Dorian LPG Ltd., 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, 2026.
Key Recent Developments
- Declared an irregular cash dividend of $1.00 per share of the Company’s common stock totaling $42.8 million to be paid on or about May 28, 2026 to all shareholders of record as of the close of business on May 18, 2026.
- Prepaid $16.5 million of the 2023 A&R Debt Facility, the proportion related to the 2015-built VLGC Cobra.
- On May 6, 2026, we completed the sale of the 2015-built VLGC Cobra, receiving proceeds net of commissions and fees of $81.9 million.
Highlights for the Fourth Quarter Ended March 31, 2026
- Revenues of $153.3 million.
- Time charter equivalent (“TCE”) (1) per available day rate for our fleet of $63,615.
- Net income of $81.0 million, or $1.90 earnings per diluted share (“EPS”), and adjusted net income (1) of $80.4 million, or $1.89 adjusted diluted earnings per share (“adjusted EPS”) (1).
- Adjusted EBITDA (1) of $106.6 million.
- Took delivery of the dual-fuel newbuilding VLGC/AC Areion in March 2026.
- Entered into a $62.9 million debt financing facility (the “Areion Facility”) to finance the final delivery payment and other fees and expenses associated with the delivery of our VLGC/AC Areion.
- Declared and paid an irregular dividend totaling $29.9 million in February 2026.
Highlights for the Fiscal Year Ended March 31, 2026
- Revenues of $481.5 million.
- TCE (1) per available day rate for our fleet of $52,238.
- Net income of $193.7 million, or $4.54 EPS, and adjusted net income (1) of $194.8 million, or $4.57 adjusted EPS (1).
- Adjusted EBITDA (1) of $305.1 million.
- Declared and paid four irregular dividends totaling $104.7 million.
John Hadjipateras, Chairman, President, and Chief Executive Officer of the Company, commented: “Our strong results for the quarter reflect a healthy freight market and the dedication of our seagoing and shore side employees. Fortunately, none of our people or ships are in the Middle East Gulf. The delivery of the Areion in late March and the sale of the 2015 built Cobra highlight our approach to fleet management. We are optimistic about the prospects of the freight market while cautious of the uncertainty posed by fast evolving geopolitical events. Our declaration of a $1.00 per share irregular dividend reflects our confidence in the long-term sustainability of LPG demand and our company’s prudent approach to capital allocation.”