Dorian LPG announce quarterly results

HohumYNWA · February 2, 2024, 2:57am

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

Rev of $163.1M
TCE of $76,337 daily
Net income of $100M
Placed an order for a new VLGC/Ammonia carrier and made the first installment of $23.8M
Declared an irregular dividend of $1/sh
Dorian LPG Ltd. Announces Third Quarter Fiscal Year 2024 Financial Results

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 )

HohumYNWA · February 2, 2024, 3:39pm

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

https://seekingalpha.com/article/4666832-dorian-lpg-ltd-lpg-q3-2024-earnings-call-transcript