Dorian LPG (LPG) Q4 2025 earnings summary

Executive summary

• Declared a $0.50 per share dividend ($21.3 million), with over $155 million paid in dividends for the fiscal year and $875 million returned to shareholders since IPO.

• Reported Q4 FY2025 revenues of $75.9 million and net income of $8.1 million, with adjusted net income of $10.7 million; full-year revenues were $353.3 million and net income $90.2 million, with adjusted net income $96.0 million.

• Issued 2 million common shares at $44.50 per share, net of underwriting discounts.

• U.S. LPG exports remained robust despite trade tensions, with over 14 million tons loaded in the last quarter and strong demand from Asia.

• Investments in energy-saving devices and vessel upgrades, including ammonia carriage capability, are ongoing.

Financial highlights

• Free cash at March 31, 2025, was $317 million; total cash and restricted cash was $317.0 million; operating cash flow for Q4 was $50.3 million.

• Q4 FY2025 TCE rate was $35,324, down 44.3% year-over-year; full-year TCE rate was $39,778, down 36.0%.

• Adjusted EBITDA for Q4 FY2025 was $36.6 million; for the year, $206.0 million.

• Vessel operating expenses per day increased to $12,671 in Q4 and $11,143 for the year, mainly due to higher drydock-related costs.

• Interest and finance costs decreased year-over-year due to lower average indebtedness.

Outlook and guidance

• Forward bookings for the June 2025 quarter: 79% of pool days fixed at a TCE of ~$42,000 per day.

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

• Eight vessel dry dockings planned for fiscal 2026, with $12 million budgeted (excluding off-hire).

• Management remains confident in LPG market fundamentals despite unresolved trade and geopolitical issues.

• U.S. and Middle East LPG production and terminal expansions, plus limited new vessel deliveries, expected to support a balanced market and healthy earnings.