v3.26.1
Operating Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Operating Revenues
2. Operating Revenues

The following table discloses operating revenues by contract type for the three and six months ended June 30, 2026, and 2025:
 
 
Three months ended June 30, 2025Three months ended June 30, 2026Six months ended June 30, 2025Six months ended June 30, 2026
(in thousands)
Time charters $91,510 $91,748 $178,693 $173,171 
Voyage charters 25,695 64,332 78,414 112,746 
Operating revenues from Unigas Pool12,430 11,856 23,934 22,637 
Total operating revenues$129,635 $167,936 $281,041 $308,554 
    


Time Charter Revenue

As of June 30, 2026, 30 of the Company’s 46 operated vessels (excluding the eight vessels operating within the independently managed Unigas Pool) were subject to time charters, 18 of which will expire within one year, 8 of which will expire within three years, and 4 of which will expire within six years from the balance sheet date (December 31, 2025: 29 of the Company’s 49 operated vessels were subject to time charters, 19 of which were to expire within one year, seven of which were to expire within three years, and three of which were to expire within five years). The estimated undiscounted cash flows for committed time charter revenues that are expected to be received on an annual basis for ongoing time charters, as of June 30, 2026, are as follows:

(in thousands of U.S. dollars)
Within 1 year
$182,546 
In the second year
62,218 
In the third year
45,734 
In the fourth year
15,987 
Thereafter$18,862 
$325,347 

For time charter revenue accounted for under ASC 842, the amount of accrued income on the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026, was $3.8 million (December 31, 2025: $1.5 million). The amount of hire payments received in advance under time charter contracts, recognized as a liability and reflected within deferred income on the Company’s unaudited condensed consolidated balance sheet as of June 30, 2026, was $23.7 million (December 31, 2025: $27.2 million). Deferred income allocated to time charters will be recognized ratably over time, which is expected to be within one month from June 30, 2026.

Voyage Charter Revenue
Voyage charter revenue, which includes revenue from contracts of affreightment, is shown net of address commissions.

As of June 30, 2026, for voyage charter and contract of affreightment services accounted for under ASC 606, the amount of contract assets reflected within accrued income on the Company’s unaudited condensed consolidated balance sheet was $8.1 million (December 31, 2025: $3.2 million). Changes in the contract asset balance between balance sheet dates reflects income accrued after loading of the cargo commences but before an invoice has been raised to the charterer, as well as changes in the number of the Company’s vessels contracted under voyage charters or contracts of affreightment.

The period opening and closing balance of receivables from voyage charters, including contracts of affreightment, was $14.1 million and $27.4 million, respectively, as of June 30, 2026, (December 31, 2025: $19.5 million and $14.1 million, respectively) and is reflected within net accounts receivable on the Company’s unaudited condensed consolidated balance sheet.
The amount allocated to costs incurred to fulfill a contract with a charterer, which are costs incurred following the commencement of a contract or charter party but before the loading of the cargo commences, was $0.8 million as of June 30, 2026, (December 31, 2025: $0.9 million) and is reflected within prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheet.