Dorian LPG Profit Surges Tenfold as LPG Rates Climb
The liquefied-petroleum-gas carrier posted $1.90 a share in earnings for its fiscal fourth quarter, up from $0.19 a year earlier.
Dorian LPG Ltd. (LPG), a liquefied-petroleum-gas carrier, reported fiscal fourth-quarter net income of $81.0 million, or $1.90 a share, a roughly tenfold increase from $8.1 million, or $0.19 a share, in the same period a year earlier. The results capped a fiscal year in which earnings more than doubled, underscoring how sharply the VLGC charter market has moved in the company's favor.
Revenue for the quarter ended March 31, 2026, reached $153.3 million, up 102% from $75.9 million a year ago, driven by a surge in time-charter-equivalent rates. The company's TCE rate averaged $63,615 per available day in the quarter, an 80.1% increase from $35,324 in the year-ago period and well above the full-year average of $52,238, reflecting an accelerating rate environment through the fiscal year. The Baltic Exchange LPG Index on the Ras Tanura-Chiba route averaged $90.453 per metric ton in the quarter, up 74.9% from a year earlier.
For the full fiscal year, Dorian posted revenue of $481.5 million, up 36.3% from $353.3 million, and net income of $193.7 million, or $4.54 a share, compared with $90.2 million, or $2.14 a share, in fiscal 2025. Vessel operating expenses fell 22.8% in the quarter to $9,780 per day and 5.3% for the full year to $10,557 per day, providing a partial offset to higher charter-hire costs associated with an expanded chartered-in fleet. Interest and finance costs declined 18.4% for the year to $29.2 million as average long-term debt decreased to $535.5 million from $586.6 million and SOFR rates eased.
The company's forward chartering position remained tight. For the quarter ending June 30, 2026, 99% of available calendar days were fixed at rates exceeding $68,000 per day, up from a floor of $58,000 per day in the prior quarter. 34% of July 2026 days were fixed above $100,000 per day, a new forward-looking metric not previously reported.
Dorian continued to reshape its fleet. The 2014-built VLGC Corsair was sold on July 8, 2026, generating approximately $81.8 million in cash proceeds and allowing the company to repay $24.2 million in associated debt. That transaction followed the June 23 announcement of memoranda of agreement to sell the Corsair and two 2015-built VLGCs for aggregate proceeds of roughly $256 million. The fleet now stands at 26 VLGCs, down from 28 at the end of March and 27 in May.
Even as it sheds older tonnage, Dorian is investing in new capacity. The company placed an order with HD Hyundai for one 90,000-cubic-meter dual-fuel Panamax VLGC at approximately $115 million, with delivery scheduled for July 2029. The current fleet comprises six dual-fuel ECO VLGCs, eighteen ECO VLGCs, and two modern VLGCs.
The board declared another irregular cash dividend of $1.00 a share, or approximately $42.8 million, payable August 12, 2026. That brings total dividends for fiscal 2026 to $104.7 million across four quarterly declarations of $1.00 a share each, continuing a pattern the company has maintained since at least February 2026.