NYSE: LPG
DORIAN LPG LTD.CIK 0001596993 · SIC 4412 · Deep Sea Foreign Transportation
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Dorian LPG orders 3 new VLGCs for ~$345M and refinances debt with $368.4M credit facility
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Dorian LPG revenue more than doubles to $187.9M; net income surges to $138.3M
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Dorian LPG amends executive severance plan, broadens Change in Control definition
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Dorian LPG declares $1.00/share irregular dividend, completes $81.8M vessel sale
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Dorian LPG orders $115M newbuild, agrees to sell three older VLGCs for $256M
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LPG: revenue $481.5M, net income $193.7M. Dorian LPG expands fleet to 27 vessels, doubles dividend, sells older VLGC
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Dorian LPG reports Q4 and full-year fiscal 2026 earnings for period ended March 31
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Dorian LPG declares $1.00 irregular dividend, payable May 28 to May 18 shareholders
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Dorian LPG expands board to nine directors, appoints Christopher Wiernicki
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Dorian LPG updates Q1 2026 fleet performance estimates in Regulation FD disclosure
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 |
|---|---|---|
| Revenues | ||
| Net pool revenues—related party | 187,804,115 | 83,842,752 |
| Other revenues, net | 80,733 | 369,214 |
| Total revenues | 187,884,848 | 84,211,966 |
| Expenses | ||
| Voyage expenses | 422,621 | 1,342,756 |
| Charter hire expenses | 22,614,002 | 10,721,911 |
| Profit sharing expenses | 1,676,988 | — |
| Vessel operating expenses | 20,143,217 | 21,911,606 |
| Depreciation and amortization | 17,649,067 | 18,379,147 |
| General and administrative expenses | 13,500,048 | 16,910,101 |
| Total expenses | 76,005,943 | 69,265,521 |
| Gain on disposal of vessel | 30,116,869 | — |
| Other income—related parties | 669,079 | 645,364 |
| Operating income | 142,664,853 | 15,591,809 |
| Other income/(expenses) | ||
| Interest and finance costs | (8,695,333) | (7,714,797) |
| Interest income | 2,979,719 | 2,843,446 |
| Unrealized gain/(loss) on derivatives | 932,965 | (1,183,841) |
| Realized gain on derivatives | 286,510 | 539,429 |
| Other gain/(loss), net | 116,308 | 6,055 |
| Total other expenses, net | (4,379,831) | (5,509,708) |
| Net income | 138,285,022 | 10,082,101 |
| Weighted average shares outstanding: | ||
| Basic | 42,549,955 | 42,427,473 |
| Diluted | 42,731,551 | 42,488,024 |
| Earnings per common share—basic | 3.25 | 0.24 |
| Earnings per common share—diluted | 3.24 | 0.24 |
Condensed Consolidated Balance Sheets (Unaudited)
| Description | June 30, 2026 | March 31, 2026 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 342,141,482 | 327,409,120 |
| Trade receivables, net and accrued revenues | 3,552,552 | 2,037,495 |
| Due from related parties | 190,448,957 | 97,037,584 |
| Inventories | 2,581,435 | 2,441,578 |
| Vessels held for sale | 156,449,076 | — |
| Prepaid expenses and other current assets | 23,913,034 | 21,324,303 |
| Total current assets | 719,086,536 | 450,250,080 |
| Fixed assets | ||
| Vessels, net | 996,811,228 | 1,215,930,610 |
| Total fixed assets | 996,811,228 | 1,215,930,610 |
| Other non-current assets | ||
| Deferred charges, net | 18,953,383 | 24,990,338 |
| Derivative instruments | 3,270,389 | 2,337,425 |
| Due from related parties—non-current | 22,000,000 | 26,400,000 |
| Restricted cash—non-current | 79,423 | 79,835 |
| Operating lease right-of-use assets | 138,685,264 | 148,712,528 |
| Other non-current assets | 2,943,144 | 2,991,901 |
| Total assets | 1,901,829,367 | 1,871,692,717 |
| Liabilities and shareholders’ equity | ||
| Current liabilities | ||
| Trade accounts payable | 8,687,741 | 7,990,868 |
| Accrued expenses | 5,565,363 | 11,327,406 |
| Due to related parties | 557,995 | — |
| Deferred income | 1,862,278 | 1,981,719 |
| Current portion of long-term operating lease liabilities | 44,576,592 | 46,661,757 |
| Current portion of long-term debt | 158,670,500 | 100,164,502 |
| Dividends payable | 933,092 | 700,366 |
| Total current liabilities | 220,853,561 | 168,826,618 |
| Long-term liabilities | ||
| Long-term debt—net of current portion and deferred financing fees | 348,873,457 | 460,230,191 |
| Long-term operating lease liabilities | 94,117,477 | 102,061,784 |
| Other long-term liabilities | 1,465,534 | 1,577,746 |
| Total long-term liabilities | 444,456,468 | 563,869,721 |
| Total liabilities | 665,310,029 | 732,696,339 |
| Commitments and contingencies | — | — |
| Shareholders’ equity | ||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding | — | — |
| Common stock, $0.01 par value, 450,000,000 shares authorized, 54,647,868 and 54,647,868 shares issued, 42,782,681 and 42,782,681 shares outstanding (net of treasury stock), as of June 30, 2026 and March 31, 2026, respectively | 546,478 | 546,478 |
| Additional paid-in-capital | 880,570,312 | 878,549,693 |
| Treasury stock, at cost; 11,865,187 and 11,865,187 shares as of June 30, 2026 and March 31, 2026, respectively | (140,116,177) | (140,116,177) |
| Retained earnings | 495,518,725 | 400,016,384 |
| Total shareholders’ equity | 1,236,519,338 | 1,138,996,378 |
| Total liabilities and shareholders’ equity | 1,901,829,367 | 1,871,692,717 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 138,285,022 | 10,082,101 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 17,649,067 | 18,379,147 |
| Non-cash lease expense | 11,853,276 | 8,490,242 |
| Amortization of financing costs | 554,119 | 295,249 |
| Unrealized (gain)/loss on derivatives | (932,965) | 1,183,841 |
| Stock-based compensation expense | 2,020,619 | 1,757,879 |
| Gain on disposal of vessel | (30,116,869) | — |
| Unrealized foreign currency loss/(gain), net | 66,256 | (241,006) |
| Other non-cash items, net | (188,889) | 21,610 |
| Changes in operating assets and liabilities | ||
| Trade receivables, inventories, prepaid expenses, and other current and non-current assets | (3,022,035) | (1,574,245) |
| Due from related parties | (90,004,070) | (26,671,741) |
| Operating lease liabilities—current and long-term | (11,855,467) | (8,491,076) |
| Trade accounts payable | 1,676,839 | 1,147,369 |
| Accrued expenses and other liabilities | (5,527,600) | 356,959 |
| Due to related parties | 557,995 | 238,204 |
| Payments for drydocking costs | (543,447) | (4,160,059) |
| Net cash provided by operating activities | 30,471,851 | 814,474 |
| Cash flows from investing activities: | ||
| Payments for vessel under construction and other capital expenditures for vessels | (181,515) | (3,056,789) |
| Proceeds from disposal of vessel | 80,730,111 | — |
| Net cash provided by/(used in) investing activities | 80,548,596 | (3,056,789) |
| Cash flows from financing activities: | ||
| Repayment of long-term debt borrowings | (53,404,854) | (13,965,616) |
| Repurchase of common shares | — | (1,822,780) |
| Financing costs paid | (276,692) | — |
| Dividends paid | (42,549,955) | (21,211,264) |
| Net cash used in financing activities | (96,231,501) | (36,999,660) |
| Effects of exchange rates on cash and cash equivalents | (56,996) | 291,277 |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | 14,731,950 | (38,950,698) |
| Cash, cash equivalents, and restricted cash at the beginning of the period | 327,488,955 | 316,953,612 |
| Cash, cash equivalents, and restricted cash at the end of the period | 342,220,905 | 278,002,914 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest, net of amounts capitalized | 6,664,825 | 7,565,280 |
| Cash paid for operating lease liabilities | 13,887,460 | 10,735,854 |
| Right of use assets recognized | 1,826,320 | — |
| Unpaid lease liability on initial recognition | 1,826,320 | — |
| Capitalized drydocking costs included in liabilities | 9,366 | 5,005,670 |
| Vessel-related capital expenditures included in liabilities | 187,303 | 620,893 |
| Unpaid dividends included in liabilities | 933,092 | 1,027,746 |
| Financing costs included in liabilities | 534,600 | 663,600 |
| Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows: | ||
| Cash and cash equivalents | 342,141,482 | 277,921,450 |
| Restricted cash—non-current | 79,423 | 81,464 |
| Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | 342,220,905 | 278,002,914 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗