| Information about Company's Reportable Segments |
The table below presents information about the Company’s reportable segments comprising its continuing operations for the
six months ended June 30, 2024 and 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial
statements. Segment results are evaluated based on income from operations.
| |
|
Six months ended June 30, 2024 |
|
|
Six months ended June 30, 2025 |
|
|
|
|
MR
(Handysize/MR2)
tanker
segment
|
|
|
LPG carrier
segment
|
|
|
Total
|
|
|
MR
(Handysize/MR2)
tanker
segment
|
|
|
LPG carrier
segment
|
|
|
Total
|
|
|
Time charter revenues
|
|
$
|
—
|
|
|
$ |
6,516,885 |
|
|
$
|
6,516,885
|
|
|
$
|
—
|
|
|
$ |
7,528,174 |
|
|
$
|
7,528,174
|
|
|
Voyage charter revenues
|
|
|
—
|
|
|
|
1,310,662 |
|
|
|
1,310,662
|
|
|
|
—
|
|
|
|
— |
|
|
|
—
|
|
|
Pool revenues
|
|
|
4,019,697
|
|
|
|
— |
|
|
|
4,019,697
|
|
|
|
2,068,779
|
|
|
|
— |
|
|
|
2,068,779
|
|
|
Total vessel revenues
|
|
$
|
4,019,697
|
|
|
$ |
7,827,547 |
|
|
$
|
11,847,244
|
|
|
$
|
2,068,779
|
|
|
$ |
7,528,174 |
|
|
$
|
9,596,953
|
|
|
Voyage expenses (including charges from related parties)
|
|
|
(156,626
|
)
|
|
|
(920,035 |
) |
|
|
(1,076,661
|
)
|
|
|
(266,641
|
)
|
|
|
(360,353 |
) |
|
|
(626,994
|
)
|
|
Vessel operating expenses
|
|
|
(1,135,874
|
)
|
|
|
(3,420,534 |
) |
|
|
(4,556,408
|
)
|
|
|
(696,733
|
)
|
|
|
(3,851,595 |
) |
|
|
(4,548,328
|
)
|
|
Management fees to related parties
|
|
|
(189,098
|
)
|
|
|
(756,392 |
) |
|
|
(945,490
|
)
|
|
|
(144,585
|
)
|
|
|
(775,404 |
) |
|
|
(919,989
|
)
|
|
Provision for doubtful accounts
|
|
|
—
|
|
|
|
(25,369 |
) |
|
|
(25,369
|
)
|
|
|
—
|
|
|
|
— |
|
|
|
—
|
|
|
Depreciation and amortization
|
|
|
(463,714
|
)
|
|
|
(1,855,612 |
) |
|
|
(2,319,326
|
)
|
|
|
(415,178
|
)
|
|
|
(1,891,522 |
) |
|
|
(2,306,700
|
)
|
|
Segments operating income/(loss)
|
|
$
|
2,074,385
|
|
|
$ |
849,605 |
|
|
$
|
2,923,990
|
|
|
$
|
545,642
|
|
|
$ |
649,300 |
|
|
$
|
1,194,942
|
|
|
Interest and finance costs
|
|
|
|
|
|
|
|
|
|
|
(202,251
|
)
|
|
|
|
|
|
|
|
|
|
|
(79,144
|
)
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
4,288,184
|
|
|
|
|
|
|
|
|
|
|
|
1,296,262
|
|
|
Interest income from
related party
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
1,771,836 |
|
|
Dividend income from related party
|
|
|
|
|
|
|
|
|
|
|
1,263,889 |
|
|
|
|
|
|
|
|
|
|
|
2,620,833 |
|
|
Foreign exchange (losses)/gains
|
|
|
|
|
|
|
|
|
|
|
(3,404 |
) |
|
|
|
|
|
|
|
|
|
|
35,744 |
|
|
Dividend income on equity securities
|
|
|
|
|
|
|
|
|
|
|
4,136 |
|
|
|
|
|
|
|
|
|
|
|
4,623 |
|
|
(Loss)/Gain on equity
securities
|
|
|
|
|
|
|
|
|
|
|
(13,837 |
) |
|
|
|
|
|
|
|
|
|
|
22,163 |
|
|
Less: Unallocated corporate general and administrative expenses (including related parties)
|
|
|
|
|
|
|
|
|
|
|
(4,698,176 |
) |
|
|
|
|
|
|
|
|
|
|
(3,955,945 |
) |
|
Net income and comprehensive income from continuing operations, before taxes
|
|
|
|
|
|
|
|
|
|
$ |
3,562,531 |
|
|
|
|
|
|
|
|
|
|
$ |
2,911,314 |
|
|
Net income and comprehensive income from discontinued operations,
before taxes
|
|
|
|
|
|
|
|
|
|
$ |
19,714,095 |
|
|
|
|
|
|
|
|
|
|
$ |
100,768 |
|
|
Net income and comprehensive income, before taxes
|
|
|
|
|
|
|
|
|
|
$ |
23,276,626 |
|
|
|
|
|
|
|
|
|
|
$ |
3,012,082 |
|
|
| Reconciliation of Total Segment Assets to Total Assets |
A reconciliation of total segment assets to total assets presented in the accompanying unaudited condensed consolidated
balance sheets of December 31, 2024, and June 30, 2025, is as follows:
| |
|
As of
December 31,
2024
|
|
|
As of
June 30,
2025
|
|
|
MR (Handysize/MR2) tanker segment
|
|
|
9,666,777
|
|
|
|
5,408,661
|
|
LPG carrier segment
|
|
|
72,241,241 |
|
|
|
71,646,584 |
|
|
Cash and cash equivalents(1)
|
|
|
37,191,906
|
|
|
|
114,665,412
|
|
|
Prepaid expenses and other assets(1)
|
|
|
206,812,257
|
|
|
|
134,089,457
|
|
|
Total assets from continuing operations
|
|
$ |
325,912,181 |
|
|
$ |
325,810,114 |
|
|
Total assets from discontinued operations
|
|
$ |
495,003 |
|
|
$ |
449,807 |
|
|
Total consolidated assets
|
|
$
|
326,407,184
|
|
|
$
|
326,259,921
|
|
| (1) |
Refers to assets of other, non-vessel owning, entities included in the consolidated
financial statements.
|
|