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Dorian LPG (LPG) investor relations material
Dorian LPG Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Declared a $0.60 per share dividend, totaling $25.6M, marking the 16th dividend and over $900M returned to shareholders to date.
Net income for the quarter was $10.1 million, down from $51.3 million year-over-year, with revenue of $84.2 million and adjusted EBITDA of $38.6 million.
Results were impacted by a heavy drydocking schedule, increased operating and administrative costs, and market volatility from geopolitical events.
The fleet consisted of 26 VLGCs, including time chartered-in vessels, with an average age of 8.7 years and a total capacity of 2.2 million cbm.
Bookings for the current quarter are at strong rates, supporting a positive outlook.
Financial highlights
TCE per available day was $39,726, down from $50,243 year-over-year, with June results stronger than prior months.
Adjusted EBITDA was $38.6M, down from $78.0M year-over-year; adjusted EBITDA margin was approximately 45.8%.
Cash and cash equivalents at quarter-end were $277.9M; free cash at quarter-end was $278M.
Debt at quarter-end was $543.5M; debt to total book capitalization at 34.4%, net debt to total cap at 16.8%.
Vessel operating expenses rose to $21.9M ($11,466 per vessel per day), mainly from higher drydock-related costs.
Outlook and guidance
Bookings for the next quarter show a strong rate increase, with 70% of fixable days booked at TCE above $67,000 per day.
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 $86.2M in related commitments outstanding.
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