| Schedule of segment performance |
| | | | | | | | | | | | | | | 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. |
| | | | | | | | | | | | | | | 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. |
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| Schedule of 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 |
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