In the latest trading session, Dorian LPG (LPG) closed at $32.76, marking a -0.67% move from the previous day. This move lagged the S&P 500's daily gain of 0.4%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq appreciated by 0.63%. Coming into today, shares of the liquified petroleum gas shipping company had lost 6.81% in the past month. In that same time, the Transportation sector gained 0.9%, while the S&P 500 gained 3.76%. Analysts and investors alike will be keeping a close eye o ...

Core Viewpoint - Dorian LPG Limited (LPG) is facing multiple challenges that render it an unattractive investment option [1] Earnings Estimates - The Zacks Consensus Estimate for third-quarter 2024 earnings has been revised downward by 77.2% in the past 60 days [2] - For 2024 and 2025, the consensus earnings estimates have decreased by 12.5% and 32.5%, respectively, indicating a decline in broker confidence [2] - Dorian LPG currently holds a Zacks Rank of 5 (Strong Sell) [2] Price Performance - Year-to-date, LPG has lost 21.6%, contrasting with the industry's growth of 24.5% [3] Valuation - Dorian LPG shares are trading at a forward price/earnings ratio of 3.47x, which is higher than the industry average of 2.23x and above its five-year low of 2.82x [6] - The company has a Value Score of C, indicating unattractive valuation [6] Market Conditions - The Very Large Gas Carrier (VLGC) market is currently unfavorable, with a 32% order book and 14% of vessels being over 20 years old, suggesting a potential supply glut [7] - The resolution of the Red-Sea crisis is expected to negatively impact VLGC ton miles, leading to lower day rates [7]

AleksandarGeorgiev/E+ via Getty Images Note: Investors should view this article as an update to my previous coverage of BW LPG, where I commented on their Q3 2023 report. Investment Thesis BW LPG Limited (NYSE:BWLP) (OTCPK:BWLLY) just reported Q2 earnings: EPS of $0.58 ($0.59 in Q2 last year, -1.6%). TCE per available day was $49,660 ($52,500, -5.4%). it declared a $0.58 quarterly dividend ($0.81, -28%). The market responded by adjusting BW's stock price down by 1.8%. BWLP made waves recently by acquiring p ...

Investors in Dorian LPG Ltd. (LPG) need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 20, 2024 $23 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also me ...

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=10&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The unaudited condensed consolidated financial statements for the three months ended June 30, 2024, show total revenues of $114.4 million and net income of $51.3 million. Total assets decreased to $1.91 billion from $1.84 billion at March 31, 2024, primarily due to a decrease in cash and cash equivalents. Total liabilities increased slightly to $791.9 million. The company generated $41.2 million in cash from operations and paid $40.4 million in dividends [Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Condensed Consolidated Statements of Operations (Three months ended June 30) | Financial Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Total Revenues** | $114,353,042 | $111,562,907 | | **Operating Income** | $55,473,525 | $55,622,307 | | **Net Income** | $51,288,140 | $51,721,137 | | **Earnings Per Share (Basic)** | $1.25 | $1.29 | | **Earnings Per Share (Diluted)** | $1.25 | $1.28 | Condensed Consolidated Balance Sheet Highlights | Balance Sheet Item | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $353,286,506 | $282,507,971 | | **Total Assets** | $1,911,790,897 | $1,837,650,165 | | **Total Liabilities** | $791,925,962 | $814,117,082 | | **Total Shareholders' Equity** | $1,119,864,935 | $1,023,533,083 | Condensed Consolidated Statements of Cash Flows (Three months ended June 30) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $41,224,784 | $63,265,349 | | **Net cash used in investing activities** | ($1,251,982) | ($2,344,946) | | **Net cash provided by/(used in) financing activities** | $30,830,300 | ($54,052,986) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - As of June 30, 2024, the company's fleet consists of **twenty-five VLGCs**. The company is also constructing a new **93,000 cbm VLGC/Ammonia Carrier** expected for delivery in **Q2 2026**[24](index=24&type=chunk) - The company holds a **50% interest** in the Helios LPG Pool LLC, a joint venture with MOL Energia. As of June 30, 2024, the Helios Pool operated **thirty VLGCs**, including **twenty-four** from Dorian's fleet. Net receivables from the Helios Pool were **$104.5 million**[40](index=40&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) Total Debt Obligations | Date | Total Debt Obligations | Debt Obligations (Net of deferred fees) | | :--- | :--- | :--- | | **June 30, 2024** | $597,107,209 | $592,065,493 | | **March 31, 2024** | $610,451,757 | $605,092,530 | - On June 7, 2024, the company issued **2 million shares** at **$44.50 per share**, generating gross proceeds of **$89.0 million**[69](index=69&type=chunk) - The Board of Directors declared an irregular cash dividend of **$1.00 per share** on April 25, 2024, totaling **$40.6 million**, which was paid on May 29, 2024[67](index=67&type=chunk) - As of June 30, 2024, the company has a commitment of **$98.4 million** for the construction of a newbuilding VLGC/AC and **$2.5 million** for scrubbers and other vessel upgrades[85](index=85&type=chunk)[86](index=86&type=chunk) - Subsequent to the quarter end, on July 24, 2024, the Board declared another irregular cash dividend of **$1.00 per share**, totaling **$42.6 million**, payable in August 2024[90](index=90&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=31&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management reports a 2.5% increase in total revenues to $114.4 million for the quarter ended June 30, 2024, compared to the prior year, driven by a larger fleet size, although this was partially offset by lower fleet utilization (90.4% vs 98.0%). Average Time Charter Equivalent (TCE) rates per operating day increased to $55,228. Net income remained stable at $51.3 million. The company strengthened its liquidity with $84.5 million net proceeds from a common stock issuance and ended the quarter with $353.3 million in cash [Overview](index=31&type=section&id=Overview) - As of July 25, 2024, Dorian's fleet consists of **25 VLGCs** with an aggregate capacity of approximately **2.1 million cbm** and an average age of **7.9 years**[92](index=92&type=chunk) - The company is constructing a new **93,000 cbm VLGC/Ammonia Carrier**, expected for delivery in the **second calendar quarter of 2026**[92](index=92&type=chunk) - **Fifteen** of the company's ECO VLGCs are fitted with **scrubbers**, allowing them to burn less refined, cheaper fuel and potentially earn higher TCE rates[93](index=93&type=chunk) - As of July 25, 2024, **twenty-four** of the **twenty-five VLGCs** were employed in the Helios Pool, a commercial pool operated as a joint venture with MOL Energia[94](index=94&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Revenue Comparison (Three months ended June 30) | Revenue Type | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | **Net pool revenues—related party** | $109,407,054 | $104,386,551 | 4.8% | | **Time charter revenues** | $3,414,351 | $6,423,472 | (46.8)% | | **Total Revenues** | $114,353,042 | $111,562,907 | 2.5% | - The **2.5% increase in revenue** was primarily due to an increase in fleet size, partially offset by a reduction in fleet utilization from **98.0% in Q2 2023 to 90.4% in Q2 2024**[103](index=103&type=chunk) - Average TCE rates per operating day increased by **$4,072 to $55,228**, but TCE rates per available day slightly decreased to **$49,911 from $50,164** year-over-year[103](index=103&type=chunk) - Vessel operating expenses increased by **3.2% to $20.5 million**, or **$10,717 per vessel per calendar day**, mainly due to higher costs for spares, stores, and crew wages[104](index=104&type=chunk) - General and administrative expenses rose **13.1% to $10.4 million**, driven by increases in stock-based compensation and cash bonuses[105](index=105&type=chunk) [Operating Statistics and Reconciliation of GAAP to non-GAAP Measures](index=36&type=section&id=Operating%20Statistics%20and%20Reconciliation%20of%20GAAP%20to%20non-GAAP%20Measures) Key Operating Statistics (Three months ended June 30) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Available days** | 2,275 | 2,219 | | **Operating days** | 2,056 | 2,175 | | **Fleet utilization** | 90.4% | 98.0% | | **Time charter equivalent rate** | $55,228 | $51,156 | Reconciliation of Net Income to Adjusted EBITDA | (in U.S. dollars) | Three months ended June 30, 2024 | Three months ended June 30, 2023 | | :--- | :--- | :--- | | **Net income** | $51,288,140 | $51,721,137 | | Interest and finance costs | $9,518,430 | $10,403,849 | | Unrealized (gain)/loss on derivatives | $421,627 | ($2,859,274) | | Realized gain on interest rate swaps | ($1,717,249) | ($1,847,764) | | Stock-based compensation expense | $1,275,459 | $776,607 | | Depreciation and amortization | $17,170,986 | $16,655,317 | | **Adjusted EBITDA** | **$77,957,393** | **$74,849,872** | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2024, the company had cash and cash equivalents of **$353.3 million**[117](index=117&type=chunk) - Primary sources of capital during the quarter were **$84.5 million in net proceeds** from a common stock issuance and **$41.2 million in cash from operations**[118](index=118&type=chunk)[121](index=121&type=chunk) - Total long-term debt, net of deferred financing fees, was **$592.1 million** as of June 30, 2024, with **$53.7 million** scheduled for repayment within the next twelve months[118](index=118&type=chunk) - The company paid an irregular cash dividend of **$1.00 per share**, totaling **$40.4 million**, on May 29, 2024[123](index=123&type=chunk) - As of June 30, 2024, the company had approximately **$98.4 million** in outstanding commitments for its newbuilding VLGC/AC[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to interest rate risk from its long-term debt, a portion of which is tied to the Secured Overnight Financing Rate (SOFR). To mitigate this, the company has hedged $160 million of amortizing principal, representing 80% of the outstanding debt under its 2023 A&R Debt Facility. A hypothetical 20 basis point change in SOFR would impact annual interest expense on the unhedged portion by approximately $0.1 million - The company has hedged **$160 million** of amortizing principal under the 2023 A&R Debt Facility, covering **80%** of its outstanding balance, to mitigate interest rate risk from fluctuating SOFR[144](index=144&type=chunk) - A hypothetical **20 basis point (0.20%)** increase or decrease in SOFR would change the company's annual interest expense on its unhedged debt by approximately **$0.1 million**[144](index=144&type=chunk) [Controls and Procedures](index=46&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of June 30, 2024, concluding they are effective with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2024[145](index=145&type=chunk) - **No changes** were made during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[146](index=146&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is subject to legal proceedings and claims in the ordinary course of business but is not aware of any material claims that would require disclosure or provision in the financial statements - The company is **not aware of any material legal claims** that would require disclosure or the establishment of a provision in its financial statements[148](index=148&type=chunk) [Risk Factors](index=47&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section updates risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2024, with no new specific risks detailed in this quarterly report - The report refers to the risk factors detailed in the Annual Report on Form 10-K for the year ended March 31, 2024, indicating **no new material risk factors** are being introduced in this quarterly report[149](index=149&type=chunk) [Other Information](index=47&type=section&id=ITEM%205.%20OTHER%20INFORMATION) During the three months ended June 30, 2024, no director or officer of the company adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement - **No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements** during the quarter[150](index=150&type=chunk)

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>. Dorian LPG (LPG) could be a solid addition to your portfolio given its recent upgrade to a Zac ...

Investors should also take note of any recent adjustments to analyst estimates for Dorian LPG. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outsideaudited track record of outperformance, with #1 stocks generating an average annual return of ...

Replays are Available NEW YORK, July 08, 2024 (GLOBE NEWSWIRE) -- Leading shipowners presented at the "4th Annual Capital Link Decarbonization in Shipping Forum" digital conference held on Monday, July 1, 2024, sharing their insights on the challenges and opportunities arising by the industry wide drive to decarbonization in their respective shipping sector, the commercial investments and strategies and decision-making factors, and the steps necessary to reach a net – zero future. The Shipowner's Perspectiv ...

Heading into today, shares of the liquified petroleum gas shipping company had lost 12.44% over the past month, lagging the Transportation sector's loss of 2.02% and the S&P 500's gain of 2.83% in that time. Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system. The Zacks Industry Rank ga ...

DOWNERS GROVE, Ill., June 19, 2024 /PRNewswire/ -- RegO® Products, part of OPW Clean Energy Solutions and Dover (NYSE: DOV), today announced the launch of its new SSA3218F Series 3" Single Flange Interval Valve. This stainless-steel model is designed for use in liquefied petroleum gas (LPG) and anhydrous ammonia (NH3) loading and unloading activities for bobtails, transport trucks, nurse tanks, and liquid-storage plants and terminals. The SSA3218F valve can be actuated manually, via remote cable or through ...