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Segment information | 12 Months Ended
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Dec. 31, 2025
Segment information |
Segment information | 23.Segment information The executive management team (“EMT”) is the Group’s chief operating decision-maker. The Group identifies segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers the business from each individual business segment perspective which comprise the Shipping and Product Services segments. The EMT uses the reported measure of TCE income and gross profit to assess the performance of the Shipping and Product Services operating segments respectively. Operating segment disclosures are consistent with the information reviewed by the management. ​ 23.Segment information (continued) Geographical information Non-current assets comprise mainly vessels, operating on an international platform with individual vessels calling at various ports across the globe. The Group does not consider the domicile of its customers as a relevant decision-making guideline and hence does not consider it meaningful to allocate vessels and revenue to specific geographical locations. Segment performance is presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Product | ​ ​ ​ | Inter-segment | ​ ​ ​ | ​
​ | ​ ​ ​ | Shipping | ​ ​ ​ | Services | ​ ​ ​ | elimination | ​ ​ ​ | Total
​ | ​ | US$’000 | ​ | US$’000 | ​ | US$’000 | ​ | US$’000
2025 |  | ​ |  | ​ |  | ​ |  | ​
Revenue from spot voyages |  | 703,469 |  | — |  | — |  | 703,469
Inter-segment revenue |  | 65,698 |  | — |  | (65,698) |  | —
Voyage expenses |  | (348,238) |  | — |  | — |  | (348,238)
Inter-segment expense |  | (24,231) |  | — |  | 24,231 |  | —
Net income from spot voyages |  | 396,698 |  | — |  | (41,467) |  | 355,231
Revenue from time charter voyages | ​ | 312,276 | ​ | — | ​ | — | ​ | 312,276
TCE income – Shipping 1 |  | 708,974 |  | — |  | (41,467) |  | 667,507
Revenue from Product Services |  | — |  | 2,566,394 |  | — |  | 2,566,394
Inter-segment revenue |  | — |  | 24,206 |  | (24,206) |  | —
Cost of cargo and delivery expenses |  | — |  | (2,460,924) |  | — |  | (2,460,924)
Inter-segment expense |  | — |  | (65,673) |  | 65,673 |  | —
Depreciation |  | — |  | (48,066) |  | — |  | (48,066)
Gross profit – Product Services 2 |  | — |  | 15,937 |  | 41,467 |  | 57,404
Segment results |  | 708,974 |  | 15,937 |  | — |  | 724,911
Depreciation |  | (207,495) |  | — |  | ​ |  | ​
Amortisation |  | (264) |  | (104) |  | ​ |  | ​
Loss on derecognition of right-of-use assets |  | (289) |  | — |  | ​ |  | ​
Gain on disposal of vessels |  | 56,708 |  | — |  | ​ |  | ​
1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.
2 | Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels.
​ 23.Segment information (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Product | ​ ​ ​ | Inter-segment | ​ ​ ​ | ​
​ | ​ ​ ​ | Shipping | ​ ​ ​ | Services | ​ ​ ​ | elimination | ​ ​ ​ | Total
​ | ​ | US$’000 | ​ | US$’000 | ​ | US$’000 | ​ | US$’000
2024 |  | ​ |  | ​ |  | ​ |  | ​
Revenue from spot voyages |  | 773,039 |  | — |  | — |  | 773,039
Inter-segment revenue |  | 78,130 |  | — |  | (78,130) |  | —
Voyage expenses |  | (383,798) |  | — |  | — |  | (383,798)
Inter-segment expense |  | (49,501) |  | — |  | 49,501 |  | —
Net income from spot voyages |  | 417,870 |  | — |  | (28,629) |  | 389,241
Revenue from time charter voyages | ​ | 189,764 | ​ | — | ​ | — | ​ | 189,764
Inter-segment revenue |  | 562 |  | — |  | (562) |  | —
TCE income – Shipping 1 |  | 608,196 |  | — |  | (29,191) |  | 579,005
Revenue from Product Services |  | — |  | 2,600,944 |  | — |  | 2,600,944
Inter-segment revenue |  | — |  | 49,501 |  | (49,501) |  | —
Cost of cargo and delivery expenses |  | — |  | (2,390,929) |  | — |  | (2,390,929)
Inter-segment expense |  | — |  | (78,692) |  | 78,692 |  | —
Depreciation |  | — |  | (35,991) |  | — |  | (35,991)
Gross profit – Product Services 2 |  | — |  | 144,833 |  | 29,191 |  | 174,024
Segment results |  | 608,196 |  | 144,833 |  | — |  | 753,029
Depreciation |  | (165,347) |  | — |  | ​ |  | ​
Amortisation |  | (739) |  | (104) |  | ​ |  | ​
Gain on disposal of vessels |  | 20,391 |  | — |  | ​ |  | ​
1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.
2 | Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels
​ 23.Segment information (continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Product | ​ | Inter-segment | ​ | ​
​ | ​ ​ ​ | Shipping | ​ ​ ​ | Services | ​ ​ ​ | elimination | ​ ​ ​ | Total
​ | ​ | US$’000 | ​ | US$’000 | ​ | US$’000 | ​ | US$’000
2023 |  | ​ |  | ​ |  | ​ |  | ​
Revenue from spot voyages |  | 1,059,024 |  | — |  | — |  | 1,059,024
Inter-segment revenue |  | 175,528 |  | — |  | (175,528) |  | —
Voyage expenses |  | (509,340) |  | — |  | — |  | (509,340)
Inter-segment expense |  | (112,211) |  | — |  | 112,211 |  | —
Net income from spot voyages |  | 613,001 |  | — |  | (63,317) |  | 549,684
Revenue from time charter voyages |  | 184,494 |  | — |  | (18,998) |  | 165,496
TCE income – Shipping 1 |  | 797,495 |  | — |  | (82,315) |  | 715,180
Revenue from Product Services |  | — |  | 1,722,820 |  | — |  | 1,722,820
Inter-segment revenue |  | — |  | 112,211 |  | (112,211) |  | —
Cost of cargo and delivery expenses |  | — |  | (1,547,059) |  | — |  | (1,547,059)
Inter-segment expense |  | — |  | (194,526) |  | 194,526 |  | —
Depreciation |  | — |  | (67,609) |  | — |  | (67,609)
Gross profit – Product Services 2 |  | — |  | 25,837 |  | 82,315 |  | 108,152
Segment results |  | 797,495 |  | 25,837 |  | — |  | 823,332
Depreciation |  | (149,512) |  | — |  | ​ |  | ​
Amortisation |  | (699) |  | (63) |  | ​ |  | ​
Loss on derecognition of right-of-use assets |  | (961) |  | — |  | ​ |  | ​
Gain on disposal of vessels |  | 42,374 |  | — |  | ​ |  | ​
1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.
2 | Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels
​ 23.Segment information (continued) (a)Reconciliation of segment results: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ |  | US$’000 |  | US$’000 |  | US$’000
Total segment results for reportable segments |  | 724,911 |  | 753,029 |  | 823,332
Vessel operating expenses |  | (126,299) |  | (84,984) |  | (82,192)
Time charter contracts (non-lease components) |  | (15,219) |  | (19,675) |  | (20,350)
General and administrative expenses |  | (76,496) |  | (71,134) |  | (56,773)
Charter hire expenses |  | (667) |  | (1,041) |  | (30,712)
Fair value gain from equity financial asset |  | (1,172) |  | 1,326 |  | —
Finance lease income |  | 895 |  | 635 |  | 278
Other operating (expense)/income - net |  | (6,461) |  | 1,332 |  | (993)
Depreciation – Shipping segment |  | (207,495) |  | (165,347) |  | (149,512)
Amortisation |  | (368) |  | (843) |  | (762)
Gain on disposal of vessels |  | 56,708 |  | 20,391 |  | 42,374
Loss on derecognition of right-of-use assets |  | (289) |  | — |  | (961)
Finance expenses - net |  | (44,138) |  | (8,726) |  | (19,765)
Income tax expense |  | (14,199) |  | (30,095) |  | (10,965)
Profit after tax |  | 289,711 |  | 394,868 |  | 492,999
​ (b)Customer concentration Revenues from external customers are derived mainly from spot voyages, time charter voyages and sale of LPG cargo. Revenues from the top customer of the Product Services segment represented approximately US$281 million (2024: US$347 million; 2023: US$306 million) of the Group’s total revenues.

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