Dorian LPG (LPG) Q3 2025 earnings summary

Executive summary

• Reported Q3 FY2025 net income of $21.4M ($0.50 per diluted share), down from $100.0M ($2.47 per share) year-over-year.

• Revenues declined 50.5% to $80.7M, primarily due to lower TCE rates and spot market weakness.

• Declared irregular dividends totaling $72.8M during the quarter, including a $0.70 per share dividend, reflecting confidence in market conditions.

• Cash and cash equivalents at December 31, 2024 were $314.5M; total debt obligations were $570.3M.

• The fleet is advancing on emissions and efficiency, with 16 vessels fitted with scrubbers and ongoing upgrades for ammonia cargoes.

Financial highlights

• Adjusted EBITDA for the quarter was $45.2M, down from $133.0M year-over-year.

• TCE rate per available day was $36,071, down from $71,938 year-over-year.

• Daily vessel operating expenses rose to $11,097, mainly due to higher drydock-related costs.

• Paid $42.6M in irregular dividends and $2.8M in vessel CapEx during the quarter.

• Net cash provided by operating activities was $24.3M for Q3 FY25, compared to $70.6M in the prior year quarter.

Outlook and guidance

• Management expects a positive VLGC market environment, citing new US export capacity, terminal expansions, and a modest orderbook.

• Estimated TCE for the March 2025 quarter is over $37,000 per day, with 53% of available days already fixed.

• Cash cost per day for the coming year expected at $26,000, excluding CapEx for dry docking.

• Dividend payout exceeding net income signals confidence in near-term market conditions.