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Dorian LPG (LPG) investor relations material

Dorian LPG Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary6 Nov, 2025

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.

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Frequently asked questions

Dorian LPG Ltd owns and operates a fleet of very large gas carriers (VLGCs) for the transportation of liquefied petroleum gas (LPG). The company charters its vessels to major energy and commodity companies on both spot and time-charter bases. It is headquartered in Stamford, Connecticut, and its shares are listed on the NYSE.

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