Dorian LPG (LPG) Q2 2025 earnings summary

Executive summary

• Reported Q2 FY2025 revenues of $82.4 million and net income of $9.4 million, down sharply from $76.5 million in Q2 2023, with adjusted EBITDA of $46.2 million.

• Returned over $820 million to shareholders since IPO, including $590 million in dividends and $230 million in share repurchases since June 2021.

• Declared three irregular $1.00 per share dividends during the period, totaling $126.2 million.

• Board remains focused on balancing shareholder returns, reinvestment, and debt reduction.

• Appointed Mark Ross, former Chevron Shipping President, as a new director in October 2024.

Financial highlights

• Cash and cash equivalents as of September 30, 2024, were $348.6 million; total debt was $583.7 million.

• Adjusted EBITDA for Q2 2024 was $46.2 million, down from $104.6 million in Q2 2023.

• TCE rate per available day was $37,010, down from $62,846 in Q2 2023.

• Vessel operating expenses per day decreased to $10,114 from $10,858 year-over-year.

• Dividends paid during the quarter amounted to $43.7 million.

Outlook and guidance

• Over 60% of available days for the December 2024 quarter fixed at TCE above $40,000 per day.

• Management expects to meet liquidity needs for at least the next twelve months with cash on hand, operations, and credit facilities.

• Optimistic about near- and mid-term market prospects, especially ahead of a seasonally strong winter and ongoing terminal expansions.

• Expect cash cost per day for the coming year to be about $26,000, excluding capex.

• Anticipate intensive dry docking schedule for the global VLGC fleet in the coming year.