporting Standards
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	#03-01 Southpoint
Entity Address, Address Line Two	200 Cantonment Road
Entity Address, City or Town	Singapore
Entity Address, Country	SG
Entity Address, Postal Zip Code	089763
Contact Personnel Name	Stephen Griffiths
City Area Code	65
Local Phone Number	6632 1315
Contact Personnel Fax Number	65 6323 0046

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and bank balances	$ 52,228	$ 107,118
Trade receivables	11,290	8,973
Contract assets	1,313	3,686
Other receivables and prepayments	25,066	22,424
Loans to joint ventures	0	10
Derivative financial instruments	51	5,370
Inventories	15,278	13,909
Total current assets	105,226	161,490
Non-current assets
Restricted cash	4,342	6,649
Ships, property, plant and equipment	407,552	437,479
Right-of-use assets	26,039	32,467
Interest in joint ventures	8	13
Derivative financial instruments	0	611
Intangible assets	186	227
Other receivables and prepayments	860	380
Other investments	3,714	3,730
Deferred tax assets	1,304	2,123
Total non-current assets	444,005	483,679
Total assets	549,231	645,169
Current liabilities
Trade and other payables	29,599	33,874
Contract liabilities	4,369	8,441
Due to Joint Ventures	43	0
Lease liabilities	22,058	27,375
Bank loans and other borrowings	33,330	28,020
Retirement benefit obligations	125	124
Derivative financial instruments	138	704
Provisions	592	1,019
Income tax payable	423	786
Total current liabilities	90,677	100,343
Non-current liabilities
Trade and other payables	140	160
Lease liabilities	4,055	5,896
Bank loans and other borrowings	165,638	217,646
Retirement benefit obligation	1,272	1,489
Total non-current liabilities	171,105	225,191
Capital and reserves
Share capital	320,683	320,683
Other equity and reserves	(24,686)	(24,068)
Accumulated (losses) profit	(8,548)	23,020
Total equity	287,449	319,635
Total equity and liabilities	$ 549,231	$ 645,169

CONSOLIDATED STATEMENTS OF PRO

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Revenue	$ 460,460	$ 455,839	$ 210,682
Cost of sales
Voyage expenses	(91,104)	(96,964)	(81,840)
Vessel operating costs	(46,901)	(43,958)	(37,968)
Charter hire costs	(58,926)	(75,381)	(34,369)
Depreciation of ships, drydocking and plant and equipment– owned assets	(30,498)	(25,866)	(22,003)
Depreciation of ships and ship equipment – right-of-use assets	(35,676)	(34,898)	(24,674)
Other expenses	(696)	(1,875)	(398)
Cost of ship sale	(29,897)	0	(5,375)
Gross profit	166,762	176,897	4,055
Other operating income (expense)	341	3,849	(293)
Administrative expense	(48,069)	(36,089)	(21,435)
Share of losses of joint ventures	(5)	(31)	(2,476)
Interest income	2,228	201	467
Interest expense	(17,133)	(12,298)	(15,106)
Profit (loss) before taxation	104,124	132,529	(34,788)
Income tax (expense) benefit	(757)	118	(189)
Profit (loss) for the year from continuing operations	103,367	132,647	(34,977)
Loss for the year from discontinued operation	0	(3,165)	(6,123)
Profit (loss) for the year	103,367	129,482	(41,100)
Profit (loss) for the year attributable to:
Owners of the Company	103,367	118,925	(38,795)
Non-controlling interests	0	10,557	(2,305)
Profit (loss) for the year	$ 103,367	$ 129,482	$ (41,100)
Earnings (loss) per share attributable to the owners of the Company:
Basic	$ 5.45	$ 6.21	$ (2.05)
Diluted	5.45	5.94	(2.05)
From continuing operations - Basic	5.45	6.38	(1.72)
From continuing operations - Diluted	$ 5.45	$ 6.1	$ (1.72)
Continue Operations [Member]
Profit (loss) for the year attributable to:
Owners of the Company	$ 103,367	$ 122,090	$ (32,672)
Discontinued operations [member]
Profit (loss) for the year attributable to:
Owners of the Company	$ 0	$ (3,165)	$ (6,123)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Profit (Loss) for the year	$ 103,367	$ 129,482	$ (41,100)
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit obligation	111	60	39
Remeasurement of other investment	(207)	835	0
Other comprehensive income that will not be reclassified to profit or loss, net of tax	(96)	895	39
Items that may be reclassified subsequently to profit or loss
Exchange differences arising from translation of foreign operations	(917)	(1,034)	(6,227)
Net fair value (loss) gain on hedging instruments designated as cash flow hedges	(6,794)	4,999	285
Other comprehensive (loss) income for the year, net of income tax	(7,711)	3,965	(5,942)
Other comprehensive income (loss) for the year, net of income tax	(7,807)	4,860	(5,903)
Total comprehensive income (loss) for the year	95,560	134,342	(47,003)
Total comprehensive income (loss) for the year attributable to:
Owners of the Company	95,560	123,785	(44,698)
Non-controlling interests	0	10,557	(2,305)
Total comprehensive income (loss) for the year	95,560	134,342	(47,003)
Continue Operations [Member]
Total comprehensive income (loss) for the year attributable to:
Owners of the Company	95,560	127,068	(38,063)
Discontinued operations [member]
Total comprehensive income (loss) for the year attributable to:
Owners of the Company	$ 0	$ (3,283)	$ (6,635)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Share capital [member]	Treasury shares [member]	Share compensation reserve [member]	Hedging reserve [member]	Translation reserve [member]	Merger reserve [member]	Accumulated (losses) profit [member]	Attributable to owners of the company [member]	Non-controlling interest [member]
Share capital, Balance at Dec. 31, 2019	$ 251,938	$ 320,683	$ (1,993)	$ 4,520	$ 173	$ (2,522)	$ (18,354)	$ (50,569)	$ 251,938	$ 0
Statement [Line Items]
Profit/Loss for the year	(41,100)	0	0	0	0	0	0	(38,795)	(38,795)	(2,305)
Other comprehensive income for the year, net of income tax	(5,903)	0	0	0	285	(6,227)	0	39	(5,903)	0
Total comprehensive income/loss for the year	(47,003)	0	0	0	285	(6,227)	0	(38,756)	(44,698)	(2,305)
Dividends (Note 41)	0
Equity-settled share-based payments (Note 29)	1,847	0	0	1,847	0	0	0	0	1,847	0
Treasury shares reissued to employees under the Forfeitable Share Plan (Note 29)	0	0	1,606	(2,413)	0	0	0	807	0	0
Transfer of pension fund surplus (Note 19)	3,150	0	0	0	0	0	0	3,150	3,150
Acquisition of non-controlling interest (Note 39.1)	44,087	0	0	0	0	0	0	0	0	44,087
Transaction with owners, recognised directly in equity	49,084	0	1,606	(566)	0	0	0	3,957	4,997	44,087
Share capital, Balance at Dec. 31, 2020	254,019	320,683	(387)	3,954	458	(8,749)	(18,354)	(85,368)	212,237	41,782
Statement [Line Items]
Profit/Loss for the year	129,482	0	0	0	0	0	0	118,925	118,925	10,557
Other comprehensive income for the year, net of income tax	4,860	0	0	0	4,999	(1,034)	0	895	4,860	0
Total comprehensive income/loss for the year	134,342	0	0	0	4,999	(1,034)	0	119,820	123,785	10,557
Dividends (Note 41)	(13,546)	0	0	0	0	0	0	(13,546)	(13,546)	0
Equity-settled share-based payments (Note 29)	3,330	0	0	3,330	0	0	0	0	3,330	0
Acquisition of treasury shares (Note 29)	(11,876)	0	(11,876)	0	0	0	0	0	(11,876)	0
Treasury shares reissued to employees under the Forfeitable Share Plan (Note 29)	0	0	393	(2,507)	0	0	0	2,114	0	0
Acquisition of non-controlling interest (Note 39.1)	(46,634)	0	0	0	0	0	5,705	0	5,705	(52,339)
Transaction with owners, recognised directly in equity	68,726	0	(11,483)	823	0	0	5,705	(11,432)	(16,387)	(52,339)
Share capital, Balance at Dec. 31, 2021	319,635	320,683	(11,870)	4,777	5,457	(9,783)	(12,649)	23,020	319,635	0
Statement [Line Items]
Profit/Loss for the year	103,367	0	0	0	0	0	0	103,367	103,367	0
Other comprehensive income for the year, net of income tax	(7,807)	0	0	0	(6,794)	(917)	0	(96)	(7,807)	0
Total comprehensive income/loss for the year	95,560	0	0	0	(6,794)	(917)	0	103,271	95,560	0
Dividends (Note 41)	(135,877)	0	0	0	0	0	0	(135,877)	(135,877)	0
Equity-settled share-based payments (Note 29)	8,134	0	0	8,134	0	0	0	0	8,134	0
Treasury shares reissued to Offeror under the TMI Offer (Note 28)	(3)	0	11,870	(12,911)	0	0	0	1,038	(3)	0
Transaction with owners, recognised directly in equity	127,746	0	11,870	(4,777)	0	0	0	(134,839)	(127,746)	0
Share capital, Balance at Dec. 31, 2022	$ 287,449	$ 320,683	$ 0	$ 0	$ (1,337)	$ (10,700)	$ (12,649)	$ (8,548)	$ 287,449	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Profit (loss) for the year	$ 103,367	$ 129,482	$ (41,100)
Adjustments for:
Share of losses of joint ventures	5	31	945
(Gain) Loss on ship sales	(84)	1,115	788
Loss on disposal of business	0	26	0
Gain on disposal of plant and equipment, furniture and fittings and motor vehicles	(36)	(14)	0
Gain on disposal of right-of-use assets	0	(104)	0
Depreciation and amortisation	67,275	61,953	51,549
(Reversal of) impairment loss recognised on ships	(1,707)	(3,557)	16,282
Impairment loss recognised (reversed) on right-of-use assets	985	(1,046)	0
Impairment loss recognised on goodwill and intangibles	0	965	0
Impairment loss (reversed) recognised on financial assets	(45)	681	1,823
Impairment loss recognised on net disposal group	0	2,551	576
Impairment loss recognised on plant and equipment	0	1	138
Provision for onerous contracts (reversed) recognised	(427)	939	(325)
Recognition of share-based payments expenses	8,134	3,330	1,847
Net foreign exchange gain	(171)	(744)	(5,157)
Interest expense	17,133	12,947	16,938
Interest income	(2,228)	(236)	(565)
Income tax expense (benefit)	757	(2,831)	723
Components of defined benefit costs recognised in profit or loss	159	177	152
Operating cash flows before movements in working capital and ships	193,117	205,666	44,614
Inventories	(1,371)	(5,089)	4,019
Trade receivables, other receivables and prepayments	(5,556)	(5,361)	5,594
Contract assets	2,373	(2,786)	2,943
Trade and other payables	(5,515)	6,729	(4,085)
Contract liabilities	(4,072)	3,347	1,014
Due to related parties	49	233	0
Due from related parties	0	0	(398)
Operating cash flows before movement in ships	179,025	202,739	53,701
Capital expenditure on ships	(9,306)	(33,455)	(9,021)
Proceeds from ship sales	29,509	47,819	40,366
Net cash generated from operations	199,228	217,103	85,046
Interest paid	(14,553)	(11,623)	(14,950)
Interest received	1,786	236	725
Income tax paid	(432)	(864)	(437)
Net cash flows generated from operating activities	186,029	204,852	70,384
Investing activities
Repayment to related parties	0	0	(2,060)
Repayment of loans and amount due from joint venture	39	788	5,127
Purchase of plant and equipment	(113)	(49)	(67)
Purchase of intangible assets	(126)	(6)	(352)
Proceeds from disposal of plant and equipment	298	21	0
Proceeds from disposal of businesses	0	68	0
Dividends and distributions received from a joint venture	0	184	3,106
Cash transferred in from disposal group (Note 38)	0	60	0
Payment for acquisition of subsidiary, net of cash acquired (Note 39)	0	0	(28,313)
Net cash generated from (used in) investing activities	98	1,066	(22,559)
Financing activities (Note A)
Long-term interest bearing debt raised	0	48,031	60,718
Payment of principal portion of long-term interest-bearing debt	(49,850)	(82,110)	(74,908)
Principal repayments on lease liabilities	(56,930)	(36,040)	(27,948)
Acquisition of non-controlling interest (Note 39)	0	(46,634)	0
Acquisition of treasury shares	0	(11,876)	0
Dividends paid	(135,877)	(13,546)	0
Restricted cash	(485)	3,099	155
Net cash flows used in financing activities	(243,142)	(139,076)	(41,983)
Net (decrease) increase in cash and cash equivalents	(57,015)	66,842	5,842
Cash and cash equivalents at the beginning of the year (Note 6)	104,243	37,942	32,527
Effect of exchange rate changes on the balance of cash held in foreign currencies	(667)	(541)	(427)
Cash and cash equivalents at the end of the period (Note 6)	$ 46,561	$ 104,243	$ 37,942

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS 1 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Bank loans and other borrowings [Member]
Supplemental Cash Flow Information [Abstract]
Opening Balance	$ 245,666	$ 278,432
Financing cash flows	(49,850)	(34,079)
Other changes	3,152	1,313
Closing Balance	198,968	245,666
Due (from) to joint venture and related parties [Member]
Supplemental Cash Flow Information [Abstract]
Opening Balance	0	1
Financing cash flows	0	0
Other changes	0	(1)
Closing Balance	0	0
Lease liabilities [member]
Supplemental Cash Flow Information [Abstract]
Opening Balance	33,271	51,244
Financing cash flows	(56,930)	(36,040)
Other changes	49,772	18,067
Closing Balance	$ 26,113	$ 33,271

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2022
Disclosure Of Basis Of Presentation Abstract [Abstract]
GENERAL	1 GENERAL General information Grindrod Shipping Holdings Ltd. (the “Company”) On October 12, 2022, we announced that we had entered into a Transaction Implementation Agreement (“TIA”), dated as of October 11, 2022, between the Company, Taylor Maritime Investments Limited (“TMI”) (the “ Offeror ” ) (the “ TMI Offer ” ) The Group completed the plan to discontinue the tanker business during December 2021 and has presented the tanker business as a discontinued operation. The Group is now focused on the drybulk business which is presented as the continuing operations. Prior period figures have been reclassified for the presentation of the tanker business as a discontinued operation which is explained in more detail in Note 37. The COVID-19 pandemic and the Russian invasion of Ukraine have caused severe disruptions in the supply chain and industrial production These events may continue to cause trade disruptions. As a result of the spread of the pandemic, the Group has incurred some additional crewing expenses arising from crew travel, COVID-19 testing and procurement of personal protection equipment which is included in our vessel operating costs in our consolidated and The consolidated financial statements of the Group for the year ended 31 December 2022 were authorised for issue by the Board of Directors on 23 March 2023.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Disclosure Of Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2 SIGNIFICANT ACCOUNTING POLICIES 2.1 Statement of compliance The consolidated 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 financial information 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 2022, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Amendments to IFRS 3 Reference to the Conceptual Framework The Group has adopted the amendments to IFRS 3 Business Combinations 37 Provisions, Contingent Liabilities and Contingent Assets Levies Amendments to IAS 16 Property, Plant and Equipment – Proceeds before intended use The Group has adopted the amendments to IAS 16 Property, Plant and Equipment first The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use, income (loss), income (loss), Amendments to IAS 38 Onerous Contracts – Cost of Fulfilling a Contract The Group has adopted the amendments to IAS 37 for the first time in the current year. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labour or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The Group has adopted the amendments included in the Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle IFRS 9 Financial Instruments The amendment clarifies that in applying the '10 per cent' test to assess whether to derecognise a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. IFRS 16 Leases The amendment removes the illustration of the reimbursement of leasehold improvements. 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: Amendments to IAS 1 Classification of liabilities as Current or Non-current Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to assets and liabilities arising from a Single Transaction The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except if indicated below. Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments are permitted. The directors of the Group anticipate that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods should such transactions arise. 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. Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Profit or loss and each component of other comprehensive income (loss) income (loss) Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income (loss) 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 IFRS 9 Provisions, Contingent Liabilities and Contingent Assets IFRS 3 Business Combinations If the Group chooses not to perform the optional concentration test, or performs the optional concentration test and determines that substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets, it must assess if the acquired set of activities and assets comprises all of the required elements of a business. If the fair value of gross assets acquired in an asset acquisition is in excess of consideration, the excess will be allocated to the single identifiable asset as identified in the concentration test. 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 (loss) • 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, amounts due from joint ventures 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. 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. Financial liabilities and equity instruments 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 11. 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 11 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 (loss) 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. 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. 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

CRITICAL ACCOUNTING JUDGEMENTS

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY	12 Months Ended
	Dec. 31, 2022
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. There have been no significant changes in the basis upon which judgements and accounting estimates have been determined. (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. Ships classified as inventories The Group regularly engages in trading of ships. When a ship ceases to be rented and a decision is made for the ship to be sold, the ship would be classified as inventories (Note 12). The proceeds from the sale of such assets shall be recognised as revenue in accordance with IFRS 15 Revenue from Contracts with Customers 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. $52,621,000 (2021: $64,533,000) have not been included in the lease liability If a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control lessee vessels (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. Vessels and depreciation 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. Impairment and reversals of impairment of Vessels (including owned and right-of-use) 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. Management identifies an appropriate valuation technique to estimate the fair value that is in accordance with IFRS 13 Fair Value Measurement 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 8.56% (2021: 7.50%) 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 right-of-use ships as at end of each reporting period the Group has recognised an impairment loss of US$985,000 for the year ended 31 December 2022 (2021: US$1,046,000 reversal of impairment and 2020: US $16,282,000 As at 31 December 2022 and 2021, 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 22.57% decrease to the charter rate (2021: 0.0% to 20.83% decrease to the charter rate); or • 0.0% to 82.30% increase to the discount rate (2021: 0.0% to 66.57%% 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 estimated selling price less cost to sell, which were determined based on the market comparable approach that reflects recent transaction prices for similar ships, with similar age and specifications. The carrying amounts of the ships are disclosed in Notes 13 and 14.

FINANCIAL INSTRUMENTS, FINANCIA

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2022
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 2022 2021 US$’000 US$’000 Financial assets Financial assets at amortised cost 88,127 143,058 Derivative instruments designated in hedge accounting relationship 51 5,981 88,178 149,039 Financial liabilities Financial liabilities at amortised cost 254,863 312,696 Derivative instruments designated in hedge accounting relationships 138 704 255,001 313,400 (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 2022 and 31 December 2021, 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. 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 and the Group’s exposure and the credit ratings of its counterparties are continuously monitored. 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 31 December 2022 US$’000 US$’000 US$’000 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 11,950 (660 ) 11,290 Contract assets 8 (i) Lifetime ECL (Simplified approach) 1,313 - 1,313 Other receivables 9 Performing 12-month ECL 20,980 - 20,980 34,243 (660 ) 33,583 Note Internal 12-month or Gross Loss Net 31 December 2021 US$’000 US$’000 US$’000 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 9,657 (684 ) 8,973 Contract assets 8 (i) Lifetime ECL (Simplified approach) 3,686 - 3,686 Other receivables 9 Performing 12-month ECL 20,308 - 20,308 Loans to joint ventures 10 Doubtful Lifetime ECL 10 - 10 33,661 (684 ) 32,977 (i) 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. 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. In addition, in response to the COVID-19 pandemic, the Group has increased reviews of counterparties and potential customers to ensure that contractual obligations will be met. 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, 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. (b) Interest rate risk management The Group is exposed to interest rate risk through the impact of bank loans and other borrowings 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. The Group’s bank loans and other borrowings were originally advanced at a floating rate based on LIBOR which has been subject to international and regulatory proposals for reform. LIBOR will continue to be quoted until 30 June 2023 and thereafter, the Secured Overnight Financing Rate, or SOFR, has been recommended as an alternative to LIBOR. Certain of the Group’s bank loans will mature before LIBOR is due to be discontinued and do not require amendment. Management is discussing the transition for the longer term bank loans and other borrowings with the lenders as the discontinuation of LIBOR may materially adversely affect market rates of interest. The Group does not currently have any interest rate hedging instruments. 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. As a result of reduced economic growth expectations, interest rates in 2021 have steadily increased with an opening LIBOR rate of 0.1% in January 2022 to a closing rate of 4.7% in December 2022. If interest rates had been 50 basis points higher or lower and all other variables were held constant, the Group’s profit (loss) for the year ended 31 December 2022 would decrease/increase by US$997,000 (2021: Profit would increase/decrease by US$536,000 and 2020: Loss would increase/decrease by US$1,103,000). This is mainly attributable to the Group’s exposure to interest rates on its variable rate bank loans. (c) Foreign currency exchange risk management The Group’s main operational activities are carried out in United States dollars and South African rands, which is the functional currency of the respective financial statements of each Group entity. The risk arising from movements in foreign exchange rates is limited as the Group has minimal transactions in foreign currencies which mainly relates to administrative expenses in Singapore dollars, amounts due to related companies in South African rands as well as bank balances in South African rands. Management reviews and monitors currency risk exposure and determines whether any hedging is considered necessary. The objective of the foreign exchange exposure management policy is to ensure that all foreign exchange exposures are identified as early as possible and that the identified exposures are actively managed to reduce risk. All exposures are to reflect the underlying foreign currency commitments arising from trade and/or foreign currency finance. Under no circumstances are speculative positions, not supported by normal trade flows, permitted. At the end of the reporting period, the significant carrying amounts of monetary liabilities and monetary assets denominated in currencies other than the respective Group entities’ functional currencies are as follows: Liabilities Assets 2022 2021 2022 2021 US$’000 US$’000 US$’000 US$’000 United States dollars (554 ) (564 ) 584 1,099 South African rands (1,629 ) (4,877 ) - - Foreign currency sensitivity The following table details the sensitivity to a 10% increase and decrease in the relevant foreign currencies against the functional currency of each Group entity. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. If the relevant foreign currency strengthens/weakens by 10% against the functional currency of the entity, profit or loss will increase/(decrease) or, vice versa Impact on profit or loss 2022 2021 US$’000 US$’000 United States dollars 3 54 South African rands (163 ) (488 ) (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. While there was a rebound in charter rates in 2021 and 2022, charter rates are projected to reduce for 2023. This projected market deterioration could result in unfavourable market conditions and impact to the Group’s operations and cash flows and the Group’s ability to comply with covenants and other conditions in the loan agreements. 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 waivers or modifications to the loan covenants to obtain more favourable terms can be implemented in advance. Based on the 12 months cash flow forecast prepared by management from the date of the authorisation 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 in place to sell certain vessels to maintain sufficient liquidity to repay the maturing obligations and provide adequate comfort in covenant levels at the next reporting date 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 demand Within 2 to After 5 Adjustment Total % p.a US$’000 US$’000 US$’000 US$’000 US$’000 Group 2022 Non-interest bearing - 29,782 - - - 29,782 Lease liabilities 6.47 22,903 4,177 - (967 ) 26,113 Variable interest rate instruments 8.16 45,254 161,350 33,909 (41,545 ) 198,968 97,939 165,527 33,909 (42,512 ) 254,863 2021 Non-interest bearing - 33,759 - - - 33,759 Lease liabilities 4.17 28,156 5,992 - (877 ) 33,271 Variable interest rate instruments 3.82 35,040 188,521 54,565 (32,460 ) 245,666 96,955 194,513 54,565 (33,337 ) 312,696 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 Adjustment Total US$’000 US$’000 US$’000 US$’000 Group 2022 Gross settled: Bunker swaps Gross inflow 51 - - 51 Gross outflow (138 ) - - (138 ) (87 ) - - 87 2021 Gross settled: Forward freight agreements Gross inflow 5,109 611 - 5,720 Gross outflow (611 ) - - (611 ) 4,498 611 - 5,109 Bunker swaps Gross inflow 261 - - 261 Gross outflow (93 ) - - (93 ) 168 - - 168 4,666 611 - 5,277 (e) Shipping market price risk management The Group is exposed to the fluctuations in market conditions in the shipping industry which in turn affects the Group’s profitability. Management continually assess shipping markets using their experience and detailed research. Risks are managed by fixing tonnage on longer term time charters, contracts of affreightment and entering into forward freight agreements. The carrying amount of the derivative financial instruments is disclosed in Note 11. Shipping market price sensitivity The sensitivity analyses below have been determined based on the exposure to shipping market price risk at the end of the reporting period. In respect of derivative financial instruments, if the shipping market prices had been 10% higher/lower while other variables were held constant: • Profit (loss) for the year, and ended 31 December 2022 would decrease/increase by US$Nil (2021: decrease /increase by US$Nil and 2020: decrease/increase by US$Nil); and • hedging reserve for the year ended 31 December 2022 would decrease/increase by US$Nil (2021: decrease/increase by US$3,671,000 and 2020: decrease/increase by US$Nil). (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 11. 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: • profit (loss) for the year ended 31 December 2022 would decrease/increase by US$Nil (2021: decrease/increase by US$Nil and 2020: decrease/increase by US$Nil); and • hedging reserve for the year ended 31 December 2022 would decrease/increase by US$460,000 (2021: decrease/increase by US$778,000 and 2020: decrease/increase by US$206,000). (g) Fair value measurement of financial assets and financial liabilities The carrying amounts of cash and cash equivalents, trade and other current receivables and payables, and other liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements. Financial instruments measured at fair value on a recurring basis 2022 2021 US$’000 US$’000 Financial Assets Forward freight agreements - 5,720 Bunker swaps 51 261 Financial Liabilities Forward freight agreements - (611 ) Bunker swaps (138 ) (93 ) 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 11. 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 2022 Financial Assets Derivative financial instruments - 51 - 51 Financial Liabilities Derivative financial instruments - (138 ) - (138 ) 2021 Financial Assets Derivative financial instruments - 5,981 - 5,981 Financial Liabilities Derivative financial instruments - (704 ) - (704 ) There were no transfers between Level 1 and 2 in the period. (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.

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Disclosure of related parties transactions [Abstract]
RELATED PARTIES TRANSACTIONS	5 RELATED PARTIES TRANSACTIONS Many of the Group’s transactions and arrangements were with related parties and the effect of these on the basis determined between the parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated. During the year, Group entities entered into the following transactions with related parties: (i) Joint ventures 2022 2021 2020 US$’000 US$’000 US$’000 Interest income - - 157 Technical management fee income - - 354 Agency fees from joint ventures 3 3 83 Dividend income - - 536 Charter hire and other related revenue - - 679 Charter hire and other related expenses - - (6,025 ) Payments on behalf of a joint venture - - (7,987 ) Repayment of preference shares by a joint venture - - 2,569 Settlement of interest-bearing loan - - 5,382 (ii) Compensation of directors and key management personnel The remuneration of the directors and other members of key management is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures 2022 2021 2020 US$’000 US$’000 US$’000 Short-term benefits 7,954 9,200 4,073 Share-based payments 5,108 1,479 769 13,062 10,679 4,842 The remuneration of directors and key management is determined by the remuneration committee of Grindrod Shipping Holdings 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, 2022
Disclosure of cash and cash equivalents [Abstract]
CASH AND BANK BALANCES INCLUDING RESTRICTED CASH	6 CASH AND BANK BALANCES INCLUDING RESTRICTED CASH 2022 2021 US$’000 US$’000 Restricted cash, current portion 5,667 2,875 Cash on hand 494 518 Cash at bank 46,067 103,725 Cash and bank balances 52,228 107,118 Less: Restricted cash, current portion (5,667 ) (2,875 ) Cash and cash equivalents in the statements of cash flows 46,561 104,243 Restricted cash Classified as: Current 5,667 2,875 Non-current 4,342 6,649 10,009 9,524 The current portion of the restricted cash represents amounts placed in retention accounts that can only be used to fund loan repayments or interest payments and a debt reserves security deposit required due to the conditions of a banking facility that will be maturing 12 months from the end of the reporting period. 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, 2022
Disclosure Of Trade And Other Receivables [Abstract]
TRADE RECEIVABLES	7 TRADE RECEIVABLES 2022 2021 US$’000 US$’000 Trade receivables 11,950 9,507 Less: Allowances for doubtful debts (660 ) (684 ) 11,290 8,823 Trade receivables due from the Pools - 150 11,290 8,973 The credit period is 1 to 30 days (2021: 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. There has been no significant change in the estimation techniques or significant assumptions made during the current reporting period in assessing the allowance for the amounts due from customers. 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 – collectively assessed 2022 Not past <30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Estimated total gross carrying amount at default, representing net carrying amount of default 8,493 1,237 68 509 241 742 11,290 Trade receivables past due – collectively assessed 2021 Not past <30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Estimated total gross carrying amount at default, representing net carrying amount of default 7,202 1,013 132 4 11 611 8,973 As at 31 December 2022, management has identified a group of debtors to be credit impaired, which include a debtor that disputed an invoiced amount arising from the redelivery of a vessel out of the agreed position and sundry small debtors within the discontinued operation. Hence, management has assessed the recoverability of the outstanding balances separately from the table above. 2022 2021 US$’000 US$’000 Gross carrying amount 660 684 Less: Loss allowances (660 ) (684 ) Carrying amount net of allowance - - Movement in the loss allowance: 2022 2021 Individually assessed US$’000 US$’000 Balance at 1 January (684 ) - Net remeasurement of loss allowance 16 (681 ) Amount written off 7 - Effect of foreign exchange differences 1 (3 ) Balance at 31 December (660 ) (684 )

CONTRACT ASSETS

CONTRACT ASSETS	12 Months Ended
	Dec. 31, 2022
Contract assets [abstract]
CONTRACT ASSETS	8 CONTRACT ASSETS This relates to unbilled reven u 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. No provision for loss allowance was made during 2022 and 2021 as the contract assets is aged less than 30 days and the expected credit loss rate is considered immaterial for trade receivables outstanding for less than 120 days.

OTHER RECEIVABLES AND PREPAYMEN

OTHER RECEIVABLES AND PREPAYMENTS	12 Months Ended
	Dec. 31, 2022
Disclosure of Other Receivables and Prepayments [Abstract]
OTHER RECEIVABLES AND PREPAYMENTS	9 OTHER RECEIVABLES AND PREPAYMENTS 2022 2021 US$’000 US$’000 Current Assets: Deposit 269 809 Prepayments 4,026 2,051 Voyages in progress 17,085 15,076 Other receivables 3,686 3,869 Loan receivables - 613 Due from joint ventures - 6 25,066 22,424 Non-current Assets: Prepayments 860 380 25,926 22,804 On 26 May 2020, the Group entered into a loan agreement with a third party with respect to the sale of vessel Inyala. The principal amount of US$600,000 and accrued interest was received on 7 June 2021. The balance of the principal amount of US$600,000 and accrued interest was received on 16 June 2022. For purpose of impairment assessment, other receivables and loan 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 2022 and 2021.

LOANS TO JOINT VENTURES

LOANS TO JOINT VENTURES	12 Months Ended
	Dec. 31, 2022
LOANS TO JOINT VENTURES [Abstract]
LOANS TO JOINT VENTURES	10 LOANS TO JOINT VENTURES 2022 2021 US$’000 US$’000 Loans to joint  ventures - 10 US$29,000 previously written off was recovered (refer to table below). Consequently, US$39,000 was repaid in 2022. At the end of the reporting period, the Group did not have any loans to joint ventures. The loan to a joint venture in 2021 was unsecured and did not bear interest. For the purpose of impairment assessment for these receivables, the loss allowance is measured at lifetime ECL. In determining the ECL, management has taken into account the provision of losses that arose from the Group’s share of losses in joint venture that were in excess of the Group’s cost of investment in joint ventures (Note 16) and any additional loss allowance required based on the expected recovery from the loan. The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for loans to joint venture: 2022 2021 US$’000 US$’000 Loss allowance previously (29 ) - Amount recovered 29 - Balance as at 31 December - -

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	11 DERIVATIVE FINANCIAL INSTRUMENTS Forward freight agreements and bunker swaps - analysed between: 2022 2021 US$’000 US$’000 Assets Current assets 51 5,370 Non-current assets - 611 Liabilities Current liabilities (138 ) (704 ) The Group has entered into a number of bunker swaps, as follows: 2022 Current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 January 2023 0.5% FOB Rotterdam 510.25 350 179 2 January 2023 to December 2023 0.5% FOB Rotterdam 483.50 1,920 928 31 April 2023 0.5% FOB Rotterdam 488.50 400 195 5 May 2023 0.5% FOB Singapore 529.25 250 132 2 April 2023 0.5% FOB Rotterdam 488.50 400 195 5 May 2023 0.5% FOB Singapore 529.25 250 132 2 March 2023 to May 2023 0.5% FOB Singapore 537.50 750 403 4 2,164 51 Current liabilities Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 January 2023 0.5% FOB Rotterdam 651.00 180 117 (25 ) January 2023 0.5% FOB Rotterdam 599.50 450 270 (38 ) January 2023 to February 2023 0.5% FOB Rotterdam 573.75 750 430 (47 ) February 2023 to July 2023 0.5% FOB Rotterdam 510.25 2,100 1,072 (20 ) August 2023 to December 2023 0.5% FOB Rotterdam 503.25 1,000 503 (8 ) June 2023 0.5% FOB Singapore 537.50 250 134 - 2,526 (138 ) 2021 Current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 January 2022 0.5% FOB Rotterdam 407.00 500 204 74 January 2022 to May 2022 0.5% FOB Singapore 505.25 1,900 960 115 January 2022 to June 2022 0.5% FOB Rotterdam 518.00 1,200 622 22 January 2022 to February 2022 0.5% FOB Singapore 564.75 700 395 17 January 2022 to March 2022 0.5% FOB Rotterdam 533.00 2,700 1,439 33 3,620 261 Current liabilities Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 April 2022 to October 2022 0.5% FOB Rotterdam 533.00 6,500 3,465 (74 ) November 2022 0.5% FOB Rotterdam 528.50 500 264 (10 ) December 2022 0.5% FOB Rotterdam 527.50 500 264 (9 ) 3,993 (93 ) The Group has entered into a number of forward freight agreements in the normal course of business in order to hedge against open positions in the fleet from contracts of affreightment and exposure to earnings on the spot market. As at 31 December 2022, there are no outstanding forward freight agreements. As at 31 December 2021, there were 23 outstanding forward freight agreements, maturing as follows: 2021 Current assets Derivative instruments in designated hedge ac c Settlement periods Strike price Duration Notional value Fair value gain US$ US$’000 US$’000 April 2022 to December 2022 BSI-58 ave 10TC 13,300 45 599 406 April 2022 to December 2022 BSI-58 ave 10TC 13,300 45 599 406 April 2022 to December 2022 BSI-58 ave 10TC 13,300 180 2,394 1,624 January 2022 to December 2022 BSI-58 ave 10TC 17,350 180 3,123 1,016 January 2022 to December 2022 BSI-58 ave 10TC 17,250 60 1,035 345 January 2022 to December 2022 BSI-58 ave 10TC 17,250 60 1,035 345 January 2022 to December 2022 BSI-58 ave 10TC 17,250 60 1,035 345 January 2022 to June 2022 BSI-58 ave 10TC 23,100 90 2,079 157 June 2022 BSI-58 ave 10TC 25,000 15 375 6 July 2022 to September 2022 BSI-58 ave 10TC 21,000 45 945 52 October 2022 to December 2022 BSI-58 ave 10TC 19,000 45 855 52 January 2022 to June 2022 BSI-58 ave 10TC 22,650 90 2,039 197 January 2022 to June 2022 BSI-58 ave 10TC 23,000 30 690 55 January 2022 to June 2022 BSI-58 ave 10TC 23,100 60 1,386 103 18,189 5,109 Non-current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike price Duration Notional value Fair value gain US$ MT US$’000 US$’000 January 2023 to December 2023 BSI-58 ave 10TC 14,350 60 861 117 January 2023 to December 2023 BSI-58 ave 10TC 600 60 861 117 January 2023 to December 2023 BSI-58 ave 10TC 574 60 861 117 January 2023 to December 2023 BSI-58 ave 10TC 510 60 885 93 January 2023 to December 2023 BSI-58 ave 10TC 503 60 888 90 January 2023 to December 2023 BSI-58 ave 10TC 538 60 900 77 5,256 611 Current liabilities Derivative instruments in designated hedge ac c Settlement periods Strike price Quantity Notional value Fair value gain US$ MT US$’000 US$’000 July 2022 to December 2022 BSI-58 ave 10TC 23,100 90 2,079 (176 ) January 2022 to March 2022 BSI-58 ave 10TC 27,400 15 411 (36 ) January 2022 to March 2022 BSI-58 ave 10TC 27,400 15 411 (36 ) January 2022 to March 2022 BSI-58 ave 10TC 27,400 15 411 (36 ) April 2022 to May 2022 BSI-58 ave 10TC 25,000 30 750 (20 ) July 2022 to December 2022 BSI-58 ave 10TC 22,650 90 2,039 (135 ) July 2022 to December 2022 BSI-58 ave 10TC 23,000 30 690 (55 ) July 2022 to December 2022 BSI-58 ave 10TC 23,100 60 1,386 (117 ) 8,177 (611 )

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2022
Disclosure Of Inventories [Abstract]
INVENTORIES	12 INVENTORIES 2022 2021 US$’000 US$’000 Bunkers and other consumables at cost 15,278 13,909 - - Ships reclassified from property plant and equipment as held for sale asset (Note 13) (a) 28,853 48,935 Sale of ships recognised as inventories (a) (28,853 ) (48,935 ) 15,278 13,909 (a) 2022 2021 US$’000 US$’000 Cost 41,297 70,204 Accumulated depreciation (12,444 ) (8,982 ) Impairment - (12,287 ) Carrying amount 28,853 48,935 On 14 April 2022, the Group entered into memoranda of agreement with a third party for the sale of one ship at purchase consideration of US$29,981,000. The ship was delivered to the third party on 1 June 2022. On 11 March 2021, the Group entered into memoranda of agreement with third parties for the sale of three ships at purchase consideration of US$21,400,000, US$21,400,000 and US$6,800,000 respectively. The ships were delivered to third parties on 12 April 2021, 14 April 2021 and 20 April 2021. The effect of this has been included under Discontinued Operation Note 37.

SHIPS, PROPERTY, PLANT AND EQUI

SHIPS, PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
Disclosure Of Trade And Other Receivables Explanatory [Abstract]
SHIPS, PROPERTY, PLANT AND EQUIPMENT	13 SHIPS, PROPERTY, PLANT AND EQUIPMENT Office Plant and Ships Drydocking Construction Freehold land Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2021 4,339 4,357 633,068 15,425 774 259 658,222 Additions 49 - 25,626 7,829 - - 33,504 Disposals (30 ) (25 ) - (4,532 ) - - (4,587 ) Reclassification to inventories (Note 12) - - (69,599 ) (605 ) - - (70,204 ) Effect of foreign currency exchange differences (169 ) (1 ) - - - (21 ) (191 ) Balance at 31 December 2021 4,189 4,331 589,095 18,117 774 238 616,744 Additions 113 - 2,076 7,230 - - 9,419 Disposals (826 ) (102 ) - (3,604 ) - (232 ) (4,764 ) Transfer from right-of-use assets (Note 14) - - 23,436 - - - 23,436 Reclassification to inventories (Note 12) - (2,599 ) (38,357 ) (341 ) - - (41,297 ) Effect of foreign currency exchange differences (194 ) - - - - (6 ) (200 ) Balance at 31 December 2022 3,282 1,630 576,250 21,402 774 - 603,338 Accumulated depreciation: Balance at 1 January 2021 4,237 3,950 89,373 6,097 - - 103,657 Depreciation from continuing operations 51 145 18,668 7,053 - - 25,917 Depreciation from discontinued operation 1 - - - - - 1 Disposals (30 ) (18 ) - (4,532 ) - - (4,580 ) Reclassification to inventories (Note 12) - - (8,811 ) (171 ) - - (8,982 ) Effect of foreign currency exchange differences (167 ) - - - - - (167 ) Balance at 31 December 2021 4,092 4,077 99,230 8,447 - - 115,846 Depreciation 57 129 22,822 7,547 - - 30,555 Disposals (815 ) (83 ) - (3,605 ) - - (4,503 ) Transfer from right-of-use assets (Note 14) - - 4,809 - - - 4,809 Reclassification to inventories (Note 12) - (2,599 ) (9,504 ) (341 ) - - (12,444 ) Effect of foreign currency exchange differences (188 ) - - - - - (188 ) Balance at 31 December 2022 3,146 1,524 117,357 12,048 - - 134,075 Impairment: Balance at 1 January 2021 - - 77,769 1,183 310 - 79,262 Impairment losses recognised in profit and loss from discontinued operation 1 - - - - - 1 Reversal of impairment recognised in profit and loss from continuing operations - - (2,808 ) (749 ) - - (3,557 ) Reclassification to inventories (Note 12) - - (11,853 ) (434 ) - - (12,287 ) Balance at 31 December 2021 1 - 63,108 - 310 - 63,419 Reversal of impairment loss - - (1,707 ) - - - (1,707 ) Disposal (1 ) - - - - - (1 ) Balance at 31 December 2022 - - 61,401 - 310 - 61,711 Carrying amount: At 31 December 2022 136 106 397,492 9,354 464 - 407,552 At 31 December 2021 96 254 426,757 9,670 464 238 437,479 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, 2022
Disclosure of quantitative information about right-of-use assets [abstract]
RIGHT-OF-USE ASSETS	14 RIGHT-OF-USE ASSETS The Group leases several assets including office property, residential property, ships and ship equipment which are disclosed as right-of-use assets. Office Ships Ships Total US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2021 2,747 87,918 274 90,939 Additions 371 20,254 243 20,868 Derecognition of right-of-use asset (310 ) (12,285 ) (41 ) (12,636 ) Effect of foreign currency exchange differences 88 0 0 88 Balance at 31 December 2021 2,896 95,887 476 99,259 Additions 898 48,829 39 49,766 Transfer to ships, property, plant and equipment (Note 13) - (23,436 ) - (23,436 ) Derecognition of right-of-use-asset (405 ) - - (405 ) Effect of foreign currency exchange differences (48 ) - - (48 ) Balance at 31 December 2022 3,341 121,280 515 125,136 Accumulated depreciation: Balance at 1 January 2021 1,381 38,104 142 39,627 Depreciation for continuing operations 938 34,781 117 35,836 Depreciation for discontinued operation 34 - - 34 Derecognition of right-of-use asset (310 ) (9,252 ) (41 ) (9,603 ) Effect of foreign currency exchange differences 54 - - 54 Balance at 31 December 2021 2,097 63,633 218 65,948 Depreciation 889 35,547 129 36,565 Transfer to ships, property, plant and equipment (Note 13) - (4,809 ) - (4,809 ) Derecognition of right-of-use-asset (405 ) - - (405 ) Effect of foreign currency exchange differences (31 ) - - (31 ) Balance at 31 December 2022 2,550 94,371 347 97,268 Impairment: Balance at 1 January 2021 - 2,250 - 2,250 Derecognition of right-of-use asset - (360 ) - (360 ) Reversal of impairment loss from continuing operations - (1,046 ) - (1,046 ) Balance at 31 December 2021 - 844 - 844 Impairment loss - 985 - 985 Balance at 31 December 2022 - 1,829 - 1,829 Carrying amount: At 31 December 2022 791 25,080 168 26,039 At 31 December 2021 799 31,410 258 32,467 GRINDROD SHIPPING HOLDINGS LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 14 RIGHT-OF-USE ASSETS (cont’d) 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 3 and 5 years for ships, and between 2 and 4 years for ship equipment. Depreciation expense of US$35,676,000 (2021: US$34,898,000 and 2020: US$26,413,000) for ships and ship equipment are recognised in cost of sales and the depreciation expense of US$889,000 (2021: US$938,000 and 2020: US$1,019,000) for office and residential property is recognised separately in administrative expense. The Group has options to purchase certain ships at set prices at certain dates within the contracts. The exercise price is not included in the right-of-use assets for these ships because it is not reasonably certain that the options will be exercised. For the year ended 31 December 2022, the Group recognised expense of US$60,869,000 (2021: US$90,763,000 and 2020: US$42,946,000) for short-term leases (i.e. a lease period of 12 months or less), US$82,000 (2021: US$58,000 and 2020: US$84,000) for leases of low value assets and US$60,869,000 (2021: US$90,763,000 and 2020: $42,946,000) 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, 2022
Disclosure Of Significant Investments In Subsidiaries Explanatory [Abstract]
SUBSIDIARIES	15 SUBSIDIARIES Details of the Group’s subsidiaries at the end of the reporting period are as follows: Proportion of Country of 2022 2021 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. (ii) Dormant Singapore 100 % 100 % IVS Bulk Carriers Pte. Ltd. (ii) Dormant Singapore 100 % 100 % IVS Bulk 430 Pte. Ltd. (ii) Dormant Singapore 100 % 100 % IVS Bulk 462 Pte. Ltd. (ii) 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 % IVS Bulk 225 Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - IVS Bulk Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IM Shipping Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Island Bulk Carriers Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Grindrod Shipping Services UK Limited To provide shipping and shipping related services United Kingdom 100 % 100 % Grindrod Shipping Services HK Limited To provide shipping and shipping related services Hong Kong 100 % 100 % Unicorn Atlantic Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Baltic Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Ionia Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Tanker Operations (434) Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Ross Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Caspian Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Marmara Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Scotia Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Malacca Pte. Ltd. (ii) 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 Dormant Marshall Islands 100 % 100 % Unicorn Sun Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Moon Pte. Ltd. Dormant Singapore 100 % 100 % Proportion of Country of 2022 2021 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 % Kuhle Shipping (Pty) Ltd Dormant South Africa 100 % 100 % Held by IVS Bulk Pte. Ltd. IVS Bulk 541 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 543 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 545 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 554 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 5855 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 5858 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 709 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 712 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 7297 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 1345 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 3693 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 10824 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % (i) This company was registered in 2022. (ii) These companies were deregistered on 1 6 rch 0 3

INTEREST IN JOINT VENTURES

INTEREST IN JOINT VENTURES	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about Joint venture [Abstract]
INTEREST IN JOINT VENTURES	16 INTEREST IN JOINT VENTURES 2022 2021 US$’000 US$’000 Cost of investment in joint ventures 9 9 Share of post acquisition (loss) profit, net of dividends received (1 ) 4 Carrying amount 8 13 Details of the joint ventures are as follows: Name of the joint venture Principal activity Country of Proportion of Cost of investment 2022 2021 2022 2021 Tri-View Shipping Pte Ltd (a) Dormant Singapore 51 % 51 % 9 9 Leopard Tankers Pte Ltd (b) Dormant Singapore - 50 % - * 9 9 * Amount is less than US$1,000. (a) The Group has joint control over this entity by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval. This entity is in the process of being deregistered. (b) This joint venture company was deregistered on 3 October 2022. The above joint ventures are accounted for using the equity method in these consolidated financial statements. In 2022, the total share of joint venture companies' loss after taxation amounts to US$5,000 (2021: US$31,000; 2020: US$2,476,000).

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS [Abstract]
INTANGIBLE ASSETS	17 INTANGIBLE ASSETS 2022 2021 US$’000 US$’000 Cost: Balance at 1 January 2,029 7,669 Additions 126 6 Disposal - (2 ) Derecognition of intangible asset (1,173 ) (5,412 ) Effects of foreign currency exchange differences (89 ) (232 ) Balance at 31 December 893 2,029 Accumulated amortisation: Balance at 1 January 1,802 3,942 Amortisation 155 165 Derecognition of intangible asset (1,173 ) (2,127 ) Effects of foreign currency exchange differences (77 ) (178 ) Balance at 31 December 707 1,802 Impairment: Balance at 1 January - 3,322 Derecognition of intangible asset - (3,284 ) Effects of foreign currency exchange differences - (38 ) Balance at 31 December - - Carrying amount: At 31 December 186 227 Intangible assets include club memberships, software and licen s licenses

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2022
GOODWILL [Abstract]
GOODWILL	18 GOODWILL 2022 2021 US$’000 US$’000 Cost: Balance at 1 January 3,305 3,928 Derecognition of goodwill - (604 ) Effects of foreign currency exchange differences (13 ) (19 ) Balance at 31 December 3,292 3,305 Accumulated impairment losses: Balance at 1 January 3,305 2,968 Impairment - 965 Derecognition of goodwill - (604 ) Effects of foreign currency exchange differences (13 ) (24 ) Balance at 31 December 3,292 3,305 Carrying amount: At 31 December - - 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: 2022 2021 US$’000 US$’000 Cost: Island Trading and Shipping 3,089 3,089 Parcel Service 203 216 3,292 3,305 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. A sustained decrease in the profitability of the Parcel Service and Island Trading and Shipping CGUs in 2021 indicated that an impairment of goodwill was required. The remaining goodwill of $965,000 was fully impaired in 2021 and is recorded in profit or loss in the line item ‘Other operating income (expense)’.

OTHER INVESTMENTS

OTHER INVESTMENTS	12 Months Ended
	Dec. 31, 2022
Other Investments [Abstract]
OTHER INVESTMENTS	19 OTHER INVESTMENTS In connection with the Spin-off of Grindrod Shipping Pte Limited (‘GSPL’) and Grindrod Shipping (SA) (Pty) Limited (‘GSSA’) from Grindrod Limited, Grindrod Limited (former Parent), GSSA and the trustees to the Grindrod Pension Fund (Fund), a defined benefit pension plan operated by Grindrod Limited, resolved that GSSA should be included as a second participating employer of this fund and GSSA will be allocated 40% of the pension surplus which was subject to regulatory approval before this could be enacted. On 7 October 2020, the relevant regulatory approval was obtained and accordingly effective on the 31 December 2020, GSSA was included in the Fund as the second employer. US$3,150,000 (Rands 46,054,000) was transferred from Grindrod Limited’s employer surplus account to the GSSA employer surplus account established within the Fund. GSSA will not contribute to the fund in respect of the fund employees and the employer surplus account is only available for use in accordance with the Rules of the Fund. The employer surplus was initially valued at US$3,150,000 based on the quoted market prices in the active markets. Subsequent fair value change in respect of the allocated fund assets are recorded as a component of other comprehensive income. The amounts recognised in the annual financial statements in this respect are as follows: 2022 2021 US$’000 US$’000 Recognised asset at 1 January 3,730 3,150 Interest income 442 - Recognised in other comprehensive income in the current year (207 ) 835 Translation (251 ) (255 ) Present value of other investment at 31 December 3,714 3,730 The principal actuarial assumptions applied in the determination of fair values include: Discount rate (p.a.) 12.2 % 13.7 %

DEFERRED TAX

DEFERRED TAX	12 Months Ended
	Dec. 31, 2022
Disclosure of deferred taxes [Abstract]
DEFERRED TAX	20 DEFERRED TAX 2022 2021 US$’000 US$’000 Deferred taxation analysed by major category: Other timing differences 1,304 2,123 1,304 2,123 Reconciliation of deferred taxation: Opening balance 2,123 1,138 (Credit) debit to profit or loss for the year – continuing operations (Note 36) (665 ) 547 Debit to profit or loss for the year – discontinued operation - 637 Deferred tax on the actuarial gain (45 ) (25 ) Exchange differences (109 ) (174 ) Closing balance 1,304 2,123 At the end of the reporting period, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised is US$2,814,000 (2021: US$2,387,000). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2022
Trade and other payables [abstract]
TRADE AND OTHER PAYABLES	21 TRADE AND OTHER PAYABLES 2022 2021 US$’000 US$’000 Trade payables 10,035 7,675 Accrued expenses 19,250 25,671 Other 454 688 29,739 34,034 Non-current trade and other payables (140 ) (160 ) Current trade and other payables 29,599 33,874 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, 2022
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 There were no significant changes in the contract liabilities balances during the reporting period.

LEASES AND SHIP CHARTERS

LEASES AND SHIP CHARTERS	12 Months Ended
	Dec. 31, 2022
Disclosure of leases [Abstract]
LEASES AND SHIP CHARTERS	23 LEASES AND SHIP CHARTERS a) As Lessor Operating leases, in which the Group was the lessor in the prior year, related 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. The ship was sold on 1 June 2022. Maturity analysis of operating lease payments: 2022 2021 US$’000 US$’000 Year 1 - 2,081 Total - 2,081 b) As Lessee At 31 December 2022, the Group is committed to US$Nil (2021: US$3,249,000) for short-term leases of ships.

LEASE LIABILITIES

LEASE LIABILITIES	12 Months Ended
	Dec. 31, 2022
Lease liabilities [abstract]
LEASE LIABILITIES	24 LEASE LIABILITIES Office and Ships Ships Total US$’000 US$’000 US$’000 US$’000 Balance at 1 January 2021 1,437 49,673 134 51,244 Additions 371 20,254 243 20,868 Disposals - (2,777 ) - (2,777 ) Interest expense 63 1,835 3 1,901 Lease payments (1,029 ) (36,791 ) (121 ) (37,941 ) - Principal (966 ) (34,956 ) (118 ) (36,040 ) - Interest expense (63 ) (1,835 ) (3 ) (1,901 ) Effect of foreign currency exchange differences (24 ) - - (24 ) Lease liabilities as at 31 December 2021 818 32,194 259 33,271 Additions 898 48,829 39 49,766 Interest expense 37 1,370 7 1,414 Lease payments (905 ) (57,304 ) (135 ) (58,344 ) - Principal (868 ) (37,934 ) (128 ) (38,930 ) - Purchase option payments (1) - (18,000 ) - (18,000 ) - Interest (37 ) (1,370 ) (7 ) (1,414 ) Effect of foreign currency exchange differences 6 - - 6 Lease liabilities as at 31 December 2022 854 25,089 170 26,113 (1) 2022 2021 US$’000 US$’000 Analysed between: Current portion 22,058 27,375 Non-current portion 4,055 5,896 26,113 33,271 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. During the financial year 2021, one of the charter contracts requiring the recognition of a right-of-use asset 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. The charter contract was renewed in May 2022, with no variable payment terms.

BANK LOANS AND OTHER BORROWINGS

BANK LOANS AND OTHER BORROWINGS	12 Months Ended
	Dec. 31, 2022
Secured loan [Abstract]
BANK LOANS AND OTHER BORROWINGS	25 BANK LOANS AND OTHER BORROWINGS 2022 2021 US$’000 US$’000 Secured – at amortised cost: Bank loans 148,002 168,880 Other borrowings 50,966 76,786 198,968 245,666 Analysed between: Current 33,330 28,020 Non-current portion 165,638 217,646 198,968 245,666 Interest payable (included in bank loans) 1,752 743 Non-current bank loans and other borrowings are estimated to be payable as follows: Within 2 to 5 years 138,809 170,666 After 5 years 26,829 46,980 165,638 217,646 Bank loans i. US$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. Tranche A of US$10,000,000 has been fully repaid. Facility fees of US$1,750,000 were payable to the lender upon signing the new loan agreement. Additional fees of US$164,000 were paid on 2 June 2021 for the lender swap. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. As at 31 December 2022, the outstanding balance in relation to this facility is US$10,065,000, net of US$160,000 facility fees (31 December 2021: US$13,768,000, net of US$594,000 facility fees). ii. US$6.3 million secured term 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 US$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 2022, the outstanding balance in relation to this facility is US$633,000, net of US$3,000 facility fees (31 December 2021: US$1,893,000, net of US$9,000 facility fees). iii. Combined US$31.4 million senior secured credit facility On 29 July 2019, the Group entered into two term facilities, each for an amount up to US$15,720,000 to finance the acquisition of two supramax/ultramax 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 24 September 2026. Facility fees of US$78,600 were payable to the lender upon drawdown of each loan agreement. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. As at 31 December 2022, the outstanding balances in relation to these facilities are US$24,692,000, net of US$82,000 facility fees (31 December 2021: US$26,672,000, net of US$105,000 facility fees). iv. Combined US$114.1 million senior secured credit facility On 10 February 2020, the Group entered into a senior secured term loan facility for 11 drybulk vessels for the purpose of refinancing the existing indebtedness. The facility bears interest at LIBOR plus 3.10% per annum and is repayable quarterly, commencing on 13 May 2020 and matures on 13 February 2025. Facility fees of US$1,634,137 were payable to the lender upon drawdown of the loan agreement. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. On 15 September 2021, the finance agreement was amended to drawdown an additional US$23,031,000 and additional fees of US$691,000 were paid to the lender on the second drawdown. As at 31 December 2022, the outstanding balances in relation to these facilities are US$102,454,000, net of US$1,123,000 facility fees (31 December 2021: US$115,375,000, net of US$1,651,000 facility fees). vi. Combined US$13.1 million senior secured credit facility On 31 January 2020, the Group entered into a senior secured term loan facility for one drybulk vessel for the purpose of refinancing the existing indebtedness. The facility bears i ntere The bank loans are secured by 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 2022 are US$10,009,000 (31 December 2021: US$9,524,000) and US$330,920,000 (31 December 2021: US$346,602,000) 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 Limited. The bank loans are arranged at LIBOR plus the respective margins. These bear a weighted average effective interest rate of 8.16% (31 December 2021: 3.82%) per annum. 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 US$200 million plus 25% of the amount of positive retained earnings plus 50% of each capital raise and (b) US$275 million; • cash and cash equivalents (including restricted cash held in the debt service reserve account) of US$30 million; • a ratio of debt to market adjusted tangible fixed assets of not more than 75%; and • positive working capital, such that consolidated current assets must exceed the consolidated current liabilities excluding any adjustments made for IFRS 16. The Group was in compliance with its financial covenants as of 31 December 2022 and 31 December 2021. Other borrowings Other borrowings relate to US$60,750,000 (31 December 2021: US$87,550,000) in financing arrangements entered into with third parties with respect to four of the vessels in the Group we regard as owned (the borrowing relating to the Matuku

PROVISIONS

PROVISIONS	12 Months Ended
	Dec. 31, 2022
Provision for onerous contracts [Abstract]
PROVISIONS	26 PROVISIONS 2022 2021 US$’000 US$’000 Provision for onerous contracts (i) 592 1,019 592 1,019 (i) 2022 2021 Analysis of provision for onerous contracts: US$’000 US$’000 Balance at 1 January 1,019 80 Provision raised 592 1,019 Released to profit or loss (1,019 ) (80 ) Balance at 31 December 592 1,019

RETIREMENT BENEFIT OBLIGATION

RETIREMENT BENEFIT OBLIGATION	12 Months Ended
	Dec. 31, 2022
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 December 2022, 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: 2022 2021 US$’000 US$’000 Recognised liability at beginning of the year 1,613 1,819 Recognised in profit or loss in the current year 159 177 Interest on obligation 159 177 Recognised in other comprehensive income in the current year Actuarial losses (156 ) (85 ) Translation (101 ) (147 ) Employer payments (118 ) (151 ) Present value of unfunded obligation recognised as a liability at end of year 1,397 1,613 Analysis between: Current portion 125 124 Non-current portion 1,272 1,489 1,397 1,613 The principal actuarial assumptions applied in the determination of fair values include: Health care cost inflation 7.8 % 7.8 % Discount rate 11.9 % 10.4 % CPI inflation 6.3 % 5.8 % Continuation at retirement 100.0 % 75.0 % 2022 2021 Increase Increase (Decrease) (Decrease) Health care cost inflation 8.5 % (7.5 %) 9.5 % (8.3 %) Discount rate 8.1 % (7.1 %) 9.1 % (7.9 %) 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. GRINDROD SHIPPING HOLDINGS LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 27 RETIREMENT BENEFIT OBLIGATION (cont’d) 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 2022 is 8 years (31 December 2021: 9 years and 2020: 10 years). 2022 2021 US$’000 US$’000 Present value of unfunded obligations 1,397 1,613 Present Value of Obligations in excess of Plan Assets 1,397 1,613

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2022
SHARE CAPITAL AND PREMIUM [Abstract]
SHARE CAPITAL	28 SHARE CAPITAL Number of Share US$’000 Issued and paid up: At 1 January 2020 and 31 December 2020 19,063,833 320,683 Issued during the year 246,191 - At 31 December 2021 19,310,024 320,683 Issued during the year 161,984 - At 31 December 2022 19,472,008 320,683 In the TMI Offer Plan (Note 29). On 1 March 2021, the Company issued 246,191 additional shares of no par value to certain employees to partially settle the 2018 FSP awards that vested on 1 March 2021. 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, 2022
Other Equity And Reserves [Abstract]
OTHER EQUITY AND RESERVES	29 OTHER EQUITY AND RESERVES 2022 2021 US$’000 US$’000 Treasury shares - (11,870 ) Share compensation reserve - 4,777 Hedging reserve (1,337 ) 5,457 Translation reserve (10,700 ) (9,783 ) Merger reserve (12,649 ) (12,649 ) At 31 December 2022 (24,686 ) (24,068 ) Treasury shares Number of Share US$’000 Balance at 1 January 2021 56,975 387 Acquisition of shares 825,163 11,876 Reissued to employees under the Fo r (56,975 ) (393 ) Balance at 31 December 2021 825,163 11,870 Reissued to Offeror under the TMI Offer (825,163 ) (11,870 ) Balance at 31 December 2022 - - On 29 May 2020 and 27 May 2021, shareholders granted the board of directors with the authority to repurchase shares of the company. The repurchase authority expires at the next Annual General Meeting, unless renewed, and may be suspended or terminated by the company at any time without prior notice. The authority allows the company to acquire ordinary shares in the open market on NASDAQ and the JSE. On 1 December 2022, the minimum conditions of the TMI Offer Share compensation reserve 2022 2021 US$’000 US$’000 Balance at 1 January 4,777 3,954 Share-based payments expenses 8,134 3,330 Treasury shares issued to employees under the Forfeitable Share Plan (12,911 ) (2,507 ) Balance at 31 December - 4,777 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 employee’s 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. On 9 June 2020, 2 July 2021, 23 August 2021 and 29 April 2022, the Group granted additional Awards which shares will be allotted and issued in 3 equal tranches over a period of 3 years commencing on 1 March 2021 for the awards granted in 2020, 1 March 2022 for the Awards granted in 2021 and 1 March 2023 for the Awards granted in 2022. 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 the increase in the company share capital in 2021 the maximum number of ordinary shares that could have been granted was 965,501. As at 31 December 2021 , On 1 December 2022, the minimum conditions of the TMI Offer were met and all outstanding awards vested and were settled during the year. Details of the share aw a Number of share awards: 2018 2020 2021 2022 Total Outstanding at 1 January 2021 445,333 205,000 - - 650,333 Issued during the year - - 516,000 - 516,000 Forfeited during the year (1,333 ) - - - (1,333 ) Awards vested to employees under the Forfeitable Share Plan (223,332 ) (80,500 ) - - (303,832 ) Outstanding at 31 December 2021 220,668 124,500 516,000 - 861,168 Issued during the year - - - 232,646 232,646 Forfeited during the year - - (106,667 ) - (106,667 ) Awards vested to employees under the Forfeitable Share Plan (220,668 ) (80,500 ) (171,996 ) (38,468 ) (511,632 ) Awards vested to employees under TMI Offer - (44,000 ) (237,337 ) (194,178 ) (475,515 ) Outstanding at 31 December 2022 - - - - - US$ US$ US$ US$ Fair value at grant date 10.18 2.90 11.85 25.58 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 US$8,134,000 relating to the 2018 FSP (2021: US$3,330,000). 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 of GSPL and GSSA from Grindrod Limited and the residual difference between the non-controlling interest and the purchase consideration for the remaining equity interest in IVS Bulk (Note 39).

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2022
Revenue [abstract]
REVENUE	30 REVENUE A disaggregation of the Group’s revenue for the year based on timing of revenue recognition is as follows: 2022 2021 2020 US$’000 US$’000 US$’000 Over time: Charter hire 193,631 210,079 81,212 Freight revenue 236,327 245,179 122,766 Vessel revenue 429,958 455,258 203,978 Management fees 521 581 1,526 Other 521 581 1,526 At a point in time: Sale of ships 29,600 - 4,937 Sale of bunkers and other consumables 381 - 241 Ship sales 29,981 - 5,178 460,460 455,839 210,682 Management expects that 100% of the transaction price allocated to the unsatisfied contracts as of 31 December 2022 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, 2022
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 3 operating segments within the Group, which are also reportable segments of the Group: The Group operates a diversified fleet of owned and long-term chartered vessels across the world. The Group operates the drybulk business with a focus on the categories of vessels – namely Handysize and Supramax/Ultramax, with all others businesses categorized as Others. Accordingly, the reportable segments are: Handysize; Supramax/Ultramax and Others. The tanker business, with the reportable segments of MR Tankers and Small Tankers, was discontinued in the prior year. The segment information reported on the next pages does not include any amounts for the discontinued operation, which are described in more detail in Note 37. 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 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 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 2022, 2021 and 2020. 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 Group level. It is not practical to report revenue or non-current assets on a geographical basis due to the international nature of the shipping market. For the years ended 31 December 2022, 2021 and 2020, no single customer 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 2022 Drybulk Carrier Business Other Total Unallocated Total Adjustments Total Handysize Supramax/ Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 159,524 268,352 2,082 429,958 - 429,958 - 429,958 Ship sale revenue - - 29,981 29,981 - 29,981 - 29,981 Other 410 111 - 521 - 521 - 521 Total revenue 159,934 268,463 32,063 460,460 - 460,460 - 460,460 Voyage expenses (30,683 ) (60,420 ) (1 ) (91,104 ) - (91,104 ) - (91,104 ) Vessel operating costs (31,625 ) (18,249 ) 2,973 (46,901 ) - (46,901 ) - (46,901 ) Charter hire costs (12,126 ) (46,800 ) - (58,926 ) - (58,926 ) - (58,926 ) Depreciation of ships, drydocking and plant and equipment– owned assets (17,946 ) (11,791 ) (761 ) (30,498 ) - (30,498 ) - (30,498 ) Depreciation of ships and ship equipment – right-of-use assets (14 ) (35,662 ) - (35,676 ) - (35,676 ) - (35,676 ) Cost of ship sale - - (29,897 ) (29,897 ) - (29,897 ) - (29,897 ) Other (1,024 ) 334 (6 ) (696 ) - (696 ) - (696 ) Costs of sales (93,418 ) (172,588 ) (27,692 ) (293,698 ) - (293,698 ) - (293,698 ) Gross profit 66,516 95,875 4,371 166,762 - 166,762 - 166,762 Operating profit (loss) 54,904 76,546 2,200 133,650 (14,621 ) 119,029 5 119,034 Interest income 881 1,085 161 2,127 101 2,228 - 2,228 Interest expense (7,847 ) (8,075 ) (1,211 ) (17,133 ) - (17,133 ) - (17,133 ) Share of losses of joint ventures - - - - - - (5 ) (5 ) Income tax expense (308 ) (426 ) (23 ) (757 ) - (757 ) - (757 ) Profit (loss) for the period 47,630 69,130 1,127 117,887 (14,520 ) 103,367 - 103,367 Reversal of impairment loss recognised on ships (1,707 ) - - (1,707 ) - (1,707 ) - (1,707 ) Impairment loss on right-of-use asset - 985 - 985 - 985 - 985 Capital expenditure 5,529 3,812 78 9,419 - 9,419 - 9,419 2021 Drybulk Carrier Business Others Total Unallocated Total Adjustments Total Handysize Supramax/Ultramax US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 157,707 292,179 5,372 455,258 - 455,258 - 455,258 Ship sale revenue - - - - - - - - Other 503 78 - 581 - 581 - 581 Total revenue 158,210 292,257 5,372 455,839 - 455,839 - 455,839 Voyage expenses (27,235 ) (69,600 ) (129 ) (96,964 ) - (96,964 ) - (96,964 ) Vessel operating costs (31,043 ) (15,811 ) 2,896 (43,958 ) - (43,958 ) - (43,958 ) Charter hire costs (11,755 ) (63,626 ) - (75,381 ) - (75,381 ) - (75,381 ) Depreciation of ships, drydocking and plant and equipment– owned assets (13,724 ) (10,474 ) (1,668 ) (25,866 ) - (25,866 ) - (25,866 ) Depreciation of ships and ship equipment – right-of-use assets (17 ) (34,881 ) - (34,898 ) - (34,898 ) - (34,898 ) Cost of ship sale - - - - - - - - Other (457 ) (1,419 ) 1 (1,875 ) - (1,875 ) - (1,875 ) Costs of sales (84,231 ) (195,811 ) 1,100 (278,942 ) - (278,942 ) - (278,942 ) Gross profit 73,979 96,446 6,472 176,897 - 176,897 - 176,897 Operating profit (loss) 65,612 78,777 3,616 148,005 (3,379 ) 144,626 31 144,657 Interest income 7 11 163 181 20 201 - 201 Interest expense (4,873 ) (6,376 ) (1,049 ) (12,298 ) - (12,298 ) - (12,298 ) Share of losses of joint ventures - - - - - - (31 ) (31 ) Income tax benefit 3 11 104 118 - 118 - 118 Profit (loss) for the period 60,749 72,423 2,834 136,006 (3,359 ) 132,647 - 132,647 (Reversal of) impairment loss on owned ships (3,557 ) - - (3,557 ) - (3,557 ) - (3,557 ) (Reversal of) impairment loss on right-of-use assets - (1,046 ) - (1,046 ) - (1,046 ) - (1,046 ) Impairment loss on disposal group - - - 2,551 - 2,551 - 2,551 Impairment of goodwill and intangibles 94 871 - 965 - 965 - 965 Capital expenditure 5,947 26,423 1,134 33,504 - 33,504 - 33,504 2020 Drybulk Carrier Business Others Total Unallocated Total Adjustments Total Handysize Supramax/Ultramax US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 74,641 124,352 5,463 204,456 - 204,456 (478 ) 203,978 Ship sale revenue 9,181 - - 9,181 - 9,181 (4,003 ) 5,178 Other 697 320 217 1,234 - 1,234 292 1,526 Total revenue 84,519 124,672 5,680 214,871 - 214,871 (4,189 ) 210,682 Voyage expenses (30,995 ) (48,547 ) (208 ) (79,750 ) - (79,750 ) (2,090 ) (81,840 ) Vessel operating costs (28,417 ) (13,640 ) 2,255 (39,802 ) - (39,802 ) 1,834 (37,968 ) Charter hire costs (8,827 ) (25,542 ) - (34,369 ) - (34,369 ) - (34,369 ) Depreciation of ships, drydocking and plant and equipment– owned assets (12,235 ) (9,087 ) (1,889 ) (23,211 ) - (23,211 ) 1,208 (22,003 ) Depreciation of ships and ship equipment – right-of-use assets (89 ) (24,597 ) - (24,686 ) - (24,686 ) 12 (24,674 ) Cost of ship sale (9,351 ) - - (9,351 ) - (9,351 ) 3,976 (5,375 ) Other (539 ) 129 (2 ) (412 ) - (412 ) 14 (398 ) Costs of sales (90,453 ) (121,284 ) 156 (211,581 ) - (211,581 ) 4,954 (206,627 ) Gross profit (5,934 ) 3,388 5,836 3,290 - 3,290 765 4,055 Operating profit (loss) (16,346 ) (3,181 ) 2,125 (17,402 ) (2,109 ) (19,511 ) 1,838 (17,673 ) Interest income 90 96 222 408 - 408 59 467 Interest expense (6,414 ) (8,542 ) (679 ) (15,635 ) (50 ) (15,685 ) 579 (15,106 ) Share of losses of joint ventures - - - - - - (2,476 ) (2,476 ) Income tax expense/(expense) (244 ) (278 ) 333 (189 ) - (189 ) - (189 ) Profit (loss) for the period (22,914 ) (11,905 ) 2,001 (32,818 ) (2,159 ) (34,977 ) - (34,977 ) Impairment loss on owned ships 6,160 - - 17,294 - 17,294 (1,012 ) 16,282 Impairment loss on disposal group - - - 576 - 576 - 576 Acquisition of subsidiary (Note 39) 33,078 54,096 - 87,174 - 87,174 156,709 243,883 Capital expenditure 6,874 1,671 66 8,611 - 8,611 479 9,090

OTHER OPERATING INCOME (EXPENSE

OTHER OPERATING INCOME (EXPENSE)	12 Months Ended
	Dec. 31, 2022
Disclosure of other operating income expense [Abstract]
OTHER OPERATING INCOME (EXPENSE)	32 OTHER OPERATING INCOME (EXPENSE) 2022 2021 2020 US$’000 US$’000 US$’000 Reversal of (impairment loss) recognised on ships (Note 13) 1,707 3,557 (5,148 ) (Impairment loss) reversal of impairment recognised on right-of-use assets (Note 14) (985 ) 1,046 - Impairment loss on goodwill (Note 18) - (965 ) - Reversal of (impairment loss) 45 (2 ) (1 ) Net foreign exchange (loss) gain (512 ) 95 4,868 Gain on disposal of plant and equipment 36 14 - Gain on disposal of right-of-use asset - 104 - Other operating income 52 - - Other operating expenses (2 ) - (12 ) 341 3,849 (293 )

INTEREST INCOME

INTEREST INCOME	12 Months Ended
	Dec. 31, 2022
Disclosure of interest income [Abstract]
INTEREST INCOME	33 INTEREST INCOME 2022 2021 2020 US$’000 US$’000 US$’000 Interest on loans to joint ventures (Note 5) - - 112 Bank interests 1,776 201 355 Other interest 452 - - 2,228 201 467

INTEREST EXPENSE

INTEREST EXPENSE	12 Months Ended
	Dec. 31, 2022
Disclosure of interest expenses [Abstract]
INTEREST EXPENSE	34 INTEREST EXPENSE 2022 2021 2020 US$’000 US$’000 US$’000 Interest on bank loans 14,119 6,231 7,128 Interest on non-bank loans - 1,808 2,797 Amortisation of upfront fees on bank loans 1,539 1,263 1,831 Other finance costs 61 1,095 870 Interest on lease liabilities 1,414 1,901 2,480 17,133 12,298 15,106

PROFIT (LOSS) BEFORE TAXATION

PROFIT (LOSS) BEFORE TAXATION	12 Months Ended
	Dec. 31, 2022
Disclosure of loss before taxation [Abstract]
PROFIT (LOSS) BEFORE TAXATION	35 PROFIT (LOSS) BEFORE TAXATION Profit (loss) before taxation has been arrived at after charging: 2022 2021 2020 US$’000 US$’000 US$’000 Depreciation of ships, dry-docking and plant and equipment (Note 13) 30,498 25,866 22,003 Depreciation of other property, plant and equipment * 57 51 39 Amortisation of intangible assets * 155 165 146 Total depreciation and amortisation – owned assets 30,710 26,082 22,188 Depreciation of ships and ship equipment – right-of-use 35,676 34,898 24,674 Depreciation of property – right-of-use * 889 938 946 Total depreciation and amortisation – right-of-use assets 36,565 35,836 25,620 Total depreciation and amortisation 67,275 61,918 47,808 Cost of inventories recognised as expense (included in voyage expenses) 78,172 57,633 47,135 Expense recognised in respect of equity-settled share-based payments 8,134 3,336 1,831 Employee benefits expenses (including directors’ remuneration and share based payments) 28,053 27,206 14,534 Cost of defined benefit plan and defined contribution plans included in employee benefits expenses 1,320 1,096 1,019 Tender offer and related expenses - - * Included in administrative expense

INCOME TAX EXPENSE (BENEFIT)

INCOME TAX EXPENSE (BENEFIT)	12 Months Ended
	Dec. 31, 2022
Disclosure of income tax [Abstract]
INCOME TAX EXPENSE (BENEFIT)	36 INCOME TAX EXPENSE (BENEFIT) In December 2004, Grindrod Shipping Pte. Ltd. was granted incentives under the Approved International Shipping Enterprise (“AIS”) Scheme, with effect from 10 June 2004. The incentives to the company expired in 2014 and has been renewed through 2024 subject to compliance with specified conditions. 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 2022, 2021 and 2020 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% (2021 and 2020: 28%). 2022 2021 2020 US$’000 US$’000 US$’000 Current tax In respect of the current year 428 513 181 Withholding taxes 127 48 10 In respect of prior years (463 ) (132 ) - 92 429 191 Deferred tax In respect of the current year 665 (547 ) (2 ) 665 (547 ) (2 ) Income tax expense (benefit) 757 (118 ) 189 The total charge (credit) for the y e 2022 2021 2020 US$’000 US$’000 US$’000 Profit (loss) before tax 104,124 132,529 (34,788 ) Income tax expense (benefit) calculated at corporate rate 17,701 22,530 (5,914 ) Adjusted for: Effect of income that is exempt from tax (32,053 ) (27,890 ) (2,967 ) Effect of expenses that are not deductible in determining taxable profit 15,025 6,204 9,905 Effect of different tax rates of subsidiaries operating in other jurisdictions 420 (878 ) (849 ) Effect of tax losses disallowed to be brought forward - - 4 Overprovision of current tax in prior year (463 ) (132 ) - Withholding tax 127 48 10 757 (118 ) 189

DISCONTINUED OPERATION

DISCONTINUED OPERATION	12 Months Ended
	Dec. 31, 2022
Disclosure of analysis of single amount of discontinued operations [abstract]
DISCONTINUED OPERATION	37 DISCONTINUED OPERATION The Group completed the sale of the remaining MR tankers and Small tankers in April 2021 as part of a plan to exit the tanker business and focus on the drybulk business. The divestments of the vessels was followed by a restructure of the staff and administration which was completed in December 2021. The MR tanker segment and the Small tanker segment were effectively discontinued as at 31 December 2021. The results of the discontinued operation, which were included in the profit (loss) for the year, were as follows: 2021 2020 US$’000 US$’000 Revenue 52,980 68,535 Cost of sales Voyage expenses (421 ) (1,601 ) Vessel operating costs (1,942 ) (9,509 ) Charter hire costs - (3,851 ) Depreciation of ships, drydocking and plant and equipment– owned assets - (1,846 ) Depreciation of ships and ship equipment – right-of-use assets - (1,739 ) Other expenses (61 ) (582 ) Cost of ship sale (50,580 ) (38,356 ) Gross (loss) profit (24 ) 11,051 Other operating expense (2,986 ) (13,264 ) Administrative expense (2,253 ) (3,173 ) Share of (losses) profit of joint ventures (1 ) 1,531 Interest income 35 98 Interest expense (649 ) (1,832 ) Loss before taxation (5,878 ) (5,589 ) Income tax benefit (expense) 2,713 (534 ) Net loss attributable to discontinued operation (attributable to the owners of the Company) (3,165 ) (6,123 ) Cash flows relating to the discontinued operation of the tanker business were as follows: Net cash flows from discontinued operation Cash generated from (used in) from operating activities 21,902 29,845 Cash generated from (used in) from investing activities 962 (1,492 ) Cash used in financing activities (25,949 ) (25,723 ) Included in the income tax benefit for 2021 was the reversal of a tax provision of US$2,400,000. On the 7 May 2021, the United Kingdom Upper Tribunal found in the Group’s favour with respect to the tax dispute with Her Majesty’s Revenue & Customs service of the United Kingdom (“HMRC”). HMRC decided not to appeal the decision and a reversal of the tax provision was recorded in profit or loss in the line item ‘Income tax benefit (expense)’.

ASSETS CLASSIFIED AS HELD FOR S

ASSETS CLASSIFIED AS HELD FOR SALE	12 Months Ended
	Dec. 31, 2022
Assets held for sale [Abstract]
ASSETS CLASSIFIED AS HELD FOR SALE	38 ASSETS CLASSIFIED AS HELD FOR SALE 2022 2021 US$’000 US$’000 Net assets of disposal group held for sale as at 1 January - 3,254 Sale of business during the year - (100 ) Movements during the year on assets held for sale - (60 ) Impairment of disposal group held for sale - (2,551 ) Effect of foreign currency exchange differences - (543 ) Net assets of disposal group held for sale as at 31 December - - In 2019, the Group agreed to dispose of one of GSSA’s businesses (Unicorn Tanker division) to a third party and in 2020, the Group agreed to dispose of a second GSSA business (Training school) to a third party. Management assessed the fair value less cost to sell of the assets and liabilities of the first disposal group on the date that they were classified as held for sale and recorded an impairment loss of US$3,179,000 in 2019. The assets of the disposal group were further impaired by US$576,000 in 2020 and US$2,551,000 in 2021. The conclusion of the sale process was hampered by the global pandemic in 2020. In November 2021 the agreement was cancelled and management agreed to cease the Unicorn Tanker division operations with immediate effect. The Unicorn Tanker division has been included in the discontinued operation (Note 37). Management assessed the fair value less cost to sell of the assets and liabilities of the second disposal group on the date that they were classified as held for sale and recorded an impairment loss on office equipment, furniture and fittings and motor vehicles of US$138,000 in 2020. The transaction was completed in May 2021.

ACQUISITION OF A SUBSIDIARY

ACQUISITION OF A SUBSIDIARY	12 Months Ended
	Dec. 31, 2022
Sale Of Business [Abstract]
ACQUISITION OF A SUBSIDIARY	39 ACQUISITION OF A IVS Bulk Pte. Ltd. On 14 February 2020, the Group acquired additional equity interest in IVS Bulk Pte. Ltd. from its joint venture partner which increased its ownership interest from 33.5% to 66.75%. The Group elected to apply the optional concentration test in accordance with IFRS 3 Business Combinations The fair value and book value of the net assets acquired amounted to US$134,818,000 and US$147,683,000 respectively. The difference between fair value and book value is allocated on a pro rata basis of relative fair values to reduce certain of the assets acquired (i.e. ships). The ships acquired and cash and cash equivalents assumed as part of the transaction amounted to US$243,596,000 and US$15,774,000 respectively. In connection with the acquisition of the additional 33.25%, the company entered into a new shareholders’ agreement with Sankaty, the remaining partner, which grants the company control of key aspects of the corporate governance of the joint venture. As such, the Group consolidates the financial statements of IVS Bulk Pte. Ltd. with effect from the date of acquisition, resulting in the decrease in the amount due from joint ventures and amount due to related parties. Assets and liabilities recognised at the date of acquisition 2020 US$’000 Cash and bank balances including restricted cash 15,774 Other receivables and prepayments 694 Due from related parties 2,512 Inventories 485 Ships, property, plant and equipment 243,883 Right-of-use assets 87 Bank loans (125,517 ) Other payables (2,690 ) Due to related parties (33 ) Lease liabilities (90 ) Fair value of net identifiable assets acquired 135,105 Net cash outflows arising on acquisition of IVS Bulk Pte. Ltd. 2020 US$’000 Total purchase consideration (44,087 ) Less: cash and bank balances including restricted cash 15,774 Payment for acquisition of subsidiary, net of cash acquired (28,313 ) Non-controlling interest of 33.25% in IVS Bulk recognised at the acquisition date was measured based on the fair value of purchase consideration of IVS Bulk and amounts to US$44.1 million. On 1 December 2020, additional funding from GSPL to IVS Bulk Pte. Ltd. of US$4,000,000 was converted to share capital in terms of the shareholders agreement. The conversion increased the shareholding of GSPL from 66.75% to 68.86%. This has been accounted as an equity transaction between the shareholders. On 1 September 2021, the Group acquired the remaining 31.14% equity stake in IVS Bulk Pte. Ltd. for US$46,634,000, comprising of US$37,219,000 for the purchase of the ordinary shares, interest on the purchase price of US$275,000, related expenses of US$53,000 and US$9,087,000 for the preference shares. The purchase consideration was used to settle the non-controlling interest of US$52,339,000 and the difference of US$5,705,000 was recognised in equity as in Merger Reserve (Note 29).

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Profit or loss [abstract]
EARNINGS PER SHARE	40 EARNINGS PER SHARE The calculation of basic and diluted earnings per share is based on the following data: From continuing operations and discontinued operation Earnings 2022 2021 2020 US$’000 US$’000 US$’000 Profit (loss) for the purpose of basic profit (loss) per share Net profit (loss) attributable to the shareholders of the Group 103,367 118,925 (38,795 ) Effect of dilutive potential on ordinary shares - - - Profit (loss) for the purposes of diluted profit (loss) per share 103,367 118,925 (38,795 ) Number of shares for the purpose of calculating basic and diluted profit (loss) per share 2022 2021 2020 Weighted average number of ordinary shares for the purpose of basic profit (loss) per share 18,949,972 19,150,787 18,966,414 Effect of dilutive potential ordinary shares due to FSP share awards - 861,168 - Weighted average number of ordinary shares for the purpose of diluted profit loss per share 18,949,972 20,011,955 18,966,414 US$ US$ US$ Basic profit (loss) per share 5.45 6.21 (2.05 ) Diluted profit (loss) per share 5.45 5.94 (2.05 ) The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of diluted profit (loss) per share: Number of shares - - 650,333 The shares granted under the 2018 FSP became dilutive to basic profit (loss) per share in 2021 From continuing operations Earnings 2022 2021 2020 US$’000 US$’000 US$’000 Profit (loss) for the purpose of basic profit (loss) per share Net profit (loss) attributable to the s h 103,367 118,925 (38,795 ) Adjustments to exclude loss for the year from discontinued operation - 3,165 6,123 Profit (loss) from continuing operations for the purpose of basic profit (loss) per share from continuing operations 103,367 122,090 (32,672 ) Effect of dilutive potential ordinary share - - - Profit (loss) for the purposes of diluted profit (loss) per share from continuing operations 103,367 122,090 (32,672 ) US$ US$ US$ Basic profit (loss) per share 5.45 6.38 (1.72 ) Diluted profit (loss) per share 5.45 6.10 (1.72 ) From discontinued operation 2022 2021 2020 US$ US$ US$ Basic profit (loss) per share - 0.17 0.33 Diluted profit (loss) per share - 0.16 0.33

DIVIDENDS

DIVIDENDS	12 Months Ended
	Dec. 31, 2022
Disclosure of dividends [Abstract]
DIVIDENDS	41 DIVIDENDS 2022 2021 2020 US$’000 US$’000 US$’000 Amounts recognised as distributions to equity holders in the year Interim dividend paid 22 March (2021: 13 December) 13,650 13,546 - Interim dividend paid 20 June 8,910 - - Interim dividend paid 19 September 15,957 - - Interim dividend paid 1 December 97,360 - - 135,877 13,546 - US$ US$ US$ Interim dividend per share - paid 22 March (2021:13 December) 0.72 0.72 - Interim dividend per share - paid 20 June 0.47 - - Interim dividend per share - paid 19 September 0.84 - - Interim dividend per share - paid 1 December 5.00 - -

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2022
Disclosure Of Noncontrolling Interests [Abstract]
NON-CONTROLLING INTEREST	42 NON-CONTROLLING INTEREST 2022 2021 US$’000 US$’000 Balance at 1 January - 41,782 Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39) - (52,339 ) Share of profit (loss) for the year - 10,557 Balance at 31 December - - The non-controlling interest was acquired by the Group on 1 September 2021 and the equity balance was settled as part of the purchase price.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2022
Commitments [Abstract]
COMMITMENTS	43 COMMITMENTS The Group has entered into drydock and ballast water treatment contracts for some of its ships during the year. In terms of the agreements, the Group has committed to payments for these ships. The following has been authorised: 2022 2021 US$’000 US$’000 Due within one year 1,399 887 The expenditure will be financed out of cash resources from operations and bank loans.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2022
Disclosure of going concern [Abstract]
GOING CONCERN	44 GOING CONCERN The historical consolidated 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 consolidated financial statements.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2022
Events after reporting date [Abstract]
EVENTS AFTER THE REPORTING PERIOD	45 EVENTS AFTER THE REPORTING PERIOD a) On 15 February 2023, the Company’s Board of Directors declared an interim quarterly cash dividend of US$0.03 per ordinary share, payable on or about 17 March 2023, to all shareholders of record as of 10 March 2023 (the “Record Date”). As of 15 February 2023, there were 19,472,008 common shares of the Company outstanding. b) On 22 December 2022, the ship IVS Hirono 23,750,000 was o 16 c) On 3 IVS Sentosa 10,950,000 The vessel is expected to be delivered to the new

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Significant Accounting Policies [Abstract]
Statement of compliance	2.1 Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”).
Basis of preparation of historical consolidated financial information	2.2 Basis of preparation of historical consolidated financial information 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 2022, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Amendments to IFRS 3 Reference to the Conceptual Framework The Group has adopted the amendments to IFRS 3 Business Combinations 37 Provisions, Contingent Liabilities and Contingent Assets Levies Amendments to IAS 16 Property, Plant and Equipment – Proceeds before intended use The Group has adopted the amendments to IAS 16 Property, Plant and Equipment first The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use, income (loss), income (loss), Amendments to IAS 38 Onerous Contracts – Cost of Fulfilling a Contract The Group has adopted the amendments to IAS 37 for the first time in the current year. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labour or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The Group has adopted the amendments included in the Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle IFRS 9 Financial Instruments The amendment clarifies that in applying the '10 per cent' test to assess whether to derecognise a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. IFRS 16 Leases The amendment removes the illustration of the reimbursement of leasehold improvements.
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: Amendments to IAS 1 Classification of liabilities as Current or Non-current Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to assets and liabilities arising from a Single Transaction The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except if indicated below. Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments are permitted. The directors of the Group anticipate that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods should such transactions arise.
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. Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Profit or loss and each component of other comprehensive income (loss) income (loss) Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income (loss)
Business Combinations	2.6 Business combinations Acquisition of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred by the Group to the former owners of the acquiree, and equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. 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 IFRS 9 Provisions, Contingent Liabilities and Contingent Assets IFRS 3 Business Combinations If the Group chooses not to perform the optional concentration test, or performs the optional concentration test and determines that substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets, it must assess if the acquired set of activities and assets comprises all of the required elements of a business. If the fair value of gross assets acquired in an asset acquisition is in excess of consideration, the excess will be allocated to the single identifiable asset as identified in the concentration test.
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 (loss) • 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, amounts due from joint ventures 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. 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 11. 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 11 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 (loss) 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 adjusted for any accumulated impairment losses and reversals of such 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 to finance the vessel 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 recognised 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.
Other Investments	2.14 Other Investments Other investments relates to pension fund surplus from a defined benefit pension plan where the accounting policy is included in Note 2.21. Other investments are measured at fair value.
Leases	2.15 Leases 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 Group did not make any such adjustments during the periods presented. 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 right-of-use 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 2.18 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 expense’ for all other expenses in the consolidated 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.
Interest in Joint Ventures	2.16 Interest 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 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 Operation 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 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	2.17 Non-current assets and disposal groups held for sale Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. A discontinued operation is a component of the Group that has been disposed of or is classified as held-for-sale and that represents a separate major line of business and is part of a single co-ordinated plan to dispose of such a line of business. The results of discontinued operation are presented separately in the consolidated statement of profit and loss.
Revenue recognition and voyage expenses	2.18 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 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 2.15 Leases for further discussion. On the other hand, for third party pool arrangements that the Group’s vessels participate in, the Group recognises 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	2.19 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Share-Based Payments	2.20 Share-Based Payments Equity-settled share options – Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 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	2.21 Retirement Benefit Costs Payments to defined contribution retirement benefit plans are charged as an expense when employees have rendered the services entitling them to the contributions. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund, and South African defined contribution provident funds, are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. Current contributions to the defined contribution funds are charged against income when incurred. The cost of providing benefits to the defined benefit plan are determined and expensed using the projected unit credit actuarial valuation method. Contribution rates to the defined benefit plan are adjusted for any unfavourable experience adjustments. Favourable experience adjustments are retained within the fund. 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. Actuarial surpluses are brought to account in the annual financial statements only when it is clear that economic benefits will be available to the Group. These surpluses are recognised immediately in the statement of financial position with a charge or credit to the statement of comprehensive income (loss) 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 statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
Employee Leave Entitlement	2.22 Employee Leave Entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period.
Provisions	2.23 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. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract which include both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. Before a separate provision for an onerous contract is established, the Group recognises any impairment loss that has occurred on assets used in fulfilling the contract.
Income Tax	2.24 Income Tax Income tax (benefit) expense 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 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. A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on management judgement supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. 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	2.25 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 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 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	2.26 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.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Significant Accounting Policies [Abstract]
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, 2022
Financial instruments financial risks and capital management [Abstract]
Disclosure of detailed information about financial instruments [text block]	2022 2021 US$’000 US$’000 Financial assets Financial assets at amortised cost 88,127 143,058 Derivative instruments designated in hedge accounting relationship 51 5,981 88,178 149,039 Financial liabilities Financial liabilities at amortised cost 254,863 312,696 Derivative instruments designated in hedge accounting relationships 138 704 255,001 313,400
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 31 December 2022 US$’000 US$’000 US$’000 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 11,950 (660 ) 11,290 Contract assets 8 (i) Lifetime ECL (Simplified approach) 1,313 - 1,313 Other receivables 9 Performing 12-month ECL 20,980 - 20,980 34,243 (660 ) 33,583 Note Internal 12-month or Gross Loss Net 31 December 2021 US$’000 US$’000 US$’000 Trade receivables 7 (i) Lifetime ECL (Simplified approach) 9,657 (684 ) 8,973 Contract assets 8 (i) Lifetime ECL (Simplified approach) 3,686 - 3,686 Other receivables 9 Performing 12-month ECL 20,308 - 20,308 Loans to joint ventures 10 Doubtful Lifetime ECL 10 - 10 33,661 (684 ) 32,977 (i) 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.
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 2022 2021 2022 2021 US$’000 US$’000 US$’000 US$’000 United States dollars (554 ) (564 ) 584 1,099 South African rands (1,629 ) (4,877 ) - -
Disclosure of detailed information about foreign currency basis spreads strengthens by 10 % in profit or loss [Text block]	Impact on profit or loss 2022 2021 US$’000 US$’000 United States dollars 3 54 South African rands (163 ) (488 )
Disclosure of detailed information maturity analysis for non-derivative financial liabilities [Text block]	Weighted On demand Within 2 to After 5 Adjustment Total % p.a US$’000 US$’000 US$’000 US$’000 US$’000 Group 2022 Non-interest bearing - 29,782 - - - 29,782 Lease liabilities 6.47 22,903 4,177 - (967 ) 26,113 Variable interest rate instruments 8.16 45,254 161,350 33,909 (41,545 ) 198,968 97,939 165,527 33,909 (42,512 ) 254,863 2021 Non-interest bearing - 33,759 - - - 33,759 Lease liabilities 4.17 28,156 5,992 - (877 ) 33,271 Variable interest rate instruments 3.82 35,040 188,521 54,565 (32,460 ) 245,666 96,955 194,513 54,565 (33,337 ) 312,696
Disclosure of detailed information maturity analysis for derivative financial liabilities [Text Block]	On demand or Within Adjustment Total US$’000 US$’000 US$’000 US$’000 Group 2022 Gross settled: Bunker swaps Gross inflow 51 - - 51 Gross outflow (138 ) - - (138 ) (87 ) - - 87 2021 Gross settled: Forward freight agreements Gross inflow 5,109 611 - 5,720 Gross outflow (611 ) - - (611 ) 4,498 611 - 5,109 Bunker swaps Gross inflow 261 - - 261 Gross outflow (93 ) - - (93 ) 168 - - 168 4,666 611 - 5,277
Disclosure of detailed information about financial instruments measured at fair value on recuring basis [Text block]	2022 2021 US$’000 US$’000 Financial Assets Forward freight agreements - 5,720 Bunker swaps 51 261 Financial Liabilities Forward freight agreements - (611 ) Bunker swaps (138 ) (93 )
Disclosure of detailed information significant unobservable inputs used in fair value measurement of assets [Text Block]	Level 1 Level 2 Level 3 Total US$’000 US$’000 US$’000 US$’000 2022 Financial Assets Derivative financial instruments - 51 - 51 Financial Liabilities Derivative financial instruments - (138 ) - (138 ) 2021 Financial Assets Derivative financial instruments - 5,981 - 5,981 Financial Liabilities Derivative financial instruments - (704 ) - (704 )

RELATED PARTIES TRANSACTIONS (T

RELATED PARTIES TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of related parties transactions [Abstract]
Disclosure of detailed information about transactions between related parties [Text Block]	(i) Joint ventures 2022 2021 2020 US$’000 US$’000 US$’000 Interest income - - 157 Technical management fee income - - 354 Agency fees from joint ventures 3 3 83 Dividend income - - 536 Charter hire and other related revenue - - 679 Charter hire and other related expenses - - (6,025 ) Payments on behalf of a joint venture - - (7,987 ) Repayment of preference shares by a joint venture - - 2,569 Settlement of interest-bearing loan - - 5,382 (ii) Compensation of directors and key management personnel The remuneration of the directors and other members of key management is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures 2022 2021 2020 US$’000 US$’000 US$’000 Short-term benefits 7,954 9,200 4,073 Share-based payments 5,108 1,479 769 13,062 10,679 4,842

CASH AND BANK BALANCES INCLUD_2

CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of cash and cash equivalents [Abstract]
Disclosure of detailed information about cash and bank balances [Text Block]	2022 2021 US$’000 US$’000 Restricted cash, current portion 5,667 2,875 Cash on hand 494 518 Cash at bank 46,067 103,725 Cash and bank balances 52,228 107,118 Less: Restricted cash, current portion (5,667 ) (2,875 ) Cash and cash equivalents in the statements of cash flows 46,561 104,243 Restricted cash Classified as: Current 5,667 2,875 Non-current 4,342 6,649 10,009 9,524

TRADE RECEIVABLES (Tables)

TRADE RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Trade And Other Receivables [Abstract]
Disclosure Of Detailed Information About Allowance For Doubtful Debts On Trade Receivables [Table Text Block]	2022 2021 US$’000 US$’000 Trade receivables 11,950 9,507 Less: Allowances for doubtful debts (660 ) (684 ) 11,290 8,823 Trade receivables due from the Pools - 150 11,290 8,973
Disclosure Of Detailed Information About Trade Receivables [Table Text Block]	Trade receivables past due – collectively assessed 2022 Not past <30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Estimated total gross carrying amount at default, representing net carrying amount of default 8,493 1,237 68 509 241 742 11,290 Trade receivables past due – collectively assessed 2021 Not past <30 31-60 61-90 91-120 >120 Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Estimated total gross carrying amount at default, representing net carrying amount of default 7,202 1,013 132 4 11 611 8,973
Disclosure Of Detailed Information About Assessment Of Recoverability Of Outstanding Balances [Table Text Block]	2022 2021 US$’000 US$’000 Gross carrying amount 660 684 Less: Loss allowances (660 ) (684 ) Carrying amount net of allowance - -
Disclosure Of Detailed Information About Movement In Loss Allowances [Table Text Block]	Movement in the loss allowance: 2022 2021 Individually assessed US$’000 US$’000 Balance at 1 January (684 ) - Net remeasurement of loss allowance 16 (681 ) Amount written off 7 - Effect of foreign exchange differences 1 (3 ) Balance at 31 December (660 ) (684 )

OTHER RECEIVABLES AND PREPAYM_2

OTHER RECEIVABLES AND PREPAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Other Receivables and Prepayments [Abstract]
Disclosure of detailed information for prepayments and other receivables text block [Table Text Block]	2022 2021 US$’000 US$’000 Current Assets: Deposit 269 809 Prepayments 4,026 2,051 Voyages in progress 17,085 15,076 Other receivables 3,686 3,869 Loan receivables - 613 Due from joint ventures - 6 25,066 22,424 Non-current Assets: Prepayments 860 380 25,926 22,804

LOANS TO JOINT VENTURES (Tables

LOANS TO JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2022
LOANS TO JOINT VENTURES [Abstract]
Disclosure of detailed information about loans to joint ventures	2022 2021 US$’000 US$’000 Loans to joint  ventures - 10
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: 2022 2021 US$’000 US$’000 Loss allowance previously (29 ) - Amount recovered 29 - Balance as at 31 December - -

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
Forward freight agreements and bunker swaps [Table Text Block]	Forward freight agreements and bunker swaps - analysed between: 2022 2021 US$’000 US$’000 Assets Current assets 51 5,370 Non-current assets - 611 Liabilities Current liabilities (138 ) (704 )
Disclosure of Outstanding Forward Freight Agreements Maturity [Table Text Block]	The Group has entered into a number of forward freight agreements in the normal course of business in order to hedge against open positions in the fleet from contracts of affreightment and exposure to earnings on the spot market. As at 31 December 2022, there are no outstanding forward freight agreements. As at 31 December 2021, there were 23 outstanding forward freight agreements, maturing as follows: 2021 Current assets Derivative instruments in designated hedge ac c Settlement periods Strike price Duration Notional value Fair value gain US$ US$’000 US$’000 April 2022 to December 2022 BSI-58 ave 10TC 13,300 45 599 406 April 2022 to December 2022 BSI-58 ave 10TC 13,300 45 599 406 April 2022 to December 2022 BSI-58 ave 10TC 13,300 180 2,394 1,624 January 2022 to December 2022 BSI-58 ave 10TC 17,350 180 3,123 1,016 January 2022 to December 2022 BSI-58 ave 10TC 17,250 60 1,035 345 January 2022 to December 2022 BSI-58 ave 10TC 17,250 60 1,035 345 January 2022 to December 2022 BSI-58 ave 10TC 17,250 60 1,035 345 January 2022 to June 2022 BSI-58 ave 10TC 23,100 90 2,079 157 June 2022 BSI-58 ave 10TC 25,000 15 375 6 July 2022 to September 2022 BSI-58 ave 10TC 21,000 45 945 52 October 2022 to December 2022 BSI-58 ave 10TC 19,000 45 855 52 January 2022 to June 2022 BSI-58 ave 10TC 22,650 90 2,039 197 January 2022 to June 2022 BSI-58 ave 10TC 23,000 30 690 55 January 2022 to June 2022 BSI-58 ave 10TC 23,100 60 1,386 103 18,189 5,109 Non-current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike price Duration Notional value Fair value gain US$ MT US$’000 US$’000 January 2023 to December 2023 BSI-58 ave 10TC 14,350 60 861 117 January 2023 to December 2023 BSI-58 ave 10TC 600 60 861 117 January 2023 to December 2023 BSI-58 ave 10TC 574 60 861 117 January 2023 to December 2023 BSI-58 ave 10TC 510 60 885 93 January 2023 to December 2023 BSI-58 ave 10TC 503 60 888 90 January 2023 to December 2023 BSI-58 ave 10TC 538 60 900 77 5,256 611 Current liabilities Derivative instruments in designated hedge ac c Settlement periods Strike price Quantity Notional value Fair value gain US$ MT US$’000 US$’000 July 2022 to December 2022 BSI-58 ave 10TC 23,100 90 2,079 (176 ) January 2022 to March 2022 BSI-58 ave 10TC 27,400 15 411 (36 ) January 2022 to March 2022 BSI-58 ave 10TC 27,400 15 411 (36 ) January 2022 to March 2022 BSI-58 ave 10TC 27,400 15 411 (36 ) April 2022 to May 2022 BSI-58 ave 10TC 25,000 30 750 (20 ) July 2022 to December 2022 BSI-58 ave 10TC 22,650 90 2,039 (135 ) July 2022 to December 2022 BSI-58 ave 10TC 23,000 30 690 (55 ) July 2022 to December 2022 BSI-58 ave 10TC 23,100 60 1,386 (117 ) 8,177 (611 )
Disclosure of Detailed Information of Number of Bunker Swaps [Table Text Block]	The Group has entered into a number of bunker swaps, as follows: 2022 Current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 January 2023 0.5% FOB Rotterdam 510.25 350 179 2 January 2023 to December 2023 0.5% FOB Rotterdam 483.50 1,920 928 31 April 2023 0.5% FOB Rotterdam 488.50 400 195 5 May 2023 0.5% FOB Singapore 529.25 250 132 2 April 2023 0.5% FOB Rotterdam 488.50 400 195 5 May 2023 0.5% FOB Singapore 529.25 250 132 2 March 2023 to May 2023 0.5% FOB Singapore 537.50 750 403 4 2,164 51 Current liabilities Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 January 2023 0.5% FOB Rotterdam 651.00 180 117 (25 ) January 2023 0.5% FOB Rotterdam 599.50 450 270 (38 ) January 2023 to February 2023 0.5% FOB Rotterdam 573.75 750 430 (47 ) February 2023 to July 2023 0.5% FOB Rotterdam 510.25 2,100 1,072 (20 ) August 2023 to December 2023 0.5% FOB Rotterdam 503.25 1,000 503 (8 ) June 2023 0.5% FOB Singapore 537.50 250 134 - 2,526 (138 ) 2021 Current assets Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 January 2022 0.5% FOB Rotterdam 407.00 500 204 74 January 2022 to May 2022 0.5% FOB Singapore 505.25 1,900 960 115 January 2022 to June 2022 0.5% FOB Rotterdam 518.00 1,200 622 22 January 2022 to February 2022 0.5% FOB Singapore 564.75 700 395 17 January 2022 to March 2022 0.5% FOB Rotterdam 533.00 2,700 1,439 33 3,620 261 Current liabilities Derivative instruments in designated hedge accounting relationships: Settlement periods Strike Quantity Notional value Fair value gain US$ MT US$’000 US$’000 April 2022 to October 2022 0.5% FOB Rotterdam 533.00 6,500 3,465 (74 ) November 2022 0.5% FOB Rotterdam 528.50 500 264 (10 ) December 2022 0.5% FOB Rotterdam 527.50 500 264 (9 ) 3,993 (93 )

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Inventories [Abstract]
Disclosure of detailed information about inventories text block [Text Block]	2022 2021 US$’000 US$’000 Bunkers and other consumables at cost 15,278 13,909 - - Ships reclassified from property plant and equipment as held for sale asset (Note 13) (a) 28,853 48,935 Sale of ships recognised as inventories (a) (28,853 ) (48,935 ) 15,278 13,909
Disclosure of Detailed Information of Reclassification of Ships as Inventoriestext block [Text Block]	(a) 2022 2021 US$’000 US$’000 Cost 41,297 70,204 Accumulated depreciation (12,444 ) (8,982 ) Impairment - (12,287 ) Carrying amount 28,853 48,935

SHIPS, PROPERTY, PLANT AND EQ_2

SHIPS, PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Ships property plant and equipment [Abstract]
Disclosure of detailed information about property, plant and equipment [text block]	Office Plant and Ships Drydocking Construction Freehold land Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2021 4,339 4,357 633,068 15,425 774 259 658,222 Additions 49 - 25,626 7,829 - - 33,504 Disposals (30 ) (25 ) - (4,532 ) - - (4,587 ) Reclassification to inventories (Note 12) - - (69,599 ) (605 ) - - (70,204 ) Effect of foreign currency exchange differences (169 ) (1 ) - - - (21 ) (191 ) Balance at 31 December 2021 4,189 4,331 589,095 18,117 774 238 616,744 Additions 113 - 2,076 7,230 - - 9,419 Disposals (826 ) (102 ) - (3,604 ) - (232 ) (4,764 ) Transfer from right-of-use assets (Note 14) - - 23,436 - - - 23,436 Reclassification to inventories (Note 12) - (2,599 ) (38,357 ) (341 ) - - (41,297 ) Effect of foreign currency exchange differences (194 ) - - - - (6 ) (200 ) Balance at 31 December 2022 3,282 1,630 576,250 21,402 774 - 603,338 Accumulated depreciation: Balance at 1 January 2021 4,237 3,950 89,373 6,097 - - 103,657 Depreciation from continuing operations 51 145 18,668 7,053 - - 25,917 Depreciation from discontinued operation 1 - - - - - 1 Disposals (30 ) (18 ) - (4,532 ) - - (4,580 ) Reclassification to inventories (Note 12) - - (8,811 ) (171 ) - - (8,982 ) Effect of foreign currency exchange differences (167 ) - - - - - (167 ) Balance at 31 December 2021 4,092 4,077 99,230 8,447 - - 115,846 Depreciation 57 129 22,822 7,547 - - 30,555 Disposals (815 ) (83 ) - (3,605 ) - - (4,503 ) Transfer from right-of-use assets (Note 14) - - 4,809 - - - 4,809 Reclassification to inventories (Note 12) - (2,599 ) (9,504 ) (341 ) - - (12,444 ) Effect of foreign currency exchange differences (188 ) - - - - - (188 ) Balance at 31 December 2022 3,146 1,524 117,357 12,048 - - 134,075 Impairment: Balance at 1 January 2021 - - 77,769 1,183 310 - 79,262 Impairment losses recognised in profit and loss from discontinued operation 1 - - - - - 1 Reversal of impairment recognised in profit and loss from continuing operations - - (2,808 ) (749 ) - - (3,557 ) Reclassification to inventories (Note 12) - - (11,853 ) (434 ) - - (12,287 ) Balance at 31 December 2021 1 - 63,108 - 310 - 63,419 Reversal of impairment loss - - (1,707 ) - - - (1,707 ) Disposal (1 ) - - - - - (1 ) Balance at 31 December 2022 - - 61,401 - 310 - 61,711 Carrying amount: At 31 December 2022 136 106 397,492 9,354 464 - 407,552 At 31 December 2021 96 254 426,757 9,670 464 238 437,479

RIGHT-OF-USE ASSETS (Tables)

RIGHT-OF-USE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets [abstract]
Summary of group leases	The Group leases several assets including office property, residential property, ships and ship equipment which are disclosed as right-of-use assets. Office Ships Ships Total US$’000 US$’000 US$’000 US$’000 Cost: Balance at 1 January 2021 2,747 87,918 274 90,939 Additions 371 20,254 243 20,868 Derecognition of right-of-use asset (310 ) (12,285 ) (41 ) (12,636 ) Effect of foreign currency exchange differences 88 0 0 88 Balance at 31 December 2021 2,896 95,887 476 99,259 Additions 898 48,829 39 49,766 Transfer to ships, property, plant and equipment (Note 13) - (23,436 ) - (23,436 ) Derecognition of right-of-use-asset (405 ) - - (405 ) Effect of foreign currency exchange differences (48 ) - - (48 ) Balance at 31 December 2022 3,341 121,280 515 125,136 Accumulated depreciation: Balance at 1 January 2021 1,381 38,104 142 39,627 Depreciation for continuing operations 938 34,781 117 35,836 Depreciation for discontinued operation 34 - - 34 Derecognition of right-of-use asset (310 ) (9,252 ) (41 ) (9,603 ) Effect of foreign currency exchange differences 54 - - 54 Balance at 31 December 2021 2,097 63,633 218 65,948 Depreciation 889 35,547 129 36,565 Transfer to ships, property, plant and equipment (Note 13) - (4,809 ) - (4,809 ) Derecognition of right-of-use-asset (405 ) - - (405 ) Effect of foreign currency exchange differences (31 ) - - (31 ) Balance at 31 December 2022 2,550 94,371 347 97,268 Impairment: Balance at 1 January 2021 - 2,250 - 2,250 Derecognition of right-of-use asset - (360 ) - (360 ) Reversal of impairment loss from continuing operations - (1,046 ) - (1,046 ) Balance at 31 December 2021 - 844 - 844 Impairment loss - 985 - 985 Balance at 31 December 2022 - 1,829 - 1,829 Carrying amount: At 31 December 2022 791 25,080 168 26,039 At 31 December 2021 799 31,410 258 32,467

SUBSIDIARIES (Tables)

SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2022
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 Country of 2022 2021 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. (ii) Dormant Singapore 100 % 100 % IVS Bulk Carriers Pte. Ltd. (ii) Dormant Singapore 100 % 100 % IVS Bulk 430 Pte. Ltd. (ii) Dormant Singapore 100 % 100 % IVS Bulk 462 Pte. Ltd. (ii) 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 % IVS Bulk 225 Pte. Ltd. (i) Ship Owning and Operating Singapore 100 % - IVS Bulk Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IM Shipping Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Island Bulk Carriers Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % Grindrod Shipping Services UK Limited To provide shipping and shipping related services United Kingdom 100 % 100 % Grindrod Shipping Services HK Limited To provide shipping and shipping related services Hong Kong 100 % 100 % Unicorn Atlantic Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Baltic Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Ionia Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Tanker Operations (434) Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Ross Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Caspian Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Marmara Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Scotia Pte. Ltd. (ii) Dormant Singapore 100 % 100 % Unicorn Malacca Pte. Ltd. (ii) 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 Dormant Marshall Islands 100 % 100 % Unicorn Sun Pte. Ltd. Dormant Singapore 100 % 100 % Unicorn Moon Pte. Ltd. Dormant Singapore 100 % 100 % Proportion of Country of 2022 2021 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 % Kuhle Shipping (Pty) Ltd Dormant South Africa 100 % 100 % Held by IVS Bulk Pte. Ltd. IVS Bulk 541 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 543 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 545 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 554 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 5855 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 5858 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 709 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 712 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 7297 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 1345 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 3693 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % IVS Bulk 10824 Pte. Ltd. Ship Owning and Operating Singapore 100 % 100 % (i) This company was registered in 2022. (ii) These companies were deregistered on 1 6 rch 0 3

INTEREST IN JOINT VENTURES (Tab

INTEREST IN JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about Joint venture [Abstract]
Disclosure Of Detailed Information About joint ventures [Text Block]	2022 2021 US$’000 US$’000 Cost of investment in joint ventures 9 9 Share of post acquisition (loss) profit, net of dividends received (1 ) 4 Carrying amount 8 13
Disclosure Of Detailed Information About interest in joint ventures [Text Block]	Details of the joint ventures are as follows: Name of the joint venture Principal activity Country of Proportion of Cost of investment 2022 2021 2022 2021 Tri-View Shipping Pte Ltd (a) Dormant Singapore 51 % 51 % 9 9 Leopard Tankers Pte Ltd (b) Dormant Singapore - 50 % - * 9 9 * Amount is less than US$1,000. (a) The Group has joint control over this entity by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval. This entity is in the process of being deregistered. (b) This joint venture company was deregistered on 3 October 2022.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS [Abstract]
Disclosure of detailed information about intangible assets [text block]	2022 2021 US$’000 US$’000 Cost: Balance at 1 January 2,029 7,669 Additions 126 6 Disposal - (2 ) Derecognition of intangible asset (1,173 ) (5,412 ) Effects of foreign currency exchange differences (89 ) (232 ) Balance at 31 December 893 2,029 Accumulated amortisation: Balance at 1 January 1,802 3,942 Amortisation 155 165 Derecognition of intangible asset (1,173 ) (2,127 ) Effects of foreign currency exchange differences (77 ) (178 ) Balance at 31 December 707 1,802 Impairment: Balance at 1 January - 3,322 Derecognition of intangible asset - (3,284 ) Effects of foreign currency exchange differences - (38 ) Balance at 31 December - - Carrying amount: At 31 December 186 227

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2022
GOODWILL [Abstract]
Disclosure of detailed information about goodwill [Table Text Block]	2022 2021 US$’000 US$’000 Cost: Balance at 1 January 3,305 3,928 Derecognition of goodwill - (604 ) Effects of foreign currency exchange differences (13 ) (19 ) Balance at 31 December 3,292 3,305 Accumulated impairment losses: Balance at 1 January 3,305 2,968 Impairment - 965 Derecognition of goodwill - (604 ) Effects of foreign currency exchange differences (13 ) (24 ) Balance at 31 December 3,292 3,305 Carrying amount: At 31 December - -
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: 2022 2021 US$’000 US$’000 Cost: Island Trading and Shipping 3,089 3,089 Parcel Service 203 216 3,292 3,305

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Other Investments [Abstract]
Disclosure of amounts recognised in the annual financial statements	The amounts recognised in the annual financial statements in this respect are as follows: 2022 2021 US$’000 US$’000 Recognised asset at 1 January 3,730 3,150 Interest income 442 - Recognised in other comprehensive income in the current year (207 ) 835 Translation (251 ) (255 ) Present value of other investment at 31 December 3,714 3,730 The principal actuarial assumptions applied in the determination of fair values include: Discount rate (p.a.) 12.2 % 13.7 %

DEFERRED TAX (Tables)

DEFERRED TAX (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of deferred taxes [Abstract]
Disclosure of detailed information about deferred tax liabilities and assets [Text Block]	2022 2021 US$’000 US$’000 Deferred taxation analysed by major category: Other timing differences 1,304 2,123 1,304 2,123 Reconciliation of deferred taxation: Opening balance 2,123 1,138 (Credit) debit to profit or loss for the year – continuing operations (Note 36) (665 ) 547 Debit to profit or loss for the year – discontinued operation - 637 Deferred tax on the actuarial gain (45 ) (25 ) Exchange differences (109 ) (174 ) Closing balance 1,304 2,123

TRADE AND OTHER PAYABLES (Tabl

TRADE AND OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2022
Trade and other payables [abstract]
Disclosure of detailed information about trade and other payable [Table Text Block]	2022 2021 US$’000 US$’000 Trade payables 10,035 7,675 Accrued expenses 19,250 25,671 Other 454 688 29,739 34,034 Non-current trade and other payables (140 ) (160 ) Current trade and other payables 29,599 33,874

LEASES AND SHIP CHARTERS (Table

LEASES AND SHIP CHARTERS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of leases [Abstract]
Disclosure of maturity analysis of operating lease payments [text block]	Maturity analysis of operating lease payments: 2022 2021 US$’000 US$’000 Year 1 - 2,081 Total - 2,081

LEASE LIABILITIES (Table)

LEASE LIABILITIES (Table)	12 Months Ended
	Dec. 31, 2022
Lease liabilities [abstract]
Disclosure Of Detailed Information About Movement In Lease Liabilities	Office and Ships Ships Total US$’000 US$’000 US$’000 US$’000 Balance at 1 January 2021 1,437 49,673 134 51,244 Additions 371 20,254 243 20,868 Disposals - (2,777 ) - (2,777 ) Interest expense 63 1,835 3 1,901 Lease payments (1,029 ) (36,791 ) (121 ) (37,941 ) - Principal (966 ) (34,956 ) (118 ) (36,040 ) - Interest expense (63 ) (1,835 ) (3 ) (1,901 ) Effect of foreign currency exchange differences (24 ) - - (24 ) Lease liabilities as at 31 December 2021 818 32,194 259 33,271 Additions 898 48,829 39 49,766 Interest expense 37 1,370 7 1,414 Lease payments (905 ) (57,304 ) (135 ) (58,344 ) - Principal (868 ) (37,934 ) (128 ) (38,930 ) - Purchase option payments (1) - (18,000 ) - (18,000 ) - Interest (37 ) (1,370 ) (7 ) (1,414 ) Effect of foreign currency exchange differences 6 - - 6 Lease liabilities as at 31 December 2022 854 25,089 170 26,113 (1)
Disclosure Of Detailed Information About Lease Liabilities	2022 2021 US$’000 US$’000 Analysed between: Current portion 22,058 27,375 Non-current portion 4,055 5,896 26,113 33,271

BANK LOANS AND OTHER BORROWIN_2

BANK LOANS AND OTHER BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2022
Secured loan [Abstract]
Schedule Of Long Term Borrowings [Table Text Block]	2022 2021 US$’000 US$’000 Secured – at amortised cost: Bank loans 148,002 168,880 Other borrowings 50,966 76,786 198,968 245,666 Analysed between: Current 33,330 28,020 Non-current portion 165,638 217,646 198,968 245,666 Interest payable (included in bank loans) 1,752 743 Non-current bank loans and other borrowings are estimated to be payable as follows: Within 2 to 5 years 138,809 170,666 After 5 years 26,829 46,980 165,638 217,646

PROVISIONS (Tables)

PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Provision for onerous contracts [Abstract]
Disclosure of detailed information about provision for onerous contract [Text Block]	2022 2021 US$’000 US$’000 Provision for onerous contracts (i) 592 1,019 592 1,019 (i)
Disclosure of detailed information about analysis of provision for onerous contract Text block [Text Block]	2022 2021 Analysis of provision for onerous contracts: US$’000 US$’000 Balance at 1 January 1,019 80 Provision raised 592 1,019 Released to profit or loss (1,019 ) (80 ) Balance at 31 December 592 1,019

RETIREMENT BENEFIT OBLIGATION (

RETIREMENT BENEFIT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 US$’000 US$’000 Recognised liability at beginning of the year 1,613 1,819 Recognised in profit or loss in the current year 159 177 Interest on obligation 159 177 Recognised in other comprehensive income in the current year Actuarial losses (156 ) (85 ) Translation (101 ) (147 ) Employer payments (118 ) (151 ) Present value of unfunded obligation recognised as a liability at end of year 1,397 1,613 Analysis between: Current portion 125 124 Non-current portion 1,272 1,489 1,397 1,613 The principal actuarial assumptions applied in the determination of fair values include: Health care cost inflation 7.8 % 7.8 % Discount rate 11.9 % 10.4 % CPI inflation 6.3 % 5.8 % Continuation at retirement 100.0 % 75.0 %
Schedule of principal actuarial assumptions used [text block]	2022 2021 Increase Increase (Decrease) (Decrease) Health care cost inflation 8.5 % (7.5 %) 9.5 % (8.3 %) Discount rate 8.1 % (7.1 %) 9.1 % (7.9 %)
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 2022 is 8 years (31 December 2021: 9 years and 2020: 10 years). 2022 2021 US$’000 US$’000 Present value of unfunded obligations 1,397 1,613 Present Value of Obligations in excess of Plan Assets 1,397 1,613

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2022
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: At 1 January 2020 and 31 December 2020 19,063,833 320,683 Issued during the year 246,191 - At 31 December 2021 19,310,024 320,683 Issued during the year 161,984 - At 31 December 2022 19,472,008 320,683

OTHER EQUITY AND RESERVES (Tabl

OTHER EQUITY AND RESERVES (Tables)	12 Months Ended
	Dec. 31, 2022
Other Equity And Reserves [Abstract]
Disclosure Of Detailed Information About Other Reserves [Table Text Block]	2022 2021 US$’000 US$’000 Treasury shares - (11,870 ) Share compensation reserve - 4,777 Hedging reserve (1,337 ) 5,457 Translation reserve (10,700 ) (9,783 ) Merger reserve (12,649 ) (12,649 ) At 31 December 2022 (24,686 ) (24,068 )
Disclosure Of Treasury Shares Explanatory [Table Text Block]	Treasury shares Number of Share US$’000 Balance at 1 January 2021 56,975 387 Acquisition of shares 825,163 11,876 Reissued to employees under the Fo r (56,975 ) (393 ) Balance at 31 December 2021 825,163 11,870 Reissued to Offeror under the TMI Offer (825,163 ) (11,870 ) Balance at 31 December 2022 - -
Disclosure Of Detailed Information About Share Option Reserves [Table Text Block]	Share compensation reserve 2022 2021 US$’000 US$’000 Balance at 1 January 4,777 3,954 Share-based payments expenses 8,134 3,330 Treasury shares issued to employees under the Forfeitable Share Plan (12,911 ) (2,507 ) Balance at 31 December - 4,777
Disclosure of detailed information about share awards outstanding [Table Text Block]	Details of the share aw a Number of share awards: 2018 2020 2021 2022 Total Outstanding at 1 January 2021 445,333 205,000 - - 650,333 Issued during the year - - 516,000 - 516,000 Forfeited during the year (1,333 ) - - - (1,333 ) Awards vested to employees under the Forfeitable Share Plan (223,332 ) (80,500 ) - - (303,832 ) Outstanding at 31 December 2021 220,668 124,500 516,000 - 861,168 Issued during the year - - - 232,646 232,646 Forfeited during the year - - (106,667 ) - (106,667 ) Awards vested to employees under the Forfeitable Share Plan (220,668 ) (80,500 ) (171,996 ) (38,468 ) (511,632 ) Awards vested to employees under TMI Offer - (44,000 ) (237,337 ) (194,178 ) (475,515 ) Outstanding at 31 December 2022 - - - - - US$ US$ US$ US$ Fair value at grant date 10.18 2.90 11.85 25.58

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 2020 US$’000 US$’000 US$’000 Over time: Charter hire 193,631 210,079 81,212 Freight revenue 236,327 245,179 122,766 Vessel revenue 429,958 455,258 203,978 Management fees 521 581 1,526 Other 521 581 1,526 At a point in time: Sale of ships 29,600 - 4,937 Sale of bunkers and other consumables 381 - 241 Ship sales 29,981 - 5,178 460,460 455,839 210,682

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 Drybulk Carrier Business Other Total Unallocated Total Adjustments Total Handysize Supramax/ Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 159,524 268,352 2,082 429,958 - 429,958 - 429,958 Ship sale revenue - - 29,981 29,981 - 29,981 - 29,981 Other 410 111 - 521 - 521 - 521 Total revenue 159,934 268,463 32,063 460,460 - 460,460 - 460,460 Voyage expenses (30,683 ) (60,420 ) (1 ) (91,104 ) - (91,104 ) - (91,104 ) Vessel operating costs (31,625 ) (18,249 ) 2,973 (46,901 ) - (46,901 ) - (46,901 ) Charter hire costs (12,126 ) (46,800 ) - (58,926 ) - (58,926 ) - (58,926 ) Depreciation of ships, drydocking and plant and equipment– owned assets (17,946 ) (11,791 ) (761 ) (30,498 ) - (30,498 ) - (30,498 ) Depreciation of ships and ship equipment – right-of-use assets (14 ) (35,662 ) - (35,676 ) - (35,676 ) - (35,676 ) Cost of ship sale - - (29,897 ) (29,897 ) - (29,897 ) - (29,897 ) Other (1,024 ) 334 (6 ) (696 ) - (696 ) - (696 ) Costs of sales (93,418 ) (172,588 ) (27,692 ) (293,698 ) - (293,698 ) - (293,698 ) Gross profit 66,516 95,875 4,371 166,762 - 166,762 - 166,762 Operating profit (loss) 54,904 76,546 2,200 133,650 (14,621 ) 119,029 5 119,034 Interest income 881 1,085 161 2,127 101 2,228 - 2,228 Interest expense (7,847 ) (8,075 ) (1,211 ) (17,133 ) - (17,133 ) - (17,133 ) Share of losses of joint ventures - - - - - - (5 ) (5 ) Income tax expense (308 ) (426 ) (23 ) (757 ) - (757 ) - (757 ) Profit (loss) for the period 47,630 69,130 1,127 117,887 (14,520 ) 103,367 - 103,367 Reversal of impairment loss recognised on ships (1,707 ) - - (1,707 ) - (1,707 ) - (1,707 ) Impairment loss on right-of-use asset - 985 - 985 - 985 - 985 Capital expenditure 5,529 3,812 78 9,419 - 9,419 - 9,419 2021 Drybulk Carrier Business Others Total Unallocated Total Adjustments Total Handysize Supramax/Ultramax US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 157,707 292,179 5,372 455,258 - 455,258 - 455,258 Ship sale revenue - - - - - - - - Other 503 78 - 581 - 581 - 581 Total revenue 158,210 292,257 5,372 455,839 - 455,839 - 455,839 Voyage expenses (27,235 ) (69,600 ) (129 ) (96,964 ) - (96,964 ) - (96,964 ) Vessel operating costs (31,043 ) (15,811 ) 2,896 (43,958 ) - (43,958 ) - (43,958 ) Charter hire costs (11,755 ) (63,626 ) - (75,381 ) - (75,381 ) - (75,381 ) Depreciation of ships, drydocking and plant and equipment– owned assets (13,724 ) (10,474 ) (1,668 ) (25,866 ) - (25,866 ) - (25,866 ) Depreciation of ships and ship equipment – right-of-use assets (17 ) (34,881 ) - (34,898 ) - (34,898 ) - (34,898 ) Cost of ship sale - - - - - - - - Other (457 ) (1,419 ) 1 (1,875 ) - (1,875 ) - (1,875 ) Costs of sales (84,231 ) (195,811 ) 1,100 (278,942 ) - (278,942 ) - (278,942 ) Gross profit 73,979 96,446 6,472 176,897 - 176,897 - 176,897 Operating profit (loss) 65,612 78,777 3,616 148,005 (3,379 ) 144,626 31 144,657 Interest income 7 11 163 181 20 201 - 201 Interest expense (4,873 ) (6,376 ) (1,049 ) (12,298 ) - (12,298 ) - (12,298 ) Share of losses of joint ventures - - - - - - (31 ) (31 ) Income tax benefit 3 11 104 118 - 118 - 118 Profit (loss) for the period 60,749 72,423 2,834 136,006 (3,359 ) 132,647 - 132,647 (Reversal of) impairment loss on owned ships (3,557 ) - - (3,557 ) - (3,557 ) - (3,557 ) (Reversal of) impairment loss on right-of-use assets - (1,046 ) - (1,046 ) - (1,046 ) - (1,046 ) Impairment loss on disposal group - - - 2,551 - 2,551 - 2,551 Impairment of goodwill and intangibles 94 871 - 965 - 965 - 965 Capital expenditure 5,947 26,423 1,134 33,504 - 33,504 - 33,504 2020 Drybulk Carrier Business Others Total Unallocated Total Adjustments Total Handysize Supramax/Ultramax US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Vessel revenue 74,641 124,352 5,463 204,456 - 204,456 (478 ) 203,978 Ship sale revenue 9,181 - - 9,181 - 9,181 (4,003 ) 5,178 Other 697 320 217 1,234 - 1,234 292 1,526 Total revenue 84,519 124,672 5,680 214,871 - 214,871 (4,189 ) 210,682 Voyage expenses (30,995 ) (48,547 ) (208 ) (79,750 ) - (79,750 ) (2,090 ) (81,840 ) Vessel operating costs (28,417 ) (13,640 ) 2,255 (39,802 ) - (39,802 ) 1,834 (37,968 ) Charter hire costs (8,827 ) (25,542 ) - (34,369 ) - (34,369 ) - (34,369 ) Depreciation of ships, drydocking and plant and equipment– owned assets (12,235 ) (9,087 ) (1,889 ) (23,211 ) - (23,211 ) 1,208 (22,003 ) Depreciation of ships and ship equipment – right-of-use assets (89 ) (24,597 ) - (24,686 ) - (24,686 ) 12 (24,674 ) Cost of ship sale (9,351 ) - - (9,351 ) - (9,351 ) 3,976 (5,375 ) Other (539 ) 129 (2 ) (412 ) - (412 ) 14 (398 ) Costs of sales (90,453 ) (121,284 ) 156 (211,581 ) - (211,581 ) 4,954 (206,627 ) Gross profit (5,934 ) 3,388 5,836 3,290 - 3,290 765 4,055 Operating profit (loss) (16,346 ) (3,181 ) 2,125 (17,402 ) (2,109 ) (19,511 ) 1,838 (17,673 ) Interest income 90 96 222 408 - 408 59 467 Interest expense (6,414 ) (8,542 ) (679 ) (15,635 ) (50 ) (15,685 ) 579 (15,106 ) Share of losses of joint ventures - - - - - - (2,476 ) (2,476 ) Income tax expense/(expense) (244 ) (278 ) 333 (189 ) - (189 ) - (189 ) Profit (loss) for the period (22,914 ) (11,905 ) 2,001 (32,818 ) (2,159 ) (34,977 ) - (34,977 ) Impairment loss on owned ships 6,160 - - 17,294 - 17,294 (1,012 ) 16,282 Impairment loss on disposal group - - - 576 - 576 - 576 Acquisition of subsidiary (Note 39) 33,078 54,096 - 87,174 - 87,174 156,709 243,883 Capital expenditure 6,874 1,671 66 8,611 - 8,611 479 9,090

OTHER OPERATING INCOME (EXPEN_2

OTHER OPERATING INCOME (EXPENSE) (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of other operating income expense [Abstract]
Disclosure of detailed information for other operating expenses income [Text Block]	2022 2021 2020 US$’000 US$’000 US$’000 Reversal of (impairment loss) recognised on ships (Note 13) 1,707 3,557 (5,148 ) (Impairment loss) reversal of impairment recognised on right-of-use assets (Note 14) (985 ) 1,046 - Impairment loss on goodwill (Note 18) - (965 ) - Reversal of (impairment loss) 45 (2 ) (1 ) Net foreign exchange (loss) gain (512 ) 95 4,868 Gain on disposal of plant and equipment 36 14 - Gain on disposal of right-of-use asset - 104 - Other operating income 52 - - Other operating expenses (2 ) - (12 ) 341 3,849 (293 )

INTEREST INCOME (Tables)

INTEREST INCOME (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of interest income [Abstract]
Disclosure of detailed information for interest income [Text Block]	2022 2021 2020 US$’000 US$’000 US$’000 Interest on loans to joint ventures (Note 5) - - 112 Bank interests 1,776 201 355 Other interest 452 - - 2,228 201 467

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of interest expenses [Abstract]
Disclosure of detailed information for interest expense [Text Block]	2022 2021 2020 US$’000 US$’000 US$’000 Interest on bank loans 14,119 6,231 7,128 Interest on non-bank loans - 1,808 2,797 Amortisation of upfront fees on bank loans 1,539 1,263 1,831 Other finance costs 61 1,095 870 Interest on lease liabilities 1,414 1,901 2,480 17,133 12,298 15,106

PROFIT (LOSS) BEFORE TAXATION (

PROFIT (LOSS) BEFORE TAXATION (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of loss before taxation [Abstract]
Disclosure of detailed information regarding adjustments to reconcile profitloss before tax [Text Block]	Profit (loss) before taxation has been arrived at after charging: 2022 2021 2020 US$’000 US$’000 US$’000 Depreciation of ships, dry-docking and plant and equipment (Note 13) 30,498 25,866 22,003 Depreciation of other property, plant and equipment * 57 51 39 Amortisation of intangible assets * 155 165 146 Total depreciation and amortisation – owned assets 30,710 26,082 22,188 Depreciation of ships and ship equipment – right-of-use 35,676 34,898 24,674 Depreciation of property – right-of-use * 889 938 946 Total depreciation and amortisation – right-of-use assets 36,565 35,836 25,620 Total depreciation and amortisation 67,275 61,918 47,808 Cost of inventories recognised as expense (included in voyage expenses) 78,172 57,633 47,135 Expense recognised in respect of equity-settled share-based payments 8,134 3,336 1,831 Employee benefits expenses (including directors’ remuneration and share based payments) 28,053 27,206 14,534 Cost of defined benefit plan and defined contribution plans included in employee benefits expenses 1,320 1,096 1,019 Tender offer and related expenses - - * Included in administrative expense

INCOME TAX EXPENSE (BENEFIT) (T

INCOME TAX EXPENSE (BENEFIT) (Tables)	12 Months Ended
	Dec. 31, 2022
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% (2021 and 2020: 28%). 2022 2021 2020 US$’000 US$’000 US$’000 Current tax In respect of the current year 428 513 181 Withholding taxes 127 48 10 In respect of prior years (463 ) (132 ) - 92 429 191 Deferred tax In respect of the current year 665 (547 ) (2 ) 665 (547 ) (2 ) Income tax expense (benefit) 757 (118 ) 189
Disclosure of detailed information about income tax reconciliation [Text Block]	The total charge (credit) for the y e 2022 2021 2020 US$’000 US$’000 US$’000 Profit (loss) before tax 104,124 132,529 (34,788 ) Income tax expense (benefit) calculated at corporate rate 17,701 22,530 (5,914 ) Adjusted for: Effect of income that is exempt from tax (32,053 ) (27,890 ) (2,967 ) Effect of expenses that are not deductible in determining taxable profit 15,025 6,204 9,905 Effect of different tax rates of subsidiaries operating in other jurisdictions 420 (878 ) (849 ) Effect of tax losses disallowed to be brought forward - - 4 Overprovision of current tax in prior year (463 ) (132 ) - Withholding tax 127 48 10 757 (118 ) 189

DISCONTINUED OPERATION (Tables)

DISCONTINUED OPERATION (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of analysis of single amount of discontinued operations [abstract]
Disclosure of analysis of single amount of discontinued operations [text block]	The results of the discontinued operation, which were included in the profit (loss) for the year, were as follows: 2021 2020 US$’000 US$’000 Revenue 52,980 68,535 Cost of sales Voyage expenses (421 ) (1,601 ) Vessel operating costs (1,942 ) (9,509 ) Charter hire costs - (3,851 ) Depreciation of ships, drydocking and plant and equipment– owned assets - (1,846 ) Depreciation of ships and ship equipment – right-of-use assets - (1,739 ) Other expenses (61 ) (582 ) Cost of ship sale (50,580 ) (38,356 ) Gross (loss) profit (24 ) 11,051 Other operating expense (2,986 ) (13,264 ) Administrative expense (2,253 ) (3,173 ) Share of (losses) profit of joint ventures (1 ) 1,531 Interest income 35 98 Interest expense (649 ) (1,832 ) Loss before taxation (5,878 ) (5,589 ) Income tax benefit (expense) 2,713 (534 ) Net loss attributable to discontinued operation (attributable to the owners of the Company) (3,165 ) (6,123 ) Cash flows relating to the discontinued operation of the tanker business were as follows: Net cash flows from discontinued operation Cash generated from (used in) from operating activities 21,902 29,845 Cash generated from (used in) from investing activities 962 (1,492 ) Cash used in financing activities (25,949 ) (25,723 )

ASSETS CLASSIFIED AS HELD FOR_2

ASSETS CLASSIFIED AS HELD FOR SALE (Tables)	12 Months Ended
	Dec. 31, 2022
Assets held for sale [Abstract]
Disclosure Of Assets Comprising The Disposal Group Classified Held For Sale [Table Text Block]	2022 2021 US$’000 US$’000 Net assets of disposal group held for sale as at 1 January - 3,254 Sale of business during the year - (100 ) Movements during the year on assets held for sale - (60 ) Impairment of disposal group held for sale - (2,551 ) Effect of foreign currency exchange differences - (543 ) Net assets of disposal group held for sale as at 31 December - -

ACQUISITION OF A SUBSIDIARY (Ta

ACQUISITION OF A SUBSIDIARY (Tables)	12 Months Ended
	Dec. 31, 2022
Sale Of Business [Abstract]
Disclosure of detailed information about business combination	Assets and liabilities recognised at the date of acquisition 2020 US$’000 Cash and bank balances including restricted cash 15,774 Other receivables and prepayments 694 Due from related parties 2,512 Inventories 485 Ships, property, plant and equipment 243,883 Right-of-use assets 87 Bank loans (125,517 ) Other payables (2,690 ) Due to related parties (33 ) Lease liabilities (90 ) Fair value of net identifiable assets acquired 135,105 Net cash outflows arising on acquisition of IVS Bulk Pte. Ltd. 2020 US$’000 Total purchase consideration (44,087 ) Less: cash and bank balances including restricted cash 15,774 Payment for acquisition of subsidiary, net of cash acquired (28,313 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Profit or loss [abstract]
Description of detailed information about earnings per share	The calculation of basic and diluted earnings per share is based on the following data: From continuing operations and discontinued operation Earnings 2022 2021 2020 US$’000 US$’000 US$’000 Profit (loss) for the purpose of basic profit (loss) per share Net profit (loss) attributable to the shareholders of the Group 103,367 118,925 (38,795 ) Effect of dilutive potential on ordinary shares - - - Profit (loss) for the purposes of diluted profit (loss) per share 103,367 118,925 (38,795 ) Number of shares for the purpose of calculating basic and diluted profit (loss) per share 2022 2021 2020 Weighted average number of ordinary shares for the purpose of basic profit (loss) per share 18,949,972 19,150,787 18,966,414 Effect of dilutive potential ordinary shares due to FSP share awards - 861,168 - Weighted average number of ordinary shares for the purpose of diluted profit loss per share 18,949,972 20,011,955 18,966,414 US$ US$ US$ Basic profit (loss) per share 5.45 6.21 (2.05 ) Diluted profit (loss) per share 5.45 5.94 (2.05 ) The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of diluted profit (loss) per share: Number of shares - - 650,333
Disclosure of earnings per share basic and diluted from continuing operations explanatory	Earnings 2022 2021 2020 US$’000 US$’000 US$’000 Profit (loss) for the purpose of basic profit (loss) per share Net profit (loss) attributable to the s h 103,367 118,925 (38,795 ) Adjustments to exclude loss for the year from discontinued operation - 3,165 6,123 Profit (loss) from continuing operations for the purpose of basic profit (loss) per share from continuing operations 103,367 122,090 (32,672 ) Effect of dilutive potential ordinary share - - - Profit (loss) for the purposes of diluted profit (loss) per share from continuing operations 103,367 122,090 (32,672 ) US$ US$ US$ Basic profit (loss) per share 5.45 6.38 (1.72 ) Diluted profit (loss) per share 5.45 6.10 (1.72 )
Disclosure of earnings per share basic and diluted from discontinuing operations explanatory	2022 2021 2020 US$ US$ US$ Basic profit (loss) per share - 0.17 0.33 Diluted profit (loss) per share - 0.16 0.33

DIVIDENDS (Tables)

DIVIDENDS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of dividends [Abstract]
Schedule of dividend distributions to equity holders	2022 2021 2020 US$’000 US$’000 US$’000 Amounts recognised as distributions to equity holders in the year Interim dividend paid 22 March (2021: 13 December) 13,650 13,546 - Interim dividend paid 20 June 8,910 - - Interim dividend paid 19 September 15,957 - - Interim dividend paid 1 December 97,360 - - 135,877 13,546 - US$ US$ US$ Interim dividend per share - paid 22 March (2021:13 December) 0.72 0.72 - Interim dividend per share - paid 20 June 0.47 - - Interim dividend per share - paid 19 September 0.84 - - Interim dividend per share - paid 1 December 5.00 - -

NON-CONTROLLING INTEREST (Table

NON-CONTROLLING INTEREST (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Detailed Information About Noncontrolling Interests [Abstract]
Disclosure Of Detailed Information About Noncontrolling Interests [Table Text Block]	2022 2021 US$’000 US$’000 Balance at 1 January - 41,782 Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39) - (52,339 ) Share of profit (loss) for the year - 10,557 Balance at 31 December - -

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments [Abstract]
Disclosure of detailed information about capital commitments text block [Text Block]	The following has been authorised: 2022 2021 US$’000 US$’000 Due within one year 1,399 887

GENERAL (Detail Textual)

GENERAL (Detail Textual)	Dec. 19, 2022	Oct. 12, 2022
Disclosure Of Basis Of Presentation Abstract [Abstract]
Equity method investment ownership percentage		73.78%
Percentage of outstanding shares	83.23%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Dec. 31, 2022
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_5

SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Impairment loss recognised in profit or loss, goodwill	$ 985,000	$ 1,046,000	$ 16,282,000
Discount rate applied to cash flow projections	8.56%	7.50%
Cash outflow for leases	$ 52,621,000	$ 64,533,000
Reversal of impairment	$ 1,707,000	$ 3,557,000	$ 0
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
Drybulk carrier [Member] | Bottom of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	0%	0%
Increase in discount rate	0%	0%
Drybulk carrier [Member] | Top of range [member]
Disclosure Of Changes In Accounting Estimates Explanatory [Line Items]
Decrease in charter rate	22.57%	20.83%
Increase in discount rate	82.30%	66.57%
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

FINANCIAL INSTRUMENTS, FINANC_3

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets [abstract]
Financial assets	$ 88,178	$ 149,039
Disclosure of financial liabilities [abstract]
Financial liabilities	255,001	313,400
Financial liabilities at amortised cost, category [member]
Disclosure of financial liabilities [abstract]
Amortised cost	254,863	312,696
Derivative instruments designated in hedge accounting relationships [Member]
Disclosure of financial liabilities [abstract]
Financial liabilities	138	704
Financial assets at amortised cost, category [member]
Disclosure of financial assets [abstract]
Financial assets at amortised cost	88,127	143,058
Derivatives [member]
Disclosure of financial assets [abstract]
Financial assets	$ 51	$ 5,981

FINANCIAL INSTRUMENTS, FINANC_4

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Gross carrying amount		$ 34,243	$ 33,661
Loss allowance		(660)	(684)
Net carrying amount		$ 33,583	$ 32,977
Trade receivables [member]
Statement1 [Line Items]
Internal Credit rating	[1]	(i)	(i)
12-month or lifetime ECL		Lifetime ECL (Simplified approach)	Lifetime ECL (Simplified approach)
Gross carrying amount		$ 11,950	$ 9,657
Loss allowance		(660)	(684)
Net carrying amount		$ 11,290	$ 8,973
Contract assets [member]
Statement1 [Line Items]
Internal Credit rating	[1]	(i)	(i)
12-month or lifetime ECL		Lifetime ECL (Simplified approach)	Lifetime ECL (Simplified approach)
Gross carrying amount		$ 1,313	$ 3,686
Loss allowance		0	0
Net carrying amount		$ 1,313	$ 3,686
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		$ 20,980	$ 20,308
Loss allowance		0	0
Net carrying amount		$ 20,980	$ 20,308
Loans to Joint Venture [Member]
Statement1 [Line Items]
Internal Credit rating			Doubtful
12-month or lifetime ECL			Lifetime ECL
Gross carrying amount			$ 10
Loss allowance			0
Net carrying amount			$ 10
[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, 2022	Dec. 31, 2021
Statement1 [Line Items]
Financial liabilities	$ 255,001	$ 313,400
Financial assets	88,178	149,039
United States dollars [Member]
Statement1 [Line Items]
Financial liabilities	(554)	(564)
Financial assets	584	1,099
South African rands [Member]
Statement1 [Line Items]
Financial liabilities	(1,629)	(4,877)
Financial assets	$ 0	$ 0

FINANCIAL INSTRUMENTS, FINANC_6

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
United States dollars [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency strengthen by 10 %	$ 3	$ 54
South africa rands [Member]
Statement1 [Line Items]
Impact on profit or loss in foreign currency strengthen by 10 %	$ (163)	$ (488)

FINANCIAL INSTRUMENTS, FINANC_7

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 5) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial liabilities at amortised cost, category [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 254,863	$ 312,696
Lease liabilities [member]
Disclosure of maturity analysis for Non derivative financial liabilities group interest rate [Abstract]
Weighted average effective interest rate	6.47%	4.17%
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 26,113	$ 33,271
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	97,939	96,955
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	22,903	28,156
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	165,527	194,513
Within 2 to 5 years | Lease liabilities [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	4,177	5,992
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	33,909	54,565
After 5 years | Lease liabilities [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	0	0
Adjustment | Financial liabilities at amortised cost, category [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	(42,512)	(33,337)
Adjustment | Lease liabilities [member]
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ (967)	$ (877)
Non-interest bearing [Member]
Disclosure of maturity analysis for Non derivative financial liabilities group interest rate [Abstract]
Weighted average effective interest rate	0%	0%
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 29,782	$ 33,759
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	29,782	33,759
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	0	0
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	8.16%	3.82%
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ 198,968	$ 245,666
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	45,254	35,040
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	161,350	188,521
Variable interest rate instruments [Member] | After 5 years
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	33,909	54,565
Variable interest rate instruments [Member] | Adjustment
Disclosure of maturity analysis for group interest rate [Abstract]
Non-derivative financial liabilities, undiscounted cash flows	$ (41,545)	$ (32,460)

FINANCIAL INSTRUMENTS, FINANC_8

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 6) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gross settled:
Derivative financial liabilities, undiscounted cash flows		$ 5,277
On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		4,666
Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		611
Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements one [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows		5,109
Forward freight agreements one [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		4,498
Forward freight agreements one [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		611
Forward freight agreements one [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements one [Member] | Gross inflow [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows		5,720
Forward freight agreements one [Member] | Gross inflow [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		5,109
Forward freight agreements one [Member] | Gross inflow [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		611
Forward freight agreements one [Member] | Gross inflow [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements one [Member] | Gross outflow [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows		(611)
Forward freight agreements one [Member] | Gross outflow [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows		(611)
Forward freight agreements one [Member] | Gross outflow [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements one [Member] | Gross outflow [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows		0
Forward freight agreements [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows	$ 87	168
Forward freight agreements [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows	(87)	168
Forward freight agreements [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows	0	0
Forward freight agreements [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows	0	0
Forward freight agreements [Member] | Gross inflow [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows	51	261
Forward freight agreements [Member] | Gross inflow [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows	51	261
Forward freight agreements [Member] | Gross inflow [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows	0	0
Forward freight agreements [Member] | Gross inflow [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows	0	0
Forward freight agreements [Member] | Gross outflow [Member]
Gross settled:
Derivative financial liabilities, undiscounted cash flows	(138)	(93)
Forward freight agreements [Member] | Gross outflow [Member] | On demand or within 1 year
Gross settled:
Derivative financial liabilities, undiscounted cash flows	(138)	(93)
Forward freight agreements [Member] | Gross outflow [Member] | Within 2 to 5 years
Gross settled:
Derivative financial liabilities, undiscounted cash flows	0	0
Forward freight agreements [Member] | Gross outflow [Member] | Adjustment
Gross settled:
Derivative financial liabilities, undiscounted cash flows	$ 0	$ 0

FINANCIAL INSTRUMENTS, FINANC_9

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 7) - Recurring fair value measurement [member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Forward freight agreements one [Member]
Financial Liabilities
Financial liabilities	$ 0	$ (611)
Swap contract [member]
Financial Liabilities
Financial liabilities	(138)	(93)
Forward freight agreements one [Member]
Financial Assets
Financial assets	0	5,720
Swap contract [member]
Financial Assets
Financial assets	$ 51	$ 261

FINANCIAL INSTRUMENTS, FINAN_10

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 8) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets
Derivative financial instruments	$ 51	$ 5,981
Financial liabilities
Derivative financial instruments	(138)	(704)
Level 1
Financial assets
Derivative financial instruments	0	0
Financial liabilities
Derivative financial instruments	0	0
Level 2
Financial assets
Derivative financial instruments	51	5,981
Financial liabilities
Derivative financial instruments	(138)	(704)
Level 3
Financial assets
Derivative financial instruments	0	0
Financial liabilities
Derivative financial instruments	$ 0	$ 0

FINANCIAL INSTRUMENTS, FINAN_11

FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Statement1 [Line Items]
Increase decrease in interest rate	$ 997,000	$ 536,000	$ 1,103,000
Increase decrease in hedging reserve in commodity price	$ 460,000	778,000	206,000
Commodity price rate	10%
Increase decrease in commodity price	$ 0	$ 0	$ 0
Percentage of reasonably possible decrease in unobservable input entity own equity instruments	10%	10%	10%
London Inter Bank Offered Rate LIBOR [Member]
Statement1 [Line Items]
Borrowings, interest rate	4.70%			0.10%
Shipping Market Price Sensitivity [Member]
Statement1 [Line Items]
Percentage of reasonably possible increase in unobservable input entity own equity instruments	10%	10%	10%
Increase decrease in fair value measurement due to reasonably possible decrease in unobservable inputs recognized in profit or loss after tax liabilities	$ 0	$ 0	$ 0
Increase decrease in fair value measurement due to reasonably possible increase in unobservable inputs recognized in profit or loss after tax liabilities	0	0	0
Shipping Market Price Sensitivity [Member] | Reserve of gains and losses on hedging instruments that hedge investments in equity instruments [member]
Statement1 [Line Items]
Increase decrease in fair value measurments due to reasonably possible increase in unobservable input entity own equity instruments	0	671,000	0
Increase decrease in fair value measurments due to reasonably possible decrease in unobservable input entity own equity instruments	$ 0	$ 671,000	$ 0

RELATED PARTIES TRANSACTIONS (D

RELATED PARTIES TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of holding company and related parties transactions [Line Items]
Interest income	$ 2,228	$ 201	$ 467
Joint ventures where entity is venturer [member]
Disclosure of holding company and related parties transactions [Line Items]
Interest income	0	0	157
Technical management fee income	0	0	354
Agency Fees from joint ventures	3	3	83
Dividend income	0	0	536
Charter hire and other related revenue	0	0	679
Charter hire and other related expenses	0	0	(6,025)
Payments on behalf of a joint venture	0	0	(7,987)
Repayment of preference shares by a joint venture	0	0	2,569
Settlement of interest bearing loan	$ 0	$ 0	$ 5,382

RELATED PARTIES TRANSACTIONS _2

RELATED PARTIES TRANSACTIONS (Details 1) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of holding company and related parties transactions [Line Items]
Short-term benefits		$ 7,954	$ 9,200	$ 4,073
Share-based payments	[1]	5,108	1,479	769
Total director's remuneration		$ 13,062	$ 10,679	$ 4,842
[1]Represents vesting of ordinary shares in terms of the Forfeitable Share Plan. Vesting of all ordinary shares were accelerated in the current year due to the TMI Offer.

CASH AND BANK BALANCES INCLUD_3

CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of cash and bank balances [Line Items]
Restricted cash, current portion	$ 5,667	$ 2,875
Cash on hand	494	518
Cash at bank	46,067	103,725
Cash and bank balances	52,228	107,118
Less: Restricted cash, current portion	(5,667)	(2,875)
Cash and cash equivalents in the statements of cash flows	46,561	104,243
Restricted cash
Current and Non Current	10,009	9,524
Short Term [Member]
Restricted cash
Current	5,667	2,875
Long Term [Member]
Restricted cash
Non-current	$ 4,342	$ 6,649

TRADE RECEIVABLES (Details)

TRADE RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Trade receivables	$ 11,950	$ 9,507
Less: Allowances for doubtful debts	(660)	(684)
Trade receivables before receivable from the pools and after allowance for credit losses	11,290	8,823
Trade receivables due from the Pools	0	150
Total trade receivables, net	$ 11,290	$ 8,973

TRADE RECEIVABLES (Details 1)

TRADE RECEIVABLES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Current trade receivables gross	$ 11,290	$ 8,973
Financing Receivables No past Due Member [Member]
Statement1 [Line Items]
Current trade receivables gross	8,493	7,202
Financing Receivables 1 to 30 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	1,237	1,013
Financing Receivables 31 to 60 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	68	132
Financing Receivables 61 to 90 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	509	4
Financing Receivables 91 To 120 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	241	11
Financing Receivable Equal To Greater Than 120 Days Past Due [Member]
Statement1 [Line Items]
Current trade receivables gross	$ 742	$ 611

TRADE RECEIVABLES (Details 4)

TRADE RECEIVABLES (Details 4) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Detail Of Assessment Of Recoverability Of Outstanding Balances From Impaired Debtors [Line Items]
Gross carrying amount	$ 11,290	$ 8,973
Less: Allowances for doubtful debts	(660)	(684)
Carrying amount net of allowance	11,290	8,973
Credit impaired debtors including the debtor whose invoice is in dispute [member] | Expected credit losses individually assessed [member]
Disclosure Detail Of Assessment Of Recoverability Of Outstanding Balances From Impaired Debtors [Line Items]
Gross carrying amount	660	684
Less: Allowances for doubtful debts	(660)	(684)	$ 0
Carrying amount net of allowance	$ 0	$ 0

TRADE RECEIVABLES (Details 5)

TRADE RECEIVABLES (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure In Tabular Form Of Movement In Loss Allowances Of Credit Impaired Debtors [Line Items]
Balance at 1 January	$ (684)
Balance at 31 December	(660)	$ (684)
Expected credit losses individually assessed [member] | Credit impaired debtors including the debtor whose invoice is in dispute [member]
Disclosure In Tabular Form Of Movement In Loss Allowances Of Credit Impaired Debtors [Line Items]
Balance at 1 January	(684)	0
Net remeasurement of loss allowance	(16)	(681)
Amount written off	7	0
Effect of foreign exchange differences	1	(3)
Balance at 31 December	$ (660)	$ (684)

TRADE RECEIVABLES (Details Text

TRADE RECEIVABLES (Details Textual)	12 Months Ended
	Dec. 31, 2022
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.

CONTRACT ASSETS (Details Textua

CONTRACT ASSETS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract Assets [Line Items]
Allowance for credit loss on contract assets	$ 660	$ 684
Contract assets period for which the same is due	30 years	30 years
Top of range [member]
Contract Assets [Line Items]
Trade receivables outstanding period for which expected credit loss rate is not considered	120 years	120 years
Contract assets [member]
Contract Assets [Line Items]
Allowance for credit loss on contract assets	$ 0	$ 0

OTHER RECEIVABLES AND PREPAYM_3

OTHER RECEIVABLES AND PREPAYMENTS (Details) - USD ($)	Dec. 31, 2022	Jun. 16, 2022	Dec. 31, 2021	Jun. 07, 2021
Current:
Deposits	$ 269,000		$ 809,000
Prepayments	4,026,000		2,051,000
Voyages in progress	17,085,000		15,076,000
Loan receivables	0	$ 600,000	613,000	$ 600,000
Due from joint ventures	0		6,000
Other receivables	3,686,000		3,869,000
Other receivables and prepayments current	25,066,000		22,424,000
Non-current:
Prepayments	860,000		380,000
Prepayments and accrued income other than contract assets	$ 25,926,000		$ 22,804,000

OTHER RECEIVABLES AND PREPAYM_4

OTHER RECEIVABLES AND PREPAYMENTS (Details Textual) - USD ($)	Dec. 31, 2022	Jun. 16, 2022	Dec. 31, 2021	Jun. 07, 2021
Disclosure of Other Receivables and Prepayments [Abstract]
Loan receivables	$ 0	$ 600,000	$ 613,000	$ 600,000

LOANS TO JOINT VENTURES (Detail

LOANS TO JOINT VENTURES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Loans to joint ventures	$ 0	$ 10
Joint ventures [member]
Current assets:
Loans to joint ventures	$ 0	$ 10

LOANS TO JOINT VENTURES (Parent

LOANS TO JOINT VENTURES (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Recovery Of Loans And Advances Previously Written Off	$ 29,000
Repayment of loans due from joint venture	$ 39,000	$ 788,000	$ 5,127,000

LOANS TO JOINT VENTURES (Deta_2

LOANS TO JOINT VENTURES (Details 1) - Joint ventures where entity is venturer [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of joint ventures [line items]
Loss allowance previously written off recognised in profit or loss on changes in credit risk	$ (29)	$ 0
Amount recovered	29	0
Balance	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Current assets	$ 51	$ 5,370
Non-current assets	0	611
Liabilities
Current liabilities	$ (138)	$ (704)

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 1)	Dec. 31, 2022 USD ($) MT	Dec. 31, 2021 USD ($)
Disclosure of detailed information about hedges [abstract]
Quantity | MT	400
Current Assets
Disclosure of detailed information about hedges [abstract]
Notional value		$ 18,189,000
Fair value gain		5,109,000
Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Notional value	$ 2,164,000	3,620,000
Fair value gain	51,000	261,000
Current Liabilities
Disclosure of detailed information about hedges [abstract]
Notional value		8,177,000
Fair value gain		(611,000)
Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Notional value	2,526,000	3,993,000
Fair value gain	(138,000)	$ (93,000)
January 2023 0.5% FOB Rottedam Strike Price 510.25 [Member] | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 510,250
Quantity | MT	350
Notional value	$ 179,000
Fair value gain	2,000
January 2023 to December 2023 Zero Point Five Percent FOB Singapore Strike Price 483.50 | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 483,500
Quantity | MT	1,920
Notional value	$ 928,000
Fair value gain	31,000
April 2023 Zero Point Five Percent FOB Rottendam Strike Price 488.50 | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 488,500
Quantity | MT	400
Notional value	$ 195,000
Fair value gain	5,000
May 2023 Zero Point Five Percent FOB Singapore Strike Price 529.25 | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 529,250
Quantity | MT	250
Notional value	$ 132,000
Fair value gain	2,000
March 2023 to May 2023 Zero Point Five Percent FOB Singapore Strike Price 537.50 | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 537,500
Quantity | MT	750
Notional value	$ 403,000
Fair value gain	4,000
January 2023 Zero Point Five Percent FOB Rottedam Strike Price 651 | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 651,000
Quantity | MT	180
Notional value	$ 117,000
Fair value gain	(25,000)
January 2023 Zero Point Five percent FOB Rottedam Strike Price 599.50 | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 599,500
Quantity | MT	450
Notional value	$ 270,000
Fair value gain	(38,000)
January 2023 to February 2023 Zero Point Five percent FOB Rottedam Strike Price 573.75 | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 573,750
Quantity | MT	750
Notional value	$ 430,000
Fair value gain	(47,000)
February 2023 to July 2023 Zero Point Five percent FOB Rottedam Strike Price 510.25 | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 510,250
Quantity | MT	2,100
Notional value	$ 1,072,000
Fair value gain	(20,000)
August 2023 to December 2023 Zero Point Five percent FOB Rottedam Strike Price 503.25 | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 503,250
Quantity | MT	1,000
Notional value	$ 503,000
Fair value gain	(8,000)
June 2023 Zero Point Five percent FOB Rottedam Strike Price 537.50 | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 537,500
Quantity | MT	250
Notional value	$ 134,000
Fair value gain	0
January 2022 To June 2022 Zero Point Five Percent Fob Rottendam Strike Price 518 [Member] | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 518
Quantity | MT	1,200
Notional value	$ 622,000
Fair value gain	22,000
Jan 2022 Zero Point Five Percent Fob Rottendam Strike Price 407 [Member] | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 407
Quantity | MT	500
Notional value	$ 204,000
Fair value gain	74,000
January 2022 To May 2022 Zero Point Five Percent Fob Singapore Strike Price 505.25 [Member] | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 505.25
Quantity | MT	1,900
Notional value	$ 960,000
Fair value gain	115,000
January 2022 To March 2022 Zero Point Five Percent Fob Rottendam Strike Price 533 [Member] | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 533
Quantity | MT	2,700
Notional value	$ 1,439,000
Fair value gain	33,000
January 2022 To February 2022 Zero Point Five Percent Fob Singapore Strike Price 564.75 [Member] | Current Assets | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 564.75
Quantity | MT	700
Notional value	$ 395,000
Fair value gain	17,000
April 2022 To October 2022 Zero Point Five Percent Fob Rottedam Strike Price 533 [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 533
Quantity | MT	6,500
Notional value	$ 3,465,000
Fair value gain	(74,000)
November 2022 Zero Point Five Percent Fob Rottedam Strike Price 528.5 [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 528.5
Quantity | MT	500
Notional value	$ 264,000
Fair value gain	(10,000)
December 2022 Zero Point Five Percent Fob Rottedam Strike Price 527.5 [Member] | Current Liabilities | Bunker Swaps [Member]
Disclosure of detailed information about hedges [abstract]
Strike Price	$ 527.5
Quantity | MT	500
Notional value	$ 264,000
Fair value gain	$ (9,000)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2)	12 Months Ended
	Dec. 31, 2021 USD ($)
Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Notional value	$ 18,189,000
Fair value gain (loss)	5,109,000
Noncurrent Derivative Assets [Member]
Disclosure of detailed information about hedges [line items]
Notional value	5,256,000
Fair value gain (loss)	611,000
Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Notional value	8,177,000
Fair value gain (loss)	(611,000)
April 2022 to December 2022 BSI-58 ave 10TC Strike price 13,300 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 13,300
Duration	45 years
Notional value	$ 599,000
Fair value gain (loss)	406,000
April 2022 to December 2022 BSI-58 ave 10TC Strike price 13,300 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 13,300
Duration	45 years
Notional value	$ 599,000
Fair value gain (loss)	406,000
April 2022 to December 2022 BSI-58 ave 10TC Strike price 13,300 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 13,300
Duration	180 years
Notional value	$ 2,394,000
Fair value gain (loss)	1,624,000
January 2022 to December 2022 BSI-58 ave 10TC Strike price 17,350 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 17,350
Duration	180 years
Notional value	$ 3,123,000
Fair value gain (loss)	1,016,000
January 2022 to December 2022 BSI-58 ave 10TC Strike price 17,250 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 17,250
Duration	60 years
Notional value	$ 1,035,000
Fair value gain (loss)	345,000
January 2022 to December 2022 BSI-58 ave 10TC Strike price 17,250 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 17,250
Duration	60 years
Notional value	$ 1,035,000
Fair value gain (loss)	345,000
January 2022 to December 2022 BSI-58 ave 10TC Strike price 17,250 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 17,250
Duration	60 years
Notional value	$ 1,035,000
Fair value gain (loss)	345,000
January 2022 to June 2022 BSI-58 ave 10TC Strike price 23,100 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 23,100
Duration	90 years
Notional value	$ 2,079,000
Fair value gain (loss)	157,000
June 2022 BSI-58 ave 10TC Strike price 25,000 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 25,000
Duration	15 years
Notional value	$ 375,000
Fair value gain (loss)	6,000
July 2022 to September 2022 BSI-58 ave 10TC Strike price 21,000 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 21,000
Duration	45 years
Notional value	$ 945,000
Fair value gain (loss)	52,000
October 2022 to December 2022 BSI-58 ave 10TC Strike price 19,000 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 19,000
Duration	45 years
Notional value	$ 855,000
Fair value gain (loss)	52,000
January 2022 to June2022 BSI-58 ave 10TC Strike price 22,650 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 22,650
Duration	90 years
Notional value	$ 2,039,000
Fair value gain (loss)	197,000
January 2022 to June2022 BSI-58 ave 10TC Strike price 23,000 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 23,000
Duration	30 years
Notional value	$ 690,000
Fair value gain (loss)	55,000
January 2022 to June2022 BSI-58 ave 10TC Strike price 23,100 [Member] | Derivative asset [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 23,100
Duration	60 years
Notional value	$ 1,386,000
Fair value gain (loss)	103,000
January 2023 to December 2023 BSI-58 ave 10TC Strike price 14,350 [Member] | Noncurrent Derivative Assets [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 14,350
Duration	60 years
Notional value	$ 861,000
Fair value gain (loss)	117,000
January 2023 to December 2023 BSI-58 ave 10TC Strike price 14,350 [Member] | Noncurrent Derivative Assets [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 600
Duration	60 years
Notional value	$ 861,000
Fair value gain (loss)	117,000
January 2023 to December 2023 BSI-58 ave 10TC Strike price 14,350 [Member] | Noncurrent Derivative Assets [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 574
Duration	60 years
Notional value	$ 861,000
Fair value gain (loss)	117,000
January 2023 to December 2023 BSI-58 ave 10TC Strike price 14,750 [Member] | Noncurrent Derivative Assets [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 510
Duration	60 years
Notional value	$ 885,000
Fair value gain (loss)	93,000
January 2023 to December 2023 BSI-58 ave 10TC Strike price 14,800 [Member] | Noncurrent Derivative Assets [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 503
Duration	60 years
Notional value	$ 888,000
Fair value gain (loss)	90,000
January 2023 to December 2023 BSI-58 ave 10TC Strike price 15,000 [Member] | Noncurrent Derivative Assets [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 538
Duration	60 years
Notional value	$ 900,000
Fair value gain (loss)	77,000
July 2022 to December 2022 BSI-58 ave 10TC Strike price 23,100 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 23,100
Duration	90 years
Notional value	$ 2,079,000
Fair value gain (loss)	(176,000)
January 2022 to March 2022 BSI-58 ave 10TC Strike price 27,400 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 27,400
Duration	15 years
Notional value	$ 411,000
Fair value gain (loss)	(36,000)
January 2022 to March 2022 BSI-58 ave 10TC Strike price 27,400 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 27,400
Duration	15 years
Notional value	$ 411,000
Fair value gain (loss)	(36,000)
January 2022 to March 2022 BSI-58 ave 10TC Strike price 27,400 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 27,400
Duration	15 years
Notional value	$ 411,000
Fair value gain (loss)	(36,000)
July 2022 to December 2022 BSI-58 ave 10TC Strike price 25,000 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 25,000
Duration	30 years
Notional value	$ 750,000
Fair value gain (loss)	(20,000)
July 2022 to December 2022 BSI-58 ave 10TC Strike price 22,650 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 22,650
Duration	90 years
Notional value	$ 2,039,000
Fair value gain (loss)	(135,000)
July 2022 to December 2022 BSI-58 ave 10TC Strike price 23,000 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 23,000
Duration	30 years
Notional value	$ 690,000
Fair value gain (loss)	(55,000)
July 2022 to December 2022 BSI-58 ave 10TC Strike price 23,100 [Member] | Derivative Liability [Member]
Disclosure of detailed information about hedges [line items]
Strike price	$ 23,100
Duration	60 years
Notional value	$ 1,386,000
Fair value gain (loss)	$ (117,000)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Bunkers and other consumables at cost	$ 15,278	$ 13,909
Ships recognised as inventories	0	0
Ships reclassified from property plant and equipment as held for sale asset (Note 13)	28,853	48,935
Sale of ships recognised as inventories	(28,853)	(48,935)
Inventories	$ 15,278	$ 13,909

INVENTORIES (Details 1)

INVENTORIES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Reclassified Asset as Inventories	$ 28,853	$ 48,935
Accumulated depreciation [member]
Statement1 [Line Items]
Reclassified Asset as Inventories	(12,444)	(8,982)
Impairment [member]
Statement1 [Line Items]
Reclassified Asset as Inventories	0	(12,287)
Cost [member]
Statement1 [Line Items]
Reclassified Asset as Inventories	$ 41,297	$ 70,204

INVENTORIES (Details Textual)

INVENTORIES (Details Textual) - USD ($)	Jun. 01, 2022	Apr. 20, 2021	Apr. 14, 2021	Apr. 12, 2021
Disclosure Of Inventories [Abstract]
Purchase Consideration	$ 29,981,000	$ 6,800,000	$ 21,400,000	$ 21,400,000

SHIPS, PROPERTY, PLANT AND EQ_3

SHIPS, PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Beginning balance	$ 437,479
Impairment losses recognised in profit and loss	0	$ 1	$ 138
Ending balance	407,552	437,479
Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	616,744	658,222
Additions	9,419	33,504
Disposals	(4,764)	(4,587)
Transfer from right-of-use assets (Note 14)	23,436
Reclassification to inventories (Note 12)	(41,297)	(70,204)
Effect of foreign currency exchange differences	(200)	(191)
Ending balance	603,338	616,744	658,222
Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	(115,846)	(103,657)
Depreciation	30,555
Disposals	4,503	4,580
Transfer from right-of-use assets (Note 14)	4,809
Reclassification to inventories (Note 12)	(12,444)	(8,982)
Effect of foreign currency exchange differences	(188)	(167)
Ending balance	(134,075)	(115,846)	(103,657)
Accumulated depreciation and amortisation [member] | Continue operations [member]
Statement1 [Line Items]
Depreciation		25,917
Accumulated depreciation and amortisation [member] | Discontinued operations [member]
Statement1 [Line Items]
Depreciation		1
Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	(63,419)	(79,262)
Disposals	1
Reclassification to inventories (Note 12)		(12,287)
Reversal of impairment loss	(1,707)
Ending balance	(61,711)	(63,419)	(79,262)
Accumulated impairment [member] | Continue operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		(3,557)
Accumulated impairment [member] | Discontinued operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		1
Office equipment, furniture and fittings and motor vehicles [member]
Statement1 [Line Items]
Beginning balance	96
Ending balance	136	96
Office equipment, furniture and fittings and motor vehicles [member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	4,189	4,339
Additions	113	49
Disposals	(826)	(30)
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	0	0
Effect of foreign currency exchange differences	(194)	(169)
Ending balance	3,282	4,189	4,339
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	(4,092)	(4,237)
Depreciation	57
Disposals	815	30
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	0	0
Effect of foreign currency exchange differences	(188)	(167)
Ending balance	(3,146)	(4,092)	(4,237)
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated depreciation and amortisation [member] | Continue operations [member]
Statement1 [Line Items]
Depreciation		51
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated depreciation and amortisation [member] | Discontinued operations [member]
Statement1 [Line Items]
Depreciation		1
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	(1)	0
Disposals	1
Reclassification to inventories (Note 12)		0
Reversal of impairment loss	0
Ending balance	0	(1)	0
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated impairment [member] | Continue operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Office equipment, furniture and fittings and motor vehicles [member] | Accumulated impairment [member] | Discontinued operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		1
Plant and equipment [Member]
Statement1 [Line Items]
Beginning balance	254
Ending balance	106	254
Plant and equipment [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	4,331	4,357
Additions	0	0
Disposals	(102)	(25)
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	(2,599)	0
Effect of foreign currency exchange differences	0	(1)
Ending balance	1,630	4,331	4,357
Plant and equipment [Member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	(4,077)	(3,950)
Depreciation	129
Disposals	83	18
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	(2,599)	0
Effect of foreign currency exchange differences	0	0
Ending balance	(1,524)	(4,077)	(3,950)
Plant and equipment [Member] | Accumulated depreciation and amortisation [member] | Continue operations [member]
Statement1 [Line Items]
Depreciation		145
Plant and equipment [Member] | Accumulated depreciation and amortisation [member] | Discontinued operations [member]
Statement1 [Line Items]
Depreciation		0
Plant and equipment [Member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	0	0
Disposals	0
Reclassification to inventories (Note 12)		0
Reversal of impairment loss	0
Ending balance	0	0	0
Plant and equipment [Member] | Accumulated impairment [member] | Continue operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Plant and equipment [Member] | Accumulated impairment [member] | Discontinued operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Ships [member]
Statement1 [Line Items]
Beginning balance	426,757
Ending balance	397,492	426,757
Ships [member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	589,095	633,068
Additions	2,076	25,626
Disposals	0	0
Transfer from right-of-use assets (Note 14)	23,436
Reclassification to inventories (Note 12)	(38,357)	(69,599)
Effect of foreign currency exchange differences	0	0
Ending balance	576,250	589,095	633,068
Ships [member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	(99,230)	(89,373)
Depreciation	22,822
Disposals	0	0
Transfer from right-of-use assets (Note 14)	4,809
Reclassification to inventories (Note 12)	(9,504)	(8,811)
Effect of foreign currency exchange differences	0	0
Ending balance	(117,357)	(99,230)	(89,373)
Ships [member] | Accumulated depreciation and amortisation [member] | Continue operations [member]
Statement1 [Line Items]
Depreciation		18,668
Ships [member] | Accumulated depreciation and amortisation [member] | Discontinued operations [member]
Statement1 [Line Items]
Depreciation		0
Ships [member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	(63,108)	(77,769)
Disposals	0
Reclassification to inventories (Note 12)		(11,853)
Reversal of impairment loss	(1,707)
Ending balance	(61,401)	(63,108)	(77,769)
Ships [member] | Accumulated impairment [member] | Continue operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		(2,808)
Ships [member] | Accumulated impairment [member] | Discontinued operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Drydocking [Member]
Statement1 [Line Items]
Beginning balance	9,670
Ending balance	9,354	9,670
Drydocking [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	18,117	15,425
Additions	7,230	7,829
Disposals	(3,604)	(4,532)
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	(341)	(605)
Effect of foreign currency exchange differences	0	0
Ending balance	21,402	18,117	15,425
Drydocking [Member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	(8,447)	(6,097)
Depreciation	7,547
Disposals	3,605	4,532
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	(341)	(171)
Effect of foreign currency exchange differences	0	0
Ending balance	(12,048)	(8,447)	(6,097)
Drydocking [Member] | Accumulated depreciation and amortisation [member] | Continue operations [member]
Statement1 [Line Items]
Depreciation		7,053
Drydocking [Member] | Accumulated depreciation and amortisation [member] | Discontinued operations [member]
Statement1 [Line Items]
Depreciation		0
Drydocking [Member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	0	(1,183)
Disposals	0
Reclassification to inventories (Note 12)		(434)
Reversal of impairment loss	0
Ending balance	0	0	(1,183)
Drydocking [Member] | Accumulated impairment [member] | Continue operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		(749)
Drydocking [Member] | Accumulated impairment [member] | Discontinued operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Construction in progress [member]
Statement1 [Line Items]
Beginning balance	464
Ending balance	464	464
Construction in progress [member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	774	774
Additions	0	0
Disposals	0	0
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	0	0
Effect of foreign currency exchange differences	0	0
Ending balance	774	774	774
Construction in progress [member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	0	0
Depreciation	0
Disposals	0	0
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	0	0
Effect of foreign currency exchange differences	0	0
Ending balance	0	0	0
Construction in progress [member] | Accumulated depreciation and amortisation [member] | Continue operations [member]
Statement1 [Line Items]
Depreciation		0
Construction in progress [member] | Accumulated depreciation and amortisation [member] | Discontinued operations [member]
Statement1 [Line Items]
Depreciation		0
Construction in progress [member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	(310)	(310)
Disposals	0
Reclassification to inventories (Note 12)		0
Reversal of impairment loss	0
Ending balance	(310)	(310)	(310)
Construction in progress [member] | Accumulated impairment [member] | Continue operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Construction in progress [member] | Accumulated impairment [member] | Discontinued operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Free hold land and buildings [Member]
Statement1 [Line Items]
Beginning balance	238
Ending balance	0	238
Free hold land and buildings [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Beginning balance	238	259
Additions	0	0
Disposals	(232)	0
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	0	0
Effect of foreign currency exchange differences	(6)	(21)
Ending balance	0	238	259
Free hold land and buildings [Member] | Accumulated depreciation and amortisation [member]
Statement1 [Line Items]
Beginning balance	0	0
Depreciation	0
Disposals	0	0
Transfer from right-of-use assets (Note 14)	0
Reclassification to inventories (Note 12)	0	0
Effect of foreign currency exchange differences	0	0
Ending balance	0	0	0
Free hold land and buildings [Member] | Accumulated depreciation and amortisation [member] | Continue operations [member]
Statement1 [Line Items]
Depreciation		0
Free hold land and buildings [Member] | Accumulated depreciation and amortisation [member] | Discontinued operations [member]
Statement1 [Line Items]
Depreciation		0
Free hold land and buildings [Member] | Accumulated impairment [member]
Statement1 [Line Items]
Beginning balance	0	0
Disposals	0
Reclassification to inventories (Note 12)		0
Reversal of impairment loss	0
Ending balance	$ 0	0	$ 0
Free hold land and buildings [Member] | Accumulated impairment [member] | Continue operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		0
Free hold land and buildings [Member] | Accumulated impairment [member] | Discontinued operations [member]
Statement1 [Line Items]
Impairment losses recognised in profit and loss		$ 0

RIGHT-OF-USE ASSETS - Summary o

RIGHT-OF-USE ASSETS - Summary of group leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	$ 32,467
Impairment loss on right-of-use assets	985	$ (1,046)	$ 0
Ending balance	26,039	32,467
Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	99,259	90,939
Additions	49,766	20,868
Derecognition of right-of-use-asset	(405)	(12,636)
Effect of foreign currency exchange differences	(48)	88
Ending balance	125,136	99,259	90,939
Increase (decrease) through transfers, Right-of-use assets	(23,436)
Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	65,948	39,627
Derecognition of right-of-use-asset	(405)	(9,603)
Depreciation and amortisation – right-of-use assets	36,565
Effect of foreign currency exchange differences	(31)	54
Ending balance	97,268	65,948	39,627
Increase (decrease) through transfers, Right-of-use assets	(4,809)
Accumulated depreciation [member] | Continue operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		35,836
Accumulated depreciation [member] | Discontinued operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		34
Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	844
Derecognition of right-of-use-asset		(360)
Impairment loss on right-of-use assets	985		2,250
Reversal of impairment of right to use asset		(1,046)
Ending balance	1,829	844
Office and residential property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	799
Ending balance	791	799
Office and residential property [member] | Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	2,896	2,747
Additions	898	371
Derecognition of right-of-use-asset	(405)	(310)
Effect of foreign currency exchange differences	(48)	88
Ending balance	3,341	2,896	2,747
Increase (decrease) through transfers, Right-of-use assets	0
Office and residential property [member] | Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	2,097	1,381
Derecognition of right-of-use-asset	(405)	(310)
Depreciation and amortisation – right-of-use assets	889
Effect of foreign currency exchange differences	(31)	54
Ending balance	2,550	2,097	1,381
Increase (decrease) through transfers, Right-of-use assets	0
Office and residential property [member] | Accumulated depreciation [member] | Continue operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		938
Office and residential property [member] | Accumulated depreciation [member] | Discontinued operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		34
Office and residential property [member] | Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	0
Derecognition of right-of-use-asset		0
Impairment loss on right-of-use assets	0		0
Reversal of impairment of right to use asset		0
Ending balance	0	0
Ships [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	31,410
Ending balance	25,080	31,410
Ships [member] | Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	95,887	87,918
Additions	48,829	20,254
Derecognition of right-of-use-asset	0	(12,285)
Effect of foreign currency exchange differences	0	0
Ending balance	121,280	95,887	87,918
Increase (decrease) through transfers, Right-of-use assets	(23,436)
Ships [member] | Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	63,633	38,104
Derecognition of right-of-use-asset	0	(9,252)
Depreciation and amortisation – right-of-use assets	35,547
Effect of foreign currency exchange differences	0	0
Ending balance	94,371	63,633	38,104
Increase (decrease) through transfers, Right-of-use assets	(4,809)
Ships [member] | Accumulated depreciation [member] | Continue operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		34,781
Ships [member] | Accumulated depreciation [member] | Discontinued operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		0
Ships [member] | Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	844
Derecognition of right-of-use-asset		(360)
Impairment loss on right-of-use assets	985		2,250
Reversal of impairment of right to use asset		(1,046)
Ending balance	1,829	844
Ship equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	258
Ending balance	168	258
Ship equipment [member] | Gross carrying amount [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	476	274
Additions	39	243
Derecognition of right-of-use-asset	0	(41)
Effect of foreign currency exchange differences	0	0
Ending balance	515	476	274
Increase (decrease) through transfers, Right-of-use assets	0
Ship equipment [member] | Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	218	142
Derecognition of right-of-use-asset	0	(41)
Depreciation and amortisation – right-of-use assets	129
Effect of foreign currency exchange differences	0	0
Ending balance	347	218	142
Increase (decrease) through transfers, Right-of-use assets	0
Ship equipment [member] | Accumulated depreciation [member] | Continue operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		117
Ship equipment [member] | Accumulated depreciation [member] | Discontinued operations [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation and amortisation – right-of-use assets		0
Ship equipment [member] | Impairment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	0
Derecognition of right-of-use-asset		0
Impairment loss on right-of-use assets	0		$ 0
Reversal of impairment of right to use asset		0
Ending balance	$ 0	$ 0

RIGHT-OF-USE ASSETS (Details Te

RIGHT-OF-USE ASSETS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Expense relating to short-term leases	$ 60,869,000	$ 90,763,000	$ 42,946,000
Expense relating to leases of low-value assets	82,000	58,000	84,000
Expense relating to variable lease payments	60,869,000	90,763,000	42,946,000
Office and residential property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation expense	$ 889,000	938,000	1,019,000
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	3 years
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	2 years
Ship equipment [member] | Top of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease Term	4 years
Ship and ship equipment [member]
Disclosure of quantitative information about right-of-use assets [line items]
Depreciation expense	$ 35,676,000	$ 34,898,000	$ 26,413,000

SUBSIDIARIES (Details)

SUBSIDIARIES (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Proportion of ownership interest and voting power held by the Group	100%	100%
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%	100%
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%	100%
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%	100%
IVS Bulk Carriers Pte. Ltd. [member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk Carriers Pte. Ltd.
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
IVS Bulk 225 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 225 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	0%
I V S Bulk Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
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%	100%
Island Bulk Carriers Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	Island 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%	100%
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%	100%
Grindrod Shipping Services Hong Kong Limited [Member]
Statement1 [Line Items]
Name of subsidiary	Grindrod Shipping Services HK Limited
Principal activity	To provide shipping and shipping related services
Country of incorporation	Hong Kong
Proportion of ownership interest and voting power held by the Group	100%	100%
Unicorn Atlantic Pte. Ltd. [member]
Statement1 [Line Items]
Name of subsidiary	Unicorn Atlantic Pte. Ltd.
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
Unicorn Baltic Pte. Ltd.[member]
Statement1 [Line Items]
Name of subsidiary	Unicorn Baltic Pte. Ltd.
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
Unicorn Ionia Pte. Ltd. [member]
Statement1 [Line Items]
Name of subsidiary	Unicorn Ionia Pte. Ltd.
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
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%	100%
Unicorn Ross Pte. Ltd. [member]
Statement1 [Line Items]
Name of subsidiary	Unicorn Ross Pte. Ltd.
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
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%	100%
Grindrod Maritime LLC [member]
Statement1 [Line Items]
Name of subsidiary	Grindrod Maritime LLC
Principal activity	Dormant
Country of incorporation	Marshall Islands
Proportion of ownership interest and voting power held by the Group	100%	100%
Unicorn Sun Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	Unicorn Sun Pte. Ltd.
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
Unicorn Moon Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	Unicorn Moon Pte. Ltd.
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%	100%
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
Kuhle Shipping Pty Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	Kuhle Shipping (Pty) Ltd
Principal activity	Dormant
Country of incorporation	South Africa
IVS Bulk 541 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 541 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 543 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 543 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 545 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 545 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 554 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 554 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 5855 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 5855 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 5858 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 5858 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 709 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 709 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 712 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 712 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 7297 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 7297 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 1345 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 1345 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 3693 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 3693 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%
IVS Bulk 10824 Pte Ltd [Member]
Statement1 [Line Items]
Name of subsidiary	IVS Bulk 10824 Pte. Ltd.
Principal activity	Ship Owning and Operating
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	100%

INTEREST IN JOINT VENTURES (Det

INTEREST IN JOINT VENTURES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Cost of investment in joint ventures	$ 9	$ 9
Share of post acquisition (loss) profit, net of dividends received	(1)	4
Carrying amount	$ 8	$ 13

INTEREST IN JOINT VENTURES (D_2

INTEREST IN JOINT VENTURES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Cost of investment in joint ventures	$ 9	$ 9
Tri-View Shipping Pte. Ltd. [member]
Statement1 [Line Items]
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	51%	51%
Cost of investment in joint ventures	$ 9	$ 9
Leopard Tankers Pte. Ltd. [member]
Statement1 [Line Items]
Principal activity	Dormant
Country of incorporation	Singapore
Proportion of ownership interest and voting power held by the Group	0%	50%

INTEREST IN JOINT VENTURES (D_3

INTEREST IN JOINT VENTURES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Unrecognised share of losses of joint ventures	$ 5,000	$ 31,000	$ 2,476,000

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Balance	$ 227
Balance	186	$ 227
Cost [member]
Statement1 [Line Items]
Balance	2,029	7,669
Additions	126	6
Disposal	0	(2)
Derecognition of intangible asset	1,173	5,412
Effect of foreign currency exchange differences	(89)	(232)
Balance	893	2,029
Accumulated amortisation [member]
Statement1 [Line Items]
Balance	(1,802)	(3,942)
Derecognition of intangible asset	(1,173)	(2,127)
Amortisation	155	165
Effect of foreign currency exchange differences	(77)	(178)
Balance	(707)	(1,802)
Impairment [member]
Statement1 [Line Items]
Balance	0	(3,322)
Derecognition of intangible asset	0	(3,284)
Effect of foreign currency exchange differences	0	(38)
Balance	$ 0	$ 0

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual)	12 Months Ended
	Dec. 31, 2022
licenses [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, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Balance	$ 0
Impairment	985	$ 1,046	$ 16,282
Balance	0	0
Cost [member]
Statement1 [Line Items]
Balance	3,305	3,928
Derecognition of goodwill	0	604
Effects of foreign currency exchange differences	(13)	(19)
Balance	3,292	3,305	3,928
Accumulated impairment [member]
Statement1 [Line Items]
Balance	(3,305)	(2,968)
Impairment	0	965
Derecognition of goodwill	0	(604)
Effects of foreign currency exchange differences	(13)	(24)
Balance	$ (3,292)	$ (3,305)	$ (2,968)

GOODWILL (Details 1)

GOODWILL (Details 1) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Goodwill	$ 0	$ 0
Gross carrying amount [member]
Statement1 [Line Items]
Goodwill	3,292	3,305	$ 3,928
Gross carrying amount [member] | Parcel Service [Member]
Statement1 [Line Items]
Goodwill	203	216
Island Trading and Shipping [Member] | Gross carrying amount [member]
Statement1 [Line Items]
Goodwill	$ 3,089	$ 3,089

GOODWILL (Details Textual)

GOODWILL (Details Textual)	12 Months Ended
	Dec. 31, 2022 USD ($)
Other operating income (expense)
Statement1 [Line Items]
Impairment loss recognised in profit or loss, intangible assets and goodwill	$ 965,000

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of defined benefit plans [line items]
Recognised asset at 1 January	$ 3,730	$ 3,150
Interest income	442	0
Recognised in other comprehensive income in the current year	(207)	835
Translation	(251)	(255)
Present value of other investment at 31 December	$ 3,714	$ 3,730
Discount rate (p.a.)	12.20%	13.70%

OTHER INVESTMENTS (Details Text

OTHER INVESTMENTS (Details Textual) - Grindrod Pension Fund [member] - Grindrod Shipping South Africa [Member]	Dec. 31, 2022 USD ($)	Dec. 31, 2022 ZAR (R)
Disclosure of defined benefit plans [line items]
Percentage of participation	40%	40%
Surplus (deficit) in plan	$ 3,150,000	R 46,054,000

DEFERRED TAX (Details)

DEFERRED TAX (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred taxation analysed by major category:
Other timing differences	$ 1,304	$ 2,123
Deferred tax liability (asset)	1,304	2,123
Reconciliation of deferred taxation:
Opening balance	2,123	1,138
Deferred tax on the actuarial gain	(45)	(25)
Exchange differences	(109)	(174)
Closing balance	1,304	2,123
Continue operations [member]
Reconciliation of deferred taxation:
Credit to profit or loss for the year	(665)	547
Discontinued operations [member]
Reconciliation of deferred taxation:
Credit to profit or loss for the year	$ 0	$ 637

DEFERRED TAX (Detail Textuals)

DEFERRED TAX (Detail Textuals) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
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	$ 2,814,000	$ 2,387,000

TRADE AND OTHER PAYABLES (Detai

TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Trade payables	$ 10,035	$ 7,675
Accrued expenses	19,250	25,671
Others	454	688
Trade and other payables	29,739	34,034
Non-current trade and other payables	(140)	(160)
Current trade and other payables	$ 29,599	$ 33,874

LEASES AND SHIP CHARTERS (Detai

LEASES AND SHIP CHARTERS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 0	$ 2,081
Year 1
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 0	$ 2,081

LEASES AND SHIP CHARTERS (Det_2

LEASES AND SHIP CHARTERS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Current lease liabilities	$ 22,058	$ 27,375
Ships [member]
Statement1 [Line Items]
Current lease liabilities	$ 0	$ 3,249,000
Ship Owned [Member]
Statement1 [Line Items]
Operating lease remaining lease term	4 years
Operating lease option to extend	2 years

LEASE LIABILITIES - (Details)

LEASE LIABILITIES - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance	$ 33,271
Additions	49,766
Interest expense	1,414	$ 1,901	$ 2,480
Lease payments	(58,344)	(37,941)
Principal payments	(38,930)	(36,040)
Purchase option payments	(18,000)
Interest	(1,414)
Effect of foreign currency exchange differences	6
Ending balance	26,113	33,271
Property [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance	818
Additions	898
Interest expense	37	63
Lease payments	(905)
Principal payments	(868)	(966)
Purchase option payments	0
Interest	(37)
Effect of foreign currency exchange differences	6
Ending balance	854	818
Ships [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance	32,194
Additions	48,829
Interest expense	1,370	1,835
Lease payments	(57,304)
Principal payments	(37,934)	(34,956)
Purchase option payments	(18,000)
Interest	(1,370)
Effect of foreign currency exchange differences	0
Ending balance	25,089	32,194
Ship equipment [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance	259
Additions	39
Interest expense	7	3
Lease payments	(135)
Principal payments	(128)	(118)
Purchase option payments	0
Interest	(7)
Effect of foreign currency exchange differences	0
Ending balance	170	259
Restatement [Member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance	33,271	51,244
Additions		20,868
Disposals		(2,777)
Interest expense		1,901
Effect of foreign currency exchange differences		(24)
Ending balance	$ 26,113	33,271	51,244
Restatement [Member] | Property [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance		1,437
Additions		371
Disposals		0
Interest expense		63
Lease payments		(1,029)
Effect of foreign currency exchange differences		(24)
Ending balance			1,437
Restatement [Member] | Ships [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance		49,673
Additions		20,254
Disposals		(2,777)
Interest expense		1,835
Lease payments		(36,791)
Effect of foreign currency exchange differences		0
Ending balance			49,673
Restatement [Member] | Ship equipment [member]
Disclosure Of Detailed Information About Movement In Lease Liabilities [Line Items]
Beginning balance		134
Additions		243
Disposals		0
Interest expense		3
Lease payments		(121)
Effect of foreign currency exchange differences		$ 0
Ending balance			$ 134

LEASE LIABILITIES - (Details 1)

LEASE LIABILITIES - (Details 1) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease Liabilities [Line Items]
Current portion	$ 22,058	$ 27,375
Non-current portion	4,055	5,896
Lease liabilities	26,113	33,271
Restatement [Member]
Lease Liabilities [Line Items]
Current portion	22,058	27,375
Non-current portion	4,055	5,896
Lease liabilities	$ 26,113	$ 33,271	$ 51,244

BANK LOANS AND OTHER BORROWIN_3

BANK LOANS AND OTHER BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Secured – at amortised cost:
Bank Loans	$ 148,002	$ 168,880
Other borrowings	50,966	76,786
Borrowings	198,968	245,666
Analysed between:
Current	33,330	28,020
Non-current portion	165,638	217,646
Total	198,968	245,666
Interest payable (included in bank loans)	1,752	743
Non-current portion of non-current borrowings	165,638	217,646
Within 2 to 5 years [member]
Analysed between:
Non-current portion of non-current borrowings	138,809	170,666
More than 5 years [member]
Analysed between:
Non-current portion of non-current borrowings	$ 26,829	$ 46,980

BANK LOANS AND OTHER BORROWIN_4

BANK LOANS AND OTHER BORROWINGS (Details Textual)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Statement1 [Line Items]
Restricted Cash and Cash Equivalents	$ 4,342,000	$ 6,649,000
Carrying value Security charge	330,920,000	346,602,000
Borrowings	198,968,000	245,666,000
Line credit facility	275,000,000
Cash and cash equivalents	46,561,000	104,243,000	$ 37,942,000	$ 32,527,000
Other borrowings	50,966,000	76,786,000
Base Networth to be maintained	200,000,000
Repayments of borrowings	$ 49,850,000	82,110,000	$ 74,908,000
Top of range [member]
Statement1 [Line Items]
Debt ratio	75%
Bottom of range [member]
Statement1 [Line Items]
Restricted Cash and Cash Equivalents	$ 30,000,000
January Two Thousand Twenty To December Two Thousand And Twenty [Member]
Statement1 [Line Items]
Percentage of positive retained earnings in addition to base net worth to be maintained	25%
Percentage of capital raise in addition to base networth and positive retained earnings to be maintained	50%
Other Borrowings [Member]
Statement1 [Line Items]
Carrying value Security charge	$ 55,557,000	89,827,000
Secured term facility	60,750,000	$ 87,550,000
Borrowings, adjustment to interest rate basis		1.70%
Other borrowings	$ 50,966,000	$ 76,786,000
Other Borrowings [Member] | Three Month LIBOR [Member]
Statement1 [Line Items]
Borrowings, adjustment to interest rate basis	1.75%
Variable interest rate [Member]
Statement1 [Line Items]
Weighted average effective interest rate	8.16%	3.82%
Senior Secured Credit Facility one [Member]
Statement1 [Line Items]
Borrowings	$ 10,065,000	$ 13,768,000
Borrowing facility fee	160,000	594,000
Line of credit facility fee	$ 1,750,000
Borrowings, interest rate	2.95%
Repayments of borrowings	$ 10,000,000
Senior Secured Credit Facility one [Member] | Lender Swap [Member]
Statement1 [Line Items]
Additional facility fees paid	164,000
Senior Secured Credit Facility Three [Member]
Statement1 [Line Items]
Borrowings	633,000	1,893,000
Borrowing facility fee	3,000	9,000
Line of credit facility fee	$ 32,000
Borrowings, interest rate	2%
Senior Secured Credit Facility Five [Member]
Statement1 [Line Items]
Borrowings	$ 24,692,000	26,672,000
Borrowing facility fee	82,000	105,000
Cash and cash equivalents	10,009,000	9,524,000
Line of credit facility fee	78,600
Secured term facility	$ 15,720,000
Borrowings, interest rate	2%
Senior Secured Credit Facility Six [Member]
Statement1 [Line Items]
Borrowings	$ 102,454,000	115,375,000
Borrowing facility fee	1,123,000,000	1,651,000,000
Line of credit facility fee	$ 1,634,137,000
Borrowings, interest rate	3.10%
Number of vessels to be purchased	11
Senior Secured Credit Facility Six [Member] | Amendment Of Finance Agreement [Member]
Statement1 [Line Items]
Additional borrowing capacity eligible to be availed	$ 23,031,000,000
Senior Secured Credit Facility Six [Member] | Second Drawdown [Member] | Amendment Of Finance Agreement [Member]
Statement1 [Line Items]
Additional facility fees paid	691,000,000
Senior Secured Credit Facility Seven [Member]
Statement1 [Line Items]
Borrowings	10,158,000	11,172,000
Borrowing facility fee	55,700	$ 82,000,000
Line of credit facility fee	$ 131,300
Borrowings, interest rate	2.75%
Number of vessels to be purchased	1

PROVISIONS (Details)

PROVISIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Provision for onerous contracts
Provision for onerous contracts	$ 592	$ 1,019	$ 80
Total Provisions	$ 592	$ 1,019

PROVISIONS (Details 1)

PROVISIONS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Analysis of provision for onerous contracts:
At beginning of the year	$ 1,019	$ 80
Provision raised	592	1,019
Released to profit or loss	(1,019)	(80)
At the end of the financial year	$ 592	$ 1,019

PROVISIONS (Details textual)

PROVISIONS (Details textual)	Dec. 31, 2022	Dec. 31, 2021
Provision for onerous contracts [Abstract]
Discount rate in onerous contract provision	8.56%	7.46%

RETIREMENT BENEFIT OBLIGATION_2

RETIREMENT BENEFIT OBLIGATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Recognised liability at beginning of the year	$ 1,613	$ 1,819
Recognised in profit or loss in the current year	159	177
Interest on obligation	159	177
Other	1,397	1,613
Actuarial losses	(156)	(85)
Translation	(101)	(147)
Employer payments	(118)	(151)
Present value of unfunded obligation recognised as a liability at end of year	1,397	1,613
Current portion	125	124
Non-current portion	$ 1,272	$ 1,489
The principal actuarial assumptions applied in the determination of fair values include:
Health care cost inflation	7.80%	7.80%
Discount rate	11.90%	10.40%
CPI inflation	6.30%	5.80%
Continuation at retirement	100%	75%

RETIREMENT BENEFIT OBLIGATION_3

RETIREMENT BENEFIT OBLIGATION (Details 1)	Dec. 31, 2022	Dec. 19, 2022	Dec. 31, 2021
Health Care Cost Inflation [Member] | Bottom of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption	(7.50%)		(8.30%)
Health Care Cost Inflation [Member] | Top of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption		8.50%	9.50%
Discount Rate [Member] | Bottom of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption	(7.10%)		(7.90%)
Discount Rate [Member] | Top of range [member]
Statement1 [Line Items]
Percentage of reasonably possible increase decrease in actuarial assumption		8.10%	9.10%

RETIREMENT BENEFIT OBLIGATION_4

RETIREMENT BENEFIT OBLIGATION (Details 2) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Present value of unfunded obligations	$ 1,397	$ 1,613
Present value of obligations in excess of plan assets	$ 1,397	$ 1,613

RETIREMENT BENEFIT OBLIGATION_5

RETIREMENT BENEFIT OBLIGATION (Details Textual)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Weighted average duration of defined benefit obligation	8 years	9 years	10 years

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Issued and paid up:
Number of shares, Balance	825,163	56,975
Number of shares, Balance	0	825,163
Share capital, Balance	$ 319,635	$ 254,019
Share capital, Balance	$ 287,449	$ 319,635
Share capital [member]
Issued and paid up:
Number of shares, Balance	19,310,024	19,063,833
Number of shares, Issue of ordinary shares	161,984	246,191
Number of shares, Balance	19,472,008	19,310,024
Share capital, Balance	$ 320,683	$ 320,683
Share capital, Issue of ordinary shares	0	0
Share capital, Balance	$ 320,683	$ 320,683

SHARE CAPITAL (Details Textual)

SHARE CAPITAL (Details Textual)	1 Months Ended		12 Months Ended
	Dec. 31, 2022 shares	Mar. 31, 2021 shares	Dec. 31, 2022 shares
Statement1 [Line Items]
Number of shares issued			475,515
Ordinary shares [member] | 2018 FSP [Member]
Statement1 [Line Items]
Number of shares issued	161,984
Certain Employees [Member] | Ordinary shares [member] | 2018 FSP [Member]
Statement1 [Line Items]
Stock issued during the period shares		246,191

OTHER EQUITY AND RESERVES (Deta

OTHER EQUITY AND RESERVES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Treasury shares	$ 0	$ (11,870)
Share compensation reserve	0	4,777	$ 3,954
Hedging reserve	(1,337)	5,457
Translation reserve	(10,700)	(9,783)
Merger reserve	(12,649)	(12,649)
Other reserves	$ (24,686)	$ (24,068)

OTHER EQUITY AND RESERVES (De_2

OTHER EQUITY AND RESERVES (Details 1) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Treasury Shares [Line Items]
Number of shares, Balance	825,163	56,975
Acquisition of shares		825,163
Reissued to employees under the Forfeitable Share Plan		(56,975)
Reissued to Offeror under the TMI Offer	(825,163)
Number of shares, Balance	0	825,163
Treasury Share [member]
Disclosure Of Treasury Shares [Line Items]
Number of shares, Balance	11,870,000	387,000
Acquisition of shares		11,876,000
Reissued to employees under the Forfeitable Share Plan		(393,000)
Reissued to Offeror under the TMI Offer	(11,870)
Number of shares, Balance	0	11,870,000

OTHER EQUITY AND RESERVES (De_3

OTHER EQUITY AND RESERVES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement1 [Line Items]
Balance	$ 4,777	$ 3,954
Share-based payments expenses	8,134	3,330
Treasury shares issued to employees under the Forfeitable Share Plan	(12,911)	(2,507)
Balance	$ 0	$ 4,777

OTHER EQUITY AND RESERVES (De_4

OTHER EQUITY AND RESERVES (Details 3)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares Agreements
Other Reserves [Line Items]
Number of share awards, Outstanding	861,168	650,333
Number of share awards, Forfeited during the year	(106,667)	(1,333)
Issued during the year	232,646	516,000
Awards vested to employees under the Forfeitable Share Plan	(511,632)	(303,832)
Awards vested to employees under TMI Offer	(475,515)
Number of share awards, Outstanding	0	861,168
2018 Award [Member]
Other Reserves [Line Items]
Number of share awards, Outstanding	220,668	445,333
Number of share awards, Forfeited during the year		(1,333)
Awards vested to employees under the Forfeitable Share Plan	(220,668)	(223,332)
Number of share awards, Outstanding	0	220,668
Fair value at grand date, Outstanding | $ / shares	$ 10.18
2020 Award [Member]
Other Reserves [Line Items]
Number of share awards, Outstanding	124,500	205,000
Awards vested to employees under the Forfeitable Share Plan	(80,500)	(80,500)
Awards vested to employees under TMI Offer	(44,000)
Number of share awards, Outstanding	0	124,500
Fair value at grand date, Outstanding | $ / shares	$ 2.9
2021 Award [Member]
Other Reserves [Line Items]
Number of share awards, Outstanding	516,000
Number of share awards, Forfeited during the year	(106,667)
Issued during the year		516,000
Awards vested to employees under the Forfeitable Share Plan	(171,996)
Awards vested to employees under TMI Offer	(237,337)
Number of share awards, Outstanding	0	516,000
Fair value at grand date, Outstanding | $ / shares	$ 11.85
2022 Award [Member]
Other Reserves [Line Items]
Issued during the year	232,646
Awards vested to employees under the Forfeitable Share Plan	(38,468)
Awards vested to employees under TMI Offer	(194,178)
Number of share awards, Outstanding	0
Fair value at grand date, Outstanding | $ / shares	$ 25.58

OTHER EQUITY AND RESERVES (De_5

OTHER EQUITY AND RESERVES (Details Textual) - USD ($)			12 Months Ended
	Jun. 09, 2020	Jul. 31, 2018	Dec. 31, 2022	Dec. 31, 2021
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 Compensation Number Of Shares Nonvested Subjected to Awards				862,502
Expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets			$ 8,134,000	$ 3,330,000
Share based compensation by share based award number of shares authorized for issuance			965,501
2018 FSP [Member]
Statement1 [Line Items]
Share based Payments Number of Awards Available for Grant				102,999
2018 FSP [Member] | Certain Employees [Member]
Statement1 [Line Items]
Share based compensation by share based payment arrangement vesting period.		3 years
Additional Awards Granted FSP Two Thousand And Eighteen [Member] | Chief Executive Officer [Member]
Statement1 [Line Items]
Share based compensation by share based payment arrangement vesting period.	3 years
Top of range [member]
Statement1 [Line Items]
Share based Compensation Number Of Shares Nonvested Subjected to Awards				953,191

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Over time:
Charter hire	$ 193,631	$ 210,079	$ 81,212
Freight revenue	236,327	245,179	122,766
Vessel revenue	429,958	455,258	203,978
Management fees	521	581	1,526
Other	521	581	1,526
At a point in time:
Sale of ships	29,600	0	4,937
Sale of bunkers and other consumables	381	0	241
Ship sales	29,981	0	5,178
Revenue	$ 460,460	$ 455,839	$ 210,682

REVENUE (Details Textual)

REVENUE (Details Textual)	12 Months Ended
	Dec. 31, 2022
Statement1 [Line Items]
Percentage of Unsatisfied Revenue Expected to be Recognized	100%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impairment loss recognised on financial assets
Total revenue	$ 460,460	$ 455,839	$ 210,682
Voyage expenses	91,104	96,964	81,840
Vessel operating costs	46,901	43,958	37,968
Gross profit	166,762	176,897	4,055
Interest income	2,228	201	467
Interest expense	(17,133)	(12,298)	(15,106)
Share of losses of joint ventures	(5)	(31)	(945)
Taxation	(757)	118	(189)
Profit (loss) for the year	103,367	129,482	(41,100)
(Reversal of) impairment loss on right-of-use assets	985	(1,046)	0
Impairment loss on disposal group	0	2,551	576
Unallocated Total [member]
Impairment loss recognised on financial assets
Vessel revenue	0	0	0
Ship sale revenue	0	0	0
Other	0	0	0
Total revenue	0	0	0
Voyage expenses	0	0	0
Vessel operating costs	0	0	0
Charter hire costs	0	0	0
Depreciation of ships, drydocking and plant and equipment– owned assets	0	0	0
Depreciation of ships and ship equipment – right-of-use assets	0	0	0
Cost of ship sale	0	0	0
Other	0	0	0
Cost of sales	0	0	0
Gross profit	0	0	0
Operating (loss) profit	(14,621)	(3,379)	(2,109)
Interest income	101	20	0
Interest expense	0	0	(50)
Share of losses of joint ventures	0	0	0
Taxation	0	0	0
Profit (loss) for the year	(14,520)	(3,359)	(2,159)
(Reversal of) impairment loss on right-of-use assets	0	0
(Reversal of ) impairment loss on owned ships	0	0
Impairment loss on disposal group		0	0
Impairment loss on goodwill and intangible assets		0
Impairment loss on owned ships			0
Acquisition of subsidiary (Note 39)			0
Capital expenditure	0	0	0
Total [member]
Impairment loss recognised on financial assets
Vessel revenue	429,958	455,258	204,456
Ship sale revenue	29,981	0	9,181
Other	521	581	1,234
Total revenue	460,460	455,839	214,871
Voyage expenses	(91,104)	(96,964)	(79,750)
Vessel operating costs	(46,901)	(43,958)	(39,802)
Charter hire costs	(58,926)	(75,381)	(34,369)
Depreciation of ships, drydocking and plant and equipment– owned assets	(30,498)	(25,866)	(23,211)
Depreciation of ships and ship equipment – right-of-use assets	(35,676)	(34,898)	(24,686)
Cost of ship sale	(29,897)	0	(9,351)
Other	(696)	(1,875)	(412)
Cost of sales	(293,698)	(278,942)	(211,581)
Gross profit	166,762	176,897	3,290
Operating (loss) profit	119,029	144,626	(19,511)
Interest income	2,228	201	408
Interest expense	(17,133)	(12,298)	(15,685)
Share of losses of joint ventures	0	0	0
Taxation	(757)	118	(189)
Profit (loss) for the year	103,367	132,647	(34,977)
(Reversal of) impairment loss on right-of-use assets	985	(1,046)
(Reversal of ) impairment loss on owned ships	(1,707)	(3,557)
Impairment loss on disposal group		2,551	576
Impairment loss on goodwill and intangible assets		965
Impairment loss on owned ships			17,294
Acquisition of subsidiary (Note 39)			87,174
Capital expenditure	9,419	33,504	8,611
Adjustments [member]
Impairment loss recognised on financial assets
Vessel revenue	0	0	(478)
Ship sale revenue	0	0	(4,003)
Other	0	0	(292)
Total revenue	0	0	(4,189)
Voyage expenses	0	0	(2,090)
Vessel operating costs	0	0	1,834
Charter hire costs	0	0	0
Depreciation of ships, drydocking and plant and equipment– owned assets	0	0	1,208
Depreciation of ships and ship equipment – right-of-use assets	0	0	12
Cost of ship sale	0	0	3,976
Other	0	0	14
Cost of sales	0	0	4,954
Gross profit	0	0	765
Operating (loss) profit	5	31	1,838
Interest income	0	0	(59)
Interest expense	0	0	579
Share of losses of joint ventures	(5)	(31)	(2,476)
Taxation	0	0	0
Profit (loss) for the year	0	0	0
(Reversal of) impairment loss on right-of-use assets	0	0
(Reversal of ) impairment loss on owned ships	0	0
Impairment loss on disposal group		0	0
Impairment loss on goodwill and intangible assets		0
Impairment loss on owned ships			(1,012)
Acquisition of subsidiary (Note 39)			156,709
Capital expenditure	0	0	479
Combined Total [Member]
Impairment loss recognised on financial assets
Vessel revenue	429,958	455,258	203,978
Ship sale revenue	29,981	0	5,178
Other	521	581	1,526
Total revenue	460,460	455,839	210,682
Voyage expenses	(91,104)	(96,964)	(81,840)
Vessel operating costs	(46,901)	(43,958)	(37,968)
Charter hire costs	(58,926)	(75,381)	(34,369)
Depreciation of ships, drydocking and plant and equipment– owned assets	(30,498)	(25,866)	(22,003)
Depreciation of ships and ship equipment – right-of-use assets	(35,676)	(34,898)	(24,674)
Cost of ship sale	(29,897)	0	(5,375)
Other	(696)	(1,875)	(398)
Cost of sales	(293,698)	(278,942)	(206,627)
Gross profit	166,762	176,897	4,055
Operating (loss) profit	119,034	144,657	(17,673)
Interest income	2,228	201	467
Interest expense	(17,133)	(12,298)	(15,106)
Share of losses of joint ventures	(5)	(31)	(2,476)
Taxation	(757)	118	(189)
Profit (loss) for the year	103,367	132,647	(34,977)
(Reversal of) impairment loss on right-of-use assets	985	(1,046)
(Reversal of ) impairment loss on owned ships	(1,707)	(3,557)
Impairment loss on disposal group		2,551	576
Impairment loss on goodwill and intangible assets		965
Impairment loss on owned ships			16,282
Acquisition of subsidiary (Note 39)			243,883
Capital expenditure	9,419	33,504	9,090
Drybulk carrier business [Member]
Impairment loss recognised on financial assets
Vessel revenue	429,958	455,258	204,456
Ship sale revenue	29,981	0	9,181
Other	521	581	1,234
Total revenue	460,460	455,839	214,871
Voyage expenses	(91,104)	(96,964)	(79,750)
Vessel operating costs	(46,901)	(43,958)	(39,802)
Charter hire costs	(58,926)	(75,381)	(34,369)
Depreciation of ships, drydocking and plant and equipment– owned assets	(30,498)	(25,866)	(23,211)
Depreciation of ships and ship equipment – right-of-use assets	(35,676)	(34,898)	(24,686)
Cost of ship sale	(29,897)	0	(9,351)
Other	(696)	(1,875)	(412)
Cost of sales	(293,698)	(278,942)	(211,581)
Gross profit	166,762	176,897	3,290
Operating (loss) profit	133,650	148,005	(17,402)
Interest income	2,127	181	408
Interest expense	(17,133)	(12,298)	(15,635)
Share of losses of joint ventures	0	0	0
Taxation	(757)	118	(189)
Profit (loss) for the year	117,887	136,006	(32,818)
(Reversal of) impairment loss on right-of-use assets	985	(1,046)
(Reversal of ) impairment loss on owned ships	(1,707)	(3,557)
Impairment loss on disposal group		2,551	576
Impairment loss on goodwill and intangible assets		965
Impairment loss on owned ships			17,294
Acquisition of subsidiary (Note 39)			87,174
Capital expenditure	9,419	33,504	8,611
Drybulk carrier business [Member] | Handysize [Member]
Impairment loss recognised on financial assets
Vessel revenue	159,524	157,707	74,641
Ship sale revenue	0	0	9,181
Other	410	503	697
Total revenue	159,934	158,210	84,519
Voyage expenses	(30,683)	(27,235)	(30,995)
Vessel operating costs	(31,625)	(31,043)	(28,417)
Charter hire costs	(12,126)	(11,755)	(8,827)
Depreciation of ships, drydocking and plant and equipment– owned assets	(17,946)	(13,724)	(12,235)
Depreciation of ships and ship equipment – right-of-use assets	(14)	(17)	(89)
Cost of ship sale	0	0	(9,351)
Other	(1,024)	(457)	(539)
Cost of sales	(93,418)	(84,231)	(90,453)
Gross profit	66,516	73,979	(5,934)
Operating (loss) profit	54,904	65,612	(16,346)
Interest income	881	7	90
Interest expense	(7,847)	(4,873)	(6,414)
Share of losses of joint ventures	0	0	0
Taxation	(308)	3	(244)
Profit (loss) for the year	47,630	60,749	(22,914)
(Reversal of) impairment loss on right-of-use assets	0	0
(Reversal of ) impairment loss on owned ships	(1,707)	(3,557)
Impairment loss on disposal group		0	0
Impairment loss on goodwill and intangible assets		94
Impairment loss on owned ships			6,160
Acquisition of subsidiary (Note 39)			33,078
Capital expenditure	5,529	5,947	6,874
Drybulk carrier business [Member] | Supermax [Member]
Impairment loss recognised on financial assets
Vessel revenue	268,352	292,179	124,352
Ship sale revenue	0	0	0
Other	111	78	320
Total revenue	268,463	292,257	124,672
Voyage expenses	(60,420)	(69,600)	(48,547)
Vessel operating costs	(18,249)	(15,811)	(13,640)
Charter hire costs	(46,800)	(63,626)	(25,542)
Depreciation of ships, drydocking and plant and equipment– owned assets	(11,791)	(10,474)	(9,087)
Depreciation of ships and ship equipment – right-of-use assets	(35,662)	(34,881)	(24,597)
Cost of ship sale	0	0	0
Other	334	(1,419)	129
Cost of sales	(172,588)	(195,811)	(121,284)
Gross profit	95,875	96,446	3,388
Operating (loss) profit	76,546	78,777	(3,181)
Interest income	1,085	11	96
Interest expense	(8,075)	(6,376)	(8,542)
Share of losses of joint ventures	0	0	0
Taxation	(426)	11	(278)
Profit (loss) for the year	69,130	72,423	(11,905)
(Reversal of) impairment loss on right-of-use assets	985	(1,046)
(Reversal of ) impairment loss on owned ships	0	0
Impairment loss on disposal group		0	0
Impairment loss on goodwill and intangible assets		871
Impairment loss on owned ships			0
Acquisition of subsidiary (Note 39)			54,096
Capital expenditure	3,812	26,423	1,671
Drybulk carrier business [Member] | Others [Member]
Impairment loss recognised on financial assets
Vessel revenue	2,082	5,372	5,463
Ship sale revenue	29,981	0	0
Other	0	0	217
Total revenue	32,063	5,372	5,680
Voyage expenses	(1)	(129)	(208)
Vessel operating costs	2,973	2,896	2,255
Charter hire costs	0	0	0
Depreciation of ships, drydocking and plant and equipment– owned assets	(761)	(1,668)	(1,889)
Depreciation of ships and ship equipment – right-of-use assets	0	0	0
Cost of ship sale	(29,897)	0	0
Other	(6)	1	(2)
Cost of sales	(27,692)	1,100	156
Gross profit	4,371	6,472	5,836
Operating (loss) profit	2,200	3,616	2,125
Interest income	161	163	222
Interest expense	(1,211)	(1,049)	(679)
Share of losses of joint ventures	0	0	0
Taxation	(23)	104	333
Profit (loss) for the year	1,127	2,834	2,001
(Reversal of) impairment loss on right-of-use assets	0	0
(Reversal of ) impairment loss on owned ships	0	0
Impairment loss on disposal group		0	0
Impairment loss on goodwill and intangible assets		0
Impairment loss on owned ships			0
Acquisition of subsidiary (Note 39)			0
Capital expenditure	$ 78	$ 1,134	$ 66

SEGMENT INFORMATION (Details Te

SEGMENT INFORMATION (Details Textual)	12 Months Ended
	Dec. 31, 2022
Drybulk carrier business [Member]
Statement1 [Line Items]
Customer risk percentage	10%

OTHER OPERATING INCOME (EXPEN_3

OTHER OPERATING INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other operating income expense [Abstract]
Reversal of (impairment loss) recognised on ships (Note 13)	$ 1,707	$ 3,557	$ (5,148)
(Impairment loss) reversal of impairment recognised on right-of-use assets (Note 14)	(985)	1,046	0
Impairment loss on goodwill (Note 18)	0	(965)	0
Reversal of (impairment loss) on financial assets	45	(2)	(1)
Foreign exchange gain (loss)	(512)	95	4,868
Gain on disposal of plant and equipment	36	14	0
Gain on disposal of right-of-use asset	0	104	0
Other operating expense	(2)	0	(12)
Other operating income	52	0	0
Total Other operating (expense) income	$ 341	$ 3,849	$ (293)

INTEREST INCOME (Details)

INTEREST INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of interest income [Abstract]
Interest on loans to joint ventures (Note 5)	$ 0	$ 0	$ 112
Bank interests	1,776	201	355
Other interests	452	0	0
Interest income	$ 2,228	$ 201	$ 467

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of interest expenses [Abstract]
Interest on bank loans	$ 14,119	$ 6,231	$ 7,128
Interest on non-bank loan	0	1,808	2,797
Amortisation of upfront fees on bank loans	1,539	1,263	1,831
Other finance cost	61	1,095	870
Interest on lease liabilities	1,414	1,901	2,480
Interest Expense	$ 17,133	$ 12,298	$ 15,106

PEOFIT (LOSS) BEFORE TAXATION (

PEOFIT (LOSS) BEFORE TAXATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Total depreciation and amortisation	$ 67,275	$ 61,953	$ 51,549
Cost of inventories recognised as expense (included in voyage expenses)	78,172	57,633	47,135
Expense recognised in respect of equity-settled share-based payments	8,134	3,336	1,831
Employee benefits expenses (including directors' remuneration and share based payments)	28,053	27,206	14,534
Cost of defined benefit plan and defined contribution plans included in employee benefits expenses	1,320	1,096	1,019
Tender offer and related expenses	10,307	0	0
Property, plant and equipment not subject to operating leases [member]
Statement1 [Line Items]
Depreciation of ships, dry-docking and plant and equipment (Note 13)	30,498	25,866	22,003
Depreciation of other property, plant and equipment	57	51	39
Amortisation of intangible assets	155	165	146
Total depreciation and amortisation	30,710	26,082	22,188
Property, plant and equipment subject to operating leases [member]
Statement1 [Line Items]
Depreciation of ships and ship equipment – right-of-use assets	35,676	34,898	24,674
Depreciation of property – right-of-use assets	889	938	946
Total depreciation and amortisation – right-of-use assets	36,565	35,836	25,620
Property, plant and equipment operating leases [Member]
Statement1 [Line Items]
Total depreciation and amortisation	$ 67,275	$ 61,918	$ 47,808

INCOME TAX EXPENSE (BENEFIT) (D

INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax
In respect of the current year	$ 428	$ 513	$ 181
Withholding taxes	127	48	10
In respect of prior years	(463)	(132)	0
Current tax expense (income) and adjustments for current tax of prior periods	92	429	191
Deferred tax
In respect of the current year	665	(547)	(2)
Deferred tax expense (income)	665	(547)	(2)
Tax expense (income), continuing operations	$ 757	$ (118)	$ 189

INCOME TAX EXPENSE (BENEFIT) _2

INCOME TAX EXPENSE (BENEFIT) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Loss before tax	$ 104,124	$ 132,529	$ (34,788)
Income tax expense (benefit) calculated at corporate rate	17,701	22,530	(5,914)
Adjusted for:
Effect of income that is exempt from tax	(32,053)	(27,890)	(2,967)
Effect of expenses that are not deductible in determining taxable profit	15,025	6,204	9,905
Effect of different tax rates of subsidiaries operating in other jurisdictions	420	(878)	(849)
Effect of income not taxable in determining taxable profit	0	0	4
Overprovision of current tax in prior year	(463)	(132)	0
Withholding tax	127
Tax expense (income), continuing operations	$ 757	$ (118)	$ 189

INCOME TAX EXPENSE (BENEFIT) _3

INCOME TAX EXPENSE (BENEFIT) (Details Textual)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Singapore [Member]
Statement1 [Line Items]
Applicable tax rate	17%
South africa [Member]
Statement1 [Line Items]
Applicable tax rate	28%	28%

DISCONTINUED OPERATION (Detail)

DISCONTINUED OPERATION (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cost of Sales
Loss before taxation	$ (5,878)	$ (5,589)
Tanker business [Member]
Disclosure of analysis of single amount of discontinued operations [line items]
Revenue	52,980	68,535
Cost of Sales
Voyage expenses	(421)	(1,601)
Vessel operating costs	(1,942)	(9,509)
Charter hire costs	0	(3,851)
Depreciation of ships, drydocking and plant and equipment– owned assets	0	(1,846)
Depreciation of ships and ship equipment – right-of-use assets	0	(1,739)
Other expenses	(61)	(582)
Cost of ship sale	(50,580)	(38,356)
Gross (loss) profit	(24)	11,051
Other operating expense	(2,986)	(13,264)
Administrative expense	(2,253)	(3,173)
Share of (losses) profit of joint ventures	(1)	1,531
Interest income	35	98
Interest expense	(649)	(1,832)
Income tax benefit (expense)	2,713	(534)
Net loss attributable to discontinued operation (attributable to the owners of the Company)	$ (3,165)	$ (6,123)

DISCONTINUED OPERATION (Detail

DISCONTINUED OPERATION (Detail 1) - Tanker business [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Summary Of Cash Flows From Discontinued Operations [Line Items]
Cash generated from (used in) from operating activities	$ 21,902	$ 29,845
Cash generated from (used in) from investing activities	962	(1,492)
Cash used in financing activities	$ (25,949)	$ (25,723)

DISCONTINUED OPERATION (Details

DISCONTINUED OPERATION (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Summary Of Cash Flows From Discontinued Operations [Line Items]
Adjustment of current tax of prior period	$ (463)	$ (132)	$ 0
Her Majesty Revenue And Customs [Member]
Disclosure Of Summary Of Cash Flows From Discontinued Operations [Line Items]
Adjustment of current tax of prior period		$ 2,400,000

ASSETS CLASSIFIED AS HELD FOR_3

ASSETS CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Assets Comprising The Disposal Group Classified Held For Sale [Abstract]
Net assets of disposal group held for sale as at 1 January	$ 0	$ 3,254
Sale of business during the year	0	(100)
Movements during the year on assets held for sale	0	(60)
Impairment of disposal group held for sale	0	(2,551)	$ (576)
Effect of foreign currency exchange differences	0	(543)
Net assets of disposal group held for sale as at 31 December	$ 0	$ 0	$ 3,254

ASSETS CLASSIFIED AS HELD FOR_4

ASSETS CLASSIFIED AS HELD FOR SALE (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement1 [Line Items]
Impairment loss recognised on assets of disposal group	$ 0	$ 2,551,000	$ 576,000
Grindrod Shipping South Africa [Member]
Statement1 [Line Items]
Gain (loss) on measurement to fair value less cost to sell of the assets and liabilities of disposal group			138,000
Accumulated impairment [member]
Statement1 [Line Items]
Impairment loss recognised on assets of disposal group		$ 2,551,000	$ 576,000	$ 3,179,000

ACQUISITION OF A SUBSIDIARY (De

ACQUISITION OF A SUBSIDIARY (Details 1) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Cash and bank balances including restricted cash	$ 15,774,000	$ 15,774
Other receivables and prepayments		694
Due from related parties		2,512
Inventories		485
Ships, property, plant and equipment	243,596,000	243,883
Right-of-use assets		87
Bank loans		(125,517)
Other payables		(2,690)
Due to related parties		(33)
Lease liabilities		(90)
Fair value of net identifiable assets acquired		135,105
Total purchase consideration		(44,087)
Less: cash and bank balances including restricted cash	$ 15,774,000	15,774
Payment for acquisition of subsidiary, net of cash acquired		$ (28,313)

ACQUISITION OF A SUBSIDIARY (_2

ACQUISITION OF A SUBSIDIARY (Details Textual) - USD ($)				12 Months Ended
	Sep. 01, 2021	Dec. 01, 2020	Feb. 14, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Property, plant and equipment recognised as of acquisition date				$ 243,596,000,000		$ 243,883,000
Cash and cash equivalents recognised as of acquisition date				15,774,000,000		15,774,000
Consideration transferred, acquisition-date fair value						44,087,000
Identifiable assets acquired (liabilities assumed)						135,105,000
Cash flows used in obtaining control over subsdiaries				0	$ 0	$ 28,313,000
Settlement of non controlling interests	$ 52,339,000,000
Gain recognized on the bargain purchase transaction	$ 5,705,000,000
IVS Bulk Pte Ltd [Member]
Statement1 [Line Items]
Proportion of ownership interest in joint venture		66.75%
Consideration transferred, acquisition-date fair value				44,100,000
Proportion of ownership interest in subsdiary		68.86%
Identifiable assets acquired (liabilities assumed)				134,818,000,000
Book value of the net assets acquired				$ 147,683,000,000
Proportion of ownership interest and voting rights in joint venture			33.25%
Cash flows used in obtaining control over subsdiaries		$ 4,000,000
Business acquisition step acquisition equity interests acquired	31.14%
Payment for the acquisition of non controlling interest in a subsidiary	$ 46,634,000,000
Non controlling interest payable for business combination	37,219,000,000
Interest expenses on consideration payable to non controlling interest	275,000,000
Business combination expenses incurred	53,000,000
IVS Bulk Pte Ltd [Member] | Preference shares [member]
Statement1 [Line Items]
Equity interests of acquirer transferred in business combination	$ 9,087,000,000
IVS Bulk Pte Ltd [Member] | Bottom of range [member]
Statement1 [Line Items]
Proportion of ownership interest in joint venture			33.50%
IVS Bulk Pte Ltd [Member] | Top of range [member]
Statement1 [Line Items]
Proportion of ownership interest in joint venture			66.75%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss for the purpose of basic earnings per share
Net profit (loss) attributable to the shareholders of the Group	$ 103,367	$ 118,925	$ (38,795)
Effect of dilutive potential on ordinary shares	0	0	0
Profit (loss) for the purposes of diluted profit (loss) per share	$ 103,367	$ 118,925	$ (38,795)
Number of shares for the purpose of calculating basic and diluted profit/(loss) per share
Weighted average number of ordinary shares for the purpose of basic profit/(loss) per share	18,949,972	19,150,787	18,966,414
Effect of dilutive potential ordinary shares due to FSP share awards	0	861,168	0
Weighted average number of ordinary shares for the purpose of diluted profit/(loss) per share	18,949,972	20,011,955	18,966,414
Basic profit (loss) per share	$ 5.45	$ 6.21	$ (2.05)
Diluted profit (loss) per share	$ 5.45	$ 5.94	$ (2.05)

EARNINGS PER SHARE (Details 1)

EARNINGS PER SHARE (Details 1) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Number of shares	0	0	650,333

EARNINGS PER SHARE (Details 3)

EARNINGS PER SHARE (Details 3) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Net profit (loss) attributable to the shareholders of the Group	$ 103,367	$ 118,925	$ (38,795)
Adjustments to exclude loss for the year from discontinued operation	0	3,165	6,123
Profit (loss) from continuing operations for the purpose of basic Profit (loss) per share from continuing operations	103,367	122,090	(32,672)
Profit (loss) for the purposes of diluted profit (loss) per share from continuing operations	$ 103,367	$ 122,090	$ (32,672)
Basic profit (loss) per share	$ 5.45	$ 6.38	$ (1.72)
Diluted profit (loss) per share	$ 5.45	$ 6.1	$ (1.72)

EARNINGS PER SHARE (Details 4)

EARNINGS PER SHARE (Details 4) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Basic profit (loss) per share	$ 0	$ 0.17	$ 0.33
Diluted profit (loss) per share	$ 0	$ 0.16	$ 0.33

DIVIDENDS (Details Textual)

DIVIDENDS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discloures Of Dividend [Line Items]
Interim dividend paid	$ 135,877	$ 13,546	$ 0
Twenty Two March Two Thousand and Twenty Two [Member]
Discloures Of Dividend [Line Items]
Interim dividend paid	$ 13,650	$ 13,546	$ 0
Interim dividend per share	$ 0.72	$ 0.72	$ 0
Twenty June Two Thousand and Twenty Two [Member]
Discloures Of Dividend [Line Items]
Interim dividend paid	$ 8,910	$ 0	$ 0
Interim dividend per share	$ 0.47	$ 0	$ 0
Nineteen September March Two Thousand and Twenty Two [Member]
Discloures Of Dividend [Line Items]
Interim dividend paid	$ 15,957	$ 0	$ 0
Interim dividend per share	$ 0.84	$ 0	$ 0
First December Two Thousand and Twenty Two [Member]
Discloures Of Dividend [Line Items]
Interim dividend paid	$ 97,360	$ 0	$ 0
Interim dividend per share	$ 5	$ 0	$ 0

NON-CONTROLLING INTEREST (Detai

NON-CONTROLLING INTEREST (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Non controlling Interests [Line Items]
Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39)		$ (46,634)	$ 44,087
IVS Bulk Pte Ltd [Member]
Disclosure Of Detailed Information About Non controlling Interests [Line Items]
Balance at 1 January	$ 0	41,782
Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39)	0	(52,339)
Share of profit (loss) for the year	0	10,557
Balance at 31 December	$ 0	$ 0	$ 41,782

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
With in one year
Statement1 [Line Items]
Contractual capital commitments	$ 1,399	$ 887

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Mar. 03, 2023	Feb. 15, 2023	Dec. 22, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement1 [Line Items]
Proceeds from sales of property plant and equipment				$ 298	$ 21	$ 0
Common stock shares outstanding excluding treasury shares				0	825,163	56,975
Declaration Of Interim Dividend [Member] | Ordinary shares [member]
Statement1 [Line Items]
Interim dividend payable per share		$ 0.03
Common stock shares outstanding excluding treasury shares		19,472,008
Date on or before which in term dividend is payable		Mar. 17, 2023
Record date for determining the shareholders eligible for dividend		Mar. 10, 2023
Ships [member] | Other disposals of assets [member] | IVS Hirono [Member]
Statement1 [Line Items]
Proceeds from sales of property plant and equipment			$ 23,750,000
Ships [member] | Other disposals of assets [member] | IVS Sentosa [Member]
Statement1 [Line Items]
Proceeds from sales of property plant and equipment	$ 10,950,000