Geopolitical Disruption Boosts Dorian LPG’s First Quarter Fiscal Year 2027 Financial Results
Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), reported its financial results for the three months ended June 30, 2026. Key Recent Developments • Declared an irregular cash dividend totaling approximately $42.8 million, or $1.00 per share, to be paid on or about August 12, 2026 to all ...
Dorian LPG Ltd., a major owner and operator of Very Large Gas Carriers (VLGCs), announced its financial results for the first quarter of Fiscal Year 2027, which ended on June 30, 2026. The company reported a significant boost in performance, driven by geopolitical disruptions resulting in increased transportation demand and extraordinary freight rates.
Key highlights from the quarter include:
- Total revenues of $187.9 million, up from $84.2 million in the same period last year, representing a 123.1% increase.
- Net income of $138.3 million, or $3.24 per diluted share, compared to $10.1 million, or $0.24 per diluted share in the previous quarter.
- Adjusted net income of $107.2 million, or $2.52 per diluted share, up from $11.3 million, or $0.27 per diluted share in the prior quarter.
- Adjusted EBITDA of $165.4 million.
The company declared an irregular cash dividend totaling $42.8 million in May 2026 and paid it in August 2026. It also completed the sale of two VLGCs, the Corsair and Constellation, generating proceeds of $166.4 million net of commission.
The average Time Charter Equivalent (TCE) rate per available day for the fleet increased to $75,926, a 91.1% rise from $39,726 in the same period last year. Vessel operating expenses per vessel per calendar day decreased to $10,356, compared to $11,466 in the prior year.
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