LPG

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. DorianG (LPG) stock is in focus after the company reported record quarterly earnings, with revenue of US$187.88 million and net income of US$138.29 million for the quarter ended June 30, 2026. See our latest analysis for DorianG. Against this backdrop of record results, DorianG’s short term share price return of 14.26% over the past month and year to date share price return of 84.89% point to strong momentum, while the very large 5 year total shareholder return of 7x shows how long term holders have been rewarded. If record earnings and dividends have your attention, this is also a good moment to widen your search and check out 19 top founder-led companies DorianG’s share price has already moved sharply on these results, which leaves you weighing two paths. Is the recent jump enough reason to wait for a pullback, or does the current valuation still look reasonable to act on now? The most followed narrative on DorianG values the stock at $51.20 per share, compared with the latest close at $45.76. That gap rests on a detailed view of long term shipping demand, earnings power, and how investors might price those earnings several years from now. Read the complete narrative. Want to understand what sits behind that fair value for DorianG? The narrative leans heavily on specific revenue paths, margin shifts, and a re-rated earnings multiple that is far above what the sector currently carries. Result: Fair Value of $51.20 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, DorianG’s story still hinges on sensitive freight rates and high spot market exposure, where weaker shipping conditions could quickly pressure revenue and earnings expectations. Find out about the key risks to this DorianG narrative. The popular fair value narrative pegs DorianG at $51.20 per share, which implies the stock is undervalued by about 10.6% versus the current price of $45.76. Our DCF model points in the opposite direction, with a future cash flow value of $34.98 that suggests the stock is overvalued instead. This gap between story driven fair value and the SWS DCF result raises a clear question for you. Which set of assumptions about future cash flows and required return feels closer to how you see the LPG shipping cycle playing out, and what margin of safety are you really comfortable with? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out DorianG for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 52 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. If the split view on DorianG’s outlook leaves you unsure, treat that as your cue to move fast and check the supporting data yourself. Balance the possible upsides against the open questions by digging into the 2 key rewards and 3 important warning signs If DorianG has sharpened your focus on quality opportunities, do not stop here. Use targeted stock lists to spot fresh ideas that fit your goals. Explore potential opportunities in companies that pass strict value and quality checks by reviewing the 52 high quality undervalued stocks. Strengthen your income stream with businesses that pair higher yields with resilience by scanning the 8 dividend fortresses. Focus on companies with sturdier balance sheets and fundamentals using the solid balance sheet and fundamentals stocks screener (48 results). This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LPG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Dorian LPG Ltd. reported past first-quarter 2027 results to June 30, 2026, with revenue of US$187.88 million and net income of US$138.29 million, driving basic earnings per share of US$3.25 from continuing operations. The company paired this record chartering performance with US$1.00 per-share dividends and fleet sale proceeds that lifted cash balances to nearly US$600 million, reinforcing its capacity to renew and reposition its VLGC fleet. We’ll now examine how this record quarter and strengthened liquidity position may reshape Dorian LPG’s existing investment narrative and risk profile. Find 52 companies with promising cash flow potential yet trading below their fair value. To own Dorian LPG, you need to believe that its exposure to volatile VLGC spot rates can still convert into attractive cash generation, despite geopolitical and regulatory uncertainty. The latest record quarter and nearly US$600 million in cash support the near term catalyst of active fleet renewal, but they do not remove the key risk of earnings sensitivity to freight rate swings and changing LPG trade flows. The freshly declared US$1.00 irregular dividend per share is the clearest link between this quarter and the existing story, highlighting how strong chartering conditions are still flowing directly into cash returns. At the same time, continued vessel sales and a newbuild order for delivery in 2029 tie this update back to the core catalyst of reshaping the fleet while the sector is enjoying tight tonnage and healthy utilization. Yet beneath these record numbers, investors should be aware that concentration in VLGC spot exposure still leaves Dorian LPG vulnerable if freight rates or trade routes suddenly shift... Read the full narrative on DorianG (it's free!) DorianG’s narrative projects $371.0 million revenue and $64.9 million earnings by 2029. Uncover how DorianG's forecasts yield a $51.20 fair value, a 12% upside to its current price. Some of the lowest ranked analysts were assuming revenue could fall toward about US$363 million and earnings to roughly US$17 million, which is far more pessimistic than the stronger spot market narrative you have just read, and the new quarter may prompt both views to be revisited as you weigh which version of Dorian LPG’s future feels more realistic. Explore 3 other fair value estimates on DorianG - why the stock might be worth as much as 13% more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your DorianG research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision. Our free DorianG research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate DorianG's overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: The latest GPUs need a type of rare earth metal called Dysprosium and there are only 28 companies in the world exploring or producing it. Find the list for free. AI is about to change healthcare. These 43 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The future of work is here. Discover the 37 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LPG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Dorian LPG Ltd.? Here are five stocks we like better. Dorian LPG posted record quarterly performance, with $165.4 million in adjusted EBITDA and a corporate-high TCE revenue of $75,926 per available day. The company declared a $1-per-share dividend, its 20th payout. Middle East supply disruptions significantly reshaped LPG trade flows: regional liftings fell more than 70%, while U.S. LPG exports rose 20% year over year to a record 20.8 million tons. Longer routes, Panama Canal congestion and higher fuel costs drove VLGC freight rates sharply higher. Fleet sales strengthened liquidity and supported renewal efforts. Dorian’s cash balance rose to nearly $600 million after vessel transactions, while the company continued selling older vessels, evaluating repurchases and refinancing, and ordered a dual-fuel VLGC for delivery in 2029. Freight Boom: The Hormuz Blockade Payday Dorian LPG (NYSE:LPG) reported record quarterly chartering performance for its fiscal first quarter of 2027, as disruptions to Middle East LPG supply and congestion at the Panama Canal supported elevated freight rates and longer shipping routes. Chief Executive Officer John Hadjipateras said the company declared a $1-per-share dividend totaling $42.8 million. The payment is Dorian’s 20th dividend and brings cumulative dividends since its initial public offering to more than $810 million, while total shareholder capital returns have surpassed $1 billion. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The company reported adjusted EBITDA of $165.4 million for the quarter ended June 30, 2026, including a $30.1 million gain from the sale of the vessel Cobra. Dorian’s reported time-charter-equivalent, or TCE, revenue per available day was $75,926, the highest rate in its corporate history, according to Chief Financial Officer Ted Young. Hadjipateras said the de facto closure of the Strait of Hormuz cut off nearly all LPG supply volumes from the Middle East during the quarter. Liftings from the region fell to roughly 3.4 million tons, down more than 70% from the prior-year period, he said. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Importers including India and Indonesia, which had already begun diversifying their supply sources, were forced to procure LPG from the U.S. Gulf Coast, increasing shipping distances and ton-mile demand. U.S. LPG exports reached nearly 20.8 million tons during the quarter, up 20% year over year and a record level, according to Hadjipateras. The U.S. now represents about 65% of global seaborne LPG exports, compared with less than 50% a year earlier, he said. Disruptions to Middle East LNG and oil cargoes also increased demand for U.S.-sourced commodities, adding pressure to Panama Canal transit capacity and prompting some vessels to travel around the Cape of Good Hope. → No Hangover: Revisiting Microsoft One Week After Earnings Taro Rasmussen, Dorian’s vice president of chartering, said the market effects included record-high VLGC freight rates, higher bunker costs and sharply higher Panama Canal auction prices. Average bunker prices across Rotterdam, Fujairah, Japan, Singapore and Houston rose approximately 36% sequentially during the quarter, he said. Rasmussen said freight rates declined from record levels in mid-June after the announcement of a U.S.-Iran ceasefire memorandum of understanding. However, he said the market remained cautious because peace prospects and Middle East export reliability remained uncertain. The company said the Baltic LPG freight market had recently approached $175,000 per day. Dorian has been active in reshaping its fleet. The company sold Cobra in May and prepaid $16.5 million of associated debt. It subsequently completed sales of the Corsair and Constellation in July, producing approximately $166.4 million in proceeds net of commissions and repaying $48.1 million of related debt. The company has also signed an agreement to sell the Clermont and expects that transaction to close in September or October. Separately, Dorian contracted with Hyundai Heavy Industries to build a 90,000-cubic-meter dual-fuel Panamax VLGC for delivery in mid-2029. Hadjipateras said the company intends to pursue a conservative fleet-renewal program, while not ruling out fleet expansion. He told analysts that Dorian is mindful of its concentration of vessels built around 2015 and is continuing discussions with shipyards regarding potential opportunities. At June 30, Dorian had $342 million of cash and $512.4 million of debt. Young said the company’s cash balance had subsequently risen to almost $600 million following vessel sales and favorable market conditions. The company had an undrawn $41 million revolving credit facility and one debt-free vessel. Dorian has also given notice to repurchase two Japanese-financed vessels, Cougar and Cresques, with expected closing by the end of the September quarter. The anticipated cash application is approximately $56 million, and the company is evaluating refinancing options for the vessels. Young said that, on a pro forma basis for the completed Constellation sale and the expected Clermont sale, debt at June 30 would have been about $473 million. The company estimated its debt-to-total-book-capitalization ratio at 29.3% and net debt-to-total capitalization at 9.7% as of quarter-end. The Helios Pool, through which Dorian conducts its spot trading program, generated TCE of $82,445 per day for spot and contract-of-affreightment voyages during the quarter. The pool’s overall TCE was more than $75,100 per day, supported by Dorian’s time-charter portfolio. Daily operating expenses were $10,308, excluding dry-docking costs, with higher freight, maintenance and repair expenses contributing to the increase from the preceding quarter. Gross time-charter-in expense for six chartered-in vessels was $22.6 million, or $41,418 per vessel per day, and Young said those vessels contributed positively to quarterly profits. John Lycouris, head of energy transition, said Dorian operates 15 scrubber-fitted vessels and six dual-fuel LPG vessels following the delivery of the Areion and the sales of Corsair and Constellation. Scrubber savings during the quarter averaged approximately $1,971 per calendar day per vessel, net of operating expenses. The company said elevated fuel-price differentials continued to support the economics of its fuel-efficiency investments. Its new dual-fuel Panamax vessel will include a shaft generator intended to improve power efficiency and reduce emissions. Looking ahead, Young said Dorian expects cash costs of about $26,000 to $27,000 per day for the coming year, excluding capital expenditures related to the planned fourth-quarter dry docking of the Captain John. The company said it will continue to balance shareholder distributions, debt reduction and fleet investment as it evaluates future capital allocation. Dorian LPG Ltd., incorporated in Bermuda and headquartered in Greenwich, Connecticut, is a leading owner and operator of modern very large gas carriers (VLGCs). The company specializes in the maritime transportation of liquefied petroleum gas (LPG), primarily propane and butane, for energy producers, commodity traders and trading houses around the world. Dorian LPG's fleet comprises over 30 state-of-the-art VLGCs, each designed for fuel efficiency and environmental performance. These vessels operate under medium- and long-term time charter agreements, providing predictable employment and supporting a stable charter revenue profile through contracts with major international energy companies. The company serves global energy markets by transporting LPG cargoes along major trade routes linking production centers in the Middle East, U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Dorian LPG Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 10:00 a.m. ET Chief Financial Officer - Ted Young Chairman, President and Chief Executive Officer - John Hadjipateras Head of Energy Transition - John Lycouris Vice President of Chartering - Taro Rasmussen Operator: Good morning, and welcome to the Dorian LPG First Quarter 2027 Earnings Conference Call. As a reminder, this conference is being recorded. Additionally, a live audio webcast of today's conference call is available on the Dorian LPG's website, which is www.dorianlpg.com. I would now like to turn the conference over to Ted Young, Chief Financial Officer. Thank you. Mr. Young, please go ahead. Theodore Young: Thank you, Tasha. Good morning, everyone, and thank you all for joining us for our first quarter 2027 results conference call. With me today are John Hadjipateras, Chairman, President and CEO of Dorian LPG Limited; John Lycouris, Head of Energy Transition; and Taro Rasmussen, Vice President of Chartering. Many of our remarks today contain forward-looking statements based on current expectations. These statements may often be identified with words such as expect, anticipate, believe or similar indications of future expectations. Although we believe that such forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward-looking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions. Should one or more of these risks or uncertainties materialize or should underlying assumptions or estimates prove to be incorrect, actual results may vary materially from those we express today. Additionally, let me refer you to our unaudited results for the quarterly period ended June 30, 2026, that were filed this morning on Form 10-Q. In addition, please refer to our previous filings on Form 10-K, where you'll find risk factors that could cause actual results to differ materially from these forward-looking statements. Finally, I would encourage you to review the investor highlights posted this morning on our website. With that, I'll turn over the call to John Hadjipateras. John Hadjipateras: Thank you, Ted. Good morning, everyone. Thank you for joining Ted, John, Taro and me. Before my colleagues provide you with detailed comments on our financial results, our market outlook and our operational progress, I'd like to highlight the following. Our recently declared dividend of $1 per share totaling $42.8 million will be our 20th dividend payment, bringing total dividends distributed to over $810 million and total capital returned to shareholders to over $1 billion since our IPO. This past quarter, the VLGC market experienced another 3 months of strong rates as the continued disruption to Middle East volumes drove much of the fleet to the U.S. Gulf and supply chain inefficiencies apparently increased ton-mile demand. The closure of the Strait of Hormuz cut off nearly all supply volumes from the Middle East. Liftings from the region fell to roughly 3.4 million tons in the quarter, down more than 70% from the same period last year. Countries such as India and Indonesia, who are already starting to diversify supply away from the Middle East were now forced to source all their LPG from U.S. Gulf, adding healthy ton-mile demand. Fortunately, U.S. production has continued to surprise to the upside. U.S. exports reached a record of nearly 20.8 million tons, up 20% from a year ago. The United States now accounts for approximately 65% of global seaborne LPG exports, up from less than 50% a year ago. The conflict in the Middle East has also disrupted LNG and oil cargoes out of the region and created more demand for those commodities to be sourced from the U.S. This increased congestion in Panama and pushed many ships to route around the Cape of Good Hope in both ballast and laden condition, amplifying the ton-mile demand increase. The market strength has carried into the quarter -- into this quarter with BLPG reapproaching record territory at around 175,000 a day. Panama is congested again with elevated auction rates. Plant starts in Europe have increased LPG demand for steam cracking there and Chinese petrochemical demand is expected to increase in the coming months. Taro will elaborate on the freight market over the last quarter and on our outlook going forward. This year, we contracted to sell 4 and have so far delivered 3 ships to their buyers. We contracted to build 90,000 cubic meter dual-fuel Panamax VLGC at Hyundai Heavy Industries, and our plan is to pursue a conservative renewal program. We believe that a conservative program is appropriate at this time. Our investment in energy saving devices have once again proven their value as they are reducing our overall fuel consumption in an elevated bunker price environment. Now I'll hand over to Ted, who will present our quarterly financials and our view for the future as well. Theodore Young: Thank you, John. My comments this morning will focus on capital allocation, our financial position and liquidity and our unaudited first quarter results. We've been active on the fleet renewal front in recent months. As we discussed in our last earnings call, we completed the sale of Cobra in May and prepaid $16.5 million of debt on her. We also completed the sales of Corsair and Constellation in July, generating vessel sale proceeds of approximately $166.4 million net of commission. The associated debt for those 2 vessels of $48.1 million was repaid in connection with the sales. We've also signed a memorandum of agreement to sell the Clermont and expect to complete the sale in September or October. Together with our recently contracted newbuilding with 2029 delivery, measured fleet renewal remains very central to our thinking around capital allocation. At June 30, 2026, we reported $342 million in cash, which was sequentially up from the previous quarter. Since then, we have received sale proceeds from Cobra, Corsair and Constellation, and enjoyed a particularly strong market. Therefore, our current cash balance stands now at almost $600 million. Our debt balance at quarter end was $512.4 million. We have given notice of repurchase to the owners of 2 of our Japanese finance vessels, the Cougar and the Cresques, and expect to close both transactions by the end of the September 30 quarter. The expected total cash application for those 2 vessels will be approximately $56 million. We are currently evaluating refinancing options for the 2 vessels. Pro forma for the sale of the Clermont, which again, we anticipate occurring no later than mid-October and the already concluded sale of the Constellation, our debt balance at June 30 would have been about $473 million. Using our stated book value -- our stated book debt at June 30 of $512.4 million, our debt to total book capitalization stood at 29.3% and our net debt to total cap at 9.7%. In addition, we have well-structured and attractively priced debt with a current all-in cost of about 5.1%, an undrawn $41 million revolver and one debt-free vessel. Coupled with our strong cash-free balance, we have a comfortable measure of financial flexibility. We currently expect our cash cost per day for the coming year to be approximately $26,000 to $27,000 per day, excluding capital expenditures associated with the dry docking of the Captain John that's currently planned for our fourth fiscal quarter. For a discussion of our first quarter results, again, you may find it useful to refer to the investor highlight slides posted this morning on our website. I would also remind you that my remarks will include a number of terms such as utilization, TCE, available days and adjusted EBITDA. Please refer to our filings for the definitions of these terms. Turning to our first quarter chartering results. And as our entire Spot Trading program is conducted through the Helios Pool, its reported spot results are the best measure of our spot chartering performance. For the June 30 quarter, the Helios Pool earned a TCE per day for its Spot and COA voyages of $82,445, reflecting the overall favorable VLGC market conditions. The overall TCE result for the Pool, which was over $75,100 per day, also shows the strength of our TCO portfolio. On Page 4 of our investor highlights material, you can see that we have 7 Dorian vessels on time charter within the Pool, indicating spot exposure of just over 75% for the 29 vessels in the Helios Pool. Dorian's reported TCE revenue per available day for the quarter was $75,926, which is the highest TCE rate we have reported in our corporate existence. The current rate environment remains healthy, though Panama Canal transit fees are having some impact on realized rates. As always, we will issue our forward booking information in the coming weeks. Daily OpEx for the quarter was $10,308, excluding dry docking-related expenses, which was a modest increase over the prior quarter. Increased freight, which isn't surprising given the macro environment, and maintenance and repair costs drove the increase. Our gross time charter in expense for the 6 time chartered-in vessels came in at $22.6 million or $41,418 per TCE-in day. Thus, those vessels contributed positively to our quarterly profits. As a reminder, the profit sharing expense on our P&L represents MOL Energia's portion of the net chartering profit, that's charter hire earned less charter hire expense on the BW Tokyo. Total G&A for the quarter was $13.5 million and cash G&A, excluding noncash comp expense, was about $11.5 million. Note that this amount included about $4.2 million of incentive compensation expense, which leaves our core G&A around $7.3 million. Our reported adjusted EBITDA for the quarter was $165.4 million, including a $30.1 million gain on the sale of the Cobra. Total cash interest expense for the quarter was $6.9 million, which is down sequentially from the prior quarter. Scheduled principal amortization remained steady at around $13 million. The $80.6 million in debt reductions, including the expected payoff of the Clermont will reduce our principal amortization by around $2 million per quarter and reduce interest by about $1 million per quarter on a run rate basis. The irregular cash dividend declared at the beginning of the month of $1 per share is our 20th and brings to $19.65 per share in our irregular dividends that we've paid since September 2021. Including that irregular dividend, we will have paid nearly $811 million of dividends and have generated net income of $974 million over the same time period. Our Board reviews current earnings, our near-term cash forecast, fleet investment needs and the overall market environment among a number of factors in making its determination of the appropriate level, if any, for our dividends. Our sector can be a volatile one, and our dividend policy needs to reflect that. The $1 per share irregular dividend reflects a constructive market outlook while also allowing the company financial flexibility for future fleet reinvestment. We continue to be on the lookout for those sorts of opportunities and will be judicious with our free cash flow, working to balance shareholder distributions, debt reduction and fleet investment. With that, I'll pass it over to Taro Rasmussen. Taro Rasmussen: Thank you very much, Ted. Good day, everyone, and thank you for dialing in. The quarter ended June 30, 2026, was primarily impacted by the de facto closure of the Strait of Hormuz for most of the quarter. Although the initial shocks to the market were witnessed in March, there were direct impacts to the VLGC market over most of the quarter through realignment of trade flows, sentiment-driven arbitrage and higher costs. The inefficiencies to the market and heightened buying appetite plants in importing regions resulted in record high freight markets for VLGCs. Some of the disruptions and urgency for sourcing commodities subsided when the U.S., Iran ceasefire MOU was signed in mid-June. But currently speaking, we can see that the prospects for enduring peace are fragile. Regarding the higher costs, bunker prices and auction prices at the Panama Canal stand out. Starting with bunker prices, the largest voyage cost for shipping companies, the average quarter-on-quarter increase was about 36% across a basket of Rotterdam, Fujairah, Japan, Singapore and Houston. This price increase is unit cost only. There were also unquantifiable costs incurred due to impractically long lead times for securing bunkers as availability of fuel was inconsistent. The inconsistency of bunker fuel availability was a direct result of the Middle East situation, impacting the flows of all hydrocarbons to the wider world. And it was the disrupted flows in other segments that significantly contributed to the increased auction prices at the Panama Canal. As oil, LNG and LPG product prices spiked in April, vessels of all segments prioritized Panama transits to deliver cargoes to Asia from the U.S. Gulf in a hurry. For example, LNG carriers had not won any auctions in January, February, but succeeded in April. And the average auction price in April was almost $900,000 higher than in March. Furthermore, waiting time increased significantly, particularly for ballasting vessels as the number of auctions were reduced in April and laden vessels on the southbound passage were prioritized during May. As for the record high postings of the Baltic indices, higher freight was supported by positive buying appetite by importers, widening the arbitrage and the realigned trade partially exacerbated by vessels avoiding the Panama Canal and sailing longer distances. Import demand was high due to the supply shock for the Middle East and the West to East arbitrage was overall higher than ever before, but the activity levels for sourcing LPGs from exporting regions, excluding the Arabian Gulf, was sporadic because sentiment dictated the levels of activity. Crude oil and LPG prices fluctuated in line with news headlines interpreting mixed signaling by U.S. and Iranian sources hinting ceasefires while also making aggressive overtures. These short-term price fluctuations are an explanation for why storage-stricken countries did not drive product markets upwards linearly. Amidst the widened West to East arbitrage, the market witnessed increased shipping demand. High production and increased terminal capacity in the U.S. Gulf yielded a new export record for the quarter, almost 1.8 million tons higher than the previous quarterly record, and most of the tons flowed the long passage to Asia. As an example, U.S. Gulf cargoes to India increased about 138% for April, May 2026 compared to the February, March period. The freight markets fell from the record highs in mid-June when the MOU ceasefire was announced. Markets welcomed the news and priced in the theoretically available supply of oil and gas on previously tracked vessels likely longing to depart the Arabian Gulf. The price correction was likely a reflection of increased supply availability rather than a firm belief in a return to pre-conflict normalcy in the Middle East. Mixed messaging and occasional breaches in the ceasefire have justified hesitancy by many market players to rely on Middle East exporters for steady supply. At this time, the situation remains unclear, but the breakdown of ceasefire talks in early July reaffirms the fragility of peace regarding the Strait of Hormuz. The quarter ending June 30, 2026, was shaped by the markets adapting to the regional conflict impacting the world economy. The disruptions presented threats and opportunities to the market, but the challenges in providing reliable energy to the world was ultimately addressed by the VLGC market, and the company remains well positioned to tackle any upcoming challenges that may emerge. Thank you. I will now pass over to Mr. John Lycouris. John Lycouris: Thank you, Taro. At Dorian LPG, we remain committed to continually enhancing energy efficiency and promoting the sustainability of both our operations and of our vessels. We currently operate 15 scrubber-fitted vessels and 6 dual-fuel LPG vessels after taking delivery of our VLGC, VLAC Areion last quarter and completing the sale of 2 scrubber vessels. The 2014-built Corsair and the 2015-built Constellation last month. Amidst the high oil prices driven by the ongoing Middle East conflict and the frequent disruptions in the Strait of Hormuz, bunker price differentials have remained elevated, underscoring the value of scrubbers and our fuel efficiency initiatives. Scrubbers neutralize sulfur oxides from fuel oil while significantly reducing Particulate Matter and Black Carbon emissions compared with conventional very low sulfur fuel oils. For the first fiscal quarter of 2027, scrubber vessel savings were lower than last quarter as a result of 4 scrubber-fitted vessels being on time chartered-out. Savings amounted to approximately $1,971 per calendar day per vessel, net of all scrubber operating expenses. Fuel differentials between high sulfur fuel oil and low sulfur fuel oil averaged $117 per metric ton (sic) [ $118 ] per metric ton, while that of LPG versus the very low sulfur fuel oil stood at about $369 per metric ton, making LPG economically attractive for our dual fuel vessels. As previously announced, we have concluded a shipbuilding contract with Hyundai to purchase a 90,000 cubic meter Panamax newbuilding VLGC with dual-fuel LPG main engines for delivery in mid-2029. This vessel will be fitted with a shaft generator, which allows the vessel to harness the mechanical energy from the main propulsion system, optimizing operational power efficiency and reducing the vessel's overall emissions. The current Net-Zero Framework, which was introduced in MEPC 84, remains the basis of negotiations currently. Alternative proposals did not gain sufficient support and there's -- no compromise was reached on the contested fuel standard provisions or on the proposed Net-Zero Fund. As next steps, an adoption vote is scheduled for Friday, 4th of December, alongside the MEPC 85, which will take place between the 30th of November and the 3rd of December. Approval will require 2/3 majority of the MARPOL Annex VI parties. As any Net-Zero Framework agreement would become effective approximately 16 months after adoption, implementation of any agreement is unlikely to be before 2028. We are confident that the Dorian LPG fleet will be prepared to meet regulatory changes in the future. And now I would like to pass it over to Mr. John Hadjipateras for his final comments. John Hadjipateras: Thank you very much, John. Tasha, if we have any questions, we're ready to take them now. Operator: We'll take our first question from Omar Nokta with Clarksons Securities. Omar Nokta: Strong quarter and things continue to look quite very bright here. Your balance sheet is now shifting into net cash territory, and it seems like you may be there already following those 2 VLGC sales. You've got one more pending. And I guess you've added the newbuilding last -- or back in June. The dividend is back to that $1 threshold. How should we think about uses of cash from here? Recently, I think like about a couple of months ago, you mentioned newbuildings looking more interesting and sure enough, you ordered one vessel. Are newbuildings still an attractive opportunity? That's still the case? And I guess just generally, how do you prioritize cash flow from here just given where things are at for Dorian? John Hadjipateras: Well, as we said last time, I think, we are mindful of the fact that we have a concentration of 2015 kind of built -- majority of our ships built at that time. So we have obviously in mind the fleet renewal program. And as I said in my remarks, we believe that the best way to go forward is conservatively. But that's not to say that it doesn't require kind of a lot of cash, and it will. So we continue to engage with shipyards to see what opportunities there are that we feel are right for us right now. And I think that's the way to look at it, Omar. Omar Nokta: I guess, so kind of from those comments, it seems more of, say, fleet rejuvenation, perhaps getting out of 2015 and getting into newer versus, say, just altogether fleet expansion? John Hadjipateras: We would not exclude fleet expansion. Omar Nokta: Okay. And then maybe just one more kind of a bit more on the market. Clearly, we'd say this year, it's been 7, going on to 8 months now where you've had elevated earnings. Spot rates are fairly strong. Pre-Hormuz that got even stronger following all those disruptions. And recently, with the reopening and reclosing back and forth, spot rates have generally remained quite high, volatile but higher. How do you think -- or have you guys given some thought as to assuming that this latest peace agreement comes to fruition and we get another sort of pause in hostilities, how do you think the VLGC market kind of moves forward from here over these next few months? John Hadjipateras: You see the shipping markets, every time there's a threat of peace, the oil price goes down and the shipping markets seem to suffer. And I think it's kind of silly, to be honest. I don't see that the day after the day after is going to be a negative. I think -- okay, you'll have -- you won't have the disruption. You won't have the displacement of tonnage west to the same degree. You'll have tonnage back in the East, but traffic will increase and overall, replenishment will take place. So I think it's -- I'm not worried about it. And I don't think, again, that the markets react -- I don't think it's actually correct when they look at it as a negative, when peace is viewed as a negative. Operator: We'll take our next question from Stephanie Moore with Jefferies. Stephanie Benjamin Moore: Maybe continuing on those prior questions. A lot of moving pieces here, but it would be helpful. Could you talk a bit about how spot earnings are tracking so far in the September quarter and whether vessel utilization, waiting times remain elevated relative to the June quarter? I think that's a good place to start. And I have a follow-up. Theodore Young: Stephanie, well, we give forward -- we'll give that forward-looking information later. And so it would really be premature for us to comment on any of that right now. I certainly understand the basis for the question. And if my colleagues want to provide some general comments by all means, but we will provide more specific data later in the quarter. Stephanie Benjamin Moore: That's fine. No, that's fair. That's fair. So I'll move on. Okay. So maybe jumping -- I did want to jump a little bit to the industry order book. It does seem to have risen a bit here. So I guess as you think about your own vessel and capital allocation plans, what gives you confidence that the returns on a 2029 delivery should remain attractive? And then how are you underwriting that investment? John Hadjipateras: John, can you answer that question for me because I didn't hear it very well. I'm sorry, it's not coming across. John Lycouris: How do we -- Stephanie, would you like to rephrase it again? Is it the returns on the current pricing of newbuilding ships? Is that what you're asking? Stephanie Benjamin Moore: Yes. So I guess it does appear that the industry order book is rising, and it's a pretty decently high percentage of the fleet. How should we think about -- as you think about a 2029 delivery, what gives you confidence that those returns should be sustainable by 2029? How are you underwriting those investments? So just trying to kind of -- obviously, you're looking a couple of years out, what gives you confidence that we'll still remain in an attractive environment to make that -- to make those investments? John Hadjipateras: Okay. So we think that the prices -- well, first of all, would we -- would I be happier with less newbuildings on order? Clearly, yes, right? I don't like to see the newbuilding order book expanding as much as it has. And people seem to be catching on and -- but this is a good sector to be in. But from our point of view, we look at it on a long term and we look at it as an ongoing business. So whether we're ordering here or at a different point in the cycle, I think that we take a measured view. We take an incremental view. And on average, we're here for the long term. We're here to renew our tonnage with the latest and the best, and continue providing a good service. And I think that's the way we can assure the best returns for our shareholders and our investors. Stephanie Benjamin Moore: Understood. Okay. So maybe -- last one for me here. Obviously, to your point, given today's overall environment, are you seeing more customers showing greater interest in, I guess, securing multiyear coverage? Maybe if you could talk a little bit about the -- some of those charter economics relative to spot rates. So I guess, any general commentary on the time charter environment? John Hadjipateras: Sure. Taro, do you want to answer that? Taro Rasmussen: Yes, I'm happy to do so. Thank you for the question, Stephanie. As we have released our results and disclosed, some increased time charter coverage is indicative that there is appetite out in the market. Regarding the question about economics, I won't speak on behalf of how others in the supply chain see it. But clearly, amidst an environment of sourcing, just access to commodities and yes, certainly also for LPG, there is appetite. It's a security game. And yes, I hope that answers the question. It was quite brief, but security is important that has been highlighted these last few months. Operator: And at this time, this concludes our question-and-answer session. I will now turn the meeting back to John Hadjipateras for closing remarks. John Hadjipateras: Thank you very much for your questions and both very interesting, and we look forward to engaging with you again during the quarter and at next quarter's earnings call. Thank you. Operator: And this concludes today's meeting. We appreciate your time and participation. You may now disconnect. Thank you. Before you buy stock in DorianG, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and DorianG wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Dorian LPG (LPG) Q1 2027 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Reported the highest TCE revenue per available day in corporate history, driven by supply chain inefficiencies and a de facto closure of the Strait of Hormuz. Middle East supply disruptions forced major importers like India and Indonesia to source LPG from the U.S. Gulf, significantly increasing ton-mile demand. U.S. exports reached a record 20.8 million tons in the quarter, now accounting for approximately 65% of global seaborne LPG exports compared to less than 50% a year ago. Increased Panama Canal congestion and vessels routing around the Cape of Good Hope amplified ton-mile demand and supported record-high freight markets. Management attributes market strength to a combination of high U.S. production, increased terminal capacity, and sentiment-driven arbitrage. Strategic investment in energy-saving devices and scrubbers provided significant value in an environment of elevated bunker prices and high fuel differentials. Maintained a conservative fleet renewal strategy, balancing the sale of older vessels with the contracting of a new 90,000 cbm dual-fuel VLGC for 2029 delivery. Management intends to pursue a conservative fleet renewal program to address the concentration of vessels built around 2015 while remaining open to expansion. Future market stability remains contingent on the fragile Middle East ceasefire, though management believes peace will eventually lead to increased traffic and replenishment demand. Anticipates increased Chinese petrochemical demand and higher LPG demand for steam cracking in Europe to support rates in the coming months. Regulatory implementation of the Net-Zero Framework is unlikely before 2028, with the company positioning its fleet to meet evolving fuel standard provisions. Capital allocation will continue to balance irregular dividends, debt reduction, and judicious fleet reinvestment based on near-term cash forecasts. Current cash balance reached almost $600 million following the completion of three vessel sales (Cobra, Corsair, and Constellation). Repaid $48.1 million in debt associated with vessel sales and gave notice to repurchase two Japanese-financed vessels, Cougar and Cresques. Reported adjusted EBITDA of $165.4 million, which includes a $30.1 million gain from the sale of the vessel Cobra. Panama Canal auction rates and waiting times increased significantly, with average auction prices in April rising by almost $900,000 compared to March. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management emphasized a conservative approach to fleet renewal given the age concentration of the current fleet. While renewal is the priority, fleet expansion is not excluded if the right opportunities arise. The $1 per share irregular dividend was calibrated to maintain financial flexibility for future reinvestment. Management dismissed the view that peace is a negative for shipping, arguing that while it reduces displacement, it increases overall traffic and replenishment. Current market volatility is driven by sentiment and short-term price fluctuations rather than fundamental supply-demand shifts. Management acknowledged the expanding order book but views the investment as a long-term necessity for maintaining a modern, efficient fleet. Confidence is based on an incremental, long-term view of the business cycle rather than timing a specific market peak. There is increased appetite for time charter coverage as market players prioritize security of supply amidst global disruptions. Access to commodities has become a 'security game,' driving interest in securing long-term shipping capacity.

This article first appeared on GuruFocus. Adjusted EBITDA: $165.4 million for the first quarter of fiscal 2027, including a $30.1 million gain on the sale of the Cobra. TCE Revenue per Available Day: $75,926, the highest TCE rate reported in the company's corporate existence. Helios Pool Spot TCE: $82,445 per day for spot and COA voyages in the June 30 quarter. Helios Pool Overall TCE: Over $75,100 per day, reflecting the strength of the time charter-out portfolio. Daily OpEx: $10,308, excluding dry docking-related expenses, a modest increase over the prior quarter. Gross Time Charter-In Expense: $22.6 million, or $41,418 per TC-in day, for six time charter-in vessels. Total G&A: $13.5 million for the quarter; cash G&A was about $11.5 million, including $4.2 million of incentive compensation expense. Total Cash Interest Expense: $6.9 million for the quarter, down sequentially. Cash Balance: $342 million at June 30, 2026, rising to almost $600 million after receiving sale proceeds from Cobra, Corsair, and Constellation. Debt Balance: $512.4 million at quarter end; pro forma for the sale of Clermont and Constellation, debt would have been about $473 million. Debt to Total Book Capitalization: 29.3% at June 30, 2026; net debt to total cap at 9.7%. Dividend: Irregular dividend of $1.00 per share, totaling $42.8 million, marking the 20th dividend payment and bringing total dividends distributed to over $810 million. Scrubber Savings: Approximately $1,971 per calendar day per vessel, net of all scrubber operating expenses, for the first fiscal quarter of 2027. Fuel Differentials: High sulfur fuel oil vs. low sulfur fuel oil averaged $117 per metric ton; LPG vs. very low sulfur fuel oil stood at about $369 per metric ton. Warning! GuruFocus has detected 10 Warning Signs with URGN. Is LPG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record-high TCE revenue per available day of $75,926, the highest in company history, driven by strong VLGC market conditions. Robust financial position with cash balance of nearly $600 million and low debt-to-capitalization ratio of 29.3%, providing significant financial flexibility. Continued shareholder returns with 20th dividend payment, totaling over $810 million in dividends and over $1 billion in total capital return since IPO. Fleet renewal program progressing with sale of older vessels and newbuilding order for a dual-fuel LPG VLGC, enhancing efficiency and future competitiveness. Energy-saving investments (scrubbers and dual-fuel engines) delivering significant cost savings, with scrubber savings of $1,971 per day and LPG fuel advantage of $369 per ton. Strong market outlook with US exports reaching record levels and increased ton-mile demand due to Middle East disruptions, supporting elevated freight rates. Proactive debt management with prepayments and refinancing options, reducing future interest and amortization costs. Geopolitical instability in the Middle East, particularly the closure of the Strait of Hormuz, creates market volatility and uncertainty for future operations. Elevated bunker prices, up 36% quarter-over-quarter, increase operating costs and pressure margins despite efficiency measures. Panama Canal congestion and high auction fees are impacting realized rates and adding to voyage costs. Industry order book is expanding, which could lead to increased supply and pressure on future freight rates. Fragile peace prospects and potential for renewed conflict could disrupt trade flows and negatively impact market stability. Higher operating expenses, including increased freight and maintenance costs, led to a modest rise in daily OpEx. Dependence on US Gulf exports for a majority of global LPG supply creates concentration risk if US production or export capacity faces disruptions. Q: How should we think about uses of cash from here, given the strong balance sheet, recent vessel sales, and the newbuilding order? Are newbuildings still an attractive opportunity, and how do you prioritize cash flow?A: John Hadjipateras (Chairman, President, and CEO) stated that the company is mindful of its fleet concentration of 2015-built vessels and has a fleet renewal program in mind. He emphasized a conservative approach to renewal but noted it will require significant cash. The company continues to engage with shipyards to find suitable opportunities, and he did not rule out fleet expansion. Q: Given the recent ceasefire MOU and its fragility, how do you think the VLGC market will move forward if there is another pause in hostilities?A: John Hadjipateras (Chairman, President, and CEO) expressed that while shipping markets often react negatively to peace threats, he believes the day after a peace agreement would not be negative. He noted that while disruption and ton-mile displacement would decrease, overall traffic and replenishment would increase, making him unworried about the market's reaction to peace. Q: Could you talk about how spot earnings are tracking in the September quarter and whether vessel utilization and waiting times remain elevated relative to the June quarter?A: John Hadjipateras (Chairman, President, and CEO) declined to provide specific forward-looking data, stating that the company will issue its forward-booking information later in the quarter. He acknowledged the basis for the question but deferred detailed comments to that future release. Q: Given the rising industry order book, what gives you confidence that returns on a 2029 delivery newbuilding will remain attractive, and how are you underwriting that investment?A: John Hadjipateras (Chairman, President, and CEO) acknowledged he would prefer a smaller order book but stated the company takes a long-term, measured, and incremental view of fleet renewal. He emphasized that Dorian LPG is in the business for the long term, aiming to renew tonnage with the latest technology to ensure the best returns for shareholders. Q: Are you seeing more customers showing greater interest in securing multi-year time charter coverage, and can you comment on the charter economics relative to spot rates?A: Taro Rasmussen (Vice President of Chartering) confirmed there is appetite in the market for increased time charter coverage, as indicated by the company's recent disclosures. He noted that in the current environment, access to commodities is a "security game," and customers are seeking coverage for security of supply, which has been highlighted over the past few months. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

STAMFORD, Conn., August 05, 2026--(BUSINESS WIRE)--Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," "us," and "our"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today 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 shareholders of record as of July 27, 2026. Prepaid $23.9 million of the BALCAP Facility’s then outstanding principal related to the 2015-built VLGC Constellation in July 2026. Completed the sale of our 2014-built VLGC Corsair and received proceeds net of commission of $80.8 million in July 2026. Completed the sale of our 2015-built VLGC Constellation and received proceeds net of commission of $85.6 million in July 2026. Highlights for the First Quarter Fiscal Year 2027 Revenues of $187.9 million. Time Charter Equivalent ("TCE")(1) rate per available day for our fleet of $75,926. Net income of $138.3 million, or $3.24 earnings per diluted share ("EPS"), and adjusted net income(1) of $107.2 million, or $2.52 adjusted earnings per diluted share ("adjusted EPS").(1) Adjusted EBITDA(1) of $165.4 million. Prepaid $16.5 million of the 2023 A&R Debt Facility, the proportion related to the 2015-built VLGC Cobra in April 2026. Completed the sale of the 2015-built VLGC Cobra in May 2026, generating proceeds of $81.9 million net of commission, recognizing a gain on sale of $30.1 million. Prepaid the Corsair Japanese Financing’s then outstanding principal of $24.2 million. Entered into agreement for one newbuilding dual-fuel Panamax VLGC in June 2026, expected to be delivered from HD Hyundai Heavy Industries Co. Ltd. in the third calendar quarter of 2029. Declared and paid an irregular cash dividend totaling $42.8 million in May 2026. John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, "An increase in transportation demand because of geopolitical disruption contributed to our record financial results in the quarter ended June 30, 2026. The dislocations and uncertainty are continuing to result in high volatility and extraordinary freight rates in the current quarter. We declared our 19th consecutive quarterly irregular dividend, completed several sales, and placed an order with HD Hyundai for a dual-fuel 90,000 cbm ship for delivery in Q3 2029. We are fortunate that our seafarers are safe and grateful to them and our shore side groups for their contribution to this record quarter’s results." First Quarter Fiscal Year 2027 Results Summary Net income amounted to $138.3 million, or $3.24 per diluted share, for the three months ended June 30, 2026, compared to $10.1 million, or $0.24 per diluted share, for the three months ended June 30, 2025. Adjusted net income amounted to $107.2 million, or $2.52 per diluted share, for the three months ended June 30, 2026, compared to adjusted net income of $11.3 million, or $0.27 per diluted share, for the three months ended June 30, 2025. Adjusted net income for the three months ended June 30, 2026 is calculated by adjusting net income for the same period to exclude a gain on disposal on vessel of $30.1 million and an unrealized gain on derivative instruments of $0.9 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release. The $95.9 million increase in adjusted net income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, is primarily attributable to (i) increases of $103.7 million in revenues and $0.2 million in interest income; and (ii) decreases of $3.4 million in general and administrative expenses, $1.8 million in vessel operating expenses, $0.9 million in voyage expenses, $0.8 million in depreciation and amortization expenses; partially offset by increases of (i) $11.9 million in charter hire expenses, $1.7 million in profit sharing expenses, and $1.0 million in interest and finance costs; and (ii) a reduction of $0.3 million in realized gain on derivatives. The TCE rate per available day for our fleet was $75,926 for the three months ended June 30, 2026, a 91.1% increase from $39,726 for the same period in the prior year. Please see footnote 5 to the table in "Financial Information" below for information related to how we calculate TCE. Vessel operating expenses per vessel per calendar day decreased to $10,356 for the three months ended June 30, 2026 compared to $11,466 in the same period in the prior year. Please see "Vessel Operating Expenses" below for more information. Revenues Revenues, which represent net pool revenues—related party and other revenues, net, were $187.9 million for the three months ended June 30, 2026, an increase of $103.7 million, or 123.1%, from $84.2 million for the three months ended June 30, 2025, primarily due to higher average TCE rates and increased available days. TCE rates rose by $36,200 per available day from $39,726 for the three months ended June 30, 2025 to $75,926 for the three months ended June 30, 2026, primarily due to higher spot rates; partially offset by higher bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $199.694 during the three months ended June 30, 2026 compared to an average of $63.500 during the three months ended June 30, 2025. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah increased from $511 during the three months ended June 30, 2025, to $863 during the three months ended June 30, 2026. Additionally, available days for our fleet increased from 2,086 for the three months ended June 30, 2025 to 2,469 for the three months ended June 30, 2026, mainly driven by an increase in the number of vessels in our fleet, and a decrease in the number of vessels drydocked. Charter Hire Expenses Charter hire expenses for the vessels chartered in from third parties were $22.6 million for the three months ended June 30, 2026 compared to $10.7 million for the three months ended June 30, 2025. The increase of $11.9 million, or 110.9%, was mainly driven by an increase in time chartered-in days from 370 for the three months ended June 30, 2025 to 546 for the three months ended June 30, 2026. Additionally, there was an increase in the average rate per time chartered-in day. Vessel Operating Expenses Vessel operating expenses were $20.1 million during the three months ended June 30, 2026, or $10,356 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period for the technically-managed vessels that were in our fleet, decreased by $1.8 million, or 8.1% from $21.9 million for the three months ended June 30, 2025. The decrease of $1,110 per vessel per calendar day, from $11,466 for the three months ended June 30, 2025 to $10,356 per vessel per calendar day for the three months ended June 30, 2026 was mainly a result of a decrease of $1,310 per vessel per calendar day of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses increased by $200 from $10,108 for the three months ended June 30, 2025 to $10,308 for the three months ended June 30, 2026, mainly as a result of increases in spares and stores and repairs and maintenance costs. General and Administrative Expenses General and administrative expenses were $13.5 million for the three months ended June 30, 2026, a decrease of $3.4 million, or 20.2%, from $16.9 million for the three months ended June 30, 2025. The decrease was primarily driven by a decrease of $4.3 million in cash bonuses as a result of the timing of the recognition of discretionary cash bonuses in the three months ended June 30, 2025 compared to the three months ended June 30, 2026, due to the implementation of the Annual Cash Incentive Plan (the "ACIP"), which is recognized throughout the fiscal year. This was partially offset by increases of $0.4 million in employee-related costs and benefits, $0.3 million in stock-based compensation, and $0.2 million in other general and administrative expenses. Gain on Disposal of Vessel Gain on disposal of vessel amounted to $30.1 million for the three months ended June 30, 2026 and was attributable to the sale of the 2015-built VLGC Cobra. There was no gain on disposal of vessel for the three months ended June 30, 2025. Interest and Finance Costs Interest and finance costs amounted to $8.7 million for the three months ended June 30, 2026, an increase of $1.0 million, or 12.7%, from $7.7 million for the three months ended June 30, 2025. The increase of $1.0 million during this period was mainly due to (i) an increase of $0.7 million in loan expenses, (ii) a decrease of $0.5 million in capitalized interest, and (iii) an increase of $0.3 million in amortization of deferred financing fees, partially offset by (iv) a reduction of $0.5 million in interest on our long-term debt. The decrease in interest on our long-term debt was driven by a reduction in average indebtedness, excluding deferred financing fees, from $553.0 million for the three months ended June 30, 2025 to $537.9 million for the three months ended June 30, 2026. Unrealized Gain / Loss on Derivatives Unrealized gain on derivatives amounted to $0.9 million for the three months ended June 30, 2026, compared to a loss of $1.2 million for the three months ended June 30, 2025. The $2.1 million difference is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts. Fleet The following table sets forth certain information regarding our fleet as of July 30, 2026. Market Outlook & Update Geopolitical developments dominated LPG markets throughout the second calendar quarter of 2026 ("Q2 2026"), driven by the Middle East conflict and effective closure of the Strait of Hormuz. This caused significant volatility in crude and refined products, with average monthly Brent prices rising to $133 per barrel in April from $68 per barrel at the start of the year. Despite higher crude prices, average LPG prices declined over the quarter, especially in the Far East, where monthly propane prices fell from $909 per metric ton in March to $657 per metric ton by quarter-end. Relative to crude, Far East propane weakened from 66% of Brent in the first calendar quarter of 2026 ("Q1 2026") to 59% in Q2 2026. In the West, the propane market evolved differently, with the U.S. strengthening its position as the primary balancing supplier. Robust NGL production and new, flexible new export infrastructure following Enterprise's Neches River Terminal start-up in April 2026, underscored this trend. Total U.S. LPG exports increased from approximately 18 million metric tons ("MMT") in Q1 2026 to more than 21 MMT in Q2 2026, reaching a record 7.3 MMT in May. Export growth was supported by strong NGL production and inventories above the five-year average, adding pressure on U.S. LPG prices. Propane averaged 34% of WTI during Q2 2026, compared with 39% in Q1 2026 and 51% in Q2 2025. Butane also weakened from 51% of WTI in Q1 2026 to 47% in Q2 2026, but held up better due to demand for more evenly split cargoes, particularly from India after the loss of Middle Eastern supply. In Northwest Europe, propane and butane flat prices increased during Q2 2026 in line with higher crude oil prices. However, on a relative basis both products weakened against Brent. Propane declined from an average of 59% of Brent in Q1 2026 to 46% in Q2 2026, while butane fell from 65% to 62% over the same period. Petrochemical economics improved markedly in Q2 2026, with margins returning to positive territory for both propane- and naphtha-based ethylene production in Northwest Europe, supporting some ethylene capacity restarts after maintenance outages in the Netherlands and Portugal. In the Far East, naphtha steam cracker margins remained negative, while propane-based production returned to profitability. Average propane steam cracker margins increased to approximately $244 per metric ton, compared with an average loss of $53 per metric ton in Q1 2026. Propane Dehydrogenation margins also recovered, averaging more than $120 per metric ton, supported by stronger propylene and polypropylene prices. Despite improving petrochemical margins, Chinese LPG imports remained subdued at the start of the quarter as many market participants adopted a cautious wait-and-see approach amid continuing geopolitical uncertainty. Imports fell to just 1.6 MMT in April before recovering steadily to 2.3 MMT by the end of the quarter. Nevertheless, volumes remained below 2025 levels, with total Q2 2026 imports reaching 7.3 MMT compared with 9.3 MMT during the second calendar quarter of 2025. This also reflects the abrupt halt to regular exports from the Middle East in March for April discharge. VLGC freight rates increased sharply in Q2 2026, with the Baltic Index averaging around $190 per metric ton, up from approximately $95 per metric ton in Q1 2026. The increase was driven primarily by geopolitical tensions in the Middle East, which tightened the effective supply-demand balance through vessel rerouting, fleet repositioning, reduced prompt availability, and longer voyage durations. Robust U.S.–Asia export flows also increased ton-mile demand as U.S. cargoes replaced lost Middle East volumes. Freight markets were further supported by elevated war-risk insurance premiums, higher bunker prices, Panama Canal congestion and costs, and shipowner reluctance to re-enter the Arabian Gulf, creating operational inefficiencies and sustained pressure on rates. During Q2 2026, the global VLGC fleet expanded moderately with the delivery of nine new vessels. Looking ahead, a further 155 VLGCs/VLACs—equivalent to approximately 13.9 million cbm of carrying capacity—are scheduled for delivery through calendar year 2030, including 50 new orders placed during the second quarter. The average age of the global fleet now stands at approximately 11.9 years, while the combined VLGC/VLAC orderbook has increased to around 35.7% of the existing fleet. The above market outlook update is based on information, data and estimates derived from industry sources available as of the date of this release, and there can be no assurances that such trends will continue or that anticipated developments in freight rates, export volumes, the VLGC orderbook or other market indicators will materialize. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors. You are cautioned not to give undue weight to such information, data and estimates. We have not independently verified any third-party information, verified that more recent information is not available and undertake no obligation to update this information unless legally obligated. Financial Information The following table presents our selected financial data and other information for the periods presented: The following table sets forth a reconciliation of net income to Adjusted EBITDA (unaudited) for the periods presented: The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented: In addition to the results of operations presented in accordance with U.S. GAAP, we provide adjusted net income and adjusted EPS. We believe that adjusted net income and adjusted EPS are useful to investors in understanding our underlying performance and business trends. Adjusted net income and adjusted EPS are not a measurement of financial performance or liquidity under U.S. GAAP; therefore, these non-U.S. GAAP measures should not be considered as an alternative or substitute for U.S. GAAP. The following table reconciles net income and EPS to adjusted net income and adjusted EPS, respectively, for the periods presented: The following table presents our unaudited balance sheets as of the dates presented: Seasonality Liquefied petroleum gases are primarily used for industrial and domestic heating, as chemical and refinery feedstock, as transportation fuel, and in agriculture. The LPG shipping market historically has been stronger in the autumn months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these periods tend to disrupt vessel scheduling and the supply of certain commodities. Demand for our vessels therefore may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth out these short-term fluctuations and recent LPG shipping market activity has not always yielded the typical seasonal results. Increased buying in petrochemical industry has contributed to less marked seasonality than in the past, but there can be no guarantee that this trend will continue. To the extent any of our time charters expire during the typically weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off-hire time for our vessels, which may adversely impact our business, financial condition and operating results. Conference Call A conference call to discuss the results will be held the same day at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-800-420-1459, or for international callers, 1-203-518-9861, and requesting to be joined into the Dorian LPG call. A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11162349. The replay will be available until August 12, 2026, at 11:59 p.m. ET. A live webcast of the conference call will also be available under the investor relations section at www.dorianlpg.com. The information on our website does not form a part of and is not incorporated by reference into this release. About Dorian LPG Ltd. Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG's fleet of twenty-five modern VLGCs currently includes six dual-fuel ECO VLGCs, seventeen ECO VLGCs, and two modern VLGCs. Its business is centered around safe, reliable, clean and trouble-free transportation for its customers. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. Forward-Looking and Other Cautionary Statements The cash dividends referenced in this release are irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time. This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG’s business, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Dorian LPG’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805952027/en/ Contacts Ted YoungChief Financial Officer+1 (203) [email protected]