Dorian LPG Ltd. Announces First Quarter Fiscal Year 2025 Financial Results
Dorian LPG (NYSE: LPG) reported its Q1 FY2025 financial results for the period ending June 30, 2024. Key highlights include revenues of $114.4 million, a TCE rate of $55,228 per operating day, and net income of $51.3 million ($1.25 diluted EPS). Adjusted net income was $51.7 million ($1.26 adjusted EPS), with an adjusted EBITDA of $78 million.
The company declared an irregular dividend of $42.6 million payable on August 21, 2024, and issued 2,000,000 common shares at $44.50 per share. Fleet utilization dropped to 90.4% from 98% YoY, while vessel operating expenses per day rose to $10,717 from $10,383. General and administrative expenses increased by 13.1% to $10.4 million.
Interest and finance costs decreased by 8.5% to $9.5 million, and interest income doubled to $3.7 million. Unrealized loss on derivatives was $0.4 million. The company attributes increased adjusted net income to higher revenues and interest income, and lower interest costs.
Dorian LPG (NYSE: LPG) ha riportato i risultati finanziari per il Q1 FY2025 per il periodo conclusosi il 30 giugno 2024. I punti salienti includono ricavi di 114,4 milioni di dollari, un tasso TCE di 55.228 dollari per giorno operativo e un utile netto di 51,3 milioni di dollari (1,25 dollari di utile per azione diluito). L'utile netto rettificato è stato di 51,7 milioni di dollari (1,26 dollari di utile rettificato per azione), con un EBITDA rettificato di 78 milioni di dollari.
L'azienda ha dichiarato un dividendo irregolare di 42,6 milioni di dollari, pagabile il 21 agosto 2024, e ha emesso 2.000.000 di azioni comuni a 44,50 dollari per azione. L'utilizzo della flotta è sceso al 90,4% rispetto al 98% dell'anno precedente, mentre le spese operative per nave al giorno sono aumentate a 10.717 dollari da 10.383 dollari. Le spese generali e amministrative sono aumentate del 13,1% a 10,4 milioni di dollari.
I costi di interesse e finanziamento sono diminuiti dell'8,5% a 9,5 milioni di dollari, e il reddito da interessi è raddoppiato a 3,7 milioni di dollari. La perdita non realizzata su derivati è stata di 0,4 milioni di dollari. L'azienda attribuisce l'aumento dell'utile netto rettificato a ricavi più elevati e a un aumento del reddito da interessi, oltre a costi di interesse più bassi.
Dorian LPG (NYSE: LPG) informó sus resultados financieros del Q1 FY2025 para el período que finalizó el 30 de junio de 2024. Los aspectos destacados incluyen ingresos de 114,4 millones de dólares, una TCE de 55,228 dólares por día operativo y un ingreso neto de 51,3 millones de dólares (1,25 dólares de EPS diluido). El ingreso neto ajustado fue de 51,7 millones de dólares (1,26 dólares de EPS ajustado), con un EBITDA ajustado de 78 millones de dólares.
La empresa declaró un dividendo irregular de 42,6 millones de dólares, pagadero el 21 de agosto de 2024, y emitió 2,000,000 de acciones comunes a 44,50 dólares por acción. La utilización de la flota cayó al 90,4% desde el 98% del año anterior, mientras que los gastos operativos por barco por día aumentaron a 10,717 dólares desde 10,383 dólares. Los gastos generales y administrativos aumentaron un 13,1% a 10,4 millones de dólares.
Los costos de intereses y financiamiento disminuyeron un 8,5% a 9,5 millones de dólares, y los ingresos por intereses se duplicaron a 3,7 millones de dólares. La pérdida no realizada sobre derivados fue de 0,4 millones de dólares. La compañía atribuye el aumento en el ingreso neto ajustado a ingresos más altos y a un aumento en los ingresos por intereses, así como a costos de interés más bajos.
Dorian LPG (NYSE: LPG)는 2024년 6월 30일 마감된 Q1 FY2025 재무 결과를 보고했습니다. 주요 사항으로는 매출 1억 1천440만 달러, 운영 일수당 TCE 비율 55,228달러, 순이익 5천130만 달러 (희석 EPS 1.25달러)가 포함됩니다. 조정된 순이익은 5천170만 달러(조정 EPS 1.26달러), 조정된 EBITDA는 7천800만 달러였습니다.
회사는 4천260만 달러의 비정기 배당금을 선언했으며, 이는 2024년 8월 21일에 지급됩니다. 또한 주당 44.50달러에 200만 주의 보통주를 발행했습니다. 선대의 활용률은 전년 대비 98%에서 90.4%로 감소했으며, 선박 운영 비용은 하루 10,717달러에서 10,383달러로 증가했습니다. 일반 관리 비용은 1천040만 달러로 13.1% 증가했습니다.
이자 비용과 금융 비용은 8.5% 감소하여 950만 달러가 되었고, 이자 수익은 370만 달러로 두 배 증가했습니다. 파생상품에 대한 미실현 손실은 40만 달러였습니다. 회사는 조정된 순이익의 증가를 더 높은 수익과 이자 수익, 그리고 낮은 이자 비용에 기인하고 있습니다.
Dorian LPG (NYSE: LPG) a rapporté ses résultats financiers pour le Q1 FY2025 pour la période se terminant le 30 juin 2024. Les points clés incluent des revenus de 114,4 millions de dollars, un taux TCE de 55 228 dollars par jour d'exploitation et un revenu net de 51,3 millions de dollars (1,25 dollar de BPA dilué). Le revenu net ajusté s'est élevé à 51,7 millions de dollars (1,26 dollar de BPA ajusté), avec un EBITDA ajusté de 78 millions de dollars.
La société a déclaré un dividende irrégulier de 42,6 millions de dollars, payable le 21 août 2024, et a émis 2 000 000 d'actions ordinaires à 44,50 dollars par action. L'utilisation de la flotte a chuté à 90,4 % contre 98 % d'une année sur l'autre, tandis que les frais d'exploitation par navire et par jour ont augmenté à 10 717 dollars contre 10 383 dollars. Les dépenses générales et administratives ont augmenté de 13,1 % pour atteindre 10,4 millions de dollars.
Les coûts d'intérêt et de financement ont diminué de 8,5 % pour atteindre 9,5 millions de dollars, tandis que les revenus d'intérêts ont doublé pour atteindre 3,7 millions de dollars. La perte non réalisée sur les dérivés était de 0,4 million de dollars. L'entreprise attribue l'augmentation du revenu net ajusté à des revenus plus élevés et à un revenu d'intérêt accru, ainsi qu'à des coûts d'intérêt réduits.
Dorian LPG (NYSE: LPG) veröffentlichte seine Finanz Ergebnisse für das Q1 FY2025 für den Zeitraum, der am 30. Juni 2024 endete. Zu den wichtigsten Highlights gehören Einnahmen von 114,4 Millionen US-Dollar, ein TCE-Preis von 55.228 US-Dollar pro Betriebstag und ein Nettogewinn von 51,3 Millionen US-Dollar (1,25 US-Dollar verwässerter EPS). Der bereinigte Nettogewinn betrug 51,7 Millionen US-Dollar (1,26 US-Dollar bereinigter EPS), mit einem bereinigten EBITDA von 78 Millionen US-Dollar.
Das Unternehmen erklärte eine unregelmäßige Dividende von 42,6 Millionen US-Dollar, zahlbar am 21. August 2024, und gab 2.000.000 Stammaktien zu je 44,50 US-Dollar aus. Die Flottenauslastung fiel von 98 % auf 90,4 % im Jahresvergleich, während die Betriebskosten pro Schiff und Tag auf 10.717 US-Dollar von 10.383 US-Dollar anstiegen. Die allgemeinen und administrativen Ausgaben stiegen um 13,1 % auf 10,4 Millionen US-Dollar.
Zinsen und Finanzkosten sanken um 8,5 % auf 9,5 Millionen US-Dollar, während die Zinserträge sich verdoppelt auf 3,7 Millionen US-Dollar. Der unrealisierten Verlust aus Derivaten betrug 0,4 Millionen US-Dollar. Das Unternehmen führt den Anstieg des bereinigten Nettogewinns auf höhere Einnahmen und Zinserträge sowie auf niedrigere Zinskosten zurück.
- Q1 FY2025 revenues increased to $114.4 million from $111.6 million YoY.
- Net income of $51.3 million ($1.25 diluted EPS) and adjusted net income of $51.7 million ($1.26 adjusted EPS).
- Adjusted EBITDA reached $78 million.
- Issued 2,000,000 common shares at $44.50 per share.
- Interest and finance costs decreased by 8.5% to $9.5 million.
- Interest income doubled to $3.7 million.
- Fleet utilization decreased to 90.4% from 98% YoY.
- Vessel operating expenses per day increased to $10,717 from $10,383.
- General and administrative expenses rose by 13.1% to $10.4 million.
- Unrealized loss on derivatives amounted to $0.4 million.
Dorian LPG's Q1 FY2025 results demonstrate solid financial performance amid a favorable LPG shipping market. Key highlights include:
- Revenues of
$114.4 million , up2.5% year-over-year - Net income of
$51.3 million or$1.25 per diluted share - Adjusted EBITDA of
$78.0 million - Time Charter Equivalent (TCE) rate of
$55,228 per operating day, an8% increase from the prior year
The company's financial position remains strong, with the declaration of a
However, it's worth noting that fleet utilization decreased from
Overall, Dorian LPG's financial performance remains robust, supported by strong LPG demand and favorable market conditions. The company's strategic moves to return value to shareholders while also preparing for future growth indicate a balanced approach to capital allocation.
The LPG shipping market outlook remains positive, with several key factors influencing the industry:
- U.S. propane prices fell below
40% of WTI prices in Q2 2024, averaging39% , down from46% in Q1 2024. This price drop could stimulate demand for U.S. LPG exports. - U.S. LPG exports increased to over 16 million metric tons in Q2 2024, with June alone exceeding 5.5 million metric tons.
- Chinese demand for propane in PDH operations increased from 3.1 million metric tons in Q1 to 4.4 million metric tons in Q2 2024, driven by new PDH plant operations.
- The VLGC orderbook stands at approximately
10.5% of the global fleet (excluding VLACs), indicating controlled fleet growth.
However, challenges persist:
- PDH margins in China remain under pressure, averaging only
$17 per metric ton in Q2 2024. - Middle East LPG exports remain subdued due to OPEC+ production cuts.
- The global VLGC fleet is aging, with an average age of 10.6 years.
Freight rates showed volatility, starting Q2 at
The market outlook suggests continued strength in LPG shipping demand, particularly from the U.S. to Asia, which should benefit well-positioned operators like Dorian LPG. However, potential oversupply from new vessel deliveries and geopolitical factors affecting oil production remain key risks to monitor.
Key Recent Development
-
Declared an irregular dividend totaling
$42.6 million
Highlights for the First Quarter Fiscal Year 2025
-
Revenues of
$114.4 million
-
Time Charter Equivalent (“TCE”)(1) rate per operating day for our fleet of
$55,228
-
Net income of
$51.3 million $1.25 $51.7 million $1.26
-
Adjusted EBITDA(1) of
$78.0 million
-
Declared and paid an irregular cash dividend totaling
$40.6 million
-
Issued 2,000,000 common shares at a price of
$44.50 $2.22 5
(1) |
TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non- |
John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “During the quarter, we paid a dividend to our shareholders based on strong earnings and cash flow generation, and completed a significant strategic objective with a successful equity offering that positions us well for future fleet growth and renewal. Demand for LPG remains strong, as its availability, cost effectiveness, and environmental footprint make it a fuel of choice for many applications. As always, I acknowledge our dedicated seafarers and shoreside staff, whose hard work and dedication make our results possible.”
First Quarter Fiscal Year 2025 Results Summary
Net income amounted to
Adjusted net income amounted to
The
The TCE rate per operating day for our fleet was
Vessel operating expenses per vessel per calendar day increased to
Revenues
Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were
Vessel Operating Expenses
Vessel operating expenses were
General and Administrative Expenses
General and administrative expenses were
Interest and Finance Costs
Interest and finance costs amounted to
Interest Income
Interest income amounted to
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives amounted to
Fleet
The following table sets forth certain information regarding our fleet as of July 25, 2024.
|
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Scrubber |
|
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Time |
|
|
Capacity |
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|
|
ECO |
|
Equipped |
|
|
|
Charter-Out |
|
|
(Cbm) |
|
Shipyard |
|
|
Year Built |
|
Vessel(1) |
|
or Dual-Fuel |
|
Employment |
|
Expiration(2) |
Dorian VLGCs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Captain John NP |
|
82,000 |
|
Hyundai |
|
|
2007 |
|
— |
|
— |
|
Pool(4) |
|
— |
Comet |
|
84,000 |
|
Hyundai |
|
|
2014 |
|
X |
|
S |
|
Pool(4) |
|
— |
Corsair(3) |
|
84,000 |
|
Hyundai |
|
|
2014 |
|
X |
|
S |
|
Time Charter(6) |
|
Q4 2024 |
Corvette |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Cougar(3) |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
— |
|
Pool-TCO(5) |
|
Q2 2025 |
Concorde |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Cobra |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
— |
|
Pool(4) |
|
— |
Continental |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
— |
|
Pool(4) |
|
— |
Constitution |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Commodore |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
— |
|
Pool-TCO(5) |
|
Q2 2027 |
Cresques(3) |
|
84,000 |
|
Daewoo |
|
|
2015 |
|
X |
|
S |
|
Pool-TCO(5) |
|
Q2 2025 |
Constellation |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Cheyenne |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Clermont |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Cratis(3) |
|
84,000 |
|
Daewoo |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Chaparral(3) |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
— |
|
Pool-TCO(5) |
|
Q2 2025 |
Copernicus(3) |
|
84,000 |
|
Daewoo |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Commander |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
Challenger |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool-TCO(5) |
|
Q3 2026 |
Caravelle(3) |
|
84,000 |
|
Hyundai |
|
|
2016 |
|
X |
|
S |
|
Pool(4) |
|
— |
Captain Markos(3) |
|
84,000 |
|
|
|
|
2023 |
|
X |
|
DF |
|
Pool(4) |
|
— |
Total |
|
1,762,000 |
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Time chartered-in VLGCs |
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|
|
|
Future Diamond(7) |
|
80,876 |
|
Hyundai |
|
|
2020 |
|
X |
|
S |
|
Pool(4) |
|
— |
HLS Citrine(8) |
|
86,090 |
|
Hyundai |
|
|
2023 |
|
X |
|
DF |
|
Pool(4) |
|
— |
HLS Diamond(9) |
|
86,090 |
|
Hyundai |
|
|
2023 |
|
X |
|
DF |
|
Pool(4) |
|
— |
Cristobal(10) |
|
86,980 |
|
Hyundai |
|
|
2023 |
|
X |
|
DF |
|
Pool(4) |
|
— |
| ___________________________ | ||
(1) |
Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint. |
|
(2) |
Represents calendar year quarters. |
|
(3) |
Operated pursuant to a bareboat chartering agreement. |
|
(4) |
“Pool” indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. |
|
(5) |
“Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. |
|
(6) |
Currently on a time charter with an oil major that began in November 2019. |
|
(7) |
Currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2025. |
|
(8) |
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. |
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(9) |
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. |
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(10) |
Vessel has a Panamax beam and shaft generator and is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2030 and purchase options beginning in year seven. |
|
Market Outlook & Update
Following the end of the Northern Hemisphere winter,
In
Steam cracking margins for naphtha remained negative in the East, however, propane continued to outperform naphtha averaging
In the
Freight rates started Q2 2024 on a softening note averaging around
A further six new VLGCs were added to the global fleet during Q2 2024. An additional 41 VLGCs equivalent to roughly 3.6 million cbm of carrying capacity and 49 VLACs are expected to be added by calendar year 2027. The average age of the global fleet is now approximately 10.6 years old. Currently the VLGC orderbook stands at approximately
The above market outlook update is based on information, data and estimates derived from industry sources available as of the date of this release, and there can be no assurances that such trends will continue or that anticipated developments in freight rates, export volumes, the VLGC orderbook or other market indicators will materialize. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors. You are cautioned not to give undue weight to such information, data and estimates. We have not independently verified any third-party information, verified that more recent information is not available and undertake no obligation to update this information unless legally obligated.
Seasonality
Liquefied gases are primarily used for industrial and domestic heating, as chemical and refinery feedstock, as transportation fuel and in agriculture. The LPG shipping market historically has been stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities. Demand for our vessels therefore may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth out these short-term fluctuations and recent LPG shipping market activity has not yielded the typical seasonal results. The increase in petrochemical industry buying has contributed to less marked seasonality than in the past, but there can no guarantee that this trend will continue. To the extent any of our time charters expire during the typically weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off-hire time for our vessels, which may adversely impact our business, financial condition and operating results.
Financial Information
The following table presents our selected financial data and other information for the periods presented:
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Three months ended |
||||||
(in |
|
June 30, 2024 |
|
June 30, 2023 |
||||
Statement of Operations Data |
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Revenues |
|
$ |
114,353,042 |
|
|
$ |
111,562,907 |
|
Expenses |
|
|
|
|
|
|
||
Voyage expenses |
|
|
804,985 |
|
|
|
298,383 |
|
Charter hire expenses |
|
|
10,645,140 |
|
|
|
10,546,810 |
|
Vessel operating expenses |
|
|
20,480,279 |
|
|
|
19,842,386 |
|
Depreciation and amortization |
|
|
17,170,986 |
|
|
|
16,655,317 |
|
General and administrative expenses |
|
|
10,424,070 |
|
|
|
9,218,137 |
|
Total expenses |
|
|
59,525,460 |
|
|
|
56,561,033 |
|
Other income—related parties |
|
|
645,943 |
|
|
|
620,433 |
|
Operating income |
|
|
55,473,525 |
|
|
|
55,622,307 |
|
Other income/(expenses) |
|
|
|
|
|
|
||
Interest and finance costs |
|
|
(9,518,430 |
) |
|
|
(10,403,849 |
) |
Interest income |
|
|
3,728,507 |
|
|
|
1,690,220 |
|
Unrealized gain/(loss) on derivatives |
|
|
(421,627 |
) |
|
|
2,859,274 |
|
Realized gain on derivatives |
|
|
1,717,249 |
|
|
|
1,847,764 |
|
Other gain/(loss), net |
|
|
308,916 |
|
|
|
105,421 |
|
Total other income/(expenses), net |
|
|
(4,185,385 |
) |
|
|
(3,901,170 |
) |
Net income |
|
$ |
51,288,140 |
|
|
$ |
51,721,137 |
|
Earnings per common share—basic |
|
|
1.25 |
|
|
|
1.29 |
|
Earnings per common share—diluted |
|
$ |
1.25 |
|
|
$ |
1.28 |
|
Financial Data |
|
|
|
|
|
|
||
Adjusted EBITDA(1) |
|
$ |
77,957,393 |
|
|
$ |
74,849,872 |
|
Fleet Data |
|
|
|
|
|
|
||
Calendar days(2) |
|
|
1,911 |
|
|
|
1,911 |
|
Time chartered-in days(3) |
|
|
364 |
|
|
|
364 |
|
Available days(4) |
|
|
2,275 |
|
|
|
2,219 |
|
Operating days(5)(8) |
|
|
2,056 |
|
|
|
2,175 |
|
Fleet utilization(6)(8) |
|
|
90.4 |
% |
|
98.0 |
% |
|
Average Daily Results |
|
|
|
|
|
|
||
Time charter equivalent rate(7)(8) |
|
$ |
55,228 |
|
|
$ |
51,156 |
|
Daily vessel operating expenses(9) |
|
$ |
10,717 |
|
|
$ |
10,383 |
|
| ____________________ | ||
(1) |
Adjusted EBITDA is an unaudited non- |
|
|
|
|
|
Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with |
|
|
|
|
|
The following table sets forth a reconciliation of net income to Adjusted EBITDA (unaudited) for the periods presented: |
|
|
|
Three months ended |
||||||
(in |
|
June 30, 2024 |
|
June 30, 2023 |
||||
Net income |
|
$ |
51,288,140 |
|
|
$ |
51,721,137 |
|
Interest and finance costs |
|
|
9,518,430 |
|
|
|
10,403,849 |
|
Unrealized (gain)/loss on derivatives |
|
|
421,627 |
|
|
|
(2,859,274 |
) |
Realized gain on interest rate swaps |
|
|
(1,717,249 |
) |
|
|
(1,847,764 |
) |
Stock-based compensation expense |
|
|
1,275,459 |
|
|
|
776,607 |
|
Depreciation and amortization |
|
|
17,170,986 |
|
|
|
16,655,317 |
|
Adjusted EBITDA |
|
$ |
77,957,393 |
|
|
$ |
74,849,872 |
|
(2) |
We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that are recorded during that period. |
|
|
|
|
(3) |
We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period. |
|
|
|
|
(4) |
We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially-managed vessels) less aggregate off hire days associated with scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues. |
|
|
|
|
(5) |
We define operating days as available days less the aggregate number of days that the commercially-managed vessels in our fleet are off‑hire for any reason other than scheduled maintenance (e.g., commercial waiting, repositioning following drydocking, etc.). We use operating days to measure the number of days in a period that our operating vessels are on hire (refer to 8 below). |
|
|
|
|
(6) |
We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. An increase in non-scheduled off hire days would reduce our operating days, and, therefore, our fleet utilization. We use fleet utilization to measure our ability to efficiently find suitable employment for our vessels. |
|
|
|
|
(7) |
Time charter equivalent rate, or TCE rate, is a non- |
|
|
|
|
|
The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented: |
|
|
|
|
|
|
|
||
|
|
Three months ended |
||||||
(in |
|
June 30, 2024 |
|
June 30, 2023 |
||||
Numerator: |
|
|
|
|
|
|
||
Revenues |
|
$ |
114,353,042 |
|
|
$ |
111,562,907 |
|
Voyage expenses |
|
|
(804,985 |
) |
|
|
(298,383 |
) |
Time charter equivalent |
|
$ |
113,548,057 |
|
|
$ |
111,264,524 |
|
|
|
|
|
|
|
|
||
Pool adjustment* |
|
|
(2,050 |
) |
|
|
895,272 |
|
Time charter equivalent excluding pool adjustment* |
|
$ |
113,546,007 |
|
|
$ |
112,159,796 |
|
|
|
|
|
|
|
|
||
Denominator: |
|
|
|
|
|
|
||
Operating days |
|
|
2,056 |
|
|
|
2,175 |
|
TCE rate: |
|
|
|
|
|
|
||
Time charter equivalent rate |
|
$ |
55,228 |
|
|
$ |
51,156 |
|
TCE rate excluding pool adjustment* |
|
$ |
55,227 |
|
|
$ |
51,568 |
|
|
* Adjusted for the effects of reallocations of pool profits in accordance with the pool participation agreements primarily resulting from the actual speed and consumption performance of the vessels operating in the Helios Pool exceeding the originally estimated speed and consumption levels. |
|
|
|
|
(8) |
We determine operating days for each vessel based on the underlying vessel employment, including our vessels in the Helios Pool, or the Company Methodology. If we were to calculate operating days for each vessel within the Helios Pool as a variable rate time charter, or the Alternate Methodology, our operating days and fleet utilization would be increased with a corresponding reduction to our TCE rate. Operating data using both methodologies is as follows: |
|
Three months ended |
|
|||||
|
June 30, 2024 |
|
|
June 30, 2023 |
|
||
Company Methodology: |
|
|
|
|
|
|
|
Operating Days |
|
2,056 |
|
|
|
2,175 |
|
Fleet Utilization |
|
90.4 |
% |
|
|
98.0 |
% |
Time charter equivalent rate |
$ |
55,228 |
|
|
$ |
51,156 |
|
|
|
|
|
|
|
|
|
Alternate Methodology: |
|
|
|
|
|
|
|
Operating Days |
|
2,275 |
|
|
|
2,218 |
|
Fleet Utilization |
|
100.0 |
% |
|
|
100.0 |
% |
Time charter equivalent rate |
$ |
49,911 |
|
|
$ |
50,164 |
|
|
We believe that the Company Methodology using the underlying vessel employment provides more meaningful insight into market conditions and the performance of our vessels. |
|
|
|
|
(9) |
Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period. |
In addition to the results of operations presented in accordance with
|
|
|
|
|
|
|
|
|
|
Three months ended |
|||||
(in |
|
June 30, 2024 |
|
June 30, 2023 |
|||
Net income |
|
$ |
51,288,140 |
|
$ |
51,721,137 |
|
Unrealized (gain)/loss on derivatives |
|
|
421,627 |
|
|
(2,859,274 |
) |
Adjusted net income |
|
$ |
51,709,767 |
|
$ |
48,861,863 |
|
|
|
|
|
|
|
|
|
Earnings per common share—diluted |
|
$ |
1.25 |
|
$ |
1.28 |
|
Unrealized (gain)/loss on derivatives |
|
|
0.01 |
|
|
(0.07 |
) |
Adjusted earnings per common share—diluted |
|
$ |
1.26 |
|
$ |
1.21 |
|
The following table presents our unaudited balance sheets as of the dates presented:
|
|
|
|
|
|
|
||
|
|
As of |
|
As of |
||||
|
|
June 30, 2024 |
|
March 31, 2024 |
||||
Assets |
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
353,286,506 |
|
|
$ |
282,507,971 |
|
Trade receivables, net and accrued revenues |
|
|
728,063 |
|
|
|
659,567 |
|
Due from related parties |
|
|
79,242,331 |
|
|
|
52,352,942 |
|
Inventories |
|
|
2,375,025 |
|
|
|
2,393,379 |
|
Available-for-sale debt securities |
|
|
11,624,497 |
|
|
|
11,530,939 |
|
Derivative instruments |
|
|
3,872,696 |
|
|
|
5,139,056 |
|
Prepaid expenses and other current assets |
|
|
14,417,578 |
|
|
|
14,297,917 |
|
Total current assets |
|
|
465,546,696 |
|
|
|
368,881,771 |
|
Fixed assets |
|
|
|
|
|
|
||
Vessels, net |
|
|
1,193,276,988 |
|
|
|
1,208,588,213 |
|
Vessel under construction |
|
|
24,589,655 |
|
|
|
23,829,678 |
|
Total fixed assets |
|
|
1,217,866,643 |
|
|
|
1,232,417,891 |
|
Other non-current assets |
|
|
|
|
|
|
||
Deferred charges, net |
|
|
11,633,800 |
|
|
|
12,544,098 |
|
Derivative instruments |
|
|
4,989,886 |
|
|
|
4,145,153 |
|
Due from related parties—non-current |
|
|
25,300,000 |
|
|
|
25,300,000 |
|
Restricted cash—non-current |
|
|
75,319 |
|
|
|
75,798 |
|
Operating lease right-of-use assets |
|
|
183,794,058 |
|
|
|
191,700,338 |
|
Other non-current assets |
|
|
2,584,495 |
|
|
|
2,585,116 |
|
Total assets |
|
$ |
1,911,790,897 |
|
|
$ |
1,837,650,165 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Trade accounts payable |
|
$ |
7,993,668 |
|
|
$ |
10,185,962 |
|
Accrued expenses |
|
|
4,537,580 |
|
|
|
3,948,420 |
|
Due to related parties |
|
|
7,266 |
|
|
|
7,283 |
|
Deferred income |
|
|
556,427 |
|
|
|
486,868 |
|
Current portion of long-term operating lease liabilities |
|
|
33,075,348 |
|
|
|
32,491,122 |
|
Current portion of long-term debt |
|
|
53,654,384 |
|
|
|
53,543,315 |
|
Dividends payable |
|
|
1,406,175 |
|
|
|
1,149,665 |
|
Total current liabilities |
|
|
101,230,848 |
|
|
|
101,812,635 |
|
Long-term liabilities |
|
|
|
|
|
|
||
Long-term debt—net of current portion and deferred financing fees |
|
|
538,411,109 |
|
|
|
551,549,215 |
|
Long-term operating lease liabilities |
|
|
150,735,999 |
|
|
|
159,226,326 |
|
Other long-term liabilities |
|
|
1,548,006 |
|
|
|
1,528,906 |
|
Total long-term liabilities |
|
|
690,695,114 |
|
|
|
712,304,447 |
|
Total liabilities |
|
|
791,925,962 |
|
|
|
814,117,082 |
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
Shareholders’ equity |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
539,950 |
|
|
|
519,950 |
|
Additional paid-in-capital |
|
|
858,357,646 |
|
|
|
772,714,486 |
|
Treasury stock, at cost; 11,375,579 and 11,375,579 shares as of June 30, 2024 and March 31, 2024, respectively |
|
|
(126,837,239 |
) |
|
|
(126,837,239 |
) |
Retained earnings |
|
|
387,804,578 |
|
|
|
377,135,886 |
|
Total shareholders’ equity |
|
|
1,119,864,935 |
|
|
|
1,023,533,083 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,911,790,897 |
|
|
$ |
1,837,650,165 |
|
Conference Call
A conference call to discuss the results will be held on Thursday, August 1, 2024 at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-800-343-4849, or for international callers, 1-203-518-9848, and requesting to be joined into the Dorian LPG call. A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11156632. The replay will be available until August 8, 2024, at 11:59 p.m. ET.
A live webcast of the conference call will also be available under the investor relations section at www.dorianlpg.com. The information on our website does not form a part of and is not incorporated by reference into this release.
About Dorian LPG Ltd.
Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Our fleet currently consists of twenty-five modern VLGCs, including twenty ECO VLGCs and four dual-fuel ECO VLGCs. Dorian LPG has offices in
Forward-Looking and Other Cautionary Statements
The cash dividends referenced in this release are irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant.
This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801698950/en/
Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
FAQ
What were Dorian LPG's Q1 FY2025 revenues?
What is Dorian LPG's TCE rate for Q1 FY2025?
What was Dorian LPG's net income for Q1 FY2025?
What was Dorian LPG's adjusted EBITDA for Q1 FY2025?
How much was Dorian LPG's irregular dividend declared in Q1 FY2025?
What was the fleet utilization rate for Dorian LPG in Q1 FY2025?
