Company Participants - Dorian LPG's conference call featured key executives including John C. Hadjipateras (Chairman, President & CEO), John C. Lycouris (CEO), Taro Rasmussen (Corporate Participant), and Theodore B. Young (CFO) [1][3] Conference Call Overview - The conference call was held to discuss Dorian LPG's first quarter 2026 results, with a reminder that the call is being recorded and a live audio webcast is available on the company's website [1][3] Financial Reporting - Theodore B. Young, the CFO, initiated the discussion on the financial results for the first quarter of 2026, indicating the importance of the financial performance being reviewed [2][3]

Financial Data and Key Metrics Changes - The company reported a TCE (Time Charter Equivalent) per available day of $39,726, despite a heavy drydock schedule resulting in 195 days not available for revenue generation [11] - Adjusted EBITDA for the quarter was $38,600,000, but would have been $49,500,000 after adjustments for bonuses and dry docking expenses [14] - Free cash at the end of the quarter was reported at $278,000,000, with a debt balance of $543,500,000, resulting in a debt to total book capitalization of 34.4% [16][17] Business Line Data and Key Metrics Changes - The Helios Pool reported spot rates for the quarter of about $37,700, indicating strong performance in the charter out portfolio [11] - The company completed 10 of its 12 planned dry dockings for 2025, with two more expected in the upcoming quarter [9][15] - Daily operating expenses (OpEx) for the quarter were $10,108, down from $11,001 in the previous quarter [12] Market Data and Key Metrics Changes - U.S. LPG exports continued a multi-year growth trend, supported by expansions at U.S. fractionation plants and export terminal capacity [7] - Middle Eastern exports increased following the partial unwinding of OPEC plus quotas, contributing to a stable market environment [7][21] - The Eastern market improved by approximately 46% over the quarter, while the Western market improved nearly 16% [25] Company Strategy and Development Direction - The company is focused on returning capital to shareholders, with a dividend of $0.60 per share, totaling $25,600,000, reflecting a commitment to prudent earnings distribution [6][18] - There is an ongoing initiative to convert some VLGCs (Very Large Gas Carriers) to facilitate the carriage of ammonia, enhancing fleet commercial optionality [9][29] - The company aims to balance shareholder distributions, debt reduction, and fleet investment while maintaining a constructive market view [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the market proved resilient, with freight risk strengthening due to healthy arbitrage economics and geopolitical tensions [7] - The company expects a strong increase in rates for the upcoming quarter, with approximately 70% of the pool's fixable days estimated at a TCE in excess of $67,000 per day [12] - Management expressed confidence in the market's adaptability and the ability to recover from external shocks, such as tariffs and geopolitical events [19][23] Other Important Information - The company has returned over $900,000,000 in cash through dividends and share repurchases since inception [16] - The company operates 16 scrubber-fitted vessels and five dual-fuel LPG vessels, focusing on energy efficiency and sustainability [27][30] - The company has developed a decarbonization planning tool to model compliance costs and support long-term value creation [31] Q&A Session Summary Question: What is driving the current market strength? - Management attributed the market strength to the U.S.'s ability to produce and export NGLs, with a positive balance in the market due to incremental growth [36][38] Question: Why is the freight rate capturing a larger share of the export spread? - The increase in terminal capacity has allowed freight rates to capture a larger portion of the arbitrage compared to previous years [39][40] Question: What would happen if ethane trade were disrupted? - Management views ethane carriers as an overhang that could enter the VLGC market if ethane trade were to stop, but they are confident that this scenario is unlikely [46][48]

Financial Data and Key Metrics Changes - The company reported a TCE per available day of $39,726, despite a heavy drydock schedule resulting in 195 days not available for revenue generation [11] - Adjusted EBITDA for the quarter was $38,600,000, but would have been $49,500,000 after adjustments for bonuses and dry docking expenses [14] - Free cash at the end of the quarter was reported at $278,000,000, with a debt balance of $543,500,000, resulting in a debt to total book capitalization of 34.4% [16] Business Line Data and Key Metrics Changes - The Helios Pool reported spot rates for the quarter of about $37,700, indicating strong performance in the charter out portfolio [11] - Daily OpEx for the quarter was $10,108, down from $11,001 in the previous quarter, with spares and stores costs leading the decline [12] Market Data and Key Metrics Changes - U.S. LPG exports continued a multi-year growth trend, supported by ongoing expansion at U.S. fractionation plants and export terminal capacity [7] - The Eastern market improved by approximately 46% over the quarter, while the Western market improved nearly 16% [26] Company Strategy and Development Direction - The company is focused on enhancing energy efficiency and sustainability, with plans to upgrade vessels to carry ammonia cargoes, enhancing commercial optionality [30] - The company aims to balance shareholder distributions, debt reduction, and fleet investment while maintaining a constructive market view [19] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical tensions and tariff escalations have created a resilient market, with freight rates strengthening despite uncertainties [7][20] - The company expects continued positive market conditions due to limited new build deliveries and capacity expansion at U.S. Gulf terminals [26] Other Important Information - The company declared a dividend of $0.60 per share, totaling $25,600,000, reflecting a commitment to returning capital to shareholders [6] - The company has completed 10 of its 12 planned dry dockings for 2025, with two more expected to be completed in the upcoming quarter [8] Q&A Session Summary Question: What is driving the current market strength compared to last year? - Management attributed the market strength to the U.S.'s ability to produce and export NGLs, along with the industry's adaptability to trade barriers [36][38] Question: Why is the freight rate capturing a larger share of the export spread? - The increase in terminal capacity has allowed freight rates to capture a larger portion of the arbitrage compared to previous years [39][40] Question: What would happen if ethane trade in the U.S. were to stop? - Management indicated that ethane carriers would likely enter the VLGC market if ethane trade were halted, but they do not foresee this happening due to strong demand from China [48][49]

Financial Performance & Fleet Statistics - Fleet TCE / Available Day 为 $39,726[6] - Fleet OpEx (reported) / Calendar Day 为 $11,466[6] - Fleet OpEx (ex drydock) / Calendar Day 为 $10,108[6] - Helios Pool TCE / Available Day 为 $38,870[9] - Helios Pool Spot + COA TCE / Available Day 为 $37,718[9] - 公司拥有现金和限制性现金总额为 $278 million[7] - 公司总债务为 $543.5 million[8] - 截至2025年6月30日，公司净收入为 $10.082101 million，去年同期为 $51.288140 million[24] Environmental & Sustainability Initiatives - 公司有16艘安装了洗涤器的船舶和5艘双燃料LPG船舶[23] - Calendar 2Q25 (公司 1Q FY26) 洗涤器船舶每日节省的 HSFO 与 LSFO 之间的差额为 $813/日，扣除所有洗涤器运营支出后[23] Global Seaborne Volumes - 全球海运量环比增长3%，同比增长8%[16]

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section provides a high-level overview of Dorian LPG Ltd.'s recent dividend declaration, Q1 FY2026 financial performance, and key insights from the CEO regarding market conditions [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) Dorian LPG Ltd. declared an irregular cash dividend of $0.60 per share, totaling $25.6 million, payable in August 2025 - Declared an irregular cash dividend of **$0.60 per share**[1](index=1&type=chunk)[2](index=2&type=chunk) - Total capital returned to shareholders: approximately **$25.6 million**[1](index=1&type=chunk)[2](index=2&type=chunk) - Dividend payable on or about August 27, 2025, to shareholders of record as of August 12, 2025[1](index=1&type=chunk)[2](index=2&type=chunk) [Q1 FY2026 Financial Highlights](index=1&type=section&id=Q1%20FY2026%20Financial%20Highlights) For the first quarter of fiscal year 2026, Dorian LPG reported revenues of $84.2 million, a TCE rate of $39,726, and net income of $10.1 million, or $0.24 per diluted share Q1 FY2026 Financial Highlights | Metric | Value | | :-------------------------------- | :---------- | | Revenues | $84.2 million | | Time Charter Equivalent (TCE) rate | $39,726 | | Net income | $10.1 million | | Earnings per diluted share (EPS) | $0.24 | | Adjusted net income | $11.3 million | | Adjusted earnings per diluted share (Adjusted EPS) | $0.27 | | Adjusted EBITDA | $38.6 million | - Declared and paid an irregular cash dividend totaling **$21.3 million** in May 2025[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO noted that Q1 FY2026 results were impacted by a heavy drydocking schedule and market volatility, particularly due to geopolitical movements. Despite this, strong current quarter bookings support a positive outlook rooted in the resilience of the LPG trade - Results impacted by heavy drydocking schedule and market volatility[4](index=4&type=chunk) - Volatility in freight markets was acute due to recent abrupt geopolitical movements[4](index=4&type=chunk) - Bookings for the current quarter are at strong rates, supporting a positive outlook based on the resilience and fundamentals of the LPG trade[4](index=4&type=chunk) [First Quarter Fiscal Year 2026 Financial Results](index=2&type=section&id=First%20Quarter%20Fiscal%20Year%202026%20Financial%20Results) This section details Dorian LPG's Q1 FY2026 financial performance, highlighting significant declines in net income and revenues, alongside changes in operating expenses and other financial metrics [Overall Performance Summary](index=2&type=section&id=Overall%20Performance%20Summary) Net income for Q1 FY2026 significantly decreased to $10.1 million ($0.24 EPS) from $51.3 million ($1.25 EPS) in Q1 FY2025. Adjusted net income also saw a substantial decline, primarily driven by a $30.1 million decrease in revenues and increases in various operating expenses Net Income and EPS Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :-------------------------- | :---------- | :---------- | :----------- | | Net income | $10.1 million | $51.3 million | -$41.2 million | | EPS (diluted) | $0.24 | $1.25 | -$1.01 | | Adjusted net income | $11.3 million | $51.7 million | -$40.4 million | | Adjusted EPS (diluted) | $0.27 | $1.26 | -$0.99 | - The **$40.4 million decrease in adjusted net income** was primarily due to a **$30.1 million decrease in revenues**, increases in general and administrative expenses ($6.5 million), vessel operating expenses ($1.4 million), and depreciation and amortization expenses ($1.2 million)[8](index=8&type=chunk) - TCE rate per available day decreased by **20.9% to $39,726** in Q1 FY2026 from $50,243 in Q1 FY2025[9](index=9&type=chunk) [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Revenues decreased by $30.1 million (26.4%) to $84.2 million in Q1 FY2026, mainly due to reduced average TCE rates and fewer available days. TCE rates declined by $10,517 per available day, influenced by lower spot rates partially offset by lower bunker prices, and available days decreased due to increased drydocking Revenue and TCE Rate Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :---------------- | :---------- | :---------- | :----------- | | Revenues | $84.2 million | $114.3 million | -$30.1 million (-26.4%) | | TCE rate per available day | $39,726 | $50,243 | -$10,517 (-20.9%) | | Available days | 2,086 | 2,260 | -174 | | Baltic Exchange LPG Index (average) | $63.500 | $72.674 | -$9.174 | | Average VLSFO price (average) | $511 | $625 | -$114 | - The reduction in TCE rates was primarily due to lower spot rates, partially offset by lower bunker prices[11](index=11&type=chunk) - Available days for the fleet declined mainly due to an increase in the number of vessels drydocked[11](index=11&type=chunk) [Expense Analysis](index=2&type=section&id=Expense%20Analysis) Total expenses increased by $9.7 million to $69.3 million in Q1 FY2026, driven by higher vessel operating expenses, a significant rise in general and administrative expenses, and increased depreciation and amortization [Vessel Operating Expenses](index=2&type=section&id=Vessel%20Operating%20Expenses) Vessel operating expenses increased by $1.4 million (7.0%) to $21.9 million in Q1 FY2026, with daily expenses rising to $11,466 per vessel per calendar day, primarily due to non-capitalizable drydock-related operating expenses Vessel Operating Expenses Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :-------------------------------- | :---------- | :---------- | :----------- | | Vessel operating expenses | $21.9 million | $20.5 million | +$1.4 million (+7.0%) | | Per vessel per calendar day | $11,466 | $10,717 | +$749 | | Non-capitalizable drydock-related operating expenses (per vessel per calendar day) | +$1,259 | - | +$1,259 | | Daily operating expenses (excluding drydock-related) | $10,108 | $10,617 | -$509 | - Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by **$509**, mainly due to decreases in spares and stores, and repairs and maintenance costs[12](index=12&type=chunk) [General and Administrative Expenses](index=3&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses surged by $6.5 million (62.2%) to $16.9 million in Q1 FY2026, primarily driven by a $5.9 million increase in cash bonuses due to timing differences in approvals General and Administrative Expenses Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :-------------------------------- | :---------- | :---------- | :----------- | | General and administrative expenses | $16.9 million | $10.4 million | +$6.5 million (+62.2%) | | Increase in cash bonuses | +$5.9 million | - | +$5.9 million | | Increase in stock-based compensation | +$0.5 million | - | +$0.5 million | [Interest and Finance Costs](index=3&type=section&id=Interest%20and%20Finance%20Costs) Interest and finance costs decreased by $1.8 million (18.9%) to $7.7 million in Q1 FY2026, mainly due to a reduction in interest on long-term debt, an increase in capitalized interest, and lower loan expenses Interest and Finance Costs Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :------------------------ | :---------- | :---------- | :----------- | | Interest and finance costs | $7.7 million | $9.5 million | -$1.8 million (-18.9%) | | Reduction in interest on long-term debt | -$1.2 million | - | -$1.2 million | | Increase in capitalized interest | +$0.5 million | - | +$0.5 million | - The decrease in interest on long-term debt was driven by a reduction in average indebtedness (from **$606.6 million to $553.0 million**) and a lower SOFR rate[14](index=14&type=chunk) [Other Income and Expenses](index=3&type=section&id=Other%20Income%20and%20Expenses) Other income and expenses saw a net increase in expenses, primarily due to decreased interest income, higher unrealized losses on derivatives, and lower realized gains on derivatives [Interest Income](index=3&type=section&id=Interest%20Income) Interest income decreased by $0.9 million to $2.8 million in Q1 FY2026, mainly due to reduced interest rates and moderately lower average cash balances Interest Income Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :------------- | :---------- | :---------- | :----------- | | Interest income | $2.8 million | $3.7 million | -$0.9 million | - Decrease attributable to reduced interest rates and moderately lower average cash balances[15](index=15&type=chunk) [Unrealized Loss on Derivatives](index=3&type=section&id=Unrealized%20Loss%20on%20Derivatives) Unrealized loss on derivatives increased by $0.8 million to $1.2 million in Q1 FY2026, primarily due to changes in forward SOFR yield curves and notional amounts Unrealized Loss on Derivatives Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :-------------------------- | :---------- | :---------- | :----------- | | Unrealized loss on derivatives | $1.2 million | $0.4 million | +$0.8 million | - Difference primarily attributable to changes in forward SOFR yield curves and changes in notional amounts[16](index=16&type=chunk) [Realized Gain on Derivatives](index=3&type=section&id=Realized%20Gain%20on%20Derivatives) Realized gain on derivatives decreased by $1.2 million to $0.5 million in Q1 FY2026, entirely due to the expiration of three interest rate swaps with lower fixed rates Realized Gain on Derivatives Comparison (Q1 FY2026 vs. Q1 FY2025) | Metric | Q1 FY2026 | Q1 FY2025 | Change (YoY) | | :------------------------ | :---------- | :---------- | :----------- | | Realized gain on derivatives | $0.5 million | $1.7 million | -$1.2 million | - The unfavorable difference is entirely due to the expiration of three interest rate swaps with a lower fixed rate[17](index=17&type=chunk) [Fleet Information](index=4&type=section&id=Fleet%20Information) This section provides an overview of Dorian LPG's current fleet composition, including owned and time-chartered VLGCs, their capacities, and operational characteristics [Current Fleet Details](index=4&type=section&id=Current%20Fleet%20Details) As of July 30, 2025, Dorian LPG's fleet consists of 21 owned VLGCs and 5 time chartered-in VLGCs, totaling 26 vessels with a combined capacity of 2,176,265 Cbm, with many being ECO-type, scrubber-equipped, or dual-fuel capable Dorian LPG Fleet as of July 30, 2025 | Category | Number of Vessels | Total Capacity (Cbm) | | :----------------- | :---------------- | :------------------- | | Dorian VLGCs (Owned) | 21 | 1,762,000 | | Time chartered-in VLGCs | 5 | 414,265 | | **Total Fleet** | **26** | **2,176,265** | - The majority of Dorian VLGCs are ECO vessels, with many equipped with scrubbers or dual-fuel capabilities[20](index=20&type=chunk) - Most vessels operate in the Helios Pool on voyage charters, with two owned vessels (Commodore, Challenger) on Pool-TCO arrangements with time charter-out expirations in Q2 2027 and Q3 2026, respectively[20](index=20&type=chunk)[22](index=22&type=chunk) [Market Outlook & Industry Trends](index=5&type=section&id=Market%20Outlook%20%26%20Industry%20Trends) This section analyzes the geopolitical, economic, and product market factors influencing the VLGC freight market, alongside global fleet developments and seasonality trends [Geopolitical and Economic Factors](index=5&type=section&id=Geopolitical%20and%20Economic%20Factors) Q2 2025 saw significant market volatility driven by geopolitical developments, including U.S.-China tariffs on LPG imports and tensions in the Middle East, which disrupted trade movements and influenced pricing - Geopolitical developments, including U.S.-China tariffs and Middle East tensions, drove market volatility in Q2 2025[26](index=26&type=chunk) - China initially imposed **125% tariffs** on U.S. LPG imports, effectively halting trade, but a 90-day truce reduced tariffs to **10%** in May, restoring market normalcy[26](index=26&type=chunk) - Economic uncertainty led to lower crude oil prices throughout Q2 2025[27](index=27&type=chunk) [LPG Product Market](index=5&type=section&id=LPG%20Product%20Market) Propane and butane prices declined across major regions in Q2 2025 due to falling crude oil prices. Reduced import demand, influenced by tariffs and petrochemical capacity shutdowns in Europe and the Far East, impacted the market, though petrochemical margins generally improved Average Propane Prices (Q2 2025 vs. Q1 2025) | Region | Q2 2025 (Avg $/MT) | Q1 2025 (Avg $/MT) | Change | | :--------------- | :----------------- | :----------------- | :----- | | Northern Europe | $465 | $566 | -$101 | | Far East | $533 | $616 | -$83 | | U.S. Gulf | $408 | $469 | -$61 | - Reduced **10% import tariffs** continued to pressure petrochemical margins and kept overall import demand in check[28](index=28&type=chunk) - Petrochemical capacity shutdowns included Dow's Terneuzen No. 3 cracker (**90,000 tons/month LPG demand loss**) and Wanhua's Yantai facility switching feedstock from propane to ethane[28](index=28&type=chunk) - Petrochemical economics improved in Q2 2025, with average margins for ethylene production via steam cracking for propane rising in Europe and the Far East[29](index=29&type=chunk) [VLGC Freight Market](index=5&type=section&id=VLGC%20Freight%20Market) VLGC freight rates were volatile in Q2 2025, averaging around $63 per metric ton on the Ras Tanura–Chiba route but fluctuating significantly. Geopolitical disruptions and limited fleet additions supported rates despite moderate import demand, leading to an overall increase of approximately $12 per metric ton compared to the previous quarter - VLGC freight rates were volatile in Q2 2025, with the Baltic Index on the Ras Tanura–Chiba route averaging around **$63 per metric ton** but fluctuating between **$30 and $90 per metric ton**[31](index=31&type=chunk) - Geopolitical developments led to multiple vessel redirections and increased idle time, supporting freight rates[31](index=31&type=chunk) - Overall, rates increased by approximately **$12 per metric ton** compared to the previous quarter[31](index=31&type=chunk) [Global VLGC Fleet Development](index=5&type=section&id=Global%20VLGC%20Fleet%20Development) The global VLGC fleet saw a modest expansion with two new vessel deliveries in Q2 2025. An additional 114 VLGCs/VLACs are expected by 2029, representing 28.2% of the current global fleet, with the average age of the fleet now at 10.9 years - Two new vessels were delivered to the global VLGC fleet in Q2 2025[32](index=32&type=chunk) - An additional **114 VLGCs/VLACs (10.2 million cbm)** are expected by calendar year 2029[32](index=32&type=chunk) - The VLGC/VLAC orderbook stands at approximately **28.2% of the global fleet**, and the average age of the global fleet is **10.9 years**[32](index=32&type=chunk) [Seasonality](index=7&type=section&id=Seasonality) Historically, the LPG shipping market is stronger in spring and summer due to anticipated winter heating demand, but recent petrochemical industry buying has smoothed out typical seasonal fluctuations. There is no guarantee this trend will continue, and expiring time charters during weaker fiscal quarters could lead to lower rates or off-hire time - LPG shipping market historically stronger in spring and summer (quarters ending June 30 and September 30) due to increased consumption for heating[34](index=34&type=chunk) - Increased petrochemical industry buying has contributed to less marked seasonality than in the past, but this trend is not guaranteed to continue[34](index=34&type=chunk) - Expiration of time charters during typically weaker fiscal quarters (ending December 31 and March 31) may result in lower re-charter rates or off-hire time[34](index=34&type=chunk) [Detailed Financial Statements and Non-GAAP Reconciliations](index=7&type=section&id=Detailed%20Financial%20Statements%20and%20Non-GAAP%20Reconciliations) This section provides detailed financial statements, including the Statement of Operations and Balance Sheets, along with reconciliations for non-GAAP measures like Adjusted EBITDA, TCE Rate, and Adjusted Net Income/EPS [Statement of Operations](index=7&type=section&id=Statement%20of%20Operations) The Statement of Operations shows a significant decline in net income for the three months ended June 30, 2025, compared to the prior year, driven by lower revenues and increased expenses across several categories Statement of Operations Data (Three months ended June 30) | (in U.S. dollars) | 2025 | 2024 | | :-------------------------------- | :----------- | :----------- | | Revenues | $84,211,966 | $114,353,042 | | Voyage expenses | $1,342,756 | $804,985 | | Charter hire expenses | $10,721,911 | $10,645,140 | | Vessel operating expenses | $21,911,606 | $20,480,279 | | Depreciation and amortization | $18,379,147 | $17,170,986 | | General and administrative expenses | $16,910,101 | $10,424,070 | | Total expenses | $69,265,521 | $59,525,460 | | Operating income | $15,591,809 | $55,473,525 | | Interest and finance costs | $(7,714,797) | $(9,518,430) | | Interest income | $2,843,446 | $3,728,507 | | Unrealized loss on derivatives | $(1,183,841) | $(421,627) | | Realized gain on derivatives | $539,429 | $1,717,249 | | Net income | $10,082,101 | $51,288,140 | | Earnings per common share—diluted | $0.24 | $1.25 | [Adjusted EBITDA Reconciliation](index=7&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA, a non-GAAP measure used to assess financial and operating performance, decreased significantly to $38.6 million in Q1 FY2026 from $78.0 million in Q1 FY2025. The reconciliation adjusts net income for interest, derivatives, stock-based compensation, and depreciation/amortization - Adjusted EBITDA is a non-U.S. GAAP measure used by management and investors to assess financial and operating performance by increasing comparability between periods[35](index=35&type=chunk)[36](index=36&type=chunk) Adjusted EBITDA Reconciliation (Three months ended June 30) | (in U.S. dollars) | 2025 | 2024 | | :-------------------------------- | :----------- | :----------- | | Net income | $10,082,101 | $51,288,140 | | Interest and finance costs | $7,714,797 | $9,518,430 | | Unrealized (gain)/loss on derivatives | $1,183,841 | $421,627 | | Realized gain on interest rate swaps | $(539,429) | $(1,717,249) | | Stock-based compensation expense | $1,757,879 | $1,275,459 | | Depreciation and amortization | $18,379,147 | $17,170,986 | | **Adjusted EBITDA** | **$38,578,336** | **$77,957,393** | [Time Charter Equivalent (TCE) Rate Reconciliation](index=8&type=section&id=Time%20Charter%20Equivalent%20(TCE)%20Rate%20Reconciliation) The TCE rate, a non-GAAP measure of daily revenue performance, decreased to $39,726 in Q1 FY2026. The calculation method has been updated to include unscheduled maintenance in available days, aligning with industry practice and the Helios Pool, which accounts for over 95% of revenue - TCE rate is a non-U.S. GAAP measure of average daily revenue performance, used to compare period-to-period changes despite varying charter types[40](index=40&type=chunk) - The definition of available days has been updated to include unscheduled maintenance, reflecting industry practice and consistency with the Helios Pool[39](index=39&type=chunk)[40](index=40&type=chunk) TCE Rate Reconciliation (Three months ended June 30) | (in U.S. dollars, except available days) | 2025 | 2024 | | :--------------------------------------- | :----------- | :----------- | | Revenues | $84,211,966 | $114,353,042 | | Voyage expenses | $(1,342,756) | $(804,985) | | Time charter equivalent | $82,869,210 | $113,548,057 | | Pool adjustment | $895,366 | $(2,050) | | Time charter equivalent excluding pool adjustment | $83,764,576 | $113,546,007 | | Available days | 2,086 | 2,260 | | **TCE rate** | **$39,726** | **$50,243** | | TCE rate excluding pool adjustment | $40,156 | $50,242 | [Adjusted Net Income and EPS Reconciliation](index=9&type=section&id=Adjusted%20Net%20Income%20and%20EPS%20Reconciliation) Adjusted net income and adjusted EPS, non-GAAP measures, are presented to provide insight into underlying performance. For Q1 FY2026, adjusted net income was $11.3 million ($0.27 adjusted EPS), down from $51.7 million ($1.26 adjusted EPS) in Q1 FY2025, primarily by excluding unrealized loss on derivatives - Adjusted net income and adjusted EPS are non-U.S. GAAP measures useful for understanding underlying performance and business trends[42](index=42&type=chunk) Adjusted Net Income and EPS Reconciliation (Three months ended June 30) | (in U.S. dollars, except share data) | 2025 | 2024 | | :----------------------------------- | :----------- | :----------- | | Net income | $10,082,101 | $51,288,140 | | Unrealized loss on derivatives | $1,183,841 | $421,627 | | **Adjusted net income** | **$11,265,942** | **$51,709,767** | | Earnings per common share—diluted | $0.24 | $1.25 | | Unrealized loss on derivatives (per share) | $0.03 | $0.01 | | **Adjusted earnings per common share—diluted** | **$0.27** | **$1.26** | [Balance Sheets](index=10&type=section&id=Balance%20Sheets) The unaudited balance sheets show a decrease in total assets from $1,778.7 million as of March 31, 2025, to $1,749.1 million as of June 30, 2025, primarily driven by a reduction in cash and cash equivalents and net vessels. Total liabilities also decreased, leading to a slight reduction in total shareholders' equity Unaudited Balance Sheets (As of June 30, 2025, and March 31, 2025) | (in U.S. dollars) | June 30, 2025 | March 31, 2025 | | :------------------------------------------------ | :------------ | :------------- | | Cash and cash equivalents | $277,921,450 | $316,877,584 | | Total current assets | $371,659,818 | $382,356,404 | | Vessels, net | $1,134,400,127 | $1,149,806,782 | | Total assets | $1,749,083,305 | $1,778,660,280 | | Total current liabilities | $111,845,782 | $107,884,142 | | Long-term debt—net | $485,497,697 | $498,773,969 | | Total liabilities | $714,283,780 | $732,554,095 | | Total shareholders' equity | $1,034,799,525 | $1,046,106,185 | [Company Information & Disclosures](index=11&type=section&id=Company%20Information%20%26%20Disclosures) This section provides an overview of Dorian LPG Ltd., including its fleet and global operations, along with important cautionary notes regarding forward-looking statements and dividend declarations [About Dorian LPG Ltd.](index=11&type=section&id=About%20Dorian%20LPG%20Ltd.) Dorian LPG Ltd. is a leading owner and operator of modern Very Large Gas Carriers (VLGCs), with a current fleet of twenty-six vessels, including ECO and dual-fuel VLGCs, operating globally from offices in Stamford, Copenhagen, and Athens - Dorian LPG is a leading owner and operator of modern Very Large Gas Carriers (VLGCs) for global liquefied petroleum gas transport[46](index=46&type=chunk) - Current fleet comprises **twenty-six modern VLGCs**, including twenty ECO VLGCs, five dual-fuel ECO VLGCs, and one modern VLGC[46](index=46&type=chunk) - The company has offices in Stamford, CT, USA; Copenhagen, Denmark; and Athens, Greece[46](index=46&type=chunk) [Forward-Looking Statements and Cautionary Notes](index=11&type=section&id=Forward-Looking%20Statements%20and%20Cautionary%20Notes) This section provides standard disclaimers regarding irregular dividends, which are subject to Board discretion and various factors, and forward-looking statements, which are inherently uncertain and subject to risks that could cause actual results to differ materially - All dividend declarations are subject to the Board of Directors' determination and discretion, based on various factors including financial condition, capital requirements, and contractual restrictions[47](index=47&type=chunk) - Forward-looking statements are predictive in nature and represent current expectations, but are subject to inherent uncertainties, risks, and other factors that could cause actual results to differ materially[48](index=48&type=chunk) - The Company does not assume any obligation to update the information contained in this press release[48](index=48&type=chunk) [Conference Call & Contact Information](index=11&type=section&id=Conference%20Call%20%26%20Contact%20Information) Details for the Q1 FY2026 earnings conference call, including dial-in and webcast access, are provided. Contact information for investor relations is also included - A conference call to discuss results was held on Friday, August 1, 2025, at 10:00 a.m. ET, with replay available until August 8, 2025[44](index=44&type=chunk) - A live webcast of the conference call was available under the investor relations section at www.dorianlpg.com[45](index=45&type=chunk) - Contact for investor relations is Ted Young, Chief Financial Officer, at +1 (203) 674-9900 or IR@dorianlpg.com[49](index=49&type=chunk)

Core Insights - Dorian LPG is set to report its first-quarter fiscal 2026 results, with earnings estimated at 61 cents per share, reflecting a 51.6% decrease year-over-year [1][6] - Revenue estimates for the same quarter are pegged at $86.5 million, indicating a 24.4% decline from the previous year [2][6] - Factors such as tariff-induced uncertainties, supply chain disruptions, and geopolitical challenges are expected to negatively impact the results [2][3] Financial Performance Expectations - The reduced average time charter equivalent rates are anticipated to adversely affect Dorian LPG's top line in the upcoming quarter [3] - High vessel operating expenses are likely to pressure the bottom line, despite increased demand for liquefied petroleum gases potentially providing some support [3][6] - The company's Earnings ESP stands at 0.00%, indicating no expected earnings beat, although it holds a Zacks Rank 1 (Strong Buy) [4][6] Industry Context - The broader Zacks Transportation sector includes other stocks that may have favorable conditions for beating earnings estimates, such as Expeditors International of Washington and GXO Logistics [6][7][8] - Expeditors International is expected to report second-quarter 2025 earnings with an Earnings ESP of +0.11% and a Zacks Rank 3 [6][7] - GXO Logistics has an Earnings ESP of +8.33% and is also scheduled to report second-quarter 2025 earnings [7][8]

The Netherlands, 30 July 2025 Vopak reports strong HY1 2025 results driven by a resilient portfolio and is increasing FY 2025 outlook  Key highlights HY1 2025 Improve Net profit -including exceptional items- in HY1 2025 of EUR 319 million and EPS of EUR 2.74, increased by 58% year-on-yearProportional EBITDA -excluding exceptional items1- in HY1 2025 of EUR 615 million an increase of 3% year-on-yearSuccessful listing of our joint venture AVTL in India, generated a EUR 111 million exceptional gainSuccessfully ...

Core Insights - Fusion Fuel Green PLC announced new projects through its subsidiary Al Shola Al Modea Gas Distribution LLC, focusing on liquefied petroleum gas (LPG) systems in Dubai, UAE [1][4] Project Details - The largest new projects are valued at over AED 1.9 million (approximately $517,000), including a 20-floor residential building with 722 apartments valued at AED 885,000 (approximately $241,000) and an 8-floor mixed-use development valued at AED 850,000 (approximately $232,000) [2] - Additional contracts have a total estimated value of approximately AED 200,000 (approximately $54,000), contributing significantly to Al Shola Gas's project pipeline [3] Market Demand - Since the beginning of 2025, Al Shola Gas has averaged between 580 and 630 metric tons (MT) of bulk LPG and 160 to 180 MT of LPG in cylinders per month, indicating strong demand for LPG in the UAE market [4] Strategic Outlook - The CEO of Fusion Fuel highlighted that these new orders enhance Al Shola Gas's market presence and support the company's strategy to grow its energy services platform in the Gulf region, with a fully booked engineering team for the next 18 months [4]

In the latest trading session, Dorian LPG (LPG) closed at $28.04, marking a -1.65% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.14%. Elsewhere, the Dow saw a downswing of 0.04%, while the tech-heavy Nasdaq appreciated by 0.38%. Shares of the liquified petroleum gas shipping company witnessed a gain of 11.54% over the previous month, beating the performance of the Transportation sector with its gain of 3.95%, and the S&P 500's gain of 5.35%.Investors will be eage ...

Company Overview - Dorian LPG is currently ranked 1 (Strong Buy) in the Zacks Rank system, indicating strong potential for outperforming the market [3] - The Zacks Consensus Estimate for Dorian LPG's full-year earnings has increased by 63.6% over the past quarter, reflecting improved analyst sentiment [4] Performance Comparison - Dorian LPG has returned approximately 14.4% year-to-date, significantly outperforming the average loss of 3.8% in the Transportation sector [4] - In the Transportation - Shipping industry, Dorian LPG is performing better than the average loss of 2.5% this year [6] Industry Context - The Transportation group, which includes Dorian LPG, is currently ranked 10 within the Zacks Sector Rank, which consists of 16 groups [2] - The Transportation - Shipping industry, where Dorian LPG belongs, is ranked 44 in the Zacks Industry Rank [6] Future Outlook - Investors should continue to monitor Dorian LPG as it is expected to maintain its solid performance in the Transportation sector [7]