Research Reports

Prepared Highlights

VLGC market improvement: Baltic Index averaged ~$68,000/day in Q3, up from $48,000 in Q2 and $33,000 in Q1; peaked at ~$80,000/day in mid-August, eased to mid-$50,000s by end of September (CEO)
Global seaborne LPG liftings record: 37.21 million tons in Q3, underpinned by record quarterly exports from North America and Saudi Arabia (CEO)
TCE revenue per available day: $53,725 for the September 30 quarter; each month’s TCE sequentially better (CFO)
Helios Pool TCE: $53,500/day for spot and COA voyages in Q2 fiscal 2026; ~90% spot exposure for the 30-vessel pool (CFO)
Q3 December 2025 estimated fixings: >75% of fixable days fixed at TCE of ~$57,000/day (CFO)
Daily OpEx: $9,474 (ex-dry docking), down >6% from $10,108 in prior quarter (CFO)
TCN charter-in expense: $13.7 million (~$30,000/day) in Q2; ~$18 million estimated for December quarter (CFO)
Adjusted EBITDA: $85.7 million for the quarter (CFO)
Free cash flow to equity: >$30 million generated during the quarter (CFO)
Free cash balance: $268.4 million at September 30, 2025, down ~$10 million from prior quarter due to newbuilding payment (CFO)
Debt and capitalization: Total debt $530 million; debt/total book cap 33.2%; net debt/total cap 16.4%; one debt-free vessel; undrawn $50M revolver + $100M accordion (CFO)
Dividend declared: $0.65/share, ~$28 million total, payable December 2 to holders of record November 17; 17th dividend; total dividends ~$695 million, total capital returned >$925 million (CEO)
Scrubber savings: $1,363,000 (~$1,140/calendar day per vessel) net of all operating expenses in Q2 (John Lycouris)
Fuel differentials: HSFO vs. VLSFO averaged $74/metric ton; LPG as fuel vs. VLSFO ~$132/metric ton (John Lycouris)
Fleet environmental compliance: Average fleet AER in Q3 2025 was 9.3% lower than IMO 2025 target (John Lycouris)
Dry docking program: 10 of 12 planned dry dockings completed; 2 more in November and December; 2015-built vessels largely complete by year-end (CFO & John Lycouris)
Newbuilding payment: ~$12 million additional payment during December 2025 quarter (CFO)

Management Quotes

CEO: “Our dividend declared today of $0.65 per share totaling $27.8 million reflects our commitment to returning capital to shareholders in a manner that is disciplined and aligned with market conditions.”
CEO: “VLGC rates are not regular and neither is the geopolitical environment, as recent weeks have shown. And thus, we don’t think our dividend policy should be either.”
CFO: “Each month’s TCE during the quarter was sequentially better than the prior months, again, underscoring the favorable market dynamics.”
Tim Hansen: “Although the second quarter tested the resilience of the LPG market fundamentals, the third quarter reaffirmed that it was not a one-off.”
John Lycouris: “Despite the increase in speed, which typically has an adverse effect on CII ratings, the DLPG fleet remains well within compliance limits.”

Prepared Metrics

Metric	Value	Speaker/Context
TCE Revenue per Available Day	$53,725	CFO (Q2 fiscal 2026)
Helios Pool TCE (Spot & COA)	$53,500/day	CFO (Q2 fiscal 2026)
Adjusted EBITDA	$85.7 million	CFO (Q2 fiscal 2026)
Free Cash Flow to Equity	>$30 million	CFO (Q2 fiscal 2026)
Daily OpEx (ex-dry docking)	$9,474	CFO (Q2 fiscal 2026)
TCN Charter-in Expense (Q2)	$13.7 million	CFO (Q2 fiscal 2026)
TCN Charter-in Expense (Dec Q est.)	~$18 million	CFO (Full quarter for Crystal Asteria and BW Tokyo)
Cash Interest Expense (Q2)	$7 million	CFO (Q2 fiscal 2026)
Debt-to-Total Book Capitalization	33.2%	CFO (September 30, 2025)
Net Debt-to-Total Capitalization	16.4%	CFO (September 30, 2025)
Free Cash Balance	$268.4 million	CFO (September 30, 2025)
Total Dividends Distributed to Date	>$695 million	CEO (Since Sept 2021, including upcoming dividend)
Total Capital Returned to Shareholders	>$925 million	CEO (Dividends + buybacks + tender offer)
Scrubber Savings (Net Q2)	$1,363,000	John Lycouris (Q2 fiscal 2026)
Average Fleet AER vs. IMO 2025 Target	9.3%

Q&A Batch (1-1 of 1)

Q1 — Omar Nokta

Topic: 实际TCE费率低于先前指引的原因，以及近期现货市场上涨的驱动因素
Key points:
- 本季度实际TCE约53,000–54,000美元/天，低于市场预期；此前管理层给出的季度指引为约57,000美元/天（基于70%的预订量）。
- 偏差源于：load-to-discharge会计的时点差异、租家行使卸货港选择权导致收入确认变化，以及干坞天数增加对可运营天数和TCE的双重影响。
- 管理层认为干坞计划已基本结束，当前季度（Q3）的57,000指引应更准确；现货市场近期上涨，因中美在韩国会晤前市场观望导致活动暂停，后因港口费推迟及冬季需求预期，租船活动重新启动。
Mgmt stance: 中性偏谨慎 — 承认上季度指引偏差是因暂时性因素（时点、干坞、租家选择权），但对后续季度指引有信心；现货市场上涨更多来自地缘政治缓和与季节性效应，而非基本面持续改善。