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Stamford, Conn. - 1 August 2025
Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," "us," and "our"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today announced that its Board of Directors has declared an irregular cash dividend of $0.60 per share of the Company's common stock, returning approximately $25.6 million of capital to shareholders and reported its nancial results for the three months ended June 30, 2025. The dividend is payable on or about August 27, 2025 to all shareholders of record as of the close of business on August 12, 2025.
Key Recent Development
• Declared an irregular dividend totaling approximately $25.6 million, or $0.60 per share, to be paid on or about August 27, 2025 to shareholders of record as of August 12, 2025.
Highlights for the First Quarter Fiscal Year 2026
• Revenues of $84.2 million.
• Time Charter Equivalent ("TCE") rate per available day for our eet of $39,726.
• Net income of $10.1 million, or $0.24 earnings per diluted share ("EPS"), and adjusted net income of $11.3 million, or $0.27 adjusted earnings per diluted share ("adjusted EPS").
• Adjusted EBITDA of $38.6 million.
• Declared and paid an irregular cash dividend totaling $21.3 million in May 2025.
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John C. Hadjipateras, Chairman, President and Chief Executive Ocer of the Company, commented, "Our results for the reporting quarter were impacted by a heavy drydocking schedule as well as the market. Volatility, which is ever present in freight markets, has been more acute in reaction to recent abrupt geopolitical movements. Our bookings for the current quarter are at strong rates supporting our positive outlook which is rooted in our condence in the resilience and the fundamentals of the LPG trade. As always, I am grateful to and commend our seafarers and shore sta for their commitment to our mission to provide safe, reliable, clean, and trouble-free transportation."
First Quarter Fiscal Year 2026 Results Summary
Net income amounted to $10.1 million, or $0.24 per diluted share, for the three months ended June 30, 2025, compared to $51.3 million, or $1.25 per diluted share, for the three months ended June 30, 2024. Adjusted net income amounted to $11.3 million, or $0.27 per diluted share, for the three months ended June 30, 2025, compared to adjusted net income of $51.7 million, or $1.26 per diluted share, for the three months ended June 30, 2024. Adjusted net income for the three months ended June 30, 2025 is calculated by adjusting net income for the same period to exclude an unrealized gain on derivative instruments of $1.2 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release.
The $40.4 million decrease in adjusted net income for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, is primarily attributable to (i) a decrease of $30.1 million in revenues; (ii) increases of $6.5 million in general and administrative expenses, $1.4 million in vessel operating expenses, $1.2 million in depreciation and amortization expenses, $0.5 million in voyage expenses, $0.1 million in charter hire expenses,; and (iii) decreases of $1.2 million in realized gain on derivatives, $0.9 million in interest income, and $0.3 million in other gain/(loss), net; partially oset by a decrease of $1.8 million in interest and nance costs.
The TCE rate per available day for our eet was $39,726 for the three months ended June 30, 2025, a 20.9% decrease from $50,243 for the same period in the prior year. Please see footnote 7 to the table in "Financial Information" below for information related to how we calculate TCE.
Vessel operating expenses per vessel per calendar day increased to $11,466 for the three months ended June 30, 2025 compared to $10,717 in the same period in the prior year. Please see "Vessel Operating Expenses" below for more information.
Revenues
Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were $84.2 million for the three months ended June 30, 2025, a decrease of $30.1 million, or 26.4%, from $114.3 million for the three months ended June 30, 2024, primarily due to reduced average TCE rates and available days. TCE rates declined by $10,517 per available day from $50,243 for the three months ended June 30, 2024 to $39,726 for the three months ended June 30, 2025. This reduction was primarily due to lower spot rates, partially oset by lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $63.500 during the three months ended June 30, 2025 compared to an average of $72.674 during the three months ended June 30, 2024. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $625 during the three months ended June 30, 2024, to $511 during the three months ended June 30, 2025. Additionally, available days for our eet declined from 2,260 the three months ended June 30, 2024 to 2,086 for the three months ended June 30, 2025, mainly driven by an increase in the number of vessels drydocked.
Vessel Operating Expenses
Vessel operating expenses were $21.9 million during the three months ended June 30, 2025, or $11,466 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time- period for the technically-managed vessels that were in our eet, increased by $1.4 million, or 7.0% from $20.5 million for the three months ended June 30, 2024. The increase of $749 per vessel per calendar day, from $10,717 for the three months ended June 30, 2024 to $11,466 per vessel per calendar day for the three months ended June 30, 2025 was primarily the result of an increase of $1,259 per vessel per calendar day of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by $509 from $10,617 for the three months ended June 30, 2024 to $10,108 for the three months ended June 30, 2025, mainly as a result of decreases in (i) spares and stores and (ii) repairs and maintenance costs.
General and Administrative Expenses
General and administrative expenses were $16.9 million for the three months ended June 30, 2025, an increase of $6.5 million, or 62.2%, from $10.4 million for the three months ended June 30, 2024, driven by an increase of $5.93 million in cash bonuses resulting from dierences in the timing of the approvals of cash bonuses to certain employees in the period ended June 30, 2025 when compared to the period ended June 30, 2024. Additionally, there were increases of $0.5 million in stock-based compensation and $0.1 million in other general and administrative expenses.
Interest and Finance Costs
Interest and nance costs amounted to $7.7 million for the three months ended June 30, 2025, a decrease of $1.8 million, or 18.9%, from $9.5 million for the three months ended June 30, 2024. The decrease of $1.8 million during this period was mainly due to (i) a reduction of $1.2 million in interest on our long-term debt, (ii) an increase of $0.5 million in capitalized interest, and (iii) a decrease of $0.1 million in loan expenses and bank charges. The decrease in interest on our long-term debt was driven by a reduction of average indebtedness, excluding deferred nancing fees, from $606.6 million for the three months ended June 30, 2024 to $553.0 million for the three months ended June 30, 2025, as well as a lower SOFR rate on the 2023 A&R Debt Facility during the three months ended June 30, 2025 when compared to the three months ended June 30, 2024.
Interest Income
Interest income amounted to $2.8 million for the three months ended June 30, 2025, compared to $3.7 million for the three months ended June 30, 2024. The decrease of $0.9 million is mainly attributable to (i) reduced interest rates over the periods presented, and (ii) moderately lower average cash balances for the three months ended June 30, 2025 when compared to the three months ended June 30, 2024.
Unrealized Loss on Derivatives
Unrealized loss on derivatives amounted to $1.2 million for the three months ended June 30, 2025, compared to $0.4 million for the three months ended June 30, 2024. The $0.8 million dierence is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts.
Realized Gain on Derivatives
Realized gain on derivatives was $0.5 million for the three months ended June 30, 2025, compared to $1.7 million for the three months ended June 30, 2024. The unfavorable $1.2 million dierence is entirely due to the expiration of three interest rate swaps with a lower xed rate than the interest rate swap that was in eect for the three months ended June 30, 2025.
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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 eet of twenty-six modern VLGCs includes twenty ECO VLGCs, ve dual-fuel ECO VLGCs, and one modern VLGC. Dorian LPG has oces in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece.
Dorian LPG Ltd. press release
