Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers reported its financial results for the three months ended September 30, 2026.
Key Recent Developments
- Declared an irregular cash dividend totaling approximately $53.7 million, or $1.25 per share, to be paid on or about November 24, 2026 to all shareholders of record as of November 9, 2026.
- Completed the sale of our 2007-built VLGC Captain John NP and received proceeds net of commission of $77.0 million in October 2026.
- Completed the sale of our 2015-built VLGC Clermont and received proceeds net of commission of $90.4 million in October 2026.
- Repaid $16.0 million of the 2026 Debt Facility’s revolver in October 2026.
Highlights for the Second Quarter Fiscal Year 2027
- Revenues of $221.3 million.
- Time Charter Equivalent (“TCE”)(1) rate per available day for our fleet of $96,990.
- Net income of $213.9 million, or $4.98 earnings per diluted share (“EPS”), and adjusted net income(1) of $148.5 million, or $3.46 adjusted earnings per diluted share (“adjusted EPS”).(1)
- Adjusted EBITDA(1) of $242.0 million.
- Entered into a new credit facility comprised of a $213.4 million term loan and a $155.1 million revolving credit facility to refinance existing indebtedness and includes a $200 million accordion facility to support future growth.
- Prepaid the outstanding principal of the (i) 2023 A&R Debt Facility (ii) Corsair Japanese Financing (iii) Cougar Japanese Financing and (iv) BALCAP Facility.
- Completed the sale of our 2014-built VLGC Corsair in July 2026, generating proceeds of $80.8 million net of commission, recognizing a gain on sale of $30.1 million.
- Completed the sale of our 2015-built VLGC Constellation in July 2026, generating proceeds of $85.6 million net of commission, recognizing a gain on sale of $33.5 million.
- Entered into shipbuilding contracts for three newbuilding dual-fuel Panamax VLGCs in August 2026, expected to be delivered from Hanwha Ocean Co., LTD. in the second, third and fourth calendar quarters of 2030.
- Declared and paid an irregular cash dividend totaling $42.8 million in August 2026.
(1)
TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included in this press release under the heading “Financial Information.”
John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “The new highs in the freight market, together with gains from ship sales, are reflected in our record earnings again this quarter. Our approach to fleet renewal and expansion and new building commitments are disciplined and measured, consistent with a balanced capital structure, underpinning a robust balance sheet. In a turbulent geopolitical environment when ships carrying LPG have been targeted, I am glad to report that our seafarers have been kept out of harm’s way. As always, I acknowledge the contribution to our strong financial results from the good work of our people at sea and on shore.”