v3.26.3
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Information [Abstract]  
Segment Information
14.       Segment Information:


The reportable segment reflects the internal organization of the Company and the way the chief operating decision maker (“CODM”), who is the Chief Executive Officer of the Company, reviews the operating results and allocates capital within the Company. The CODM assesses segment performance using key financial measures, including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment, control costs and determine capital allocation. Based on these segment performance trends, the CODM makes resource allocation decisions such as adjusting chartering strategies, prioritizing fleet expansion or disposals, and optimizing cost efficiencies to enhance profitability and overall segment performance.


As a result of the acquisition of LPG Dream Syrax and LPG Dream Terrax, management has determined that, with effect from the third quarter of 2025, the Company operates in two reportable segments: (i) the tanker segment and (ii) the LPG carrier segment.


The table below presents information about the Company’s reportable segment for the six months ended June 30, 2025, and 2026. The accounting policies followed in the preparation of the reportable segment are the same as those followed in the preparation of the Company’s unaudited interim consolidated financial statements.

   
Six months ended June 30, 2025
    
Six months ended June 30, 2026
        
   
Tanker segment
    
Total
    
Tanker segment
    
LPG carrier
segment
    
Total
  
Pool revenues
  
$
3,598,828
    
$
3,598,828
    
$
3,725,158
     $ —      
3,725,158
  
Time charter revenues
     —       —       —       4,248,000       4,248,000  
Total vessel revenues
  
$
3,598,828
    
$
3,598,828
    
$
3,725,158
     $ 4,248,000    
$
7,973,158
  
Voyage expenses (including charges from related party)
    
(410,169
)
    
(410,169
)
    
(531,552
)
     (215,491 )    
(747,043
)
Vessel operating expenses
    
(1,238,068
)
    
(1,238,068
)
    
(869,986
)
     (1,862,204 )    
(2,732,190
)
Management fees to related party
    
(193,851
)
    
(193,851
)
    
(146,400
)
     (398,200 )    
(544,600
)
Depreciation and amortization
    
(729,585
)
    
(729,585
)
    
(358,331
)
     (1,078,802 )    
(1,437,133
)
Gain on sale of vessel
    —       —       6,206,743       —       6,206,743  
Segments operating income
  
$
1,027,155
 
$
1,027,155
 
$
8,025,632
     $ 693,303    
$
8,718,935
  
Finance costs
            
(6,022
)
                    
(33,207
)
Interest income
            
169,895
                      
261,085
  
Change in fair value of crypto assets-Bitcoin
            —                       (1,275,186 )
Foreign exchange (losses)/gains
            
(822
)
                    
2,702
  
Less: Unallocated corporate general and administrative expenses (including related party)
            
(756,423
)
                    
(1,574,630
)
Net income and comprehensive income, before taxes
          
$
433,783
                    
$
6,099,699
  



A reconciliation of total segment assets to total assets presented in the accompanying unaudited condensed consolidated balance sheets of December 31, 2025, and June 30, 2026, is as follows:

   
As of
December 31,
2025
    
As of
June 30,
2026
  
Tanker segment
    
12,377,612
      
5,398,945
  
LPG carrier segment
     36,570,846       34,788,280  
Cash and cash equivalents(1)
    
5,648,644
      
35,738,462
  
Prepaid expenses and other assets(1)
    
4,352,011
      
2,787,807
  
Total assets
  
$
58,949,113
    
$
78,713,494
  

(1)
Refers to assets of other, non-vessel owning, entities included in the unaudited interim condensed consolidated financial statements.