05/22
About three weeks ago, I commented on Dorian LPG’s (LPG) pre-announcing its dividend @ 50c/sh. Today, the company finally announced its results.
- Rev of $75.9M
- $35,324/operating day.
- Adj EBITDA of $36.6M
- Net Income of $8.1M
- Declared dividend of 50c/sh
VLGC competitor BW LPG (BWLP) reported within the last week. BWLP mgmt had noted that rates were in mid-$30K’s prior to the US administration’s broad tariff announcement. Overnight, on the news, rates plunged to $10K daily (unprofitable). Over the next few days, as there was a delayed tariff update, rates recovered somewhat.
Dorian’s debt is manageable - less-than-$600M. However, the company does have a fair number of dockings this year. Plus, there is a newbuild to make payments on. But, the company has a decent cash position (over $300M) to utilize.
Dorian’s share price took an almost 11% plunge today.