| Segment information |
9.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 comprises the Shipping and Product Services segments. The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. For the Product Services segment, gross profit is reflected as Gross profit - Product Services. Operating segment disclosures are consistent with the information reviewed by the Management. 9.Segment information (continued) Segment performance is presented below: | | | | | | | | | | | | | | | Inter- | | | | | | | Product | | segment | | | | | Shipping | | Services | | elimination | | Total | | | US$’000 | | US$’000 | | US$’000 | | US$’000 | Q2 2026 | | | | | | | | | | | | | | | | | | Revenue from spot voyages | | 215,528 | | — | | — | | 215,528 | Inter-segment revenue | | 19,272 | | — | | (19,272) | | — | Voyage expenses | | (75,698) | | — | | — | | (75,698) | Inter-segment expense | | (9,479) | | — | | 9,479 | | — | Net income from spot voyages | | 149,623 | | — | | (9,793) | | 139,830 | Revenue from time charter voyages | | 125,262 | | — | | — | | 125,262 | TCE income - Shipping 1 | | 274,885 | | — | | (9,793) | | 265,092 | | | | | | | | | | Revenue from Product Services | | — | | 671,170 | | — | | 671,170 | Inter-segment revenue | | — | | 9,479 | | (9,479) | | — | Cost of cargo and delivery expenses | | — | | (664,208) | | — | | (664,208) | Inter-segment cost | | — | | (19,272) | | 19,272 | | — | Depreciation | | — | | (15,242) | | — | | (15,242) | Gross profit - Product Services 2 | | — | | (18,073) | | 9,793 | | (8,280) | | | | | | | | | | Segment results | | 274,885 | | (18,073) | | — | | 256,812 | | | | | | | | | | H1 2026 | | | | | | | | | | | | | | | | | | Revenue from spot voyages | | 378,115 | | — | | — | | 378,115 | Inter-segment revenue | | 27,391 | | — | | (27,391) | | — | Voyage expenses | | (134,790) | | — | | — | | (134,790) | Inter-segment expense | | (15,204) | | — | | 15,204 | | — | Net income from spot voyages | | 255,512 | | — | | (12,187) | | 243,325 | Revenue from time charter voyages | | 217,062 | | — | | — | | 217,062 | TCE income - Shipping 1 | | 472,574 | | — | | (12,187) | | 460,387 | | | | | | | | | | Revenue from Product Services | | — | | 1,255,674 | | — | | 1,255,674 | Inter-segment revenue | | — | | 15,204 | | (15,204) | | — | Cost of cargo and delivery expenses | | — | | (1,104,151) | | — | | (1,104,151) | Inter-segment cost | | — | | (27,391) | | 27,391 | | — | Depreciation | | — | | (30,586) | | — | | (30,586) | Gross profit - Product Services 2 | | — | | 108,750 | | 12,187 | | 120,937 | | | | | | | | | | Segment results | | 472,574 | | 108,750 | | — | | 581,324 | | | | | | | | | |
| 1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission. |
| 2 | Gross profit - 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. |
9.Segment information (continued) Segment performance is presented below: | | | | | | | | | | | | | | | Inter- | | | | | | | Product | | segment | | | | | Shipping | | Services | | elimination | | Total | | | US$’000 | | US$’000 | | US$’000 | | US$’000 | Q2 2025 | | | | | | | | | | | | | | | | | | Revenue from spot voyages | | 156,459 | | — | | — | | 156,459 | Inter-segment revenue | | 19,973 | | — | | (19,973) | | — | Voyage expenses | | (89,291) | | — | | — | | (89,291) | Inter-segment expense | | (8,563) | | — | | 8,563 | | — | Net income from spot voyages | | 78,578 | | — | | (11,410) | | 67,168 | Revenue from time charter voyages | | 74,078 | | — | | — | | 74,078 | TCE income - Shipping 1 | | 152,656 | | — | | (11,410) | | 141,246 | | | | | | | | | | Revenue from Product Services | | — | | 813,364 | | — | | 813,364 | Inter-segment revenue | | — | | 8,563 | | (8,563) | | — | Cost of cargo and delivery expenses | | — | | (776,701) | | — | | (776,701) | Inter-segment cost | | — | | (19,973) | | 19,973 | | — | Depreciation | | — | | (10,428) | | — | | (10,428) | Gross profit - Product Services 2 | | — | | 14,825 | | 11,410 | | 26,235 | | | | | | | | | | Segment results | | 152,656 | | 14,825 | | — | | 167,481 | | | | | | | | | | H1 2025 | | | | | | | | | | | | | | | | | | Revenue from spot voyages | | 337,550 | | — | | — | | 337,550 | Inter-segment revenue | | 30,125 | | — | | (30,125) | | — | Voyage expenses | | (182,163) | | — | | — | | (182,163) | Inter-segment expense | | (14,199) | | — | | 14,199 | | — | Net income from spot voyages | | 171,313 | | — | | (15,926) | | 155,387 | Revenue from time charter voyages | | 140,013 | | — | | — | | 140,013 | TCE income - Shipping 1 | | 311,326 | | — | | (15,926) | | 295,400 | | | | | | | | | | Revenue from Product Services | | — | | 1,428,410 | | — | | 1,428,410 | Inter-segment revenue | | — | | 14,199 | | (14,199) | | — | Cost of cargo and delivery expenses | | — | | (1,379,968) | | — | | (1,379,968) | Inter-segment cost | | — | | (30,125) | | 30,125 | | — | Depreciation | | — | | (21,328) | | — | | (21,328) | Gross profit - Product Services 2 | | — | | 11,188 | | 15,926 | | 27,114 | | | | | | | | | | Segment results | | 311,326 | | 11,188 | | — | | 322,514 |
| 1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission. |
| 2 | Gross profit - 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. |
9.Segment information (continued) Reconciliation of segment results: | | | | | | | | | | | Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | | | US$’000 | | US$’000 | | US$’000 | | US$’000 | Total segment results for reportable segments | | 256,812 | | 167,481 | | 581,324 | | 322,514 | Vessel operating expenses | | (33,183) | | (32,030) | | (61,719) | | (61,717) | Time charter contracts (non-lease components) | | (73) | | (4,021) | | (959) | | (8,699) | General and administrative expenses | | (31,978) | | (17,138) | | (50,476) | | (37,981) | Charter hire expenses | | (8,427) | | (739) | | (18,592) | | (1,006) | Fair value gain/(loss) from equity financial asset | | 696 | | (1,172) | | 696 | | (1,172) | Finance lease income | | 228 | | 137 | | 482 | | 308 | Other operating expense - net | | 2,160 | | (738) | | 143 | | (1,576) | Depreciation - Shipping segment | | (45,826) | | (52,158) | | (90,750) | | (104,382) | Amortisation | | (42) | | (51) | | (102) | | (261) | Loss on derecognition of right-of-use assets (vessels) | | — | | (732) | | — | | (289) | Gain on disposal of vessels | | — | | — | | — | | 32,051 | Operating profit | | 140,367 | | 58,839 | | 360,047 | | 137,790 | | | | | | | | | | Finance expense – net | | (9,054) | | (11,769) | | (17,072) | | (23,953) | Income tax expense | | 6,612 | | (3,632) | | (17,708) | | (3,822) | Profit after tax | | 137,925 | | 43,438 | | 325,267 | | 110,015 |
|