v3.26.1
Related Party Transactions (Tables)
 6 Months Ended 12 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Related Party Transactions [Abstract]    
Schedule of Related Parties with Transactions Related parties with transactions and related party relationships

Name of Related Party

  

Relationship to the Group

Mr. Shoucheng Lei

  

A shareholder of the Group

Ocean Master Worldwide Corporation

  

Controlled by Mr. Shoucheng Lei, Ms. Luan Chen and Mr. Jun Li, shareholders of the Group

Rui Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Topsheen Shipping Limited

  

Related to Mr. Dong Zhang

Topsheen Shipping Singapore Pte. Ltd.

  

Related to Mr. Dong Zhang

Topsheen bulk Singapore Pte. Ltd.

  

Related to Mr. Dong Zhang

Xun Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Topsheen Shipping Group Limited

  

Controlled by Mr. Shoucheng Lei

Nanjing Top Confidence Marine Management Co., Ltd

  

Controlled by Mr. Shoucheng Lei

Mei Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Tong Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Keen Best Shipping Co Limited

  

Controlled by Ocean Master Worldwide Corporation

Mr. Dong Zhang

  

Family member of Mr. Jun Li

Mr. Qing Xu

  

Family member of Ms. Luan Chen

Top Corporation Shipping Limited

  

Controlled by Ocean Master Worldwide Corporation
Related parties with transactions and related party relationships

Name of Related Party

  

Relationship to the Group

Mr. Shoucheng Lei

  

A shareholder of the Group

Ocean Master Worldwide Corporation

  

Controlled by Mr. Shoucheng Lei, Ms. Luan Chen and Mr. Jun Li, shareholders of the Group

Rui Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Topsheen Shipping Limited

  

Related to Mr. Dong Zhang

Topsheen Shipping Singapore Pte. Ltd.

  

Related to Mr. Dong Zhang

Topsheen bulk Singapore Pte. Ltd.

  

Related to Mr. Dong Zhang

Xun Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Topsheen Shipping Group Limited

  

Controlled by Mr. Shoucheng Lei

Nanjing Top Confidence Marine Management Co., Ltd

  

Controlled by Mr. Shoucheng Lei

Name of Related Party

  

Relationship to the Group

Mei Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Tong Da Shipping Co. Limited

  

Controlled by Ocean Master Worldwide Corporation

Keen Best Shipping Co Limited

  

Controlled by Ocean Master Worldwide Corporation

Mr. Dong Zhang

  

Family member of Mr. Jun Li

Mr. Qing Xu

  

Family member of Ms. Luan Chen

Top Corporation Shipping Limited

  

Controlled by Ocean Master Worldwide Corporation
Schedule of Balances Due from Related Parties and Due to Related Parties

(2) Accounts receivable-related parties

 

As of
December 31,
2025

  

As of
June 30,
2025

Topsheen Shipping Singapore Pte. Ltd.(1)

  

$

—

  

$

616,279

Tong Da Shipping Co. Limited(2)

  

 

—

  

 

143,277

Mei Da Shipping Co. Limited(2)

  

 

—

  

 

159,638

Keen Best Shipping Co Limited(2)

  

 

5,000

  

 

99,121

Total

  

$

5,000

  

$

1,018,315

​(1)      The balance mainly represented consideration for time charter accounts receivable from Topsheen Shipping Singapore Pte. Ltd, which was collected in current period.

​(2)      The balance represents the accrued management fees from related parties for vessel management services, which was partially collected in current period.

(3) Contract liabilities-related party

 

As of
December 31,
2025

  

As of
June 30,
2025

Topsheen Shipping Singapore Pte. Ltd.(1)

  

$

497,360

  

$

433,125

(1)      The balance represents the advance charter hire payments from Topsheen Shipping Singapore Pte. Ltd.

As of December 31, 2025 and June 30, 2025, the balances due to related parties were as follows:

 

As of
December 31,
2025

  

As of
June 30,
2025

Topsheen Shipping Singapore Pte. Ltd(1)

  

$

412,873

  

$

331,948

(1)      The balance represents the outstanding bunker receivable from Topsheen Shipping Singapore Pte. Ltd for time charter service provided by the Group.

As of December 31, 2025 and June 30, 2025, the balances due to related parties were as follows:

 

As of
December 31,
2025

  

As of
June 30,
2025

Topsheen Shipping Group Limited(1)

  

$

5,417

  

$

36,584

Nanjing Top Confidence Marine Management Co., Ltd(1)

  

 

8,710

  

 

14,381

Due to shareholder and affiliate(2)

  

 

21,476,946

  

 

24,490,720

Ocean Master Worldwide Corporation

  

 

11,546

  

 

11,546

Total

  

$

21,502,619

  

$

24,553,231

(1)      The balances mainly represented the expenses paid on behalf of the Group.

(2)      The balances mainly represented non-interest-bearing loans from Mr. Shoucheng Lei and due on demand. During the six months end December 31, 2025, the Group repaid $3,000,000 of these loans to Mr. Shoucheng Lei.

(6) Services provided to related parties

 

For the
Six Months
ended
December 31,
2025

  

For the
Six Months
ended
December 31,
2024

Topsheen Shipping Singapore Pte. Ltd. (Time charter & Vessel management services revenue)

  

$

9,250,107

  

$

9,430,014

Mei Da Shipping Co. Limited (Vessel management services revenue)

  

 

699,582

  

 

690,649

Tong Da Shipping Co. Limited (Vessel management services revenue)

  

 

707,132

  

 

721,736

Topsheen Bulk Singapore Pte Ltd (Time charter revenue)

  

 

—

  

 

617,624

Keen Best Shipping Co Limited (Vessel management services revenue)

  

 

485,796

  

 

497,079

Total

  

$

11,142,617

  

$

11,957,102

(8) Short-term office lease expense from a related party

 

For the
Six Months
ended
December 31,
2025

  

For the
Six Months
ended
December 31,
2024

Mr. Jun Li’s affiliate

  

$

—

  

$

13,795

(9) General and administrative expenses shared with a related party

 

For the
six months
ended
December 31,
2025

  

For the
six months
ended
December 31,
2024

Topsheen Shipping Group Co., Ltd

  

$

57,508

  

$

55,997

(2) Accounts receivable-related parties

 

As of
June 30,
2025

  

As of
June 30,
2024

Topsheen Shipping Singapore Pte. Ltd.(1)

  

$

616,279

  

$

50,125

Tong Da Shipping Co. Limited(2)

  

 

143,277

  

 

—

Mei Da Shipping Co. Limited(2)

  

 

159,638

  

 

—

Keen Best Shipping Co Limited(2)

  

 

99,121

  

 

86,817

Total

  

$

1,018,315

  

$

136,942

(1)      The balance mainly represented consideration for time charter accounts receivable from Topsheen Shipping Singapore Pte. Ltd.

(2)      The balance represents the accrued management fees from related parties for vessel management services.

(3) Advance from customers-related party

 

As of
June 30,
2025

  

As of
June 30,
2024

Topsheen Shipping Singapore Pte. Ltd.(1)

  

$

433,125

  

$

213,209

​(1)      The balance represents the advance charter hire payments from Topsheen Shipping Singapore Pte. Ltd.

As of June 30, 2025 and 2024, the balances due from related parties were as follows:

 

As of
June 30,
2025

  

As of
June 30,
2024

Ocean Master Worldwide Corporation

  

$

—

  

$

71,662

Topsheen Shipping Singapore Pte. Ltd(1)

  

 

331,948

  

 

331,656

Total

  

$

331,948

  

$

403,318

​(1)      The balance represents the outstanding bunker receivable from Topsheen Shipping Singapore Pte. Ltd for time charter service provided by the Group.

As of June 30, 2025 and 2024, the balances due to related parties were as follows:

 

As of
June 30,
2025

  

As of
June 30,
2024

Topsheen Shipping Group Limited(1)

  

 

36,584

  

 

45,504

Nanjing Top Confidence Marine Management Co., Ltd(1)

  

 

14,381

  

 

17,683

Due to shareholder and affiliate(2)

  

 

24,490,720

  

 

24,776,946

Ocean Master Worldwide Corporation

  

 

11,546

  

 

11,546

Total

  

$

24,553,231

  

$

24,851,679

(1)      The balances mainly represented the expenses paid on behalf of the Group.

(2)      The balances mainly represented non-interest-bearing loans from Mr. Shoucheng Lei and due on demand.

(6) Services provided to related parties

 

For the
year ended
June 30,
2025

  

For the
year ended
June 30,
2024

  

For the
year ended
June 30,
2023

Topsheen Shipping Singapore Pte. Ltd. (Time charter revenue)

  

$

18,682,031

  

$

12,281,701

  

$

13,999,534

Mei Da Shipping Co. Limited (Vessel management services revenue)

  

 

1,481,220

  

 

1,565,711

  

 

2,052,046

Tong Da Shipping Co. Limited (Vessel management services revenue)

  

 

1,457,911

  

 

1,492,521

  

 

1,752,601

Rui Da Shipping Co. Limited (Vessel management services revenue)

  

 

—

  

 

—

  

 

420,737

Xun Da Shipping Co. Limited (Vessel management services revenue)

  

 

—

  

 

—

  

 

619,504

Topsheen Bulk Singapore Pte Ltd (Time charter revenue)

  

 

624,337

  

 

—

  

 

—

Keen Best Shipping Co Limited (Vessel management services revenue)

  

 

1,128,998

  

 

974,963

  

 

—

Total

  

$

23,374,497

  

$

16,314,896

  

$

18,844,422

(8) Short-term office lease expense from a related party

 

For the
year ended
June 30,
2025

  

For the
year ended
June 30,
2024

  

For the
year ended
June 30,
2023

Mr. Jun Li’s affiliate

  

$

27,684

  

$

27,443

  

$

28,571

(9) General and administrative expenses shared with a related party

 

For the
year ended
June 30,
2025

  

For the
year ended
June 30,
2024

  

For the
year ended
June 30,
2023

Topsheen Shipping Group Co., Ltd

  

$

92,581

  

$

108,353

  

$

75,592