Thu, May 29, 8:54 PM (24 days ago)
### Summary **Dorian LPG Ltd. (Ticker: LPG)** **Financial Performance:** - **Revenue:** $353.3 million for the year ended March 31, 2025, a decrease of $207.4 million (37.0%) from $560.7 million in 2024. - **Net Income:** $90.17 million for the year ended March 31, 2025, a decrease from $307.45 million in 2024. - **Operating Expenses:** $85.4 million in 2025, an increase of $4.9 million (6.1%) from $80.5 million in 2024. - **General and Administrative Expenses:** $42.6 million in 2025, an increase of $3.6 million (9.3%) from $39.0 million in 2024. - **Interest and Finance Costs:** $35.8 million in 2025, a decrease of $4.7 million from $40.5 million in 2024. **Market Position Changes:** - **Fleet:** 25 VLGCs, including 1 Dual-fuel ECO VLGC, 19 ECO VLGCs, 1 modern VLGC, 3 time chartered-in Dual-fuel ECO Panamax design VLGCs, and 1 time chartered-in ECO VLGC. - **Newbuilding:** Agreement for a VLGC/AC with a cargo capacity of 93,000 cbm, expected delivery in Q2 2026. **Strategic Overview:** - **Chartering Strategy:** Balanced approach using multi-year time charters, shorter-term time charters, spot market voyages, and COAs. - **Helios Pool:** All 25 VLGCs deployed in the Helios Pool, which includes time charters with a term of less than two years unless otherwise agreed. **Future Outlook:** - **Dividends:** Irregular dividends declared, with the latest being $0.50 per share on May 2, 2025. - **Share Repurchases:** $100.0 million authorization, with 261,500 shares repurchased as of May 23, 2025. **Risk Factors:** - **Market Volatility:** Highly volatile LPG shipping market, affected by charter rates, vessel availability, and vessel values. - **Environmental Regulations:** Compliance with stringent environmental laws and regulations, including emissions standards and ballast water management. - **Geopolitical Risks:** Impact of global conflicts, sanctions, and trade tensions on operations and financial performance. **Financial Condition:** - **Cash and Cash Equivalents:** $316.9 million as of March 31, 2025. - **Debt:** $553.3 million in long-term debt, net of deferred financing fees of $4.1 million, with $54.5 million of principal scheduled to be repaid during the year ending March 31, 2026. **Operational Metrics:** - **Calendar Days:** 7,665 in 2025, 7,686 in 2024. - **Time Chartered-in Days:** 1,460 in 2025, 1,512 in 2024. - **Available Days:** 8,776 in 2025, 8,982 in 2024. - **Time Charter Equivalent (TCE) Rate:** $39,778 in 2025, $62,129 in 2024. **Customer Base:** - **Major Customers:** Global energy companies, commodity traders, and importers. - **Revenue Concentration:** 97% of total revenues from the Helios Pool in 2025, with one charterer representing more than 10% of net pool revenues—related party. **Environmental, Social, and Governance (ESG) Efforts:** - **Sustainability Initiatives:** Operating newer, more technologically advanced ECO vessels, fitting vessels with scrubbers, joining the Getting to Zero Coalition, and implementing internal data collection and analysis software. - **Compliance:** Successfully complying with IMO’s EEXI and CII requirements in 2023, affirming commitment to maritime environmental standards. **Regulatory Compliance:** - **Environmental Laws:** Compliance with US-OPA 90, CAA, CWA, MTSA, IMO regulations, and other environmental laws and regulations. - **Cybersecurity:** Implementation of cybersecurity processes and policies to manage risks from cybersecurity threats. **Forward-Looking Statements:** - **Risk Factors:** Includes market volatility, environmental regulations, geopolitical risks, and operational challenges. - **Outlook:** Continued focus on sustainability, regulatory compliance, and strategic growth opportunities.