Centurion Bulk Denmark ApS

The Company operates in shipping, ocean transportation, and related activities, primarily through long-term period-chartered dry bulk vessels in the Handy to Ultramax segments.

For the financial year 2024/25, the Company recorded a loss before tax of USD 1.32 million.In August 2024, the Company underwent a change of management and subsequently adjusted its strategy, activities, and organization. The result for the year includes one-off costs related to this transition.As of 30 June 2025, equity amounted to USD 7.54 million.

Market risksFreight rates on time-chartered vessels are the primary financial risk factor. The dry bulk industry is cyclical and volatile, influenced by the global supply and demand for vessel capacity and the underlying commodities transported. Bunker fuel prices also affect net earnings and may impact results.

Foreign exchange risks

The Company’s functional currency is USD, which reflects the denomination of most transactions. Exchange rate exposure is limited to primarily administrative expenses in DKK, EUR, and SGD. The Company does not hedge this exposure, as it is considered immaterial.…

At 30 June 2025, certain voyages were ongoing. Management continuously estimates the expected results of these voyages. If updated estimates indicate changes to the voyage result, the Company adjusts the recognized result accordingly and makes provisions as applicable.

In connection with the preparation of the financial statements, management applies accounting estimates and judgements. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The Company has ongoing voyages at 30 June 2025. For these voyages management has recognised the accruals at year-end based an estimate of the voyages total result. When it is probable that the total voyage costs will exceed the total voyage revenue, a provision for foreseeable losses is recognized as expense immediately.

No events have occurred after the balance sheet date that materially affect the assessment of the Annual Report.

Rental and lease obligationsLease obligations under operating leases. Total future lease payments:

Within 1 year…