Dorian LPG Reports 36.3% Revenue Increase to $481.5 Million for Fiscal Year Ended March 31, 2026

**Dorian LPG Reports Strong Fiscal Year Performance Driven by High TCE Rates**

Dorian LPG Ltd., a prominent player in the LPG shipping sector, announced its financial results for the fiscal year ended March 31, 2026, showcasing a significant upswing in revenue and profitability. The company reported total revenues of $481.5 million, marking a 36.3% increase compared to the $353.3 million recorded in the previous fiscal year. This surge was primarily attributed to elevated average Time Charter Equivalent (TCE) rates, which reached $52,238 per available day, a substantial rise from the $39,778 reported in the prior year. The company's financial performance was further bolstered by an increase in available days for its fleet, which rose from 8,776 to 9,113.

The company's profitability also saw a considerable improvement, with net income reaching $193.7 million, a significant jump from the $90.2 million reported for the year ended March 31, 2025. This increase in net income was driven by the higher TCE rates and efficient cost management, despite an increase in general and administrative expenses. The company's strategic focus on operating its fleet in the Helios Pool, a joint venture with MOL Energia, continued to be a key factor in its financial success, accounting for 99% of its total revenues.

Operationally, Dorian LPG continued to optimize its fleet management and capital allocation. Charter hire expenses increased to $61.0 million, reflecting the company's strategic use of time-chartered-in vessels to capitalize on market opportunities. Vessel operating expenses decreased slightly to $81.0 million, demonstrating the company's commitment to operational efficiency. The company also made significant investments in its fleet, with capital expenditures primarily focused on payments for a vessel under construction and vessel upgrades.

Looking ahead, Dorian LPG remains focused on maintaining its competitive edge in the LPG shipping market. The company's strong financial position has enabled it to return capital to shareholders through dividends, with a recent declaration of an irregular cash dividend of $1.00 per share. However, the company acknowledges the cyclical nature of the industry and the potential impact of factors such as changes in trade patterns, environmental regulations, and geopolitical events on its future performance. The company's management team continues to monitor market conditions and adjust its strategies to navigate the evolving landscape of the LPG shipping industry.