My friends @ Dorian LPG (LPG) are on an abnormal schedule - this is Q12025 for them
- Rev of $114.4M
- Net Income of $51.3M (adjusted NI $51.7M)
- TCE $55,238 daily
https://dorianlpg.com/news-and-media/press-release-details/2024/Dorian-LPG-Ltd.-Announces-First-Quarter-Fiscal-Year-2025-Financial-Results/default.aspx
LPG have a lot of cash (over $300M), and an additional $85M-or-so from the secondary offering. The div announced was a lump-sum amount. But, it looks to be in the $1/sh range. Additional VLGCs have joined the worldwide VLGC fleet. Fleet utilization went down in the past qtr.
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The LPG earnings call is available
https://seekingalpha.com/article/4709407-dorian-lpg-ltd-lpg-q1-2025-earnings-call-transcript
Useful data-points
- The quarter had a few surprises. A short-lived tightening of Panama Canal, facility shutdown to Beryl, chiller problems, a tug-boat capsizing in the Houston Channel.
- The factors were a positive for Q2, but playing out as a negative for Q3-so-far. Hurts the % utilization and brings TCE down.
- No clear guidance on the proceeds of the secondary offering
- Retrofits planned, including a scrubber install during an upcoming dry-dock. (If Q3 rates are still in recovery mode, probably a good time to be offline)
- Managed ~ $50K daily in Q2. Q3-to-date about $30K. But expected to move higher.