Dorian LPG Ltd. Announces Third Quarter Fiscal Year 2025 Financial Results
Dorian LPG reported financial results for Q3 FY2025, with revenues of $80.7 million and net income of $21.4 million ($0.50 per diluted share). The company declared an irregular dividend of $0.70 per share, totaling approximately $30.0 million, payable on February 27, 2025.
Key performance metrics include Time Charter Equivalent (TCE) rate of $36,071 per available day, representing a 49.9% decrease from $71,938 in the same period last year. Adjusted EBITDA was $45.2 million. Vessel operating expenses increased to $11,097 per vessel per calendar day compared to $9,936 in the prior year period.
The company maintains a positive market outlook, citing additional export capacity coming online in the United States and a modest orderbook. The VLGC orderbook currently stands at approximately 20% of the global fleet, with 107 VLGCs expected to be added by 2027.
Dorian LPG ha riportato i risultati finanziari per il terzo trimestre dell'anno fiscale 2025, con ricavi di 80,7 milioni di dollari e un utile netto di 21,4 milioni di dollari (0,50 dollari per azione diluita). L'azienda ha dichiarato un dividendo straordinario di 0,70 dollari per azione, per un totale di circa 30 milioni di dollari, pagabile il 27 febbraio 2025.
I principali indicatori di performance includono un tasso di Time Charter Equivalent (TCE) di 36.071 dollari al giorno disponibile, che rappresenta una diminuzione del 49,9% rispetto ai 71.938 dollari dello stesso periodo dello scorso anno. L'EBITDA rettificato è stato di 45,2 milioni di dollari. Le spese operative delle navi sono aumentate a 11.097 dollari per nave per giorno rispetto ai 9.936 dollari del periodo dell'anno precedente.
L'azienda mantiene un outlook di mercato positivo, citando una capacità di esportazione aggiuntiva in arrivo negli Stati Uniti e un libro ordini modesto. L'ordine di VLGC attualmente rappresenta circa il 20% della flotta globale, con 107 VLGC previsti entro il 2027.
Dorian LPG reportó resultados financieros para el tercer trimestre del año fiscal 2025, con ingresos de 80.7 millones de dólares y una utilidad neta de 21.4 millones de dólares (0.50 dólares por acción diluida). La empresa declaró un dividendo irregular de 0.70 dólares por acción, totalizando aproximadamente 30 millones de dólares, pagadero el 27 de febrero de 2025.
Los métricas clave de desempeño incluyen una tarifa de Time Charter Equivalent (TCE) de 36,071 dólares por día disponible, lo que representa una disminución del 49.9% en comparación con los 71,938 dólares en el mismo período del año pasado. El EBITDA ajustado fue de 45.2 millones de dólares. Los costos operativos de los buques aumentaron a 11,097 dólares por buque por día calendario, en comparación con 9,936 dólares en el período del año anterior.
La empresa mantiene una perspectiva de mercado positiva, citando capacidad de exportación adicional que se activará en los Estados Unidos y un libro de pedidos modesto. El libro de pedidos de VLGC actualmente representa aproximadamente el 20% de la flota global, con 107 VLGC que se espera sean añadidos para 2027.
Dorian LPG는 2025 회계연도 3분기 재무 결과를 발표했으며, 수익은 8,070만 달러, 순이익은 2,140만 달러 (희석 주당 0.50 달러)로 보고했습니다. 회사는 주당 0.70 달러의 비정기 배당금을 선언했으며, 총 약 3천만 달러로, 2025년 2월 27일에 지급될 예정입니다.
주요 성과 지표로는 사용 가능한 하루당 36,071 달러의 시간 차터 동등(TCE) 요율이 있으며, 이는 작년 동기 71,938 달러에서 49.9% 감소한 수치입니다. 조정된 EBITDA는 4,520만 달러였습니다. 선박 운영 비용은 이전 연도 기간의 9,936 달러에 비해 하루 11,097 달러로 증가했습니다.
회사는 긍정적인 시장 전망을 유지하고 있으며, 미국에서 추가 수출 능력이 가동되고 있고, 겸손한 주문 목록이 있다고 언급했습니다. VLGC 주문 목록은 현재 글로벌 선대의 약 20%에 해당하며, 2027년까지 107척의 VLGC가 추가될 것으로 예상됩니다.
Dorian LPG a publié ses résultats financiers pour le troisième trimestre de l'exercice 2025, avec des revenus de 80,7 millions de dollars et un bénéfice net de 21,4 millions de dollars (0,50 dollar par action diluée). La société a déclaré un dividende irrégulier de 0,70 dollar par action, totalisant environ 30 millions de dollars, payable le 27 février 2025.
Les principaux indicateurs de performance incluent un taux de Time Charter Equivalent (TCE) de 36.071 dollars par jour disponible, représentant une diminution de 49,9 % par rapport à 71.938 dollars au même période de l'année dernière. L'EBITDA ajusté s'élevait à 45,2 millions de dollars. Les frais d'exploitation des navires ont augmenté à 11.097 dollars par navire par jour civil par rapport à 9.936 dollars au cours de la période de l'année précédente.
La société maintient une perspective de marché positive, citant des capacités d'exportation supplémentaires qui seront mises en ligne aux États-Unis et un carnet de commandes modeste. Le carnet de commandes de VLGC représente actuellement environ 20 % de la flotte mondiale, avec 107 VLGC devant être ajoutées d'ici 2027.
Dorian LPG hat die Finanzergebnisse für das 3. Quartal des Geschäftsjahres 2025 veröffentlicht, mit Einnahmen von 80,7 Millionen Dollar und einem Nettogewinn von 21,4 Millionen Dollar (0,50 Dollar pro verwässerter Aktie). Das Unternehmen erklärte eine unregelmäßige Dividende von 0,70 Dollar pro Aktie, was insgesamt etwa 30 Millionen Dollar entspricht, zahlbar am 27. Februar 2025.
Wichtige Leistungskennzahlen umfassen einen Time Charter Equivalent (TCE) Satz von 36.071 Dollar pro verfügbaren Tag, was einem Rückgang von 49,9 % im Vergleich zu 71.938 Dollar im gleichen Zeitraum des Vorjahres entspricht. Das bereinigte EBITDA betrug 45,2 Millionen Dollar. Die Betriebskosten der Schiffe stiegen auf 11.097 Dollar pro Schiff pro Kalendertag gegenüber 9.936 Dollar im Vorjahr.
Das Unternehmen hat eine positive Marktperspektive, erwähnt zusätzliche Exportkapazitäten, die in den USA online gehen, und ein bescheidenes Auftragsbuch. Das VLGC-Auftragsbuch beträgt derzeit etwa 20 % der globalen Flotte, wobei bis 2027 107 VLGCs hinzugefügt werden sollen.
- Declared irregular dividend of $0.70 per share ($30.0 million total)
- Positive net income of $21.4 million
- Strong liquidity position with increased interest income
- Additional export capacity coming online in US with modest orderbook
- 49.9% decrease in TCE rate to $36,071 from $71,938 year-over-year
- 50.5% decrease in revenues to $80.7M from $163.1M year-over-year
- 11.7% increase in vessel operating expenses
- Net income declined from $100.0M to $21.4M year-over-year
Insights
The Q3 FY2025 results reflect a challenging market environment, yet reveal Dorian LPG's strategic resilience. The
Despite lower earnings, the company's decision to declare a
- A modest global VLGC orderbook at
20% of the current fleet - Additional U.S. export capacity coming online
- Strong balance sheet with declining interest expenses (
11.8% year-over-year reduction)
The company's operational efficiency remains solid despite cost pressures, with vessel operating expenses increasing to
Market indicators suggest potential improvement ahead, with propylene margins recovering and Chinese LPG imports showing signs of rebound in December to 2.8 MMT. The continuation of OPEC+ production cuts through March 2025 may support freight rates by affecting Middle East export volumes.
Key Recent Development
-
Declared an irregular dividend totaling approximately
$30.0 million $0.70
Highlights for the Third Quarter Fiscal Year 2025
-
Revenues of
$80.7 million
-
Time Charter Equivalent (“TCE”)(1) rate per available day for our fleet of
$36,071
-
Net income of
$21.4 million $0.50 $18.5 million $0.43
-
Adjusted EBITDA(1) of
$45.2 million
-
Declared and paid an irregular cash dividend totaling
$42.8 million
(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, “The quarterly results reflected an improving market environment. With additional export capacity coming on line in
Third Quarter Fiscal Year 2025 Results Summary
Net income amounted to
Adjusted net income amounted to
The
The TCE rate per available 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 charter revenues, 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 gain on derivatives amounted to
Realized Gain on Derivatives
Realized gain on derivatives amounted to
Fleet
The following table sets forth certain information regarding our fleet as of January 27, 2025.
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Scrubber |
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Time |
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Capacity |
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ECO |
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Equipped |
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Charter-Out |
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(Cbm) |
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Shipyard |
|
Year Built |
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Vessel(1) |
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or Dual-Fuel |
|
Employment |
|
Expiration(2) |
Dorian VLGCs |
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Captain John NP(3) |
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82,000 |
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Hyundai |
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2007 |
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— |
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— |
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Pool(5) |
|
— |
Comet |
|
84,000 |
|
Hyundai |
|
2014 |
|
X |
|
S |
|
Pool(5) |
|
— |
Corsair(4) |
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84,000 |
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Hyundai |
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2014 |
|
X |
|
S |
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Pool(5) |
|
— |
Corvette |
|
84,000 |
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Hyundai |
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2015 |
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X |
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S |
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Pool(5) |
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— |
Cougar(4) |
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84,000 |
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Hyundai |
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2015 |
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X |
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— |
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Pool-TCO(6) |
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Q2 2025 |
Concorde |
|
84,000 |
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Hyundai |
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2015 |
|
X |
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S |
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Pool(5) |
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— |
Cobra |
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84,000 |
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Hyundai |
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2015 |
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X |
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— |
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Pool(5) |
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— |
Continental |
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84,000 |
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Hyundai |
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2015 |
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X |
|
S |
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Pool(5) |
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— |
Constitution |
|
84,000 |
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Hyundai |
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2015 |
|
X |
|
S |
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Pool(5) |
|
— |
Commodore |
|
84,000 |
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Hyundai |
|
2015 |
|
X |
|
— |
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Pool-TCO(6) |
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Q2 2027 |
Cresques(4) |
|
84,000 |
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Hanwha Ocean |
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2015 |
|
X |
|
S |
|
Pool-TCO(6) |
|
Q2 2025 |
Constellation |
|
84,000 |
|
Hyundai |
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2015 |
|
X |
|
S |
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Pool(5) |
|
— |
Cheyenne |
|
84,000 |
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Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
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— |
Clermont |
|
84,000 |
|
Hyundai |
|
2015 |
|
X |
|
S |
|
Pool(5) |
|
— |
Cratis(4) |
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84,000 |
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Hanwha Ocean |
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2015 |
|
X |
|
S |
|
Pool(5) |
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— |
Chaparral(4) |
|
84,000 |
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Hyundai |
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2015 |
|
X |
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— |
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Pool(5) |
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Q2 2025 |
Copernicus(4) |
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84,000 |
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Hanwha Ocean |
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2015 |
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X |
|
S |
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Pool(5) |
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— |
Commander |
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84,000 |
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Hyundai |
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2015 |
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X |
|
S |
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Pool(5) |
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— |
Challenger |
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84,000 |
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Hyundai |
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2015 |
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X |
|
S |
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Pool-TCO(6) |
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Q3 2026 |
Caravelle(4) |
|
84,000 |
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Hyundai |
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2016 |
|
X |
|
S |
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Pool(5) |
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— |
Captain Markos(4) |
|
84,000 |
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2023 |
|
X |
|
DF |
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Pool(5) |
|
— |
Total |
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1,762,000 |
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Time chartered-in VLGCs |
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Future Diamond(7) |
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80,876 |
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Hyundai |
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2020 |
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X |
|
S |
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Pool(5) |
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— |
HLS Citrine(8) |
|
86,090 |
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Hyundai |
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2023 |
|
X |
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DF |
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Pool(5) |
|
— |
HLS Diamond(9) |
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86,090 |
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Hyundai |
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2023 |
|
X |
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DF |
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Pool(5) |
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— |
Cristobal(10) |
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86,980 |
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Hyundai |
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2023 |
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X |
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DF |
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Pool(5) |
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— |
| _________________ | ||
(1) |
Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint. |
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(2) |
Represents calendar year quarters. |
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(3) |
Vessel was reflagged from the |
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(4) |
Operated pursuant to a bareboat chartering agreement. |
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(5) |
“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. |
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(6) |
“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. |
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(7) |
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2026. |
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(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. |
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Market Outlook & Update
Average petrochemical margins for steam cracking remained negative for naphtha during the fourth calendar quarter of 2024 (“Q4 2024”) for Far East ethylene producers. Meanwhile, propane margins had averaged positive figures for the majority of 2024 but deteriorated at the end of the third calendar quarter of 2024 (“Q3 2024”). Ethylene and propylene margins were at their lowest in October 2024 but improved for the remainder of Q4 2024 with softening feedstock prices. Imported propane prices increased from September to October 2024 to an average of
On exports, Saudi CP prices rose as a percentage of Brent from
Lower propane availability in
Weaker import demand from
The OPEC+ group announced a continuation of the additional voluntary cuts announced in November 2023 for another quarter until the end of March 2025, lowering the production and potential export of LPG from the
After falling in Q3 2024, freight rates remained relatively steady in Q4 2024 with the
In Q4 2024, three new VLGCs were added to the market, representing a modest addition to the global fleet. An additional 107 VLGCs are expected to be added to the global fleet by calendar year 2027. The average age of the global fleet is now approximately 10.5 years old. Currently, the VLGC orderbook (including VLACs) 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 |
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Nine months ended |
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(in |
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December 31, 2024 |
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December 31, 2023 |
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December 31, 2024 |
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December 31, 2023 |
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Statement of Operations Data |
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Revenues |
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$ |
80,666,779 |
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|
$ |
163,064,503 |
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|
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$ |
277,453,301 |
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$ |
419,325,872 |
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Expenses |
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Voyage expenses |
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|
950,842 |
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|
772,879 |
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|
2,508,379 |
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|
2,292,490 |
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Charter hire expenses |
|
|
10,586,115 |
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|
8,359,808 |
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|
|
31,082,323 |
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|
|
30,975,037 |
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Vessel operating expenses |
|
|
21,439,514 |
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|
|
19,196,097 |
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|
61,459,709 |
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|
60,015,602 |
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Depreciation and amortization |
|
|
17,497,383 |
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|
17,380,846 |
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|
|
52,039,031 |
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|
51,082,082 |
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General and administrative expenses |
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|
7,464,856 |
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|
7,659,466 |
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|
|
34,347,576 |
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|
|
30,456,251 |
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Total expenses |
|
|
57,938,710 |
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|
|
53,369,096 |
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|
|
181,437,018 |
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|
174,821,462 |
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Other income—related parties |
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|
655,365 |
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|
645,454 |
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|
|
1,936,762 |
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|
|
1,946,837 |
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Operating income |
|
|
23,383,434 |
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|
|
110,340,861 |
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|
|
|
97,953,045 |
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|
|
246,451,247 |
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Other income/(expenses) |
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||||
Interest and finance costs |
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|
(8,884,499 |
) |
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|
(10,076,638 |
) |
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|
|
(27,841,202 |
) |
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|
(30,795,368 |
) |
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Interest income |
|
|
3,797,264 |
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|
|
2,903,622 |
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|
|
|
11,986,945 |
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|
|
6,624,594 |
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Unrealized gain/(loss) on derivatives |
|
|
2,865,617 |
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|
|
(6,070,320 |
) |
|
|
|
(3,139,248 |
) |
|
|
(1,650,452 |
) |
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Realized gain on derivatives |
|
|
838,906 |
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|
|
1,916,347 |
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|
|
|
4,210,274 |
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|
|
5,692,328 |
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Other gain/(loss), net |
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|
(638,894 |
) |
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|
959,041 |
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|
|
|
(1,091,241 |
) |
|
|
1,884,366 |
|
|
Total other income/(expenses), net |
|
|
(2,021,606 |
) |
|
|
(10,367,948 |
) |
|
|
|
(15,874,472 |
) |
|
|
(18,244,532 |
) |
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Net income |
|
$ |
21,361,828 |
|
|
$ |
99,972,913 |
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|
|
$ |
82,078,573 |
|
|
$ |
228,206,715 |
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Earnings per common share—basic |
|
|
0.50 |
|
|
|
2.48 |
|
|
|
|
1.95 |
|
|
|
5.68 |
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Earnings per common share—diluted |
|
$ |
0.50 |
|
|
$ |
2.47 |
|
|
|
$ |
1.95 |
|
|
$ |
5.65 |
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Financial Data |
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Adjusted EBITDA(1) |
|
$ |
45,242,519 |
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|
$ |
132,968,450 |
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|
|
$ |
169,351,603 |
|
|
$ |
312,382,774 |
|
|
Fleet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Calendar days(2) |
|
|
1,932 |
|
|
|
1,932 |
|
|
|
|
5,775 |
|
|
|
5,775 |
|
|
Time chartered-in days(3) |
|
|
368 |
|
|
|
368 |
|
|
|
|
1,100 |
|
|
|
1,148 |
|
|
Available days(4)(5) |
|
|
2,210 |
|
|
|
2,256 |
|
|
|
|
6,677 |
|
|
|
6,757 |
|
|
Average Daily Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Time charter equivalent rate(5)(6) |
|
$ |
36,071 |
|
|
$ |
71,938 |
|
|
|
$ |
41,178 |
|
|
$ |
61,719 |
|
|
Daily vessel operating expenses(7) |
|
$ |
11,097 |
|
|
$ |
9,936 |
|
|
|
$ |
10,642 |
|
|
$ |
10,392 |
|
|
| _________________ | ||
(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 |
|
Nine months ended |
|
||||||||||||
(in |
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2025 |
|
December 31, 2023 |
|
||||||||
Net income |
|
$ |
21,361,828 |
|
|
$ |
99,972,913 |
|
|
$ |
82,078,573 |
|
|
$ |
228,206,715 |
|
|
Interest and finance costs |
|
|
8,884,499 |
|
|
|
10,076,638 |
|
|
|
27,841,202 |
|
|
|
30,795,368 |
|
|
Unrealized (gain)/loss on derivatives |
|
|
(2,865,617 |
) |
|
|
6,070,320 |
|
|
|
3,139,248 |
|
|
|
1,650,452 |
|
|
Realized gain on interest rate swaps |
|
|
(1,337,298 |
) |
|
|
(1,916,347 |
) |
|
|
(4,722,356 |
) |
|
|
(5,692,328 |
) |
|
Stock-based compensation expense |
|
|
1,701,724 |
|
|
|
1,384,080 |
|
|
|
8,975,905 |
|
|
|
6,340,485 |
|
|
Depreciation and amortization |
|
|
17,497,383 |
|
|
|
17,380,846 |
|
|
|
52,039,031 |
|
|
|
51,082,082 |
|
|
Adjusted EBITDA |
|
$ |
45,242,519 |
|
|
$ |
132,968,450 |
|
|
$ |
169,351,603 |
|
|
$ |
312,382,774 |
|
|
(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 excluding off-hire days. 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 both unscheduled and 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. |
|
|
|
|
|
Note that we have updated our definition of available days to include unscheduled maintenance as we believe it is more reflective of industry practice and more consistent with the practice used in the Helios Pool, which now accounts for more than |
|
|
|
|
(5) |
Prior period amounts have been updated to conform to current period presentation. |
|
|
|
|
(6) |
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 |
|
|
Nine months ended |
|
||||||||
(in |
|
December 31, 2024 |
|
December 31, 2023 |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
80,666,779 |
|
$ |
163,064,503 |
|
|
$ |
277,453,301 |
|
$ |
419,325,872 |
|
Voyage expenses |
|
|
(950,842) |
|
|
(772,879) |
|
|
|
(2,508,379) |
|
|
(2,292,490) |
|
Time charter equivalent |
|
$ |
79,715,937 |
|
$ |
162,291,624 |
|
|
$ |
274,944,922 |
|
$ |
417,033,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pool adjustment* |
|
|
(1,316,039) |
|
|
1,301,452 |
|
|
|
(2,050) |
|
|
895,272 |
|
Time charter equivalent excluding pool adjustment* |
|
$ |
78,399,898 |
|
$ |
163,593,076 |
|
|
$ |
274,942,872 |
|
$ |
417,928,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available days** |
|
|
2,210 |
|
|
2,256 |
|
|
|
6,677 |
|
|
6,757 |
|
TCE rate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent rate** |
|
$ |
36,071 |
|
$ |
71,938 |
|
|
$ |
41,178 |
|
$ |
61,719 |
|
TCE rate excluding pool adjustment* |
|
$ |
35,475 |
|
$ |
72,515 |
|
|
$ |
41,178 |
|
$ |
61,851 |
|
* 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. |
||
|
||
** Prior period amounts have been updated to conform to current period presentation of available days (see footnotes to tables above). |
||
|
||
|
||
(7) |
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 |
|
|
Nine months ended |
|
|||||||||
(in |
|
December 31, 2024 |
|
December 31, 2023 |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
|||||
Net income |
|
$ |
21,361,828 |
|
|
$ |
99,972,913 |
|
|
$ |
82,078,573 |
|
$ |
228,206,715 |
|
Unrealized (gain)/loss on derivatives |
|
|
(2,865,617 |
) |
|
|
6,070,320 |
|
|
|
3,139,248 |
|
|
1,650,452 |
|
Adjusted net income |
|
$ |
18,496,211 |
|
|
$ |
106,043,233 |
|
|
$ |
85,217,821 |
|
$ |
229,857,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share—diluted |
|
$ |
0.50 |
|
|
$ |
2.47 |
|
|
$ |
1.95 |
|
$ |
5.65 |
|
Unrealized (gain)/loss on derivatives |
|
|
(0.07 |
) |
|
|
0.15 |
|
|
|
0.07 |
|
|
0.04 |
|
Adjusted earnings per common share—diluted |
|
$ |
0.43 |
|
|
$ |
2.62 |
|
|
$ |
2.02 |
|
$ |
5.69 |
|
The following table presents our unaudited balance sheets as of the dates presented:
|
|
|
|
|
|
|
|
||
|
|
As of |
|
As of |
|
||||
|
|
December 31, 2024 |
|
March 31, 2024 |
|
||||
Assets |
|
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
314,532,172 |
|
|
$ |
282,507,971 |
|
|
Trade receivables, net and accrued revenues |
|
|
990,655 |
|
|
|
659,567 |
|
|
Due from related parties |
|
|
73,615,519 |
|
|
|
52,352,942 |
|
|
Inventories |
|
|
2,348,389 |
|
|
|
2,393,379 |
|
|
Available-for-sale debt securities |
|
|
10,001,336 |
|
|
|
11,530,939 |
|
|
Derivative instruments |
|
|
946,554 |
|
|
|
5,139,056 |
|
|
Prepaid expenses and other current assets |
|
|
12,716,507 |
|
|
|
14,297,917 |
|
|
Total current assets |
|
|
415,151,132 |
|
|
|
368,881,771 |
|
|
Fixed assets |
|
|
|
|
|
|
|
||
Vessels, net |
|
|
1,164,143,821 |
|
|
|
1,208,588,213 |
|
|
Vessel under construction |
|
|
24,745,465 |
|
|
|
23,829,678 |
|
|
Total fixed assets |
|
|
1,188,889,286 |
|
|
|
1,232,417,891 |
|
|
Other non-current assets |
|
|
|
|
|
|
|
||
Deferred charges, net |
|
|
13,967,496 |
|
|
|
12,544,098 |
|
|
Derivative instruments |
|
|
5,198,407 |
|
|
|
4,145,153 |
|
|
Due from related parties—non-current |
|
|
26,400,000 |
|
|
|
25,300,000 |
|
|
Restricted cash—non-current |
|
|
73,466 |
|
|
|
75,798 |
|
|
Operating lease right-of-use assets |
|
|
167,583,682 |
|
|
|
191,700,338 |
|
|
Other non-current assets |
|
|
2,795,694 |
|
|
|
2,585,116 |
|
|
Total assets |
|
$ |
1,820,059,163 |
|
|
$ |
1,837,650,165 |
|
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
|
||
Trade accounts payable |
|
$ |
9,250,677 |
|
|
$ |
10,185,962 |
|
|
Accrued expenses |
|
|
3,505,020 |
|
|
|
3,948,420 |
|
|
Due to related parties |
|
|
2,291,072 |
|
|
|
7,283 |
|
|
Deferred income |
|
|
695,512 |
|
|
|
486,868 |
|
|
Current portion of long-term operating lease liabilities |
|
|
34,243,891 |
|
|
|
32,491,122 |
|
|
Current portion of long-term debt |
|
|
53,880,102 |
|
|
|
53,543,315 |
|
|
Dividends payable |
|
|
757,516 |
|
|
|
1,149,665 |
|
|
Total current liabilities |
|
|
104,623,790 |
|
|
|
101,812,635 |
|
|
Long-term liabilities |
|
|
|
|
|
|
|
||
Long-term debt—net of current portion and deferred financing fees |
|
|
512,031,157 |
|
|
|
551,549,215 |
|
|
Long-term operating lease liabilities |
|
|
133,356,317 |
|
|
|
159,226,326 |
|
|
Other long-term liabilities |
|
|
1,539,051 |
|
|
|
1,528,906 |
|
|
Total long-term liabilities |
|
|
646,926,525 |
|
|
|
712,304,447 |
|
|
Total liabilities |
|
|
751,550,315 |
|
|
|
814,117,082 |
|
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
|
Common stock, |
|
|
542,947 |
|
|
|
519,950 |
|
|
Additional paid-in-capital |
|
|
866,076,755 |
|
|
|
772,714,486 |
|
|
Treasury stock, at cost; 11,490,217 and 11,375,579 shares as of December 31, 2024 and March 31, 2024, respectively |
|
|
(131,096,907 |
) |
|
|
(126,837,239 |
) |
|
Retained earnings |
|
|
332,986,053 |
|
|
|
377,135,886 |
|
|
Total shareholders’ equity |
|
|
1,068,508,848 |
|
|
|
1,023,533,083 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
1,820,059,163 |
|
|
$ |
1,837,650,165 |
|
|
Conference Call
A conference call to discuss the results will be held on Friday, January 31, 2025 at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-800-225-9448, or for international callers, 1-203-518-9708, 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 11158025. The replay will be available until February 7, 2025, 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. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time.
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/20250131478900/en/
Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
FAQ
What was Dorian LPG's (NYSE: LPG) revenue and net income for Q3 FY2025?
How much is Dorian LPG's (NYSE: LPG) latest dividend payment?
What was Dorian LPG's (NYSE: LPG) TCE rate in Q3 FY2025 compared to last year?
What is the current VLGC orderbook status for Dorian LPG (NYSE: LPG)?
How did Dorian LPG's (NYSE: LPG) vessel operating expenses change in Q3 FY2025?
