DORIAN LPG (LPG) Company Report

Dorian LPG Ltd. reported strong third-quarter fiscal 2026 results, with net income of $47.2 million (EPS $1.11), adjusted EBITDA of $74.2 million, and revenue of about $120 million.
The company declared an irregular cash dividend of approximately $29.9 million (about $0.70 per share), payable around February 24, 2026, marking its 17th consecutive quarterly irregular dividend.
Management noted strong chartering performance but cautioned about growing market volatility and the risk of a sizable wave of new VLGC tonnage in 2026.
Dorian ended the quarter with a cash balance of about $294.5 million and total debt of $516.4 million.

1 day ago

Morningstar

Dorian LPG Reports Q3 2026 Results and Declares Dividend

LPG

Earnings

Dividends

New Projects/Investments

Dorian LPG reported Adjusted EBITDA of $74.2 million for Q3 2026, with a TCE per available day of $50,333.
The company declared an eighteenth irregular dividend of $0.70 per share, totaling $29.9 million, bringing total capital returned to shareholders to over $961 million since its IPO.
The VLGC market remained strong in the fourth calendar quarter of 2025, with global seaborne LPG trade reaching a new quarterly record of over 37 million tons, and the company anticipates a positive outlook for 2026.
Dorian LPG expects to take delivery of a new 93,000 cubic meter VLEC in March 2026, which is an ammonia-capable, LPG dual-fuel vessel, and plans to finance the remaining $62 million payment.
The company completed 12 dry dockings in the past year, with one more scheduled for March 2026, and its fleet's average Annual Efficiency Ratio (AER) for 2025 was 10.4% better than the IMO target.

1 day ago

Transcript

Dorian LPG Announces Q3 FY26 Earnings Results

LPG

Earnings

Dividends

New Projects/Investments

Dorian LPG reported net income of $47.2 million and net cash provided by operating activities of $80.8 million for the three months ended December 31, 2025.
As of December 31, 2025, the company held $294.6 million in total cash and restricted cash against $516.4 million in total debt obligations.
The Fleet Time Charter Equivalent (TCE) / Available Day was $50,333, while the Helios Pool TCE / Available Day stood at $50,616 for Q3 FY26.
The company operates 16 scrubber-fitted vessels and 5 dual-fuel LPG vessels, with scrubber vessels achieving $933/calendar day in daily savings for calendar 4Q25 (LPG's 3Q FY26).
Dorian LPG distributed $27.7 million in dividends during the three months ended December 31, 2025.

1 day ago

Presentation

Dorian LPG Reports Strong Q3 2026 Results, Declares Dividend, and Anticipates New Building Delivery

LPG

Earnings

Dividends

New Projects/Investments

For the third quarter ended December 31, 2025, Dorian LPG reported a TCE per available day of $50,333 and Adjusted EBITDA of $74.2 million, closing the quarter with $294.5 million in free cash.
The company declared its eighteenth dividend payment of $0.70 per share, totaling $29.9 million, contributing to over $725 million in total dividends and $961 million in total capital returned to shareholders since its IPO.
The VLGC market remained strong in the fourth calendar quarter of 2025, with global liftings up 3% year-over-year to 36.8 million tons, and the company maintains a positive outlook for 2026.
Dorian LPG is set to take delivery of a 93,000 cubic meter VLEC new building in March 2026, which is an ammonia-capable and LPG dual-fuel vessel, with plans to finance the remaining $62 million payment. The company also completed 12 dry dockings in the past year, fitting most ships with energy-saving devices that provide approximately 5% improvement in energy saving.

1 day ago

Transcript

Dorian LPG Reports Strong Q3 2026 Results and Positive Market Outlook

LPG

Earnings

Dividends

New Projects/Investments

Dorian LPG reported Adjusted EBITDA of $74.2 million and ended Q3 2026 (period ended December 31, 2025) with $294.5 million of free cash.
The company declared an $0.70 per share dividend, bringing total dividends distributed since its IPO to over $725 million and total capital returned to shareholders to $961 million.
The VLGC market remained strong in the fourth calendar quarter, with global seaborne LPG trade reaching a new quarterly record of over 37 million tons for the period ending December 31, 2025, and a positive outlook for 2026.
A new 93,000 cubic meter VLEC new building is scheduled for delivery in March 2026, and the company completed its dry-docking cycle, with most ships now fitted with energy-saving devices and silicone paint for improved efficiency.

1 day ago

Transcript

Dorian LPG Announces Strong Q3 FY2026 Financial Results

LPG

Earnings

Dividends

New Projects/Investments

Dorian LPG Ltd. reported revenues of $120.0 million, net income of $47.2 million, and $1.11 earnings per diluted share (EPS) for the three months ended December 31, 2025. The Time Charter Equivalent (TCE) rate per available day for its fleet was $50,333.
These results represent a significant increase compared to the prior year, with revenues rising by $39.3 million, or 48.7%, from $80.7 million, and the TCE rate increasing by 39.5% from $36,071 for the three months ended December 31, 2024.
The company declared an irregular dividend of $0.70 per share, totaling approximately $29.9 million, to be paid around February 24, 2026. This brings the total capital returned to shareholders, including buybacks, since its IPO to over $960 million.
The market outlook for the fourth calendar quarter of 2025 (Q4 2025) indicated a volatile period for the LPG product market, with average VLGC freight rates easing to around $68 per metric ton, down from approximately $82 per metric ton in Q3 2025.

1 day ago

Press Release

Dorian LPG Announces Strong Q3 Fiscal Year 2026 Financial Results and Dividend Declaration

LPG

Earnings

Dividends

Demand Weakening

Dorian LPG Ltd. reported revenues of $120.0 million and net income of $47.2 million, or $1.11 per diluted share, for the three months ended December 31, 2025 (Q3 Fiscal Year 2026). This marks a 48.7% increase in revenues compared to the same period in the prior fiscal year.
The company's Time Charter Equivalent (TCE) rate per available day was $50,333 for Q3 Fiscal Year 2026, significantly higher than the $36,071 reported for the three months ended December 31, 2024.
Dorian LPG declared an irregular dividend totaling approximately $29.9 million, or $0.70 per share, to be paid around February 24, 2026, which is its 17th consecutive quarterly irregular dividend.
The market outlook indicated that average VLGC freight rates eased in Q4 2025, averaging around $68 per metric ton, down from approximately $82 per metric ton in Q3 2025, with an additional 111 VLGCs/VLACs scheduled for delivery by calendar year 2029.

2 days ago

8-K

Dorian LPG Declares Irregular Cash Dividend and Provides Financial Update

LPG

Dividends

Guidance Update

Earnings

Dorian LPG Ltd. declared an irregular cash dividend of $0.70 per share of common stock.
The dividend is payable on or about February 24, 2026, to shareholders of record as of February 9, 2026.
For the quarter ended December 31, 2025 (Q3 2026), the company anticipates an additional general and administrative expense of approximately $1.8 million.
The Third Quarter 2026 earnings conference call is scheduled for February 5, 2026.

Jan 30, 2026, 12:41 AM

8-K

Dorian LPG Reports Strong Q2 FY26 Financial Results

LPG

Earnings

Dividends

Revenue Acceleration/Inflection

Dorian LPG Ltd. reported strong financial results for the second quarter of its 2026 fiscal year, with net income reaching $55.4 million and revenue at $124.1 million, driven by higher Time Charter Equivalent (TCE) rates and a 4% year-on-year increase in global seaborne LPG volumes.
The company achieved a fleet-wide TCE earning of approximately $53,725 per day.
Despite these strong results, Dorian LPG's EPS of $1.31 and revenue of $124.1 million both slightly missed analyst estimates.
Dorian LPG declared an irregular cash dividend of $0.65 per share, amounting to $27.8 million.
For the six months ended September 30, 2025, the company reported revenue of $208.28 million and net income of $65.46 million.

Nov 6, 2025, 11:18 PM

Morningstar

Dorian LPG Announces Q2 FY26 Earnings

LPG

Earnings

Dividends

Share Buyback

Dorian LPG reported net income of $55,382,036 and net cash provided by operating activities of $46,406,491 for the three months ended September 30, 2025 (Q2 FY26).
The company's Fleet Time Charter Equivalent (TCE) was $53,725 per available day in Q2 FY26, with Fleet Operating Expenses (excluding drydock) at $9,474 per calendar day.
As of September 30, 2025, Dorian LPG held $268.4 million in total cash and restricted cash and had total debt obligations of $530.0 million.
In Q2 FY26, the company paid $26,344,428 in dividends and repurchased $2,907,988 of common stock.
Dorian LPG operates 16 scrubber-fitted vessels and five dual-fuel LPG vessels, with scrubber vessels achieving $1,140/calendar day in savings during Q2 FY26.