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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) 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.
Dorian LPG Ltd. announced the preliminary results of its tender offer to purchase up to 7,407,407 common shares at $13.50 each, which expired on March 3, 2021. The offer was oversubscribed with 18,422,889 shares tendered. Consequently, Dorian will increase the number of shares accepted to 8,405,146, approximately 16.8% of outstanding shares, for a total cost of about $113.5 million. The expected proration factor is around 45.6%. Final results will be confirmed soon.
Dorian LPG Ltd. (LPG) reported its Q3 FY2021 results, highlighting revenues of $88.5 million and a net income of $35.8 million or $0.71 EPS for the period ended December 31, 2020. Although revenues increased by 3.6% year-over-year, the Time Charter Equivalent (TCE) rate decreased by 2.6% to $42,298. The company plans a tender offer to buy back 7.4 million shares at $13.50 each, representing approximately 14.8% of its common stock. Dorian LPG's financial health is underscored by its solid adjusted EBITDA of $60.1 million.
Dorian LPG Ltd. (NYSE: LPG) announced a tender offer to buy back up to 7,407,407 shares, representing approximately 14.8% of its outstanding common shares, at $13.50 per share. This initiative utilizes available cash and is intended to enhance shareholder value. The offer will expire on March 3, 2021. Shareholders can tender all or part of their shares, receiving payment in cash, subject to conditions outlined in the Offer to Purchase. The company sees this move as beneficial given its current cash position and stock price.
Dorian LPG (NYSE: LPG) reported preliminary financial data for Q3 ended December 31, 2020. The company anticipates Time Charter Equivalent revenues between $86.7 million and $88.7 million. Total vessel operating expenses are projected to be $18.2 million to $20.2 million, with Time Charter-in expenses between $4.2 million and $4.6 million. The company recorded 2,074 operating days and a utilization rate of 96.2%. Final results will be announced on February 2, 2021.
Dorian LPG Ltd. reported its financial results for Q2 FY 2021, ending September 30, 2020. Revenues fell to $54.7 million, down 40.3% from $91.6 million in the same quarter last year. The Time Charter Equivalent (TCE) rate decreased 45.4% to $26,015. Net income was $0.5 million, or $0.01 per diluted share, compared to $40.7 million last year. Adjusted net loss stood at $(3.4 million) versus a profit of $41.4 million in Q2 FY 2020. Fleet utilization improved to 97.4% from 92.9% year-over-year.
Dorian LPG Ltd. (NYSE: LPG) announced on October 22, 2020, the completion of the repurchase of the Captain John NP for approximately $18.3 million, effective October 13, 2020. This transaction will not result in any gain or loss. For Q2 ending September 30, 2020, preliminary Time Charter Equivalent revenues are expected to range from $53 million to $55 million, while total vessel operating expenses are projected between $21 million and $22 million. The company reported a utilization rate of 97.4%.
Dorian LPG Ltd. (NYSE: LPG) reported Q1 FY2021 results with revenues of $73.2 million, a 19.6% increase from $61.2 million in Q1 FY2020. Net income stood at $12.2 million ($0.24 EPS), up from $6.1 million ($0.11 EPS) the previous year. The fleet's Time Charter Equivalent (TCE) rate rose 39% to $41,249. Operating expenses increased, notably general and administrative costs grew 67.8%. The company refinanced a $71.5 million facility, extending maturity to March 2025 and reducing amortization. Fleet utilization dropped to 82.3%.
Dorian LPG Ltd. (NYSE: LPG) will announce its financial results for Q1 ended June 30, 2020, on August 4, 2020, before market open. A conference call will occur at 10:00 a.m. ET on the same day, accessible via phone or live webcast. Dorian LPG operates a fleet of 24 modern VLGCs and has offices in multiple countries, including the USA and UK. The company focuses on liquefied petroleum gas shipping.
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