That is a historical carry-over. At 31/12/23 they still had $114.2m of gross carry-forward tax losses to chew through, which they will no doubt use in full through the next 6 months.
It will be interesting to see Miningnut's views, but a quick analysis based on this half year, shipping rates, current prices and hedging book suggests they will have about $55m of "net" taxable income for FY24 on which they will actually pay tax on - leaving maybe a $17m franking credit balance at 30th June.
If correct, that would be sufficient to pay up to 3.0c per share franked dividend when they report at full year.
Half Year P&L prediction, page-25
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