Dorian LPG (LPG) Q2 2026 earnings summary

Executive summary

• Reported net income of $55.4 million ($1.30 per diluted share) for Q2 FY2026, up from $9.4 million ($0.22 per share) year-over-year.

• Revenues rose 50.5% to $124.1 million, driven by higher TCE rates and increased fleet days.

• Declared irregular cash dividends of $0.50, $0.60, and $0.65 per share in 2025, with the $0.65 dividend totaling $27.8 million.

• Operates a fleet of 27 VLGCs, including six time chartered-in vessels, with a total capacity of 2.3 million cbm and an average age of 9.0 years as of October 31, 2025.

• All vessels are employed in the Helios Pool, pooling revenues and expenses among participants.

Financial highlights

• TCE rate per available day increased to $53,725, up from $37,010 year-over-year.

• Adjusted EBITDA for the quarter was $85.7 million, up from $46.2 million a year ago.

• Cash and cash equivalents as of September 30, 2025 were $268.3 million, with total debt of $530 million.

• Daily vessel operating expenses were $10,705, up from $10,114 year-over-year, mainly due to drydock-related costs.

• Net cash provided by operating activities was $46.4 million for the quarter.

Outlook and guidance

• Over 75% of December quarter fixable days are booked at a TCE of about $57,000 per day.

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

• Ongoing capital expenditures include vessel upgrades, scrubber installations, and a newbuilding VLGC/Ammonia Carrier for delivery in Q2 2026.

• VLGC market fundamentals expected to remain strong, supported by limited newbuilding deliveries and easing trade tensions.