130
SINGAPORE SHIPPING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2016
28. COMMITMENTS
Operating leases
As lessor
The Group leases out its vessels under operating lease. The future minimum lease payments to be
received under non-cancellable lease agreements for vessels are as follows:
The Group
2016
US$’000
2015
US$’000
(Restated)
Within 1 year
36,537
36,637
Between 1 and 5 years
144,189
146,014
More than 5 years
321,667
356,378
502,393
539,029
The leases typically run for initial periods of more than ten years.
As lessee
As at reporting date, the Group has commitments for future minimum lease payable under non-
cancellable operating lease in respect of a warehouse of US$386,000 (2015: US$1,053,000).
29. CONTINGENT LIABILITIES
The Company
The Company had provided performance guarantees to third party with respect to charter party
agreements for the charter of vessels by subsidiaries to the third party.
