Dorian LPG Reports 50.5% Revenue Increase to $124.1 Million in Latest Quarter

Dorian LPG Ltd. reported significant financial performance in its latest quarterly filing, with total revenues reaching $124.1 million for the three months ended September 30, 2025, a 50.5% increase from $82.4 million in the same period last year. The surge in revenue was primarily driven by a substantial rise in net pool revenues from related parties, which increased by 51% to $120.6 million, attributed to higher average time charter equivalent (TCE) rates and an increase in available fleet days. The average TCE rate rose to $53,725 per day, up from $37,010, reflecting improved market conditions and lower bunker prices.

In terms of profitability, Dorian LPG reported a net income of $55.4 million for the third quarter, compared to $9.4 million in the prior year, resulting in earnings per share of $1.30, a significant increase from $0.22. The company’s operating income also saw a notable rise, reaching $59.3 million, up from $19.1 million in the same quarter last year. Total expenses for the quarter were $65.4 million, slightly higher than the previous year’s $64.0 million, primarily due to increased vessel operating expenses and charter hire costs.

Strategically, Dorian LPG has continued to expand its fleet and capabilities. The company entered into a shipbuilding contract for a new Very Large Gas Carrier (VLGC) with a capacity of 93,000 cbm, expected to be delivered in the second quarter of 2026. As of September 30, 2025, Dorian's fleet consisted of 27 VLGCs, including six time-chartered vessels. The company is also enhancing its environmental compliance by equipping vessels with exhaust gas cleaning systems and dual-fuel capabilities, which are expected to improve operational efficiency and reduce emissions.

Operationally, Dorian LPG reported an increase in available fleet days from 2,207 to 2,290, driven by the addition of vessels and a slight increase in off-hire days due to drydocking. The company’s cash and cash equivalents stood at $268.3 million, down from $316.9 million at the end of the previous fiscal year, reflecting cash used in financing activities, including dividend payments totaling $47.6 million during the six months ended September 30, 2025. The company declared an irregular cash dividend of $0.65 per share on November 5, 2025, totaling $27.8 million, payable in December.

Looking ahead, Dorian LPG remains focused on maintaining a high-quality fleet and exploring strategic opportunities for growth, including potential acquisitions and chartering additional vessels. The company anticipates that its liquidity needs will be met through cash on hand, operational cash flow, and potential drawdowns on its revolving credit facility. However, it acknowledges the inherent risks in the shipping industry, including geopolitical tensions and fluctuating market conditions, which could impact future performance.