LPG · Dorian LPG Ltd.

Dorian LPG's fiscal fourth quarter results reflected a robust VLGC freight market, driven by geopolitical disruptions in the Middle East that tightened supply and boosted ton-mile demand. Revenue soared 102% to $153.3 million, with the TCE rate surging 80% to $63,615 per day, fueled by higher spot rates (Baltic Index averaged $90.45 vs. $51.72 a year ago) and favorable fleet utilization. Operating income jumped from $14.7 million to $83.9 million, as vessel operating expenses declined 22% to $9,780 per day due to lower drydock costs and spares. Net income of $81.0 million ($1.90 diluted EPS) compared to $8.1 million ($0.19) a year earlier. Adjusted EBITDA tripled to $106.6 million, reflecting strong cash generation. Management highlighted the delivery of the dual-fuel VLGC Areion in March and the subsequent sale of the 2016-built Cobra for $81.9 million in early May, underscoring a disciplined fleet management approach. The company declared a $1.00 per share irregular dividend, totaling $42.8 million, signaling confidence in LPG demand and prudent capital allocation. Despite a challenging geopolitical backdrop, Dorian LPG remains optimistic about market prospects while cautious near-term.