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Dorian LPG
Dorian LPG (LPG) investor relations material
Dorian LPG Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Feb, 2026
Executive summary
Reported revenues of $120.0 million for the quarter ended December 31, 2025, with net income of $47.2 million and adjusted EBITDA of $74.2 million, reflecting strong operational performance and market conditions.
Declared irregular cash dividends totaling $57.7 million during the quarter, with over $960 million returned to shareholders since IPO.
Operates a fleet of 27 VLGCs, including six time chartered-in vessels, with a new 93,000 cbm dual-fuel VLGC/Ammonia Carrier expected in March 2026.
All vessels are employed in the Helios Pool, optimizing revenue through a mix of spot and time charters.
Focus on environmental compliance with 16 ECO VLGCs equipped with scrubbers, five dual-fuel vessels, and ongoing energy-saving upgrades.
Financial highlights
TCE per available day was $50,333 in Q4, up from $36,071 year-over-year; Helios Pool TCE was $50,500 per day.
Net income for the quarter was $47.2 million ($1.11 per diluted share), more than double the prior year.
Adjusted EBITDA for the quarter was $74.2 million, up from $45.2 million year-over-year.
Daily vessel operating expenses decreased to $10,275 from $11,097 year-over-year; OpEx excluding drydock was $9,558.
Ended Q4 with $294.5 million in cash and equivalents; total debt at $516 million, net debt at $513.2 million.
Outlook and guidance
Management expects continued strong demand and freight rates, with a new dual-fuel VLGC/Ammonia Carrier to be delivered in March 2026.
Cash cost per day for the coming year expected to be about $27,000, excluding capital expenditures.
Plan to finance the $62 million newbuilding payment via a loan facility; liquidity needs are expected to be met for at least 12 months.
Positive outlook for 2026, with strong production and export levels expected to continue.
Forward booking information to be provided later in the quarter due to rate volatility.
VLGC orderbook impact on market?
Explain G&A expense increase drivers
Bunker price impact on TCE rate?
What drives current counter-seasonal market strength?
Payback on energy-saving devices and silicone paint
Explain rationale for irregular dividend policy
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Next Dorian LPG earnings date
Q4 202622 May, 2026
Dorian LPG
Next Dorian LPG earnings date
Q4 202622 May, 2026
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Frequently asked questions
Dorian LPG Ltd owns and operates a fleet of very large gas carriers (VLGCs) for the transportation of liquefied petroleum gas (LPG). The company charters its vessels to major energy and commodity companies on both spot and time-charter bases. It is headquartered in Stamford, Connecticut, and its shares are listed on the NYSE.
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