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Dorian LPG Ltd. (NYSE: LPG) is an international maritime company specializing in the transportation of liquefied petroleum gas (LPG). The company has established itself as a leading owner and operator of Very Large Gas Carriers (VLGCs), boasting a modern fleet that ensures efficient and reliable service. With headquarters in Stamford, Connecticut, and additional offices in London, UK, and Athens, Greece, Dorian LPG leverages its global presence to manage operations seamlessly across key maritime routes.
Core Business: Dorian LPG's primary business involves owning, operating, and managing VLGCs. The company currently operates a fleet of 22 advanced VLGCs, including nineteen fuel-efficient 84,000 cubic meter ECO-design ships. These vessels are designed to enhance energy efficiency and reduce environmental impact, aligning with the company's commitment to sustainability and innovation.
Mission and Vision: The company's mission is to provide safe, reliable, and trouble-free transportation services. Its vision emphasizes leading the industry in LPG maritime transport by recruiting highly trained personnel, staying at the forefront of technical advancements, and maintaining robust communication channels with top management. This vision also includes sustaining a balance sheet that supports future growth opportunities and adaptability to changes.
Recent Achievements and Financial Outlook: As of October 26, 2023, Dorian LPG has reported significant financial performance for the quarter ending September 30, 2023. The company's net income reached $76.5 million, a substantial increase from $20.3 million in the same period the previous year. This growth is attributed to higher spot rates, reduced bunker prices, and increased fleet utilization. The fleet's Time Charter Equivalent (TCE) rate per operating day was $65,128, marking a 60.3% increase from the prior year. Dorian LPG continues to demonstrate its financial robustness, declaring its ninth dividend and maintaining sensible leverage levels.
Key Projects and Developments: Dorian LPG is actively involved in various projects aimed at enhancing its fleet's efficiency and environmental footprint. The addition of dual-fuel LPG vessels to its fleet signifies the company's commitment to adopting cleaner fuel technologies. Furthermore, the company plans to continue fleet renewal and expansion to meet growing demand for LPG transportation.
Partnerships and Market Presence: The company collaborates with various stakeholders in the maritime and energy sectors to ensure smooth operations and strategic growth. Its market presence is bolstered by a strong operational base in key global ports, coupled with robust communication and management strategies.
Latest News: On November 2, 2023, Dorian LPG reported its financial results for the quarter ended September 30, 2023. The company achieved record adjusted EBITDA, reflecting its operational efficiency and strategic market positioning. A conference call to discuss these results will be held on the same day, providing stakeholders with comprehensive insights into the company's performance.
Dorian LPG remains steadfast in its mission to provide top-notch LPG maritime transportation services, leveraging its modern fleet and strategic initiatives to drive growth and shareholder value.
Dorian LPG Ltd. (NYSE: LPG) has provided a financial update for the quarter ending December 31, 2021. The Company anticipates time charter equivalent revenues between $66.8 million and $68.8 million. Vessel operating expenses are expected to be between $17.2 million and $19.2 million, while general and administrative expenses are projected between $5.4 million and $6.4 million. The earnings conference call is scheduled for February 3, 2022, at 10:00 a.m. ET, with a live webcast available on their website.
Dorian LPG Ltd. (NYSE: LPG) declared a cash dividend of $1.00 per share, totaling over $40.1 million for shareholders, payable on January 25, 2022, to shareholders of record by January 14, 2022. Additionally, the company completed a refinancing of its debt secured by two vessels, with a new loan of $83.4 million at a fixed rate of 3.78% over five years, yielding $33.9 million in cash proceeds after settling existing debts.
Dorian LPG Ltd. (NYSE: LPG) reported financial results for Q2 FY 2022, with revenues of $63.1 million, up from $54.7 million YoY. Net income rose to $14.1 million or $0.35 EPS, compared to $0.5 million or $0.01 EPS last year. Adjusted net income was $9.9 million, versus a loss of $3.4 million in Q2 FY 2021. The company declared a $1.00 dividend per share for shareholders as of August 9, 2021. Dorian LPG completed the sale of a vessel for $43.4 million, netting a $3.5 million gain. TCE rate increased to $30,996, reflecting a strong market position.
Dorian LPG Ltd. (NYSE: LPG) has updated its financial and operational outlook for the quarter ended September 30, 2021. The Company anticipates time charter equivalent (TCE) revenues between $61 million and $63 million, with vessel operating expenses of $17.4 million to $19.4 million. The conference call to discuss these results will be held on November 3, 2021 at 10:00 a.m. ET. The Company reminds shareholders that this information is preliminary and subject to adjustments, reflecting potential changes in financial results.
Dorian LPG Ltd. (NYSE: LPG) has announced the sale of its VLGC, Captain Markos NL, a debt-free vessel built in 2006. The company expects to deliver the vessel by August 31, 2021, and anticipates cash proceeds of $42.0 million to $43.0 million. Following this transaction, Dorian LPG's fleet will consist of 22 modern VLGCs, reinforcing its position in the liquefied petroleum gas shipping sector.
Dorian LPG reported Q1 FY2022 financial results with revenues of $63.0 million, a 14% decrease from the previous year. Net income was $5.9 million, or $0.14 EPS, down from $12.2 million, or $0.24 EPS in Q1 FY2021. The adjusted EBITDA was $29.8 million. The company declared a cash dividend of $1.00 per share, payable September 8, 2021. Vessel operating expenses rose to $10,131 per day. The TCE rate fell 23.5% to $31,571, impacted by higher bunker costs. Fleet utilization improved to 96.1% from 82.3% year-over-year.
Dorian LPG Ltd. (NYSE: LPG) has declared a cash dividend of $1.00 per share, totaling over $40 million to shareholders, payable on September 8, 2021. This follows an operational update for the quarter ending June 30, 2021, with expected time charter equivalent revenues of $60.6 million - $62.6 million and vessel operating expenses between $19.3 million - $21.3 million. The company plans to release its full financial results on August 4, 2021.
Dorian LPG Ltd. (NYSE: LPG) reported its Q4 and fiscal year 2021 results, showing revenues of $99.6 million for Q4 and $315.9 million for the fiscal year. Net income for Q4 was $44.0 million ($0.93 EPS), while adjusted net income was $40.8 million ($0.86 adjusted EPS). For the fiscal year, net income decreased to $92.6 million ($1.86 EPS) from $111.8 million in the previous year. The TCE rate for the fleet decreased to $39,606 for the year. The company repurchased 8.4 million shares, reflecting a strong commitment to shareholder return.
Dorian LPG Ltd. (NYSE: LPG) provided an operational and financial outlook for the quarter ending March 31, 2021. Expected Time Charter Equivalent revenues are projected to range from $97.6 million to $99.6 million, with total vessel operating expenses between $19.2 million and $21.2 million. Additionally, Time Charter-in expenses are estimated between $4.4 million and $4.6 million, while G&A costs are anticipated to be approximately $4 million higher due to a charter dispute. A conference call is scheduled for May 19, 2021, at 10:00 a.m. ET.
Dorian LPG Ltd. announced the final results of its tender offer to purchase up to 7,407,407 common shares at a price of $13.50 each, which expired on March 3, 2021. A total of 18,163,209 shares were tendered, with 8,405,146 shares purchased for approximately $113.5 million. The oversubscribed offer resulted in a proration factor of 46.3%, impacting the number of shares bought from each shareholder. Post-offer, Dorian LPG has 41,481,844 shares outstanding.
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