Dorian LPG announce quarterly results

Dorian LPG (LPG) announced their Q3 2024 results today (company is on a non-typical fiscal cycle)

For the LPG tanker segment, Dorian have suggested the upcycle is the second half of the year (for the company, that’s fiscal Q2 & Q3). Current VLGC rates have plunged dramatically, so the company’s observation seems to have borne out. All that said, Dorian LPG has been my most significant shipping investment in 2024 YTD.

(Accidently posted on the METAR board - figured out how to move the post :slight_smile: )


The Earnings Call transcript has some additional points. My takeaway

  • There is a plan to convert some of the VLGCs to Ammonia carriers. The conversion cost is not too expensive ($5M on the higher end)
  • 60% done at over $100K daily and Dorian expect to avoid the market lows
  • Improvements in Panama Canal transit will reduce tonne miles. But Chinese festive season will also temper demand.
  • Steps to improve emissions

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