Dorian LPG (LPG) Q4 2026 earnings summary

Executive summary

• Delivered strong Q4 and fiscal year 2026 results, with net income of $81.0 million for Q4 and $193.7 million for the year, supported by robust freight markets, high TCE rates, and operational agility amid geopolitical disruptions.

• Cash provided by operating activities increased to $82.1 million for Q4, with cash and restricted cash at $327.5 million as of March 31, 2026.

• Took delivery of the dual-fuel Areion, completed the sale of Cobra, and repurchased Corsair, enhancing fleet flexibility and capital structure.

• Declared irregular cash dividends totaling $104.7 million for the fiscal year, including a $1 per share dividend for Q4, reflecting confidence in long-term LPG demand and commitment to shareholder returns.

• Joined academic maritime consortiums to advance sustainable shipping technologies and continued fleet renewal and sustainability initiatives.

Financial highlights

• Q4 revenues reached $153.3 million, up 102% year-over-year; fiscal year revenues were $481.5 million, up 36.3%.

• Adjusted EBITDA for Q4 was $106.6 million; for the fiscal year, $305.1 million.

• TCE per available day for Q4 was $63,615, the second highest in company history; annual TCE was $52,238 per day.

• Vessel operating expenses per day were $9,780 in Q4 and $10,557 for the year; daily OpEx for Q4 excluding drydock was $9,548.

• Debt balance at quarter end was $565.8 million, with pro forma debt at $524.7 million after recent transactions.

Outlook and guidance

• Management remains optimistic about freight market prospects but cautious due to evolving geopolitical risks and market disruptions.

• Expect cash cost per day for the coming year to be about $26,000, excluding dry docking.

• Fuel efficiency initiatives and scrubber investments are expected to yield $75,000–$110,000 more per ship per year.

• Dividend policy remains flexible, balancing current earnings, investment needs, and market conditions.

• Fleet renewal and expansion under consideration, with focus on innovation, energy efficiency, and emissions reduction.