Dorian LPG Ltd. Declares Irregular Cash Dividend of $1.00 Per Share

Rhea-AI Summary

Dorian LPG Ltd. (NYSE: LPG) announced an irregular cash dividend of $1.00 per share, totaling approximately $40.4 million. This dividend will be payable on or about May 22, 2023 to shareholders on record by May 8, 2023.

The Board of Directors will determine future dividends based on the company's financial condition, operational results, and other factors. Dorian LPG operates a fleet of 25 modern VLGCs and maintains offices in Stamford, Connecticut; Copenhagen, Denmark; and Athens, Greece.

Positive

• Irregular cash dividend of $1.00 per share signals financial strength and confidence.
• Total dividends amounting to approximately $40.4 million benefit shareholders.

Negative

• The irregular nature of the dividend raises concerns about the sustainability of future payouts.

STAMFORD, Conn., April 26, 2023 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," "us," and "our"), today announced that its Board of Directors has declared an irregular cash dividend of $1.00 per share of the Company's common stock. The total dividends to be paid will amount to approximately $40.4 million. The dividend is payable on or about May 22, 2023 to all shareholders of record as of the close of business on May 8, 2023.

Forward-Looking & Other Cautionary Statements

The cash dividend referenced in this release is an irregular dividend. 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 U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Dorian LPG's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.

About Dorian LPG Ltd.

Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG's fleet currently consists of twenty-five modern VLGCs, including three dual-fuel LPG vessels. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece.

Visit our website at www.dorianlpg.com

For further information:
Dorian LPG Ltd.
Ted Young - Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com

Source: Dorian LPG Ltd.

View original content:https://www.prnewswire.com/news-releases/dorian-lpg-ltd-declares-irregular-cash-dividend-of-1-00-per-share-301807719.html

SOURCE Dorian LPG Ltd.

FAQ

What is the dividend amount declared by Dorian LPG?

Dorian LPG has declared an irregular cash dividend of $1.00 per share.

When is the Dorian LPG dividend payable?

The dividend is payable on or about May 22, 2023.

What factors influence Dorian LPG's future dividend declarations?

Future dividends depend on the company's financial condition, results of operations, and other relevant factors.

What is the total amount of the declared dividend for Dorian LPG?

The total dividend declared amounts to approximately $40.4 million.

Who qualifies for the Dorian LPG dividend?

Shareholders of record as of May 8, 2023, will qualify for the dividend.