Dorian LPG (LPG) Q1 2026 earnings summary

Executive summary

• Declared a $0.60 per share dividend ($25.6 million), marking the 16th payment and over $900 million returned to shareholders; an irregular $0.50 per share dividend was also paid in May 2025.

• Net income for the quarter was $10.1 million, down from $51.3 million year-over-year, with adjusted EBITDA at $38.6 million.

• Revenue for the quarter was $84.2 million, a 26.4% decrease year-over-year, mainly due to lower TCE rates and increased drydocking.

• Fleet consisted of 26 VLGCs, including five time chartered-in vessels, with an average age of 8.7 years and a total capacity of 2.2 million cbm.

• Results were impacted by heavy drydocking, market volatility from geopolitical events, and higher expenses.

Financial highlights

• TCE per available day was $39,726, down from $50,243 year-over-year; Helios Pool spot rates averaged $37,700–$38,900.

• Adjusted EBITDA was $38.6 million, with an adjusted EBITDA margin of approximately 45.8%.

• Free cash at quarter-end was $278 million; debt balance was $543.5 million.

• Vessel operating expenses rose to $21.9 million ($11,466 per vessel per day), mainly from higher drydock-related costs.

• General and administrative expenses increased 62.2% to $16.9 million, driven by higher cash bonuses and stock-based compensation.

Outlook and guidance

• Bookings for the current quarter are at strong rates, supporting a positive outlook based on LPG trade fundamentals.

• Liquidity needs for the next twelve months are expected to be met with cash on hand, operations, and available credit facilities.

• Management remains confident in the resilience of the LPG trade despite recent volatility and continues to pursue a balanced chartering strategy.

• Cash cost per day for the coming year expected at $26,000, excluding remaining capex.

• A newbuilding VLGC/AC with 93,000 cbm capacity is expected to be delivered in Q2 2026, with $86.2 million in related commitments outstanding.