| Segment Information |
For further details regarding segment
information, please refer to the consolidated financial statements and related notes included in the 2025 Annual Report.
The reportable segments reflect 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.
The table below presents information about the Company’s reportable segments for the six months ended June 30, 2025, and
2026. The accounting policies followed in the preparation of the reportable segments 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 |
|
|
|
|
Eco
tanker
segment(1)
|
|
|
LPG carrier
segment
|
|
|
Total
|
|
|
Eco
tanker
segment
|
|
|
Non-Eco
tanker
segment
|
|
|
LPG carrier
segment
|
|
|
Total
|
|
|
Time charter revenues
|
|
$
|
—
|
|
|
$ |
7,528,174 |
|
|
$
|
7,528,174
|
|
|
$
|
3,870,923
|
|
|
$ |
4,836,972 |
|
|
$ |
4,205,437 |
|
|
$
|
12,913,332
|
|
|
Pool revenues
|
|
|
2,068,779
|
|
|
|
— |
|
|
|
2,068,779
|
|
|
|
—
|
|
|
|
— |
|
|
|
— |
|
|
|
—
|
|
|
Total vessel revenues
|
|
$
|
2,068,779
|
|
|
$ |
7,528,174 |
|
|
$
|
9,596,953
|
|
|
$
|
3,870,923
|
|
|
$ |
4,836,972 |
|
|
$ |
4,205,437 |
|
|
$
|
12,913,332
|
|
|
Voyage expenses (including charges from related party)
|
|
|
(266,641
|
)
|
|
|
(360,353 |
) |
|
|
(626,994
|
)
|
|
|
(435,512
|
)
|
|
|
(435,788 |
) |
|
|
(210,289 |
) |
|
|
(1,081,589
|
)
|
|
Vessel operating expenses
|
|
|
(696,733
|
)
|
|
|
(3,851,595 |
) |
|
|
(4,548,328
|
)
|
|
|
(1,403,230
|
)
|
|
|
(1,439,613 |
) |
|
|
(1,873,745 |
) |
|
|
(4,716,588
|
)
|
|
Management fees to related party
|
|
|
(144,585
|
)
|
|
|
(775,404 |
) |
|
|
(919,989
|
)
|
|
|
(214,600
|
)
|
|
|
(207,100 |
) |
|
|
(398,200 |
) |
|
|
(819,900
|
)
|
|
Depreciation and amortization
|
|
|
(415,178
|
)
|
|
|
(1,891,522 |
) |
|
|
(2,306,700
|
)
|
|
|
(791,501
|
)
|
|
|
(950,816 |
) |
|
|
(1,149,865 |
) |
|
|
(2,892,182
|
)
|
|
Segments operating income
|
|
$
|
545,642
|
|
|
$ |
649,300 |
|
|
$
|
1,194,942
|
|
|
$
|
1,026,080
|
|
|
$ |
1,803,655 |
|
|
$ |
573,338 |
|
|
$
|
3,403,073
|
|
|
Interest and finance costs
|
|
|
|
|
|
|
|
|
|
|
(79,144
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(498,432
|
)
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
1,296,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,415,205
|
|
|
Interest income from
related party
|
|
|
|
|
|
|
|
|
|
|
1,771,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
Dividend income from related parties
|
|
|
|
|
|
|
|
|
|
|
2,620,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,750,000 |
|
|
Foreign exchange gains/(losses)
|
|
|
|
|
|
|
|
|
|
|
35,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,519 |
) |
|
Dividend income on equity securities
|
|
|
|
|
|
|
|
|
|
|
4,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
Gain/(loss) on equity
securities
|
|
|
|
|
|
|
|
|
|
|
22,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,774 |
) |
|
Less: Unallocated corporate general and administrative expenses (including related party)
|
|
|
|
|
|
|
|
|
|
|
(3,955,945 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,961,232 |
) |
|
Net income and comprehensive income from continuing operations
|
|
|
|
|
|
|
|
|
|
$ |
2,911,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,087,321 |
|
|
Net income/(loss) and comprehensive income from discontinued
operations
|
|
|
|
|
|
|
|
|
|
$ |
100,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,479 |
) |
|
Net income and comprehensive income
|
|
|
|
|
|
|
|
|
|
$ |
3,012,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,084,842 |
|
| (1) |
For the six months ended June 30, 2025, the Eco tanker segment includes pool revenues of $2,068,779 from the M/T Wonder Mimosa operating in a pool arrangement prior to its contribution
to Robin on April 14, 2025. The M/T Wonder Mimosa is a 2010-built Handysize vessel that does not have eco-design
characteristics, but its results are included within the Eco tanker segment as the successor to the former Handysize tanker segment.
|
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
|
|
|
Eco tanker segment
|
|
|
40,437,114
|
|
|
|
40,258,165
|
|
|
|
|
|
31,342,180
|
|
|
|
30,868,998 |
|
LPG carrier segment
|
|
|
34,704,050 |
|
|
|
34,096,917 |
|
|
Cash and cash equivalents(1)
|
|
|
87,417,921
|
|
|
|
79,101,252
|
|
|
Prepaid expenses and other assets(1)
|
|
|
137,029,872
|
|
|
|
137,414,265
|
|
|
Total assets from continuing operations
|
|
$ |
330,931,137 |
|
|
$ |
321,739,597 |
|
|
Total assets from discontinued operations
|
|
$ |
416,159 |
|
|
$ |
12,744 |
|
|
Total consolidated assets
|
|
$
|
331,347,296
|
|
|
$
|
321,752,341
|
|
| (1) |
Refers to assets of other, non-vessel-owning, entities included in the consolidated
financial statements.
|
|