Disclosure Of Financial Instruments [Text Block]
| Concept |
2022-01-01 to 2022-12-31 |
2022-01-01 to 2022-12-31 |
2022-01-01 to 2022-12-31 |
2021-01-01 to 2021-12-31 |
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| Disclosure of financial instruments [text block] | — | — | — | — |
| Disclosure of financial assets [text block] | — |
As at 31 December 2022, other non-current financial assets amount to US$ 9.1 million (31 December 2021: US$ 9.8 million) and include mainly the portion of cumulative deferred losses on the sale and leasebacks of vessels, which will be amortised beyond the next twelve months, amounting to US$ 5.8 million (31 December 2021: US$ 9.3 million), interest rate swaps hedging instruments valued at US$ 3.3 million (31 December 2021: interest rate hedging instruments valued at US$0.5 million), and finance lease receivables (sublease of office space by the subsidiary d'Amico Tankers UK Ltd) of US$ 0.03 million (31 December 2021: interest rate swaps hedging instruments valued at US$ 3.3 million (31 December 2021: interest rate hedging instruments valued at US$0.5 million), and finance lease receivables (sublease of office space by the subsidiary d'Amico Tankers UK Ltd amounting to US$0.07 million).
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| Disclosure of financial assets [abstract] | ||||
| Disclosure of financial assets [line items] | ||||
| Information about credit quality of neither past due nor impaired financial assets [text block] | — | — | — | — |
| Analysis of credit exposures using external credit grading system [text block] | — | — | — | — |
| Description of rating agencies used | — | — |
The Group has significant cash deposits with the following banks, which have the following credit ratings from Moody's: BGL BNP Paribas (A2), Banco BPM (Ba1), Credit Agricole Bank (Aa3), DNB (Aa2), JP Morgan (A1), and Bank of Ireland (Baa1).
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| Disclosure of financial liabilities [text block] | — |
As at 31 December 2022, other non-current financial liabilities totalling US$ 3.3 million (31 December 2021: US$ 1.8 million) include mainly US$ 3.0 million receivable from the sale of the leased M/T High Discovery and MT/T High Fidelity and US$ 0.3 million deferred profit on the disposal of vessels sold and leased back (31 December 2021: US$ 0.6 million deferred profit on vessels sold and leased back) and the insignificant fair value of interest rate swap hedging instruments (31 December 2021: US$ 1.2 million fair value of interest rate swap hedging instruments).
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| Disclosure of general hedge accounting [text block] | — | — | — | — |
| Disclosure of risk management strategy related to hedge accounting [text block] | — |
Derivative financial instruments are primarily used to hedge the exposure to interest rate risks (through interest rate swaps), currency fluctuations, freight rates (through freight forward agreements) and bunker prices
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| Disclosure of detailed information about hedging instruments [text block] | — |
Interest rate swaps
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as at 31 December 2021 notional amount of EUR 8.4 million
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| Disclosure of information about entity's hedging relationships directly affected by uncertainty arising from interest rate benchmark reform [text block] | — |
Interest Rate Benchmark Reform
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| Description of cross-reference to disclosures about nature and extent of risks arising from financial instruments | — |
Details about DIS Group's impairment policies and the calculation of the loss allowance are described under note 25.
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| Disclosure of nature and extent of risks arising from financial instruments [text block] | — | — | — | — |
| Disclosure of nature and extent of risks arising from financial instruments [abstract] | ||||
| Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
| Description of exposure to risk | — |
The DIS Group is exposed to a variety of risks connected with its operations. DIS must take new risks to conduct its business and achieve its objectives, but aims to do so by identifying, measuring, managing and controlling them, so as to ensure the Company's long-term success. The shipping industry is highly sensitive to market fluctuations, which can determine significant changes in freight rates and vessel prices. One of DIS' key risk management objectives is to reduce DIS' earnings exposure to cyclical fluctuations.
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| Description of concentrations of risk | — | — | — | — |
| Description of shared characteristic for concentration | — |
DIS' top 10 customers in 2022 represented approximately 43.6% of its revenues (2021: 55.8%). As at 31 December 2022, 58.6% of the total trade receivables were due from the DIS Group's ten largest customers (as at year-end 2021: 29.1%). DIS primarily deals with oil majors and large oil trading companies, with strong credit ratings. Counterparty risks, therefore, mainly relate to demurrage receivables and expenses incurred on behalf of charterers. Each of these receivables are regularly monitored on an individual basis.
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| Sensitivity analysis for types of market risk [text block] | — |
The foreign exchange risk relating to cash flows not denominated in U.S. Dollars, arises mainly from administrative expenses and operating costs denominated in Euros. For 2022, foreign currency payments amounted to an equivalent of US$ 26.2 million, representing 11.23 % of total operational, administrative, financial and fiscal expenses, with Euro transactions representing 8.9% of such total payments (79.4% of total foreign currency payments). Other foreign currencies do not represent a significant portion of DIS' cash flows. Net of forward currency exchange contracts used for hedging purposes, foreign currency payments amounted to an equivalent of US$ 14.6 million.
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| Disclosure of credit risk [text block] | — |
(see also note 24 on credit risk)
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| Explanation of credit risk management practices and how they relate to recognition and measurement of expected credit losses [text block] |
To measure the expected credit losses, management has used time-slots risk indices for overdue demurrages as per the table below (please also refer to the accounting principles). The following tables show relevant data for 2022:
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| Information on how entity determined whether credit risk of financial instruments has increased significantly since initial recognition | — |
Under IFRS 9, these assets are assessed at each period-end to ascertain whether the credit risk relating to them has increased significantly since its initial recognition.
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| Information on how entity determined that financial assets are credit-impaired financial assets | — |
If it has, then an allowance is made for the lifetime expected credit losses. If it has not, then only credit losses expected on defaults within 12 months of the period end are recognised.
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| Explanation of inputs, assumptions and estimation techniques used to apply impairment requirements [text block] | — |
As at the reporting date, there wasn't an impairment indicator since as that date the fair value (broker valuations) of DIS' Fleet was higher than its book-value by US$ 247.6 million.
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| Description of how forward-looking information has been incorporated into determination of expected credit losses | — |
Risk of default is assessed on an individual basis on the counterparty and expected credit losses are measured based on the historical and current data.
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| Disclosure of credit risk exposure [text block] | — |
The carrying amount of financial assets represents the maximum credit exposure
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| Disclosure of maturity analysis for non-derivative financial liabilities [text block] | — |
The following tables detail for the years 2022 and 2021, respectively, the DIS Group's prospective cashflows, relating to principal repayments, for its financing liabilities based on contractual terms. The tables have been drawn-up based on undiscounted cash-flows, excluding interest, on the earliest date in which the DIS Group can be required to pay.
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