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Dorian LPG Ltd. operates as an international liquefied petroleum gas shipping company that owns and operates modern, ECO and dual-fuel very large gas carriers for global LPG transportation. Company news commonly covers quarterly financial results, time-charter-equivalent revenue trends, forward chartering estimates, freight-market conditions, irregular cash dividends and fleet activity.
Updates also include deliveries of dual-fuel VLGCs, employment of vessels through the Helios LPG Pool, board appointments and other governance matters tied to the company’s public common stock.
Dorian LPG (NYSE: LPG) reported preliminary financial data for Q3 ended December 31, 2020. The company anticipates Time Charter Equivalent revenues between $86.7 million and $88.7 million. Total vessel operating expenses are projected to be $18.2 million to $20.2 million, with Time Charter-in expenses between $4.2 million and $4.6 million. The company recorded 2,074 operating days and a utilization rate of 96.2%. Final results will be announced on February 2, 2021.
Dorian LPG Ltd. reported its financial results for Q2 FY 2021, ending September 30, 2020. Revenues fell to $54.7 million, down 40.3% from $91.6 million in the same quarter last year. The Time Charter Equivalent (TCE) rate decreased 45.4% to $26,015. Net income was $0.5 million, or $0.01 per diluted share, compared to $40.7 million last year. Adjusted net loss stood at $(3.4 million) versus a profit of $41.4 million in Q2 FY 2020. Fleet utilization improved to 97.4% from 92.9% year-over-year.
Dorian LPG Ltd. (NYSE: LPG) announced on October 22, 2020, the completion of the repurchase of the Captain John NP for approximately $18.3 million, effective October 13, 2020. This transaction will not result in any gain or loss. For Q2 ending September 30, 2020, preliminary Time Charter Equivalent revenues are expected to range from $53 million to $55 million, while total vessel operating expenses are projected between $21 million and $22 million. The company reported a utilization rate of 97.4%.
Dorian LPG Ltd. (NYSE: LPG) reported Q1 FY2021 results with revenues of $73.2 million, a 19.6% increase from $61.2 million in Q1 FY2020. Net income stood at $12.2 million ($0.24 EPS), up from $6.1 million ($0.11 EPS) the previous year. The fleet's Time Charter Equivalent (TCE) rate rose 39% to $41,249. Operating expenses increased, notably general and administrative costs grew 67.8%. The company refinanced a $71.5 million facility, extending maturity to March 2025 and reducing amortization. Fleet utilization dropped to 82.3%.
Dorian LPG Ltd. (NYSE: LPG) will announce its financial results for Q1 ended June 30, 2020, on August 4, 2020, before market open. A conference call will occur at 10:00 a.m. ET on the same day, accessible via phone or live webcast. Dorian LPG operates a fleet of 24 modern VLGCs and has offices in multiple countries, including the USA and UK. The company focuses on liquefied petroleum gas shipping.