XML 79 R58.htm IDEA: XBRL DOCUMENT

Segment information (Tables)

12 Months Ended

Dec. 31, 2025

Segment information

Schedule of segment performance

Product


				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


				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

Schedule of 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