Dorian LPG (LPG) Q3 2026 earnings summary

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.