Tim T. Hansen
DORIAN LPGAbout Tim T. Hansen
Tim T. Hansen, 56, is Chief Commercial Officer (CCO) of Dorian LPG (LPG) and has led the chartering organization since 2018; he joined Dorian in 2014 as Chartering Manager and has served as Managing Director of the Denmark subsidiary since 2018. He began his career at sea with A.P. Møller-Mærsk in 1985, rose to captain on LPG carriers, and served as a Lieutenant in the Royal Danish Navy (1992–1993), before moving ashore in 1999 into operations and chartering, ultimately becoming Senior Charterer focused on LPG at Maersk (2004–2013) . In FY2025, Dorian reported revenue of $353.3m and adjusted EBITDA of $206.0m, with net income of $90.2m; Hansen’s role directly ties to commercial performance and TCE generation (fleet TCE per available day: $39,778) . He beneficially owns 176,867 Dorian shares (<1% of outstanding), aligning him with shareholders .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dorian LPG | CCO; leads chartering | 2018–present | Drives commercial strategy and vessel employment; Managing Director, Denmark subsidiary since 2018 . |
| Dorian LPG | Chartering Manager | 2014–2018 | Built chartering platform post-IPO and integration into Helios Pool . |
| Helios LPG Pool | Board Director (2019), Chairman (since 2020) | 2019–present | Governance and commercial steering of VLGC pooling platform . |
| A.P. Møller-Mærsk | Senior Charterer, LPG (handy, mid-size, VLGC) | 2004–2013 | Daily employment/optimization of LPG assets across cycles . |
| A.P. Møller-Mærsk | Various shore roles (supercargo, ops, chartering incl. Maersk Line, Broström Senior Charterer) | 1999–2004 | Multi-segment commercial and operations leadership . |
| A.P. Møller-Mærsk | Seagoing officer; Captain (LPG, tankers, container, dry cargo) | 1985–1999 | Operational leadership and safety/compliance at sea . |
| Royal Danish Navy | Lieutenant (VTS Skipper/Operator, coast guard services) | 1992–1993 | Maritime traffic services, safety, and security operations . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Helios LPG Pool Board | Chairman (formerly Director) | 2019–present | Chair since 2020; external pool governance and commercial oversight . |
Fixed Compensation
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary (SCT reported) | $530,250 | $567,570 | $596,969 |
| Base Salary (Committee schedule) | — | $565,500 | $601,750 (DKK 4,150,000 reference at 1 DKK=0.145 USD) |
| Annual Cash Bonus (SCT) | $318,041 | $477,778 | $578,844 |
| Stock Awards (Grant-date fair value) | $493,680 | $708,250 | $929,000 |
| All Other Compensation | $204,019 | $323,936 | $179,105 |
| Total Compensation (SCT) | $1,545,990 | $2,077,534 | $2,283,918 |
Notes:
- FY2025 scheduled base salary (effective 4/1/2024) increased to $601,750; SCT reflects average FX-paid base ($596,969) .
- For FY2025 performance, the Compensation Committee approved a formula-based cash bonus award of $1,044,663 (accounted for in Q1 FY2026; DKK→USD at 0.144); SCT bonus reflects prior-year performance .
Performance Compensation
Annual Cash Incentive (FY2025)
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| EBITDA | 40% | Not disclosed | Not disclosed | Included in $1,044,663 award | Approved Apr 23, 2025; recognized Q1 FY2026 |
| Safety | 25% | Not disclosed | Not disclosed | Included in $1,044,663 award | As above |
| Individual Performance | 35% | Not disclosed | Not disclosed | Included in $1,044,663 award | As above |
- FY2025 transitioned to a formula-driven structure; explicit thresholds/targets become standard for FY2026 onward .
Long-Term Incentives (LTI)
| Grant Date | Instrument | Granted | Grant-date Fair Value | Vesting | Comments |
|---|---|---|---|---|---|
| 8/5/2024 | Time-based Restricted Stock/Units | 25,000 | $929,000 | 1/3 on grant; 1/3 on 1st and 2nd anniversaries | Retention-focused structure . |
| 8/5/2023 | Time-based Restricted Stock/Units | 25,000 | $708,250 | 1/3 on 8/5/2023; 1/3 on 8/5/2024; 1/3 on 8/5/2025 | FY2023 recognition grant . |
- Options: The company has not granted stock options since inception; no option exercises in FY2025 .
- FY2026 LTI program introduces 20% PSUs (80% time-based), with RONIC and relative TSR metrics; payout 0–200% of target after a multi-year period. For services in FY2025, target LTI values are set at ~175% of base salary for Hansen (allocation 80% time-based/20% PSUs; 90-day VWAP as reference) .
Stock Vested (FY2025)
| Metric | Shares Vested | Value Realized |
|---|---|---|
| Restricted Stock/Units | 27,667 | $1,028,106 (vested at $37.16 on 8/5/2024) |
Equity Ownership & Alignment
| Date (as of) | Beneficial Shares | Percent of Class |
|---|---|---|
| Jul 22, 2024 | 149,200 | <1% |
| Jul 15, 2025 | 176,867 | <1% |
- Outstanding unvested equity (as of Mar 31, 2025): 16,666 (Aug 5, 2024 grant; $372,318 at $22.34) and 8,333 (Aug 5, 2023 grant; $186,159) .
- Equity plan capacity remaining (as of Mar 31, 2025): 1,234,584 shares under 2014 plan .
- Hedging: Proxy includes a Prohibition on Hedging policy heading .
Vesting Schedules (Detail)
| Grant | Total Granted | Tranche 1 | Tranche 2 | Tranche 3 | Unvested at 3/31/2025 |
|---|---|---|---|---|---|
| 8/5/2024 Time-based RS/RSUs | 25,000 | 8,334 on 8/5/2024 | 8,333 on 8/5/2025 | 8,333 on 8/5/2026 | 16,666 |
| 8/5/2023 Time-based RS/RSUs | 25,000 | 8,334 on 8/5/2023 | 8,333 on 8/5/2024 | 8,333 on 8/5/2025 | 8,333 |
Employment Terms
- Employer/Agreement: Employment Agreement of indefinite duration with Dorian LPG (DK) ApS, dated August 1, 2018; Denmark-based employment .
- Severance/Change-in-Control: Hansen is not listed as a participant in the 2014 Executive Severance and Change in Control Severance Plan; plan participants include J. Hadjipateras, Lycouris, Young, and A. Hadjipateras. The plan provides double-trigger CIC (2.99x salary+bonus plus equity acceleration) and 2.0x salary+bonus for qualifying non-CIC terminations for participants; excise tax best-net cutback applies .
- Retirement/Deferred Comp: Company contributes to retirement accounts for certain Denmark-based employees, including Mr. Hansen, based on a percentage of salary .
Compensation Structure Analysis
- Cash vs Equity Mix (SCT): FY2023–FY2025 shows growing equity grant values ($493,680 → $708,250 → $929,000) alongside steady salary progression and rising bonuses as company performance improved .
- Shift Toward Performance-Based LTI: FY2026 adds 20% PSUs with RONIC and relative TSR metrics; Committee intends to increase PSU proportion over time—strengthening pay-for-performance alignment and multi-year accountability .
- Annual Bonus Design: FY2025 moved to a formulaic framework with weighted metrics (EBITDA 40%, Safety 25%, Individual 35%); amounts approved Apr 23, 2025, with formalization to continue in FY2026 .
- Options/Repricing: No options have been granted since inception; no exercises in FY2025—reduces risk of option repricing red flags .
- Peer Benchmarking: Committee uses a 9-company shipping/transport peer set in FY2025 (e.g., Kirby, Matson, Tidewater; Eagle Bulk removed post-acquisition), without targeting a fixed percentile; used alongside broader market data .
Performance & Track Record (Company Context)
| FY2025 Highlights | Value |
|---|---|
| Revenue | $353.3m |
| TCE per available day | $39,778 |
| Net Income / EPS | $90.2m; $2.14 EPS |
| Adjusted Net Income / EPS | $96.0m; $2.27 adj. EPS |
| Adjusted EBITDA | $206.0m |
| Dividends declared/paid | $156.2m (four irregular dividends) |
| Primary Equity Action | Issued 2,000,000 common shares at $44.50 less $2.225 per share underwriting |
Governance & Oversight Touchpoints
- Compensation Committee: Ted Kalborg, Malcolm McAvity, Marit Lunde; all independent under NYSE/SEC standards. Committee oversees NEO goals, performance evaluation, compensation, agreements, and plan design .
- Board Independence: Majority independent, including Kalborg, Lorentzen, McAvity, Ross, Tan, Lunde .
- Risk Assessment: Committee deems executive compensation not reasonably likely to cause material adverse risk; long-term equity and diversified performance criteria cited as mitigants .
Equity Ownership & Outstanding Awards (as of Mar 31, 2025)
| Item | Amount |
|---|---|
| Unvested RS/RSUs from 8/5/2024 | 16,666 ($372,318 at $22.34) |
| Unvested RS/RSUs from 8/5/2023 | 8,333 ($186,159 at $22.34) |
| Vested in FY2025 | 27,667 shares; $1,028,106 at $37.16 |
Compensation Peer Group (FY2025)
| Peers |
|---|
| Bristow Group, Kirby, Pangaea Logistics, Genco Shipping & Trading, Matson, SEACOR Marine, International Seaways, Overseas Shipholding Group, Tidewater |
Investment Implications
- Alignment: Hansen’s pay is increasingly formulaic and long-term oriented; the introduction of PSUs tied to RONIC and relative TSR should strengthen pay-for-performance linkage and reduce discretionary risk, a positive for capital discipline in a cyclical, asset-heavy sector .
- Selling Pressure Around Vest Dates: Time-based awards vest one-third immediately and then annually on the grant anniversary, creating predictable windows of potential insider supply; FY2025 saw 27,667 shares vesting for Hansen at $37.16 .
- Retention/CoC Risk: Hansen is not a participant in the company’s severance/CIC plan (which offers 2.0x/2.99x multiples to others); his protections rely on Denmark employment terms—potentially higher retention risk in a change-of-control scenario relative to covered peers .
- Skin in the Game: Beneficial ownership rose to 176,867 shares in 2025 (<1%); while meaningfully aligned, it is not a concentrated stake relative to outstanding shares. The hedging prohibition supports alignment integrity .
- Governance/Process: Independent Compensation Committee, peer benchmarking without rigid percentile targeting, and formal risk assessment are supportive of balanced incentives and reduce governance red flags .