Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), reported its financial results for the three months and fiscal year ended March 31, 2025.

 

Key Recent Developments

 

Declared an irregular cash dividend of $0.50 per share of the Company’s common stock totaling $21.3 million to be paid on or about May 30, 2025 to all shareholders of record as of the close of business on May 16, 2025.

 

Highlights for the Fourth Quarter Ended March 31, 2025

 

-Revenues of $75.9 million.

-Time charter equivalent (“TCE”) per available day rate for our fleet of $35,324.

-Net income of $8.1 million, or $0.19 earnings per diluted share (“EPS”), and adjusted net income of $10.7 million, or $0.25 adjusted diluted earnings per share (“adjusted EPS”).

-Adjusted EBITDA of $36.6 million.

-Declared and paid an irregular dividend totaling $30.0 million in February 2025.

 

Highlights for the Fiscal Year Ended March 31, 2025

 

-Revenues of $353.3 million.

-TCE per available day rate for our fleet of $39,778.

-Net income of $90.2 million, or $2.14 EPS, and adjusted net income of $96.0 million, or $2.27 adjusted EPS.

-Adjusted EBITDA of $206.0 million.

-Declared and paid four irregular dividends totaling $156.2 million.

-Issued 2,000,000 common shares at a price of $44.50 per share less underwriting discounts and commissions of $2.225 per share.

John Hadjipateras, Chairman, President, and Chief Executive Officer of the Company, commented, “In a volatile geopolitical and economic environment and with a heavy drydocking schedule, we achieved good results in our financial year 2025. Our capital allocation is focused on shareholder returns and preserving the strength of our balance sheet, enabling us to invest in our people and our business, as well as in fleet renewal and expansion when opportunities arise. I am grateful to and commend our seafarers and shore staff for their commitment to our mission to provide safe, reliable, clean, and trouble-free transportation. Though the trade and other important issues that may affect our business are not settled I am confident in the fundamentals of the LPG market and our teams’ readiness to respond constructively.”

 

Fourth Quarter Fiscal Year 2025 Results Summary

 

Our net income amounted to $8.1 million, or $0.19 per share, for the three months ended March 31, 2025, compared to net income of $79.2 million, or $1.96 per share, for the three months ended March 31, 2024.

Our adjusted net income amounted to $10.7 million, or $0.25 per share, for the three months ended March 31, 2025, compared to adjusted net income of $77.6 million, or $1.91 per share, for the three months ended March 31, 2024. We have adjusted our net income for the three months ended March 31, 2025 for an unrealized loss on derivative instruments of $2.6 million and we adjusted our net income for the three months ended March 31, 2024 for an unrealized gain on derivative instruments of $1.7 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release.

The $66.9 million decrease in adjusted net income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 is primarily attributable to (i) a decrease of $65.5 million in revenues; (ii) increases of $3.5 million in vessel operating expenses, and $1.3 million in voyage expenses; and (iii) reductions of $0.3 million in realized gain on derivatives and $0.5 million in other gain/(loss), net; partially offset by (i) decreases of $2.4 million in charter hire expenses, $1.7 million in interest and finance costs and $0.2 million in general and administrative expenses; and (ii) an increase of $0.3 million in interest income.

The TCE rate for our fleet was $35,324 for the three months ended March 31, 2025, a 44.3% decrease from the $63,375 TCE rate for the same period in the prior year period, as further described in “Revenues” below. Please see footnote 7 to the table in “Financial Information” below for other information related to how we calculate TCE.

Vessel operating expenses per day increased to $12,671 during the three months ended March 31, 2025 from $10,699 in the same period in the prior year. Please see “Vessel Operating Expenses” below for more information.

 

Revenues

 

Revenues, which represent net pool revenues—related party, time charters and other revenues earned by our vessels, were $75.9 million for the three months ended March 31, 2025, a decrease of $65.5 million, or 46.3%, from $141.4 million for the three months ended March 31, 2024, primarily due to reduced average TCE rates, which declined by $28,051 per available day from $63,375 for the three months ended March 31, 2024 to $35,324 for the three months ended March 31, 2025. This reduction was primarily due to lower spot rates, partially offset by lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $68,429 during the three months ended March 31, 2024 compared to an average of $51,715 for the three months ended March 31, 2025. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $653 during the three months ended March 31, 2024, to $556 during the three months ended March 31, 2025.

Full report: Dorian LPG Ltd.