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Related Party Transactions | 12 Months Ended
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Dec. 31, 2025
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 19 — RELATED PARTY TRANSACTIONS The Company has established an Audit Committee, which operates under a formal charter. In accordance with this charter, the Audit Committee is responsible for the ongoing review and approval of all related-party transactions to ensure they are conducted on an arm’s-length basis and in the best interests of the Company and its shareholders. Set forth below are related party transactions of our Company for the financial years ended December 31, 2024, and 2025, which are identified in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related party transactions under Singapore law. The amounts due from related party consisted of the following:
|  |  |  |  |  | As of December 31, |
Name of related party |  | Relationship |  | Nature |  | 2024 |  |  | 2025 |
|  |  |  |  |  | USD’000 |  |  | USD’000 |
Mega Origin Holdings Limited |  | Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Non-trade loan, unsecured, interest-free and recoverable on demand |  |  | 152 |  |  |  | 95 |
The amounts due to related party consisted of the following:
|  |  |  |  |  | As of December 31, |
Name of related party |  | Relationship |  | Nature |  | 2024 |  |  | 2025 |
|  |  |  |  |  | USD’000 |  |  | USD’000 |
Mega Origin Holdings Limited |  | Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Non-trade loan, with simple annual interests charged at 3.5% per annum, not repayable upon demand, save upon the request by Delixy Energy, whichever earlier |  |  | 5,000 |  |  |  | — |
Mega Origin Holdings Limited |  | Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Non-trade loan, with interest-free and repayable on maturity date |  |  | — |  |  |  | 4,000 |
The following represents the other significant related party transactions that occurred in the financial years ended December 31, 2023, 2024 and 2025.
|  |  |  |  |  |  | Year ended December 31, |
Name of related party |  | Relationship |  |  | Nature |  |  | 2023 |  |  | 2024 |  |  | 2025 |
|  |  |  |  |  |  |  | USD’000 |  |  | USD’000 |  |  | USD’000 |
Wisecome Oil Pte. Ltd. |  | Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  |  | Non-trade loan, unsecured, interest-free and repayable on demand |  |  | (175 | ) |  |  | — |  |  |  | — |
|  |  |  |  |  | Year ended December 31, |
Name of related party |  | Relationship |  | Nature |  | 2023 |  |  | 2024 |  |  | 2025 |
|  |  |  |  |  | US$’000 |  |  | USD’000 |  |  | USD’000 |
Wisecome Oil Pte. Ltd. |  | Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Proceeds from disposal of property |  |  | — |  |  |  | 957 |  |  |  | — |
Wisecome Oil Pte. Ltd. |  | Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Freight expenses |  |  | — |  |  |  | (1,151 | ) |  |  | (96 | )
Wisecome Oil Pte. Ltd. |  | Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Agent Charge |  |  | — |  |  |  | — |  |  |  | (1 | )
Wisecome Oil Pte. Ltd. |  | Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Rental and maintenance expenses |  |  | — |  |  |  | (17 | ) |  |  | (35 | )
Wisecome Oil Pte. Ltd. |  | Company wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Advances |  |  | — |  |  |  | 1,125 |  |  |  | — |
Mega Origin Holdings Limited |  | Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Dividend paid |  |  | (1,500 | ) |  |  | (4,745 | ) |  |  | — |
Mega Origin Holdings Limited |  | Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Non-trade loan, unsecured, interest-free and repayable on demand |  |  | 6 |  |  |  | — |  |  |  | — |
Mega Origin Holdings Limited |  | Our controlling shareholder and wholly-owned by Mr. Xie Dongjian, our Executive Chairman, Chief Executive Officer and Executive Director |  | Non-trade loan, unsecured, interest-free and repayable on demand |  |  | (87 | ) |  |  | (152 | ) |  |  | 57 |

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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