Segment Reporting

3 Months Ended

Jun. 30, 2025

Segment Reporting

Segment Reporting

3. Segment Reporting

Our Company operates in the international transportation of liquid petroleum gas 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, 2025		June 30, 2024
Total Revenues	$	84,211,966	$	114,353,042
Less:
Voyage expenses		1,342,756		804,985
Charter hire expenses		10,721,911		10,645,140
Vessel operating expenses		21,911,606		20,480,279
Other segment items (1)		34,643,884		26,949,113
Operating income		15,591,809		55,473,525
Nonoperating loss(2)		(5,509,708)		(4,185,385)
Net income	$	10,082,101	$	51,288,140

(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.