Financial statements
Consolidated statement of comprehensive income
For the financial year ended 31 December 2022
| Note | 2022 USD’000 |
2021 USD’000 |
|
| Revenue | 4 | 1,832,544 | 811,217 |
| Voyage expenses | 5 | (485,848) | (408,282) |
| TCE income # | 1,346,696 | 402,935 | |
| Other operating income | 40,461 | 23,177 | |
| Vessel operating expenses | 5 | (263,903) | (192,459) |
| Technical management expenses | (23,627) | (16,014) | |
| Charter hire expenses | (33,154) | (22,903) | |
| Other expenses | 5 | (42,979) | (42,979) |
| Operating profit before depreciation and amortisation charges | 1,006,949 | 151,757 | |
| Gain/(loss on disposal of vessel | 23,391 | (4,935) | |
| Gain on disposal of subsidiaries | 9 | 2,092 | – |
| Depreciation charge of property, plant and equipment | 9 | (207,989) | (150,460) |
| Amortisation charge of intangible assets | 10 | (1,230) | (1,219) |
| Operating profit/(loss) | 823,213 | (4,857) | |
| Interest income | 6,977 | 2,355 | |
| Interest expense | (93,559) | (39,004) | |
| Capitalised financing fees written off | – | (4,496) | |
| Other finance expense | (2,516) | (3,333) | |
| Finance expense – net | (89,098) | (44,478) | |
| Share of (loss)/profit of equity-accounted investees, net of tax | 14 | 24,152 | (1,768) |
| Profit/(loss) before income tax | 758,267 | (51,103) | |
| Income tax expense | 7 | (6,678) | (4,390) |
| (Loss)/profit for the financial year | 751,589 | (55,493) | |
| Other comprehensive income: | |||
|---|---|---|---|
| Item that may be subsequently reclassified to income statement | |||
| Foreign operations – foreign currency translation differences | 64 | (1) | |
| Fair value gains on cash flow hedges | 73,516 | 9,693 | |
| Reclassification to profit or loss | (5,406) | 6,628 | |
| Other comprehensive income | 68,174 | 16,320 | |
| Total comprehensive (loss)/income for the year, net of tax | 819,763 | (39,173) | |
| Earnings per share attributable to the equity holders of the Company (expressed in USD per share) |
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| Basic earnings/(loss) per share | 8 | 1.57 | (0.15) |
| Diluted earnings/(loss) per share | 8 | 1.54 | (0.15) |
#“TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily brokers’ commission, fuel oil and port charges. TCE is a standard measure used in the shipping industry for reporting of income, providing improved comparability across different types of charters.