11 Trade and Other Receivables

Deposit on vessels purchased8,9005,200
Trade receivables - gross44,56547,038
Less: provision for impairment-(2,368)
Trade receivables - net44,56544,670
Other receivables22,25325,850
Strategy Delivery and Risks

Credit and Counterparty Risk

The carrying values of trade and other receivables approximate their fair values due to their short-term maturities.

Trade and other receivables are mainly denominated in United States Dollars.

Accounting policy – Trade receivables

At 31 December 2018, the ageing of net trade receivables based on invoice date is as follows:

Please refer to Note 5 for the accounting policy on impairment.

At 31 December 2018, the ageing of net trade receivables based on invoice date is as follows:

< 30 days35,05734,188
31-60 days3,6093,749
61-90 days1,899742
> 90 days4,0005,991

Movements in the provision for impairment of trade receivables are as follows:

At 1 January2,3681,685
Provision for impairment, net-2,022
Amount written off during the year(2,368)(1,339)
At 31 December-2,368

Credit policy

Trade receivables consist principally of voyage-related trade receivables. It is industry practice that 95% to 100% of freight is paid upon completion of loading, with any balance paid after completion of discharge and the finalisation of port disbursements, demurrage claims or other voyagerelated charges. The Group will not normally grant any credit terms to its customers and therefore all trade receivables are past due.

There is no concentration of credit risk with respect to trade receivables, as the Group has a large number of international customers.

As at 31 December 2018 and 2017, net trade receivables are all past due but not impaired as no customer is expected to have significant financial difficulty. All other items within trade and other receivables do not contain past due or impaired assets.