Dorian LPG Reports 37% Revenue Decline, Maintains Profitability in Fiscal Year

**Dorian LPG Reports Fiscal Year Performance, Cites Market Volatility**

Dorian LPG Ltd., a prominent player in the LPG shipping sector, has released its 10-K filing, detailing its financial performance for the fiscal year ended March 31, 2025. The company reported total revenues of $353.3 million, a significant decrease of 37% compared to the $560.7 million recorded in the previous fiscal year. This decline was primarily attributed to a reduction in average Time Charter Equivalent (TCE) rates, which fell from $62,129 to $39,778 per available day, reflecting the impact of lower spot rates in the LPG market. Available days also decreased slightly, from 8,982 to 8,776, mainly due to an increase in the number of vessels drydocked.

Despite the revenue downturn, Dorian LPG managed to maintain a degree of profitability. The company's vessel operating expenses increased to $85.4 million, or $11,143 per vessel per calendar day, up from $80.5 million, or $10,469 per vessel per calendar day, in the prior year. General and administrative expenses also saw an uptick, reaching $42.6 million, compared to $39.0 million in the previous fiscal year, driven by higher stock-based compensation and employee-related costs. Interest and finance costs decreased to $35.8 million, down from $40.5 million, while interest income increased to $15.2 million from $9.5 million. The company reported a net income of $90.2 million, a substantial decrease from the $307.4 million reported for the year ended March 31, 2024.

Operationally, Dorian LPG continued to deploy its fleet primarily through the Helios Pool, a joint venture with MOL Energia, which accounted for 97% of its total revenues. As of May 23, 2025, all twenty-five of Dorian LPG's vessels, including four time-chartered-in vessels, were operating within the Helios Pool. The company also highlighted its commitment to environmental sustainability, noting that sixteen of its ECO VLGCs are equipped with scrubbers to reduce sulfur emissions. In November 2023, Dorian LPG entered into an agreement for a newbuilding VLGC/AC, expected to be delivered in the second calendar quarter of 2026, signaling a strategic move towards ammonia transportation in addition to LPG.

Looking ahead, Dorian LPG faces a complex market environment characterized by cyclical fluctuations in charter rates, evolving trade patterns, and increasing regulatory pressures. The company's strategy involves a balanced approach to chartering, deploying vessels on a mix of multi-year time charters, shorter-term time charters, spot market voyages, and contracts of affreightment. The company also announced an irregular cash dividend of $0.50 per share, totaling $21.3 million, payable on or about May 30, 2025, to shareholders of record as of May 16, 2025. The company's future performance will depend on its ability to navigate these challenges, manage its cost structure, and capitalize on opportunities in the evolving LPG and ammonia shipping markets.