Dorian LPG Q4 2024 results

Announced today (05/22/24) q4 2024 - company is on a slightly different fiscal schedule - qtr marks end of fiscal year

  • Rev of $141.4M
  • Net Income of $79.2M
  • Avg TCE $72,202 daily per operating day (q4 2024)
  • Avg TCE 65,986 daily per operating day (Fiscal year 2024)
  • Had pre-announced q4 2024 div of $1/sh (no change)
  • LPG ordered a newbuild VLGC with Ammonia loading capabilities in Jan 2024

Generally, not much to say. Dorian has the cashflows to support the $1/sh quarterly div. The charter strategy includes a mix of spot and time-charter revenue, and the financing includes both bank debt and sale & leaseback financing. There seems to be a disconnect between Dorian and SeekingAlpha on the dividend. Dorian categorize the dividend as irregular, with SA say the dividend is special. Only owned Dorian LPG shares in 2024, but am inclined to go with the company. With consideration of the sector (shipping), I have no issue with a common dividend being considered an irregular dividend.