v3.26.3
Property, plant and equipment, net
 12 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, plant and equipment, net

Note 7 – Property, plant and equipment, net

 

Property, plant and equipment, net consists of the following:

  

   2026   2025 
   As of June 30, 
   2026   2025 
At Cost:          
Dry-docking expenditures  $18,694,262   $15,998,313 
Furniture and fixtures   70,634    68,964 
Motor vehicles   296,828    284,462 
Real property   825,791    836,276 
Renovation and improvements   200,431    195,967 
Tools and equipment   2,290,278    1,922,063 
Vessels   34,399,918    34,399,918 
Total, at cost   56,778,142    53,705,963 
Less: Accumulated depreciation   (26,789,934)   (21,972,674)
Total, net  $29,988,208   $31,733,289 

 

During the year ended June 30, 2026, the Company incurred docking costs of $1,192,613 from Horizon Shipyard Inter Globe (M) Sdn Bhd, an associate of the Company, of which $985,792 were capitalized as property, plant and equipment and the remaining $206,821 was recognized as other operating cost within cost of revenues.

 

Depreciation expense, including depreciation of assets under finance leases, was $4,865,218 for the year ended June 30, 2026, $2,558,809 for the six months ended June 30, 2025, and $4,758,014 and $4,257,189 for the years ended December 31, 2024 and 2023, respectively.

 

 

TMD Energy Limited

 

Notes to Consolidated Financial Statements

 

For the Year Ended June 30, 2026, the Six Months Ended June 30, 2025 and

the Years Ended December 31, 2024 and 2023