Dorian LPG, a leading owner and operator of modern very large gas carriers reported its financial results for the three months and fiscal year ended March 31, 2025.
Key Recent Developments
- Declared an irregular cash dividend of $0.50 per share of the Company’s common stock totaling $21.3 million to be paid on or about May 30, 2025 to all shareholders of record as of the close of business on May 16, 2025.
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, or $0.19 earnings per diluted share (“EPS”), and adjusted net income(1) of $10.7 million, or $0.25 adjusted diluted earnings per share (“adjusted EPS”)(1).
- Adjusted EBITDA(1) of $36.6 million.
- Declared and paid an irregular dividend totaling $30.0 million in February 2025.
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, or $2.14 EPS, and adjusted net income(1) of $96.0 million, or $2.27 adjusted EPS(1).
- 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 per share less underwriting discounts and commissions of $2.225 per share.
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.”