Dorian LPG Ltd. Announces Fourth Quarter and Fiscal Year 2025 Financial Results
Key Recent Developments
-
Declared an irregular cash dividend of
$0.50 $21.3 million
Highlights for the Fourth Quarter Ended March 31, 2025
-
Revenues of
$75.9 million -
Time charter equivalent (“TCE”)(1) per available day rate for our fleet of
$35,324 -
Net income of
$8.1 million $0.19 $10.7 million $0.25 -
Adjusted EBITDA(1) of
$36.6 million -
Declared and paid an irregular dividend totaling
$30.0 million
Highlights for the Fiscal Year Ended March 31, 2025
-
Revenues of
$353.3 million -
TCE(1) per available day rate for our fleet of
$39,778 -
Net income of
$90.2 million $2.14 $96.0 million $2.27 -
Adjusted EBITDA(1) of
$206.0 million -
Declared and paid four irregular dividends totaling
$156.2 million -
Issued 2,000,000 common shares at a price of
$44.50 $2.22 5
(1) |
|
TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non- |
John Hadjipateras, Chairman, President, and Chief Executive Officer of the Company, commented, “In a volatile geopolitical and economic environment and with a heavy drydocking schedule, we achieved good results in our financial year 2025. Our capital allocation is focused on shareholder returns and preserving the strength of our balance sheet, enabling us to invest in our people and our business, as well as in fleet renewal and expansion when opportunities arise. I am grateful to and commend our seafarers and shore staff for their commitment to our mission to provide safe, reliable, clean, and trouble-free transportation. Though the trade and other important issues that may affect our business are not settled I am confident in the fundamentals of the LPG market and our teams’ readiness to respond constructively.”
Fourth Quarter Fiscal Year 2025 Results Summary
Our net income amounted to
Our adjusted net income amounted to
The
The TCE rate for our fleet was
Vessel operating expenses per day increased to
Revenues
Revenues, which represent net pool revenues—related party, time charters and other revenues earned by our vessels, were
Vessel Operating Expenses
Vessel operating expenses were
General and Administrative Expenses
General and administrative expenses were
Interest and Finance Costs
Interest and finance costs amounted to
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives amounted to approximately
Realized Gain on Derivatives
Realized gain on derivatives was
Fiscal Year 2025 Results Summary
Our net income amounted to
Our adjusted net income amounted to
The unfavorable change of
The TCE rate for our fleet was
Vessel operating expenses per day increased to
Revenues
Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were
Vessel Operating Expenses
Vessel operating expenses were
General and Administrative Expenses
General and administrative expenses were
Interest and Finance Costs
Interest and finance costs amounted to
Interest Income
Interest income amounted to
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives amounted to
Realized Gain on Derivatives
Realized gain on derivatives was
Fleet
The following table sets forth certain information regarding our fleet as of May 16, 2025. We classify vessel employment as either Time Charter, Pool or Pool-TCO.
|
|
Capacity
|
|
Shipyard |
|
Year Built |
|
ECO
|
|
Scrubber
|
|
Employment |
|
Time
|
Dorian VLGCs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Captain John NP(3) |
|
82,000 |
|
Hyundai |
|
2007 |
|
— |
|
— |
|
Pool(5) |
|
— |
Comet |
|
84,000 |
|
Hyundai |
|
2014 |
|
X |
|
S |
|
Pool(5) |
|
— |
Corsair(4) |
|
84,000 |
|
Hyundai |
|
2014 |
|
X |
|
S |
|
Pool(5) |
|
— |
Corvette |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Cougar(4) |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
— |
|
Pool(5) |
|
|
Concorde |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Cobra |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
— |
|
Pool(5) |
|
— |
Continental |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Constitution |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Commodore |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
— |
|
Pool-TCO(6) |
|
Q2 2027 |
Cresques(4) |
|
84,000 |
|
Hanwha Ocean |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Constellation |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Cheyenne |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Clermont |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Cratis(4) |
|
84,000 |
|
Hanwha Ocean |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Chaparral(4) |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
— |
|
Pool-TCO(6) |
|
Q2 2025 |
Copernicus(4) |
|
84,000 |
|
Hanwha Ocean |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Commander |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Challenger |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool-TCO(6) |
|
Q3 2026 |
Caravelle(4) |
|
84,000 |
|
Hyundai |
|
2016 |
|
X |
|
S |
|
Pool(5) |
|
— |
Captain Markos(4) |
|
84,000 |
|
|
|
2023 |
|
X |
|
DF |
|
Pool(5) |
|
— |
Total |
|
1,762,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time chartered-in VLGCs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future Diamond(7) |
|
80,876 |
|
Hyundai |
|
2020 |
|
X |
|
S |
|
Pool(5) |
|
— |
HLS Citrine(8) |
|
86,090 |
|
Hyundai |
|
2023 |
|
X |
|
DF |
|
Pool(5) |
|
— |
HLS Diamond(9) |
|
86,090 |
|
Hyundai |
|
2023 |
|
X |
|
DF |
|
Pool(5) |
|
— |
Cristobal(10) |
|
86,980 |
|
Hyundai |
|
2023 |
|
X |
|
DF |
|
Pool(5) |
|
— |
| ____________________ | ||||
(1) |
|
Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint. |
||
(2) |
|
Represents calendar year quarters. |
||
(3) |
|
Vessel was reflagged from the |
||
(4) |
|
Operated pursuant to a bareboat chartering agreement. See Note 10 to our consolidated financial statements. |
||
(5) |
|
“Pool” indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. |
||
(6) |
|
“Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. |
||
(7) |
|
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2026. |
||
(8) |
|
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. |
||
(9) |
|
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. |
||
(10) |
|
Vessel has a Panamax beam and shaft generator and is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2030 and purchase options beginning in year seven. |
||
Market Outlook Update
High volatility over the first calendar quarter of 2025 (“Q1 2025”) was seen overall in the oil and gas markets with the beginning of trade tariff announcements by
Several extended periods of low temperatures in the
Persistent strength in feedstock prices continued to weigh on the petrochemical markets with propane dehydrogenation (“PDH”) margins remaining negative in the Far East for the production of propylene. Propane prices in the Far East were on average
Difficult arbitrage economics from the US to importers in the Far East was seen in Q1 2025 squeezing terminal fees and freight rates at times. Average freight rates retreated in Q1 2025 with a significant drop seen in February 2025 as VLGC supply/demand fundamentals were weak. Rates were seen to improve in March 2025 with the
In Q1 2025, three new VLGCs were added to the market, representing a modest addition to the global fleet. An additional 108 VLGCs/VLACs, equivalent to roughly 9.7 million cbm of carrying capacity, are expected to be added to the global fleet by calendar year 2029. The average age of the global fleet is now approximately 10.5 years old. Currently, the VLGC orderbook stands at approximately
The above market outlook update is based on information, data and estimates derived from industry sources available as of the date of this release, and there can be no assurances that such trends will continue or that anticipated developments in freight rates, export volumes, the VLGC orderbook or other market indicators will materialize. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors. You are cautioned not to give undue weight to such information, data and estimates. We have not independently verified any third-party information, verified that more recent information is not available and undertake no obligation to update this information unless legally obligated.
Seasonality
Liquefied gases are primarily used for industrial and domestic heating, as chemical and refinery feedstock, as transportation fuel and in agriculture. The LPG shipping market historically has been stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities. Demand for our vessels therefore may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth out these short-term fluctuations and recent LPG shipping market activity has not yielded the typical seasonal results. The increase in petrochemical industry buying has contributed to less marked seasonality than in the past, but there can no guarantee that this trend will continue. To the extent any of our time charters expire during the typically weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off-hire time for our vessels, which may adversely impact our business, financial condition and operating results.
Financial Information
The following table presents our selected financial data (unaudited) and other information for the periods presented:
|
|
Three months ended |
|
Year ended |
||||||||||||
(in |
|
March 31, 2025 |
|
March 31, 2024 |
|
March 31, 2025 |
|
March 31, 2024 |
||||||||
Statement of Operations Data |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues |
|
$ |
75,888,175 |
|
|
$ |
141,391,564 |
|
|
$ |
353,341,476 |
|
|
$ |
560,717,436 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Voyage expenses |
|
|
1,743,656 |
|
|
|
381,689 |
|
|
|
4,252,035 |
|
|
|
2,674,179 |
|
Charter hire expenses |
|
|
10,311,106 |
|
|
|
12,698,350 |
|
|
|
41,393,429 |
|
|
|
43,673,387 |
|
Vessel operating expenses |
|
|
23,947,653 |
|
|
|
20,446,088 |
|
|
|
85,407,362 |
|
|
|
80,461,690 |
|
Depreciation and amortization |
|
|
17,560,562 |
|
|
|
17,583,971 |
|
|
|
69,599,593 |
|
|
|
68,666,053 |
|
General and administrative expenses |
|
|
8,278,775 |
|
|
|
8,547,932 |
|
|
|
42,626,351 |
|
|
|
39,004,183 |
|
Total expenses |
|
|
61,841,752 |
|
|
|
59,658,030 |
|
|
|
243,278,770 |
|
|
|
234,479,492 |
|
Other income—related parties |
|
|
645,364 |
|
|
|
645,454 |
|
|
|
2,582,126 |
|
|
|
2,592,291 |
|
Operating income |
|
|
14,691,787 |
|
|
|
82,378,988 |
|
|
|
112,644,832 |
|
|
|
328,830,235 |
|
Other income/(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and finance costs |
|
|
(7,971,721 |
) |
|
|
(9,685,060 |
) |
|
|
(35,812,923 |
) |
|
|
(40,480,428 |
) |
Interest income |
|
|
3,232,676 |
|
|
|
2,863,734 |
|
|
|
15,219,621 |
|
|
|
9,488,328 |
|
Unrealized gain/(loss) on derivatives |
|
|
(2,647,469 |
) |
|
|
1,656,117 |
|
|
|
(5,786,717 |
) |
|
|
5,665 |
|
Realized gain on derivatives |
|
|
1,101,718 |
|
|
|
1,800,918 |
|
|
|
5,311,992 |
|
|
|
7,493,246 |
|
Other gain/(loss), net |
|
|
(315,084 |
) |
|
|
225,501 |
|
|
|
(1,406,325 |
) |
|
|
2,109,867 |
|
Total other income/(expenses), net |
|
|
(6,599,880 |
) |
|
|
(3,138,790 |
) |
|
|
(22,474,352 |
) |
|
|
(21,383,322 |
) |
Net income |
|
$ |
8,091,907 |
|
|
$ |
79,240,198 |
|
|
$ |
90,170,480 |
|
|
$ |
307,446,913 |
|
Earnings per common share—basic |
|
|
0.19 |
|
|
|
1.96 |
|
|
|
2.14 |
|
|
|
7.63 |
|
Earnings per common share—diluted |
|
$ |
0.19 |
|
|
$ |
1.96 |
|
|
$ |
2.14 |
|
|
$ |
7.60 |
|
Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA(1) |
|
$ |
36,617,557 |
|
|
$ |
105,046,547 |
|
|
$ |
205,969,159 |
|
|
$ |
417,429,321 |
|
Fleet Data |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Calendar days(2) |
|
|
1,890 |
|
|
|
1,911 |
|
|
|
7,665 |
|
|
|
7,686 |
|
Time chartered-in days(3) |
|
|
360 |
|
|
|
364 |
|
|
|
1,460 |
|
|
|
1,512 |
|
Available days(4)(5) |
|
|
2,099 |
|
|
|
2,225 |
|
|
|
8,776 |
|
|
|
8,982 |
|
Average Daily Results |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Time charter equivalent rate(5)(6) |
|
$ |
35,324 |
|
|
$ |
63,375 |
|
|
$ |
39,778 |
|
|
$ |
62,129 |
|
Daily vessel operating expenses(7) |
|
$ |
12,671 |
|
|
$ |
10,699 |
|
|
$ |
11,143 |
|
|
$ |
10,469 |
|
| ____________________ | ||||
(1) |
|
Adjusted EBITDA is an unaudited non- |
||
| Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income. Adjusted EBITDA as presented below may not be computed consistently with similarly titled measures of other companies and, therefore, might not be comparable with other companies. | ||||
| The following table sets forth a reconciliation (unaudited) of net income to Adjusted EBITDA for the periods presented: | ||||
|
|
Three months ended |
|
Year ended |
||||||||||||
(in |
|
March 31, 2025 |
|
March 31, 2024 |
|
March 31, 2025 |
|
March 31, 2024 |
||||||||
Net income |
|
$ |
8,091,907 |
|
|
$ |
79,240,198 |
|
|
$ |
90,170,480 |
|
|
$ |
307,446,913 |
|
Interest and finance costs |
|
|
7,971,721 |
|
|
|
9,685,060 |
|
|
|
35,812,923 |
|
|
|
40,480,428 |
|
Unrealized (gain)/loss on derivatives |
|
|
2,647,469 |
|
|
|
(1,656,117 |
) |
|
|
5,786,717 |
|
|
|
(5,665 |
) |
Realized gain on interest rate swaps |
|
|
(1,101,717 |
) |
|
|
(1,800,918 |
) |
|
|
(5,824,074 |
) |
|
|
(7,493,246 |
) |
Stock-based compensation expense |
|
|
1,447,615 |
|
|
|
1,994,353 |
|
|
|
10,423,520 |
|
|
|
8,334,838 |
|
Depreciation and amortization |
|
|
17,560,562 |
|
|
|
17,583,971 |
|
|
|
69,599,593 |
|
|
|
68,666,053 |
|
Adjusted EBITDA |
|
$ |
36,617,557 |
|
|
$ |
105,046,547 |
|
|
$ |
205,969,159 |
|
|
$ |
417,429,321 |
|
(2) |
|
We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect the amount of expenses that are recorded during that period. |
||
|
|
|
||
(3) |
|
We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period. |
||
|
|
|
||
(4) |
|
We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially-managed vessels) less aggregate off hire days associated with scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues. Note that we have updated our definition of available days to include unscheduled maintenance as we believe it is more reflective of industry practice and more consistent with the practice used in the Helios Pool, which now accounts for more than |
||
|
|
|
||
(5) |
|
Prior period amounts have been updated to conform to current period presentation. |
||
|
|
|
||
(6) |
|
Time charter equivalent rate, or TCE rate, is a non- |
||
|
|
|
||
|
|
The following table sets forth a reconciliation (unaudited) of revenues to TCE rate for the periods presented: |
|
|
Three months ended |
|
Year ended |
||||||||||||
(in |
|
March 31, 2025 |
|
March 31, 2024 |
|
March 31, 2025 |
|
March 31, 2024 |
||||||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues |
|
$ |
75,888,175 |
|
|
$ |
141,391,564 |
|
|
$ |
353,341,476 |
|
|
$ |
560,717,436 |
|
Voyage expenses |
|
|
(1,743,656 |
) |
|
|
(381,689 |
) |
|
|
(4,252,035 |
) |
|
|
(2,674,179 |
) |
Time charter equivalent |
|
$ |
74,144,519 |
|
|
$ |
141,009,875 |
|
|
$ |
349,089,441 |
|
|
$ |
558,043,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pool adjustment* |
|
|
— |
|
|
|
— |
|
|
|
(2,050 |
) |
|
|
1,416,187 |
|
Time charter equivalent excluding pool adjustment* |
|
$ |
74,144,519 |
|
|
$ |
141,009,875 |
|
|
$ |
349,087,391 |
|
|
$ |
559,459,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available days** |
|
|
2,099 |
|
|
|
2,225 |
|
|
|
8,776 |
|
|
|
8,982 |
|
TCE rate: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Time charter equivalent rate** |
|
$ |
35,324 |
|
|
$ |
63,375 |
|
|
$ |
39,778 |
|
|
$ |
62,129 |
|
TCE rate excluding pool adjustment* |
|
$ |
35,324 |
|
|
$ |
63,375 |
|
|
$ |
39,778 |
|
|
$ |
62,287 |
|
|
|
|
|
* Adjusted for the effects of reallocations of pool profits in accordance with the pool participation agreements as a result of the actual speed and consumption performance of the vessels operating in the Helios Pool exceeding the originally estimated speed and consumption levels. |
|
|
|
|
|
|
|
|
|
** Prior period amounts have been updated to conform to current period presentation of available days (see footnotes to tables above). |
|
|
|
|
|
(7) |
|
|
|
Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period. |
In addition to the results of operations presented in accordance with |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended |
|
Year ended |
||||||||||||
(in |
|
March 31, 2025 |
|
March 31, 2024 |
|
March 31, 2025 |
|
March 31, 2024 |
||||||||
Net income |
|
$ |
8,091,907 |
|
|
$ |
79,240,198 |
|
|
$ |
90,170,480 |
|
|
$ |
307,446,913 |
|
Unrealized (gain)/loss on derivatives |
|
|
2,647,469 |
|
|
(1,656,117 |
) |
|
|
5,786,717 |
|
|
(5,665 |
) |
||
Adjusted net income |
|
$ |
10,739,376 |
|
|
$ |
77,584,081 |
|
|
$ |
95,957,197 |
|
|
$ |
307,441,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per common share—diluted |
|
$ |
0.19 |
|
|
$ |
1.96 |
|
|
$ |
2.14 |
|
|
$ |
7.60 |
|
Unrealized (gain)/loss on derivatives |
|
|
0.06 |
|
|
|
(0.05 |
) |
|
|
0.13 |
|
|
|
— |
|
Adjusted earnings per common share—diluted |
|
$ |
0.25 |
|
|
$ |
1.91 |
|
|
$ |
2.27 |
|
|
$ |
7.60 |
|
The following table presents our unaudited balance sheets as of the dates presented: |
||||||||
|
|
|
|
|
|
|
||
|
|
As of |
|
As of |
||||
|
|
March 31, 2025 |
|
March 31, 2024 |
||||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
316,877,584 |
|
|
$ |
282,507,971 |
|
Trade receivables, net and accrued revenues |
|
|
1,356,827 |
|
|
|
659,567 |
|
Due from related parties |
|
|
48,090,301 |
|
|
|
52,352,942 |
|
Inventories |
|
|
2,508,684 |
|
|
|
2,393,379 |
|
Available-for-sale debt securities |
|
|
— |
|
|
|
11,530,939 |
|
Derivative instruments |
|
|
— |
|
|
|
5,139,056 |
|
Prepaid expenses and other current assets |
|
|
13,523,008 |
|
|
|
14,297,917 |
|
Total current assets |
|
|
382,356,404 |
|
|
|
368,881,771 |
|
Fixed assets |
|
|
|
|
|
|
||
Vessels, net |
|
|
1,149,806,782 |
|
|
|
1,208,588,213 |
|
Vessel under construction |
|
|
37,274,863 |
|
|
|
23,829,678 |
|
Total fixed assets |
|
|
1,187,081,645 |
|
|
|
1,232,417,891 |
|
Other non-current assets |
|
|
|
|
|
|
||
Deferred charges, net |
|
|
17,237,662 |
|
|
|
12,544,098 |
|
Derivative instruments |
|
|
3,497,493 |
|
|
|
4,145,153 |
|
Due from related parties—non-current |
|
|
26,400,000 |
|
|
|
25,300,000 |
|
Restricted cash—non-current |
|
|
76,028 |
|
|
|
75,798 |
|
Operating lease right-of-use assets |
|
|
159,212,010 |
|
|
|
191,700,338 |
|
Other non-current assets |
|
|
2,799,038 |
|
|
|
2,585,116 |
|
Total assets |
|
$ |
1,778,660,280 |
|
|
$ |
1,837,650,165 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Trade accounts payable |
|
$ |
11,549,950 |
|
|
$ |
10,185,962 |
|
Accrued expenses |
|
|
5,387,465 |
|
|
|
3,948,420 |
|
Due to related parties |
|
|
39,339 |
|
|
|
7,283 |
|
Deferred income |
|
|
679,257 |
|
|
|
486,868 |
|
Current portion of long-term operating lease liabilities |
|
|
34,808,203 |
|
|
|
32,491,122 |
|
Current portion of long-term debt |
|
|
54,504,778 |
|
|
|
53,543,315 |
|
Dividends payable |
|
|
915,150 |
|
|
|
1,149,665 |
|
Total current liabilities |
|
|
107,884,142 |
|
|
|
101,812,635 |
|
Long-term liabilities |
|
|
|
|
|
|
||
Long-term debt—net of current portion and deferred financing fees |
|
|
498,773,969 |
|
|
|
551,549,215 |
|
Long-term operating lease liabilities |
|
|
124,419,545 |
|
|
|
159,226,326 |
|
Other long-term liabilities |
|
|
1,476,439 |
|
|
|
1,528,906 |
|
Total long-term liabilities |
|
|
624,669,953 |
|
|
|
712,304,447 |
|
Total liabilities |
|
|
732,554,095 |
|
|
|
814,117,082 |
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
Shareholders’ equity |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
543,244 |
|
|
|
519,950 |
|
Additional paid-in-capital |
|
|
867,524,073 |
|
|
|
772,714,486 |
|
Treasury stock, at cost; 11,576,717 and 11,375,579 shares as of March 31, 2025 and March 31, 2024, respectively |
|
|
(133,103,957 |
) |
|
|
(126,837,239 |
) |
Retained earnings |
|
|
311,142,825 |
|
|
|
377,135,886 |
|
Total shareholders’ equity |
|
|
1,046,106,185 |
|
|
|
1,023,533,083 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,778,660,280 |
|
|
$ |
1,837,650,165 |
|
Conference Call
A conference call to discuss the results will be held on Thursday, May 22, 2025 at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-800-225-9448, or for international callers, 1-203-518-9708, and requesting to be joined into the Dorian LPG call.
A live webcast of the conference call will also be available under the investor section at www.dorianlpg.com.
A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11159127. The replay will be available until May 29, 2025, at 11:59 p.m. ET.
About Dorian LPG Ltd.
Dorian LPG is a leading owner and operator of modern Very Large Gas Carriers (“VLGCs”) that transport liquefied petroleum gas globally. Our current fleet of twenty-five VLGCs includes twenty ECO VLGCs, four dual-fuel ECO VLGCs, and one modern VLGC. Dorian LPG has offices in
Visit our website at www.dorianlpg.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.
Forward-Looking & Other Cautionary Statements
The cash dividends referenced in this release are irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant.
This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20250522741311/en/
Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
