Dorian LPG Ltd (LPG)

Dorian LPG shares jump after fourth-quarter earnings top forecasts (LPG)May 20, 2026 6:58 AM
IH Market News Dorian LPG Ltd. (NYSE:LPG) reported fourth-quarter results on Wednesday that came in ahead of Wall Street expectations, sending the company’s shares up 12% in premarket trading.The liquefied petroleum gas shipping operator benefited from stronger freight market conditions linked to supply disruptions in the Middle East. Revenue more than doubles as freight rates surge Dorian LPG posted adjusted earnings per share of $1.89 for the quarter ended March 31, 2026, exceeding analyst forecasts of $1.48 per share by $0.41.Quarterly revenue climbed to $153.3 million, ahead of consensus estimates of $129.74 million and more than double the $75.9 million generated during the same period a year earlier.The company’s time charter equivalent rate increased 80.1% year over year to $63,615 per available day, compared with $35,324 in the prior-year quarter, largely driven by stronger spot freight rates.During the quarter, the Baltic Exchange Liquid Petroleum Gas Index averaged $90.453, up sharply from $51.715 recorded a year earlier.“Our strong results for the quarter reflect a healthy freight market and the dedication of our seagoing and shore side employees,” said John Hadjipateras, Chairman, President, and CEO. “The delivery of the Areion in late March and the sale of the 2015 built Cobra highlight our approach to fleet management.” Profitability improves sharply as operating costs decline Net income for the quarter reached $81.0 million, or $1.90 per diluted share, compared with $8.1 million, or $0.19 per share, in the fourth quarter of fiscal 2025.At the same time, vessel operating expenses per day fell to $9,780 from $12,671 during the prior-year period.For the full 2026 fiscal year, Dorian LPG reported adjusted earnings per share of $4.57 on revenue of $481.5 million, representing a 36.3% increase from revenue of $353.3 million recorded in fiscal 2025. Company declares special dividend and completes vessel sale Dorian LPG also announced an irregular cash dividend of $1.00 per share, equivalent to a total distribution of $42.8 million, scheduled to be paid on May 28, 2026.Separately, the company confirmed that it completed the sale of the 2016-built VLGC Cobra in May, generating net proceeds of $81.9 million.Dorian LPG stock price Original: Dorian LPG shares jump after fourth-quarter earnings top forecasts (LPG)

Dorian LPG Ltd. Announces Fourth Quarter and Full Year 2026 Earnings and Conference Call DateMay 13, 2026 6:00 AM
Business Wire Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern and ECO very large gas carriers (“VLGCs”), will issue a news release on Wednesday, May 20, 2026 prior to the market open, announcing its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2026. Earnings Conference Call A conference call to discuss the results will be held the same day at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-800-445-7795, or for international callers, 1-785-424-1699, and requesting to be joined into the Dorian LPG call. A live webcast of the conference call will also be available under the investor section at www.dorianlpg.com. A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11161820. The replay will be available until May 27, 2026, at 11:59 p.m. ET. About Dorian LPG Ltd. Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG's fleet of twenty-seven modern VLGCs currently includes six dual-fuel ECO VLGCs, nineteen ECO VLGCs, and two modern VLGCs. Its business is centered around safe, reliable, clean and trouble-free transportation for its customers. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit www.dorianlpg.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260513712991/en/ Investor Contact Information
Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com Media Contact Information
Melissa Daly
MFD Communications
melissa @tc.banks Original: Dorian LPG Ltd. Announces Fourth Quarter and Full Year 2026 Earnings and Conference Call Date

Dorian LPG Ltd. Board of Directors Appoints Christopher J. Wiernicki as Class I DirectorMay 5, 2026 1:45 PM
Business Wire The board of directors of Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG") unanimously appointed Christopher J. Wiernicki to serve as a Class I director effective immediately and increased the size of the Board from eight to nine directors. Mr. Wiernicki, age 67, has 40 years of marine and offshore expertise and is recognized internationally for transforming the American Bureau of Shipping (“ABS”) into a world leader in safety, risk management digitalization, and decarbonization. Mr. Wiernicki enjoyed a distinguished, 32-year career leading ABS where he chaired its board and served as chief executive officer from 2011 through 2025, prior to which he was ABS’ president and chief operating officer. Mr. Wiernicki also headed ABS’ Europe/Middle East/Africa operations, in addition to serving as the company’s Chief Technology Officer and leading its risk management consulting business. Mr. Wiernicki holds a Bachelor of Science Degree in Civil Engineering from Vanderbilt University, a Master of Science in Structural Engineering from George Washington University, a Master of Science in Ocean Engineering from Massachusetts Institute of Technology and completed an Advanced Management Program at Harvard University. Mr. Wiernicki was appointed to serve on the White House National Infrastructure Advisory Council in 2022 and as Advisor to the Singapore Government Ministry of Transport and Port Authority in 2023. In addition, he is a member of the US Marine Transportation Board and the US National Academy of Engineering. Mr. Wiernicki is a Professor of the Practice at the Massachusetts Institute of Technology (MIT) and sits on several private and public company boards. John C. Hadjipateras, President and Chief Executive Officer of the Company, commented, “Dorian has enjoyed a strong working relationship with Chris for more than 15 years. As a member of our Board of Directors, Dorian will benefit from Chris’ extensive shipping experience and expertise in strategic planning and design, clean energy and technology skills that are crucial for the continued safety of our team and continued modernization of our fleet and operations.” Christopher J. Wiernicki, added, “I am honored to join Dorian’s Board as the company continues to play a pivotal role in the global LPG market. Dorian’s longstanding focus on safety, technology, and efficiency has consistently enabled it to deliver reliable service for its customers and strong results for its shareholders. I look forward to supporting the management as it continues to be a market leader.” About Dorian LPG Ltd. Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG's fleet of twenty-eight modern VLGCs currently includes six dual-fuel ECO VLGCs, twenty ECO VLGCs, and two modern VLGCs. Its business is centered around safe, reliable, clean and trouble-free transportation for its customers. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit www.dorianlpg.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505234359/en/ Investor Contact Information Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com Media Contact Information Melissa Daly
MFD Communications
+1 (646) 322-9192
melissa@mfdcommunications.com Original: Dorian LPG Ltd. Board of Directors Appoints Christopher J. Wiernicki as Class I Director

Dorian LPG Ltd. Takes Delivery of Dual-Fuel 93,000 Cubic Meter NewbuildingMarch 20, 2026 6:00 AM
Business Wire
Dual-Fuel LPG and Ammonia Gas Carrier “Areion” to Join Helios Pool


Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of very large gas carriers (“VLGCs”), announced today the delivery of its 93,000 cubic meter (cbm) dual-fuel newbuilding named “Areion” an LPG and ammonia very large gas carrier (VLGC/AC) from Hanwha Ocean Heavy Industries Co., Ltd. at the Okpo Shipyard in South Korea. The “Areion” will commence employment on charter under the Helios LPG Pool, an entity jointly controlled by Dorian LPG Ltd and MOL Energia Pte Ltd., with offices in Copenhagen and Singapore. “Areion”, in Greek Mythology, is the name given to a black-maned horse known for its extraordinary speed, spoken wisdom, and significant powers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260320545443/en/The Areion - dual-fuel newbuilding VLGC/AC
This is the second wholly owned LPG dual-fuel ship being added to Dorian’s fleet along with the four chartered-in LPG dual-fuel ships raising the percentage of low emissions alternative fuel ships to over 20% of its fleet.


The “Areion” is a dual-fuel ship that can run on LPG and fuel oil. It is equipped with a hybrid scrubber, which can operate in closed loop in ports or ECAs where emissions and effluent must either be very low or prohibited. This scrubber is designed to emit lower levels of sulphur oxides, particulate matter and black carbon than the very low sulphur fuels oils (VLSFO) widely used currently in the marine fuel markets. The ship’s main engine also operates on LPG as fuel which reduces CO2 emissions by approximately 20%, sulphur oxides, particulate matter (PM), and other pollutants.


John C. Hadjipateras, President and Chief Executive Officer of the Company, commented, “The addition of “Areion” to our fleet underscores Dorian’s commitment to the study and adoption of advanced marine technologies. The new ship will enhance Dorian’s superior emissions profile which has been achieved by the use of hybrid scrubbers, dual-fuel LPG engined ships, energy saving devices and performance optimization systems deployed collaboratively by our on board and shore side teams. Scrubbers and LPG dual fuel engines offer the potential to enhance earnings by optimizing the fuel choice, as does “Areion”’s ability to transport full cargoes of LPG and ammonia.”


“Areion” is fitted with Alternative Marine Power (AMP) equipment and can carry out all port operations exclusively with shore power in any port where cold ironing is available. This feature aspires to promote emission free port operations. The ship is Battery Energy Storage System (BESS) ready-fitted for hybrid battery power management system operation. BESS enables optimization of onboard power generation systems eradicating blackouts while providing continuous peak shaving of energy requirements onboard.


Concurrently with the delivery, Dorian LPG borrowed $62.9 million from Citibank NA, (Hong Kong branch) (“Citi”), supported by export insurance provided by the Korea Trade Insurance Corporation (“K-sure”), and Nordea Abp (New York branch) (“Nordea”) to finance the final delivery payment and other fees and expenses associated with the delivery. The facility has a $20.7 million commercial tranche, solely underwritten by Nordea with a 7-year tenor and margin of 1.80% over SOFR, while Citi has provided a $42.2 million facility, guaranteed by K-Sure as to payment of principal and interest, with a 12-year tenor and a margin of 1.00% over SOFR. The facility contains customary covenants and granting of security interests.


About Dorian LPG Ltd.


Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG's fleet of twenty-eight modern VLGCs currently includes six dual-fuel ECO VLGCs, twenty ECO VLGCs, and two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit www.dorianlpg.com.


Source: Dorian LPG Ltd.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260320545443/en/
Investor Contact Information


Ted Young

Chief Financial Officer

+1 (203) 674-9900

IR@dorianlpg.com


Media Contact Information


Melissa Daly

MFD Communications

+1 (646) 322-9192

melissa@mfdcommunications.com


Original: Dorian LPG Ltd. Takes Delivery of Dual-Fuel 93,000 Cubic Meter Newbuilding

Dorian LPG Shares Decline After Q3 Earnings Miss Market ExpectationsFebruary 5, 2026 8:20 AM
IH Market News
Dorian LPG Ltd. (NYSE:LPG), a major operator of very large gas carriers (VLGCs), reported fiscal third-quarter 2026 results on Thursday that came in below analyst forecasts, sending its shares down more than 2% in premarket trading.The company posted adjusted earnings of $1.11 per share for the quarter ended December 31, 2025, missing analyst projections of $1.25 per share. Revenue totalled $120 million, also falling short of the consensus estimate of $122.32 million. Despite the earnings shortfall, revenue rose 48.7% compared with $80.7 million recorded in the same quarter a year earlier.Dorian LPG reported a time charter equivalent (TCE) rate of $50,333 per available fleet day during the quarter, representing a 39.5% increase from $36,071 in the comparable period last year. The rise in TCE rates was largely driven by stronger spot charter rates and reduced bunker fuel costs.“Our seafaring and shoreside team delivered a strong operating performance in the quarter,” said John C. Hadjipateras, Chairman, President and Chief Executive Officer. “We declared our 17th consecutive quarterly irregular dividend bringing total capital returned including buy backs, since our IPO, to over $960 million.”The company declared an irregular dividend of $0.70 per share, payable on February 24, 2026, to shareholders on record as of February 9, 2026. The distribution is expected to total approximately $29.9 million.Operating expenses fell to $10,275 per vessel per calendar day during the quarter, compared with $11,097 in the same period last year. The reduction was mainly attributed to lower non-capitalizable drydock-related operating costs as well as decreased spending on spare parts and vessel stores.Dorian LPG currently operates a fleet of 27 modern VLGC vessels, consisting of 20 ECO VLGCs, five dual-fuel ECO VLGCs and two additional modern VLGC carriers.Dorian LPG stock price

Original: Dorian LPG Shares Decline After Q3 Earnings Miss Market Expectations

Dorian LPG Ltd. Announces Third Quarter Fiscal Year 2026 Financial ResultsFebruary 5, 2026 6:00 AM
Business Wire
Dorian LPG Ltd. (NYSE: LPG) (the “Company,” “Dorian LPG,” “we,” “us,” and “our”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today reported its financial results for the three months ended December 31, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260205206067/en/The Challenger - 2015 built VLGC
Key Recent Development



Declared an irregular dividend totaling approximately $29.9 million, or $0.70 per share, to be paid on or about on or about February 24, 2026 to all shareholders of record as of February 9, 2026.



Highlights for the Third Quarter Fiscal Year 2026



Revenues of $120.0 million.




Time Charter Equivalent (“TCE”)(1) rate per available day for our fleet of $50,333.




Net income of $47.2 million, or $1.11 earnings per diluted share (“EPS”), and adjusted net income(1) of $47.4 million, or $1.11 adjusted earnings per diluted share (“adjusted EPS”).(1)




Adjusted EBITDA(1) of $74.2 million.




Declared an irregular cash dividend totaling $27.8 million in November 2025, which was paid in December 2025.









(1)







TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included in this press release under the heading “Financial Information.”







John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “Our seafaring and shoreside team delivered a strong operating performance in the quarter. We declared our 17th consecutive quarterly irregular dividend bringing total capital returned including buy backs, since our IPO, to over $960 million. Last quarter the VLGC market again reached a new export record. Demand, as well as freight rates have continued to be strong into the current quarter. We look forward to the delivery, in March, of a newbuilding dual fuel VLGC/AC.”


Third Quarter Fiscal Year 2026 Results Summary


Net income amounted to $47.2 million, or $1.11 per diluted share, for the three months ended December 31, 2025, compared to $21.4 million, or $0.50 per diluted share, for the three months ended December 31, 2024.


Adjusted net income amounted to $47.4 million, or $1.11 per diluted share, for the three months ended December 31, 2025, compared to adjusted net income of $18.5 million, or $0.43 per diluted share, for the three months ended December 31, 2024. Adjusted net income for the three months ended December 31, 2025 is calculated by adjusting net income for the same period to exclude an unrealized loss on derivative instruments of $0.2 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release.


The $28.9 million increase in adjusted net income for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, is primarily attributable to (i) an increase of $39.3 million in revenues; (ii) decreases of $1.8 million in interest and finance costs, $0.7 million of which is due to increased capitalized interest, and $1.5 million in vessel operating expenses, and (iii) a favorable change of $0.6. million in other gain/(loss), net; partially offset by increases of $7.6 million in charter hire expenses, $3.3 million in general and administrative expenses, $0.7 million in voyage expenses, $0.7 million in profit sharing expenses; $0.6 million in depreciation and amortization expenses; and decreases of $1.0 million in interest income and $0.4 million in realized gain on derivatives.


The TCE rate per available day for our fleet was $50,333 for the three months ended December 31, 2025, a 39.5% increase from $36,071 for the same period in the prior year. Please see footnote 5 to the table in “Financial Information” below for information related to how we calculate TCE.


Vessel operating expenses per vessel per calendar day decreased to $10,275 for the three months ended December 31, 2025 compared to $11,097 in the same period in the prior year. Please see “Vessel Operating Expenses” below for more information.


Revenues


Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $120.0 million for the three months ended December 31, 2025, an increase of $39.3 million, or 48.7%, from $80.7 million for the three months ended December 31, 2024 primarily due to higher average TCE rates and increased available days. TCE rates rose by $14,262 per available day from $36,071 for the three months ended December 31, 2024 to $50,333 for the three months ended December 31, 2025. The increase in TCE rates was primarily due to higher spot rates and lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $67.767 during the three months ended December 31, 2025 compared to an average of $55.717 during the three months ended December 31, 2024. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $570 during the three months ended December 31, 2024, to $452 during the three months ended December 31, 2025. Available days for our fleet increased from 2,210 for the three months ended December 31, 2024 to 2,349 for the three months ended December 31, 2025, mainly driven by an increase in the number of vessels in our fleet, partially offset by a modest increase in off-hire days due to drydocking.


Vessel Operating Expenses


Vessel operating expenses were $19.9 million during the three months ended December 31, 2025, or $10,275 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet and decreased by $1.5 million, or 7.4% from $21.4 million for the three months ended December 31, 2024. The decrease of $822 per vessel per calendar day, from $11,097 for the three months ended December 31, 2024 to $10,275 per vessel per calendar day for the three months ended December 31, 2025 was partially due to a decrease of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by $603, or 5.9%, from $10,161 for the three months ended December 31, 2024 to $9,558 for the three months ended December 31, 2025, primarily resulting from reductions of spares and stores.


General and Administrative Expenses


General and administrative expenses were $10.8 million for the three months ended December 31, 2025, an increase of $3.3 million, or 44.4%, from $7.5 million for the three months ended December 31, 2024, driven by increases of $2.0 million in expenses under our Cash Incentive Compensation Plan, $0.6 million in employee-related costs and benefits, $0.3 million in stock-based compensation expense, and $0.4 million in other general and administrative expenses in the period ended December 31, 2025 when compared to the period ended December 31, 2024.


Interest and Finance Costs


Interest and finance costs amounted to $7.1 million for the three months ended December 31, 2025, a decrease of $1.8 million, or 20.5%, from $8.9 million for the three months ended December 31, 2024. The decrease of $1.8 million during this period was mainly due to (i) a reduction of $1.0 million in interest on our long-term debt, (ii) an increase of $0.7 million in capitalized interest, and (iii) a decrease of $0.1 million in loan expenses and bank charges. The decrease of $1.0 million in loan interest on our long-term debt was driven by a reduction of average indebtedness, excluding deferred financing fees, from $579.9 million for the three months ended December 31, 2024, to $526.0 million for the three months ended December 31, 2025, as well as a lower SOFR rate on the 2023 A&R Debt Facility during the three months ended December 31, 2025 when compared to the three months ended December 31, 2024.


Interest Income


Interest income amounted to $2.7 million for the three months ended December 31, 2025, compared to $3.8 million for the three months ended December 31, 2024. The decrease of $1.1 million is mainly attributable to (i) reduced interest rates over the periods presented, and (ii) moderately lower average cash balances for the three months ended December 31, 2025 when compared to the three months ended December 31, 2024.


Unrealized Gain/(Loss) on Derivatives


Unrealized loss on derivatives amounted to $0.2 million for the three months ended December 31, 2025, compared to a gain of $2.9 million for the three months ended December 31, 2024. The $3.1 million difference is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts.


Realized Gain on Derivatives


Realized gain on derivatives amounted to $0.4 million for the three months ended December 31, 2025, compared to $0.8 million for the three months ended December 31, 2024. The unfavorable $0.4 million change is primarily attributable to (i) a $0.9 million reduction of realized gains on our interest rate swaps (ii) partially offset by reduced realized losses on our FFAs of $0.5 million.


Fleet


The following table sets forth certain information regarding our fleet as of January 31, 2026.




 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






Scrubber






 






 






 






Time






 








 






 






Capacity






 






 






 






 






 






 






ECO






 






Equipped






 






 






 






Charter-Out






 








 






 






(Cbm)






 






Shipyard






 






 






Year Built






 






Vessel(1)






 






or Dual-Fuel






 






Employment






 






Expiration(2)






 








Dorian VLGCs






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Captain John NP






 






82,000






 






Hyundai






 






 






2007






 






—






 






—






 






Pool(4)






 






—






 








Comet






 






84,000






 






Hyundai






 






 






2014






 






X






 






S






 






Pool(4)






 






—






 








Corsair(3)






 






84,000






 






Hyundai






 






 






2014






 






X






 






S






 






Pool(4)






 






—






 








Corvette






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Cougar(3)






 






84,000






 






Hyundai






 






 






2015






 






X






 






—






 






Pool(4)






 






 






 








Concorde






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Cobra






 






84,000






 






Hyundai






 






 






2015






 






X






 






—






 






Pool(4)






 






—






 








Continental






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Constitution






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Commodore






 






84,000






 






Hyundai






 






 






2015






 






X






 






—






 






Pool-TCO(5)






 






Q3 2027






 








Cresques(3)






 






84,000






 






Hanwha Ocean






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Constellation






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Cheyenne






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Clermont






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Cratis(3)






 






84,000






 






Hanwha Ocean






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Chaparral(3)






 






84,000






 






Hyundai






 






 






2015






 






X






 






—






 






Pool-TCO(5)






 






Q3 2027






 








Copernicus(3)






 






84,000






 






Hanwha Ocean






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Commander






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool(4)






 






—






 








Challenger






 






84,000






 






Hyundai






 






 






2015






 






X






 






S






 






Pool-TCO(5)






 






Q3 2026






 








Caravelle(3)






 






84,000






 






Hyundai






 






 






2016






 






X






 






S






 






Pool(4)






 






—






 








Captain Markos(3)






 






84,000






 






Kawasaki






 






 






2023






 






X






 






DF






 






Pool(4)






 






—






 








Total






 






1,762,000






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Time chartered-in VLGCs






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Future Diamond(6)






 






80,876






 






Hyundai






 






 






2020






 






X






 






S






 






Pool(4)






 






—






 








HLS Citrine(7)






 






86,090






 






Hyundai






 






 






2023






 






X






 






DF






 






Pool(4)






 






—






 








HLS Diamond(8)






 






86,090






 






Hyundai






 






 






2023






 






X






 






DF






 






Pool(4)






 






—






 








Cristobal(9)






 






86,980






 






Hyundai






 






 






2023






 






X






 






DF






 






Pool(4)






 






—






 








Crystal Asteria(10)






 






84,229






 






Kawasaki






 






 






2021






 






X






 






DF






 






Pool(4)






 






—






 








BW Tokyo(11)






 






83,271






 






Mitsubishi






 






 






2009






 






—






 






—






 






Pool(4)






 






—






 








_______________________



(1)







Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint.








 







 








(2)







Represents calendar year quarters.








 







 








(3)







Operated pursuant to a bareboat chartering agreement.








 







 








(4)







“Pool” indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool.








 







 








(5)







“Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool.








 







 








(6)







Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2027.








 







 








(7)







Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven.








 







 








(8)







Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven.








 







 








(9)







Vessel has a Panamax beam and shaft generator and is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2030 and purchase options beginning in year seven.








 







 








(10)







Vessel is currently time chartered-in to our fleet with an expiration during the second calendar quarter of 2026.








 







 








(11)







Vessel is currently time chartered-in to our fleet with an expiration during the second calendar quarter of 2028. Vessel operates under a framework agreement in which the vessel’s revenues and charter hire-in expenses are split equally with an unrelated third party.







Market Outlook & Update


The fourth calendar quarter of 2025 (“Q4 2025”) proved to be a volatile quarter for the LPG product market, beginning in October with a sharp decline in the Saudi Contract Price (“CP”) for propane and butane prices that was more pronounced than many market participants had anticipated. Monthly propane CP prices fell by $25 per metric ton to $495 per metric ton in October 2025, while butane CP prices declined by $15 per metric ton to $475 per metric ton. Average LPG prices across all major regions also weakened at the start of the quarter, not only on a flat-price basis but also relative to crude oil. The steepest decline was observed in the Far East, where propane prices fell by 5% versus Brent.


A recovery in delivered product prices emerged in November, with further strengthening in December as winter seasonal demand took precedence. December saw a cold spell in the U.S., with falling temperatures triggering a reactionary increase in prices. However, strong U.S. NGL production and inventory levels exceeding five-year highs capped upside price potential.


Overall, Q4 2025 saw wider price spreads between the U.S. and major importing regions, improving arbitrage economics for spot propane, though the lower Saudi CP challenged the West-to-East arbitrage in October. On average, Far East propane prices increased from 61% to 64% of Brent from the third calendar quarter of 2025 (“Q3 2025”) to Q4 2025, with a similar rise in Northwest Europe, where propane reached 56% of Brent. U.S. propane values increased by only 1% versus WTI to reach 45%, broadly in line with Q4 2024 levels.


Despite improving supply-chain economics, petrochemical margins remained challenging for several players, particularly in the Far East. Average monthly PDH margins in the Far East on a variable basis turned positive in October 2025 for the first time since the second calendar quarter of 2025 due to the softer feedstock prices. This improvement was short-lived with margins turning negative by the end of October/start of November. Economics were especially challenging for importers of U.S.-origin cargoes that remain subject to an additional 10% tariff. Chinese imports were further constrained by planned plant maintenance.


Propane continued to hold an advantage over naphtha for ethylene production via steam cracking; however, the propane–naphtha spread narrowed over the quarter, tightening from an average of -$96 per metric ton in October to -$35 per metric ton in December. This reflected stronger winter-driven propane demand, while the naphtha market remained bearish.


Geopolitical factors continued to affect LPG and broader oil markets. Early in the quarter, uncertainty surrounded U.S.–China trade relations as the existing 90-day tariff truce approached expiry in early November. The 10% tariff on U.S. LPG imports into China was subsequently extended for a further 12 months. Additional volatility stemmed from the rollout of USTR and Chinese port fees introduced in October. Although a one-year suspension was agreed by both governments in November, the policy uncertainty contributed to heightened market volatility, particularly at the start of Q4 2025.


Average VLGC freight rates eased in Q4 2025, with the Baltic Index averaging around $68 per metric ton, down from approximately $82 per metric ton in Q3 2025. The softer freight market was a consequence of the lower-than-anticipated Saudi CP announcement for October creating uncertainty in trade economics and slowing shipping enquiries at the beginning of the quarter. Amidst the uncertain environment, the announcement of reciprocal port service fees from Chinese authorities on October 10, 2026 added further uncertainty and potential costs. The immediate impacts were felt on vessels with cargoes on board destined for discharging in China and further disrupted the Far East product market. LPG cargo quotes for destinations other than China enticed more aggressive pricing from ship operators, adding further pressure to the freight markets. Following the U.S.-China summit in Busan, South Korea at the end of October suspending Port Service Fees until November 9, 2026, normalcy returned to the VLGC shipping market with a widening arbitrage supported by a warm start to the winter season in North America, and increased heating demand in Asia. Clearing of the backlog of unfixed vessels slowed the upward correction in the freight markets, but the market was in contango from the middle of November. Although the freight market was assessed higher towards the end of December, fog delays in the Houston Ship Channel caused delays and impacted fleet utilization metrics.


During Q4 2025, the global VLGC fleet expanded only marginally with the delivery of two new vessels. Looking ahead, an additional 111 VLGCs/VLACs, equivalent to roughly 10.0 million cbm of carrying capacity, are scheduled for delivery by calendar year 2029. The average age of the global fleet now stands at approximately 12.0 years, while the VLGC/VLAC orderbook represents around 27.0% of the existing fleet.


The above market outlook update is based on information, data and estimates derived from industry sources available as of the date of this release, and there can be no assurances that such trends will continue or that anticipated developments in freight rates, export volumes, the VLGC orderbook or other market indicators will materialize. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors. You are cautioned not to give undue weight to such information, data and estimates. We have not independently verified any third-party information, verified that more recent information is not available and undertake no obligation to update this information unless legally obligated.


Financial Information


The following table presents our selected financial data and other information for the periods presented:




 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three months ended






 






 






Nine months ended






 








(in U.S. dollars, except fleet data)






 






December 31, 2025






 






December 31, 2024






 






 






December 31, 2025






 






December 31, 2024






 








Statement of Operations Data






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Revenues






 






$






119,964,287






 






 






$






80,666,779






 






 






 






$






328,240,534






 






 






$






277,453,301






 






 








Expenses






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Voyage expenses






 






 






1,732,701






 






 






 






950,842






 






 






 






 






4,109,374






 






 






 






2,508,379






 






 








Charter hire expenses






 






 






18,186,009






 






 






 






10,586,115






 






 






 






 






42,622,036






 






 






 






31,082,323






 






 








Profit sharing expenses






 






 






659,346






 






 






 






—






 






 






 






 






659,346






 






 






 






—






 






 








Vessel operating expenses






 






 






19,851,216






 






 






 






21,439,514






 






 






 






 






62,445,778






 






 






 






61,459,709






 






 








Depreciation and amortization






 






 






18,129,336






 






 






 






17,497,383






 






 






 






 






54,430,352






 






 






 






52,039,031






 






 








General and administrative expenses






 






 






10,779,733






 






 






 






7,464,856






 






 






 






 






39,701,876






 






 






 






34,347,576






 






 








Total expenses






 






 






69,338,341






 






 






 






57,938,710






 






 






 






 






203,968,762






 






 






 






181,437,018






 






 








Other income—related parties






 






 






685,009






 






 






 






655,365






 






 






 






 






1,975,737






 






 






 






1,936,762






 






 








Operating income






 






 






51,310,955






 






 






 






23,383,434






 






 






 






 






126,247,509






 






 






 






97,953,045






 






 








Other income/(expenses)






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest and finance costs






 






 






(7,066,278






)






 






 






(8,884,499






)






 






 






 






(22,380,183






)






 






 






(27,841,202






)






 








Interest income






 






 






2,737,490






 






 






 






3,797,264






 






 






 






 






8,577,713






 






 






 






11,986,945






 






 








Unrealized gain/(loss) on derivatives






 






 






(170,904






)






 






 






2,865,617






 






 






 






 






(1,736,403






)






 






 






(3,139,248






)






 








Realized gain on derivatives






 






 






407,391






 






 






 






838,906






 






 






 






 






1,474,915






 






 






 






4,210,274






 






 








Other gain/(loss), net






 






 






(29,756






)






 






 






(638,894






)






 






 






 






469,484






 






 






 






(1,091,241






)






 








Total other expenses, net






 






 






(4,122,057






)






 






 






(2,021,606






)






 






 






 






(13,594,474






)






 






 






(15,874,472






)






 








Net income






 






$






47,188,898






 






 






$






21,361,828






 






 






 






$






112,653,035






 






 






$






82,078,573






 






 








Earnings per common share—basic






 






 






1.11






 






 






 






0.50






 






 






 






 






2.65






 






 






 






1.95






 






 








Earnings per common share—diluted






 






$






1.11






 






 






$






0.50






 






 






 






$






2.64






 






 






$






1.95






 






 








Financial Data






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted EBITDA(1)






 






$






74,182,190






 






 






$






45,242,519






 






 






 






$






198,478,998






 






 






$






169,351,603






 






 








Fleet Data






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Calendar days(2)






 






 






1,932






 






 






 






1,932






 






 






 






 






5,775






 






 






 






5,775






 






 








Time chartered-in days(3)






 






 






552






 






 






 






368






 






 






 






 






1,383






 






 






 






1,100






 






 








Available days(4)






 






 






2,349






 






 






 






2,210






 






 






 






 






6,725






 






 






 






6,677






 






 








Average Daily Results






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Time charter equivalent rate(5)






 






$






50,333






 






 






$






36,071






 






 






 






$






48,198






 






 






$






41,178






 






 








Daily vessel operating expenses (6)






 






$






10,275






 






 






$






11,097






 






 






 






$






10,813






 






 






$






10,642






 






 








_____________________



(1)







Adjusted EBITDA is an unaudited non-U.S. GAAP measure and represents net income/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, stock-based compensation expense, impairment, and depreciation and amortization and is used as a supplemental measure by management to assess our financial and operating performance. We believe that adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period and management makes business and resource-allocation decisions based on such comparisons. This increased comparability is achieved by excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization expense, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income/(loss) between periods. We believe that including adjusted EBITDA as a financial and operating measure benefits investors in selecting between investing in us and other investment alternatives.








 







 








 







Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income/(loss). Adjusted EBITDA as presented below may not be computed consistently with similarly titled measures of other companies and, therefore, might not be comparable with other companies.








 







 








 







The following table sets forth a reconciliation of net income to Adjusted EBITDA (unaudited) for the periods presented:









 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three months ended






 






Nine months ended






 








(in U.S. dollars)






 






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024






 








Net income






 






$






47,188,898






 






 






$






21,361,828






 






 






$






112,653,035






 






 






$






82,078,573






 






 








Interest and finance costs






 






 






7,066,278






 






 






 






8,884,499






 






 






 






22,380,183






 






 






 






27,841,202






 






 








Unrealized (gain)/loss on derivatives






 






 






170,904






 






 






 






(2,865,617






)






 






 






1,736,403






 






 






 






3,139,248






 






 








Realized gain on interest rate swaps






 






 






(407,391






)






 






 






(1,337,298






)






 






 






(1,474,915






)






 






 






(4,722,356






)






 








Stock-based compensation expense






 






 






2,034,165






 






 






 






1,701,724






 






 






 






8,753,940






 






 






 






8,975,905






 






 








Depreciation and amortization






 






 






18,129,336






 






 






 






17,497,383






 






 






 






54,430,352






 






 






 






52,039,031






 






 








Adjusted EBITDA






 






$






74,182,190






 






 






$






45,242,519






 






 






$






198,478,998






 






 






$






169,351,603






 






 









(2)







We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of vessel operating expenses that are recorded during that period.








 







 








(3)







We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period. Time chartered-in days include 100% of time chartered-in days for our chartered-in vessel that is part of a framework agreement. Available days include 100% of available days for our chartered-in vessel that is part of the framework agreement.








 







 








(4)







We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially-managed vessels) less aggregate off hire days associated with both unscheduled and scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues.








 







 








(5)







Time charter equivalent rate, or TCE rate, is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. TCE rate is a shipping industry performance measure used primarily to compare period to period changes in a shipping company’s performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods and is a factor in management’s business decisions and is useful to investors in understanding our underlying performance and business trends. Our method of calculating TCE rate is to divide revenue net of voyage expenses by available days for the relevant time period, which may not be calculated the same by other companies. The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented.








 







 








 







The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented:









 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three months ended






 






 






Nine months ended






 








(in U.S. dollars, except available days)






 






December 31, 2025






 






December 31, 2024






 






 






December 31, 2025






 






December 31, 2024






 








Numerator:






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Revenues






 






$






119,964,287






 






 






$






80,666,779






 






 






 






$






328,240,534






 






 






$






277,453,301






 






 








Voyage expenses






 






 






(1,732,701






)






 






 






(950,842






)






 






 






 






(4,109,374






)






 






 






(2,508,379






)






 








Time charter equivalent






 






$






118,231,586






 






 






$






79,715,937






 






 






 






$






324,131,160






 






 






$






274,944,922






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Pool adjustment*






 






 






274,222






 






 






 






(1,316,039






)






 






 






 






895,366






 






 






 






(2,050






)






 








Time charter equivalent excluding pool adjustment*






 






$






118,505,808






 






 






$






78,399,898






 






 






 






$






325,026,526






 






 






$






274,942,872






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Denominator:






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Available days






 






 






2,349






 






 






 






2,210






 






 






 






 






6,725






 






 






 






6,677






 






 








TCE rate:






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Time charter equivalent rate






 






$






50,333






 






 






$






36,071






 






 






 






$






48,198






 






 






$






41,178






 






 








TCE rate excluding pool adjustment*






 






$






50,449






 






 






$






35,475






 






 






 






$






48,331






 






 






$






41,178






 






 









 







* Adjusted for the effects of reallocations of pool profits in accordance with the pool participation agreements primarily resulting from the actual speed and consumption performance of the vessels operating in the Helios Pool exceeding the originally estimated speed and consumption levels.








 







 








(6)







Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period.







In addition to the results of operations presented in accordance with U.S. GAAP, we provide adjusted net income and adjusted EPS. We believe that adjusted net income and adjusted EPS are useful to investors in understanding our underlying performance and business trends. Adjusted net income and adjusted EPS are not a measurement of financial performance or liquidity under U.S. GAAP; therefore, these non-U.S. GAAP measures should not be considered as an alternative or substitute for U.S. GAAP. The following table reconciles net income and EPS to adjusted net income and adjusted EPS, respectively, for the periods presented:




 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three months ended






 






 






Nine months ended






 








(in U.S. dollars, except share data)






 






December 31, 2025






 






December 31, 2024






 






 






December 31, 2025






 






December 31, 2024






 








Net income






 






$






47,188,898






 






$






21,361,828






 






 






 






$






112,653,035






 






$






82,078,573






 








Unrealized loss/(gain) on derivatives






 






 






170,904






 






 






(2,865,617






)






 






 






 






1,736,403






 






 






3,139,248






 








Adjusted net income






 






$






47,359,802






 






$






18,496,211






 






 






 






$






114,389,438






 






$






85,217,821






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Earnings per common share—diluted






 






$






1.11






 






$






0.50






 






 






 






$






2.64






 






$






1.95






 








Unrealized loss/(gain) on derivatives






 






 






—






 






 






(0.07






)






 






 






 






0.03






 






 






0.07






 








Adjusted earnings per common share—diluted






 






$






1.11






 






$






0.43






 






 






 






$






2.67






 






$






2.02






 







The following table presents our unaudited balance sheets as of the dates presented:




 






 






 






 






 






 






 






 








 






 






As of






 






As of






 








 






 






December 31, 2025






 






March 31, 2025






 








Assets






 






 






 






 






 






 






 








Current assets






 






 






 






 






 






 






 








Cash and cash equivalents






 






$






294,492,379






 






 






$






316,877,584






 






 








Trade receivables, net and accrued revenues






 






 






1,634,228






 






 






 






1,356,827






 






 








Due from related parties






 






 






71,715,752






 






 






 






48,090,301






 






 








Inventories






 






 






2,250,656






 






 






 






2,508,684






 






 








Prepaid expenses and other current assets






 






 






22,193,053






 






 






 






13,523,008






 






 








Total current assets






 






 






392,286,068






 






 






 






382,356,404






 






 








Fixed assets






 






 






 






 






 






 






 








Vessels, net






 






 






1,102,793,855






 






 






 






1,149,806,782






 






 








Vessel under construction






 






 






64,805,270






 






 






 






37,274,863






 






 








Total fixed assets






 






 






1,167,599,125






 






 






 






1,187,081,645






 






 








Other non-current assets






 






 






 






 






 






 






 








Deferred charges, net






 






 






25,098,842






 






 






 






17,237,662






 






 








Derivative instruments






 






 






1,761,090






 






 






 






3,497,493






 






 








Due from related parties—non-current






 






 






27,500,000






 






 






 






26,400,000






 






 








Restricted cash—non-current






 






 






81,418






 






 






 






76,028






 






 








Operating lease right-of-use assets






 






 






160,430,695






 






 






 






159,212,010






 






 








Other non-current assets






 






 






2,982,095






 






 






 






2,799,038






 






 








Total assets






 






$






1,777,739,333






 






 






$






1,778,660,280






 






 








Liabilities and shareholders’ equity






 






 






 






 






 






 






 








Current liabilities






 






 






 






 






 






 






 








Trade accounts payable






 






$






6,690,725






 






 






$






11,549,950






 






 








Accrued expenses






 






 






8,933,011






 






 






 






5,387,465






 






 








Due to related parties






 






 






240,732






 






 






 






39,339






 






 








Deferred income






 






 






501,203






 






 






 






679,257






 






 








Current portion of long-term operating lease liabilities






 






 






47,812,434






 






 






 






34,808,203






 






 








Current portion of long-term debt






 






 






97,746,233






 






 






 






54,504,778






 






 








Dividends payable






 






 






537,458






 






 






 






915,150






 






 








Total current liabilities






 






 






162,461,796






 






 






 






107,884,142






 






 








Long-term liabilities






 






 






 






 






 






 






 








Long-term debt—net of current portion and deferred financing fees






 






 






415,437,178






 






 






 






498,773,969






 






 








Long-term operating lease liabilities






 






 






112,630,566






 






 






 






124,419,545






 






 








Other long-term liabilities






 






 






1,580,355






 






 






 






1,476,439






 






 








Total long-term liabilities






 






 






529,648,099






 






 






 






624,669,953






 






 








Total liabilities






 






 






692,109,895






 






 






 






732,554,095






 






 








Commitments and contingencies






 






 






—






 






 






 






—






 






 








Shareholders’ equity






 






 






 






 






 






 






 








Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding






 






 






—






 






 






 






—






 






 








Common stock, $0.01 par value, 450,000,000 shares authorized, 54,609,290 and 54,324,437 shares issued, 42,744,103 and 42,747,720 shares outstanding (net of treasury stock), as of December 31, 2025 and March 31, 2025, respectively






 






 






546,093






 






 






 






543,244






 






 








Additional paid-in-capital






 






 






876,275,164






 






 






 






867,524,073






 






 








Treasury stock, at cost; 11,865,187 and 11,576,717 shares as of December 31, 2025 and March 31, 2025, respectively






 






 






(140,116,177






)






 






 






(133,103,957






)






 








Retained earnings






 






 






348,924,358






 






 






 






311,142,825






 






 








Total shareholders’ equity






 






 






1,085,629,438






 






 






 






1,046,106,185






 






 








Total liabilities and shareholders’ equity






 






$






1,777,739,333






 






 






$






1,778,660,280






 






 







Seasonality


Liquefied petroleum gases are primarily used for industrial and domestic heating, as chemical and refinery feedstock, as transportation fuel and in agriculture. The LPG shipping market historically has been stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities. Demand for our vessels therefore may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth out these short-term fluctuations and recent LPG shipping market activity has not yielded the typical seasonal results. The increase in petrochemical industry buying has contributed to less marked seasonality than in the past, but there can no guarantee that this trend will continue. To the extent any of our time charters expire during the typically weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off-hire time for our vessels, which may adversely impact our business, financial condition and operating results.


Conference Call


A conference call to discuss the results will be held the same day at 10:00 a.m. ET. The conference call can be accessed live by dialing 1- 800-445-7795, or for international callers, 1-785- 424-1699, and requesting to be joined into the Dorian LPG call. A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11160929. The replay will be available until February 12, 2026, at 11:59 p.m. ET.


A live webcast of the conference call will also be available under the investor relations section at www.dorianlpg.com.


The information on our website does not form a part of and is not incorporated by reference into this release.


About Dorian LPG Ltd.


Dorian LPG is a leading owner and operator of modern Very Large Gas Carriers (“VLGCs”) that transport liquefied petroleum gas globally. Our current fleet of twenty-seven modern VLGCs includes twenty ECO VLGCs, five dual-fuel ECO VLGCs, and two modern VLGCs.


Forward-Looking and Other Cautionary Statements


The cash dividends referenced in this release are irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time.


This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Dorian LPG’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205206067/en/
Investor Contact Information

Ted Young

Chief Financial Officer

+1 (203) 674-9900

IR@dorianlpg.com


Media Contact Information

Melissa Daly

MFD Communications

+1 (646) 322-9192

melissa@mfdcommunications.com


Original: Dorian LPG Ltd. Announces Third Quarter Fiscal Year 2026 Financial Results