Dorian Lpg Stock Price, News & Analysis
Company Description
Dorian LPG Ltd. (NYSE: LPG) is an international liquefied petroleum gas (LPG) shipping company in the deep sea freight transportation industry. The company focuses on owning and operating very large gas carriers ("VLGCs") that transport LPG on long-haul routes. According to company disclosures, Dorian LPG operates in one reportable segment: the international transportation of LPG.
Core business and fleet
Dorian LPG describes itself as a leading owner and operator of modern VLGCs. Its fleet consists of modern vessels, including ECO-design VLGCs and dual-fuel ECO VLGCs. These ships are equipped with features such as very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint, as noted in the company’s fleet tables. The company’s vessels are employed through arrangements such as voyage charters and time charters, often via participation in the Helios Pool.
The company’s fleet information in recent reports lists owned VLGCs built at shipyards such as Hyundai, Hanwha Ocean, Daewoo, Kawasaki, and Mitsubishi, with capacities generally around 82,000 to 86,980 cubic meters. Dorian LPG also time charters in additional VLGCs, some with Panamax beam and dual-fuel capability, expanding the fleet it operates beyond the vessels it owns. Certain vessels are operated pursuant to bareboat chartering agreements.
Operations and employment structures
Dorian LPG’s revenues are described as coming from net pool revenues related to the Helios Pool, time charter revenues, and other shipping revenues, net. Fleet employment status in company disclosures includes:
- Pool: vessels operating in the Helios Pool on voyage charters, where the company receives a portion of pool profits based on each vessel’s pro rata performance.
- Pool-TCO: vessels operated in the Helios Pool on time charters out to third parties, with profit sharing based on pro rata performance.
- Time charter: certain vessels on specific time charter contracts, including arrangements with oil majors as disclosed.
Through these structures, Dorian LPG deploys its VLGC fleet across global LPG trade routes. Company reports also reference available days, time chartered-in days, and calendar days as key operational metrics for evaluating fleet utilization.
Geographic footprint and corporate structure
Dorian LPG Ltd. is incorporated in the Republic of the Marshall Islands, as stated in its SEC filings. The company’s disclosures and press releases reference offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. Certain filings list Dorian LPG (USA) LLC in Stamford, Connecticut, as the U.S. contact point for corporate and shareholder matters.
Financial reporting and performance metrics
Dorian LPG regularly reports financial results and operational data for its fiscal year, which ends on March 31. The company’s earnings releases and SEC filings highlight measures such as revenues, net income, adjusted net income, earnings per diluted share, adjusted earnings per diluted share, and adjusted EBITDA. It also emphasizes shipping-industry metrics including:
- Time Charter Equivalent ("TCE") rate per available day, which is presented as a non-U.S. GAAP measure derived by subtracting voyage expenses from shipping revenues.
- Available days and time chartered-in days, which reflect fleet deployment and chartered-in capacity.
- Vessel operating expenses per vessel per calendar day, including and excluding non-capitalizable drydock-related operating expenses.
The company’s disclosures explain that TCE, adjusted net income, adjusted EPS, and adjusted EBITDA are non-U.S. GAAP measures, with reconciliations provided in its press releases and filings.
Dividend policy and capital allocation
Dorian LPG’s recent press releases and Form 8-K filings describe a pattern of irregular cash dividends on its common stock. The company’s Board of Directors has declared multiple irregular dividends, returning capital to shareholders in varying amounts per share. These dividends are characterized as irregular, and the company states that future declarations are at the Board’s discretion, based on factors such as results of operations, financial condition, indebtedness, anticipated capital requirements, contractual and legal restrictions, and business prospects.
In addition to dividends, company disclosures reference capital allocation decisions that include fleet renewal and expansion opportunities, as well as the issuance of common shares through underwritten offerings.
Governance and shareholder matters
According to its definitive proxy statement (DEF 14A) and related 8-K filings, Dorian LPG holds annual meetings of shareholders at which investors vote on director elections, ratification of the independent registered public accounting firm, and advisory votes on executive compensation. The company’s Board includes multiple directors, and committees such as the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee operate under formal charters described in the proxy materials.
Shareholders receive proxy materials that outline voting procedures, record dates, meeting logistics, and the Board’s recommendations on proposals. The company’s proxy statement also discusses corporate governance guidelines, director independence, a code of conduct and ethics, and policies on related person transactions.
Industry context based on company disclosures
In its market outlook sections, Dorian LPG comments on factors that influence LPG shipping, such as spot freight rates, bunker fuel prices, petrochemical margins, tariffs affecting LPG trade flows, geopolitical developments, and export volumes from key regions like the U.S. Gulf and the Middle East. The company’s commentary links these external conditions to TCE rates, vessel supply-demand balance, and terminal capacity constraints, which in turn affect its revenues and earnings.
Stock information
Dorian LPG’s common stock trades on the New York Stock Exchange under the ticker symbol LPG. SEC filings identify the company’s Commission File Number as 001-36437 and its jurisdiction of incorporation as the Republic of the Marshall Islands. The company files annual reports on Form 10-K, quarterly and current reports, proxy statements, and other documents with the U.S. Securities and Exchange Commission.
FAQs about Dorian LPG Ltd. (LPG)
The following questions and answers summarize key points drawn directly from the company’s public disclosures.