v3.26.1
Revenue
6 Months Ended
Jun. 30, 2026
Revenue  
Revenue

10.Revenue

The table below presents an analysis of revenue generated from voyage and time charter agreements:

For the six months ended June 30,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

Voyage charter

$

474,256,881

$

172,125,286

Time charter

 

14,760,712

1,969,500

Total

$

489,017,593

$

174,094,786

IFRS 15 Revenue from Contracts with Customers

The table below presents an analysis of earned revenue in the spot market (voyage charter):

  ​ ​ ​

For the six months ended June 30,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

Freight

$

403,763,446

$

158,445,650

Demurrages

 

70,493,435

13,679,636

Total

$

474,256,881

$

172,125,286

Revenue was $489.0 million for the period ended June 30, 2026, an increase of $314.9 million, from $174.1 million for the period ended June 30, 2025. The increase in revenue was primarily due to the increase in the fleet and due to the higher employment rates for the vessels.

Lease and non-lease components of revenue

The table below presents an analysis of earned revenue under time charter agreements:

For the six months ended June 30,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

Lease component

$

13,355,987

$

1,698,950

Non-lease component

 

1,404,725

270,550

Total

$

14,760,712

$

1,969,500

Revenue by continent

The table below presents revenue generated per continent, based on the Group’s customers’ headquarters:

For the six months ended June,

USD

  ​ ​ ​

2026

  ​ ​ ​

2025

Europe

$

267,995,906

$

92,258,864

Asia

 

185,857,250

64,445,219

North America

 

34,531,947

13,625,121

South America

 

632,490

3,765,582

Total

$

489,017,593

$

174,094,786