| Segment Reporting |
3. Segment Reporting Our Company operates in the international transportation of LPG with its fleet of vessels, each of which has the same type of customer, similar operations and maintenance requirements, operates in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that our Company operates in one reportable segment. The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and evaluates performance based on net income and operating income. The following is a summary of information for our single reportable segment: | | | | | | | | | | | Three months ended | | | (in U.S. dollars) | | June 30, 2026 | | June 30, 2025 | | | Total Revenues | | $ | 187,884,848 | | $ | 84,211,966 | | | Gain on disposal of vessel | | | 30,116,869 | | | — | | | | | | | | | | | | Less: | | | | | | | | | Voyage expenses | | | 422,621 | | | 1,342,756 | | | Charter hire expenses | | | 22,614,002 | | | 10,721,911 | | | Profit sharing expenses | | | 1,676,988 | | | — | | | Vessel operating expenses | | | 20,143,217 | | | 21,911,606 | | | Other segment items (1) | | | 30,480,036 | | | 34,643,884 | | | Operating income | | | 142,664,853 | | | 15,591,809 | | | Nonoperating loss(2) | | | (4,379,831) | | | (5,509,708) | | | Net income | | $ | 138,285,022 | | $ | 10,082,101 | | |
| (1) | Other segment items include depreciation and amortization, general and administrative expenses, and other operating income and expenses. |
| (2) | Nonoperating loss includes interest and finance costs, interest income, gains and losses on derivatives, and other gains and losses. |
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