Baltic VLGC Index Performance Investor Highlights January 2025 1 Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but ...

Core Viewpoint - Dorian LPG reported quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.56 per share, and significantly down from $2.62 per share a year ago, indicating a negative earnings surprise of -23.21% [1][2] Financial Performance - The company posted revenues of $79.72 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 11.04%, and down from $163.07 million year-over-year [2] - Over the last four quarters, Dorian LPG has surpassed consensus EPS estimates only once [2] Stock Performance - Dorian LPG shares have increased approximately 4.1% since the beginning of the year, outperforming the S&P 500's gain of 3.2% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.66 on revenues of $112.81 million, and for the current fiscal year, it is $2.84 on revenues of $397.65 million [7] - The trend for estimate revisions ahead of the earnings release was unfavorable, which may impact future stock movements [6] Industry Context - The Transportation - Shipping industry, to which Dorian LPG belongs, is currently ranked in the bottom 2% of over 250 Zacks industries, suggesting a challenging environment for stock performance [8]

Revenue Performance - Total revenues for the three months ended December 31, 2024, were $80.7 million, a decrease of $82.4 million, or 50.5%, from $163.1 million for the same period in 2023, primarily due to reduced average TCE rates[110]. - Total revenues for the nine months ended December 31, 2024, were $277.5 million, a decrease of $141.9 million or 33.8% from $419.3 million for the same period in 2023[117]. TCE Rates - Average TCE rates declined by $35,867 per available day from $71,938 in Q4 2023 to $36,071 in Q4 2024, influenced by lower spot rates[110]. - Average Time Charter Equivalent (TCE) rates declined by $20,541 per available day, from $61,719 in 2023 to $41,178 in 2024[117]. Market Conditions - The Baltic Exchange Liquid Petroleum Gas Index averaged $55.717 during Q4 2024, compared to $132.773 in Q4 2023, indicating a significant drop in spot market rates[110]. Operating Expenses - Vessel operating expenses increased by $2.2 million, or 11.7%, to $21.4 million in Q4 2024, resulting in an average of $11,097 per vessel per calendar day[111]. - Vessel operating expenses increased by $1.5 million or 2.4% to $61.5 million for the nine months ended December 31, 2024, with daily expenses rising from $10,392 to $10,642 per vessel per calendar day[118]. - General and administrative expenses were $7.5 million for Q4 2024, a decrease of $0.2 million, or 2.5%, from $7.7 million in Q4 2023[112]. - General and administrative expenses rose by $3.8 million or 12.8% to $34.3 million for the nine months ended December 31, 2024, driven by increases in stock-based compensation and cash bonuses[119]. Financial Costs - Interest and finance costs decreased by $1.2 million, or 11.8%, to $8.9 million in Q4 2024, primarily due to a reduction in average indebtedness[113]. - Interest and finance costs decreased by $3.0 million or 9.6% to $27.8 million for the nine months ended December 31, 2024, due to a reduction in average indebtedness[120]. - Interest income increased to $3.8 million in Q4 2024, up from $2.9 million in Q4 2023, attributed to higher average cash balances[114]. - Interest income increased by $5.4 million to $12.0 million for the nine months ended December 31, 2024, attributed to higher average cash balances[121]. Derivatives and Unrealized Gains/Losses - Unrealized gain on derivatives amounted to $2.9 million in Q4 2024, compared to a loss of $6.1 million in Q4 2023, reflecting a favorable change in the fair value of interest rate swaps[115]. - Unrealized loss on derivatives increased by $1.4 million to $3.1 million for the nine months ended December 31, 2024, primarily due to unfavorable changes in interest rate swaps[122]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2024, were $314.5 million, indicating strong liquidity[133]. - For the nine months ended December 31, 2024, the company generated $122.8 million in cash from operations, a decrease of $111.4 million compared to $234.2 million for the same period in 2023[146]. - Net cash used in financing activities for the nine months ended December 31, 2024, was $86.6 million, down from $164.5 million in the same period in 2023[149]. - The company anticipates satisfying its liquidity needs for at least the next twelve months through cash on hand, cash from operations, and potential drawdowns on its revolving credit facility[135]. Debt and Financing - The outstanding balance of long-term debt as of December 31, 2024, was $565.9 million, which includes $53.9 million scheduled for repayment within the next twelve months[134]. - The company issued 2 million shares at $44.50 per share on June 7, 2024, raising net proceeds of approximately $84.4 million after underwriting discounts and commissions[139]. - The company expects to finance future acquisitions through internally generated funds, public or private debt financings, or equity securities[145]. Future Commitments and Investments - The company has approximately $98.4 million in commitments under newbuilding contracts for a VLGC/AC expected to be delivered in the second quarter of 2026[155]. - A newbuilding VLGC/AC with a capacity of 93,000 cbm is expected to be delivered in Q2 2026, with an installment payment of $11.9 million made in January 2025[103]. Industry Context - The LPG shipping industry is capital intensive, requiring significant investments in vessels, upgrades, and maintenance[166]. Hedging and Interest Rate Exposure - As of December 31, 2024, the company has hedged $152.0 million of amortizing principal under the 2023 A&R Debt Facility, representing 80% of the outstanding indebtedness[166]. - A hypothetical increase or decrease of 20 basis points in SOFR rates would result in a change of $0.1 million in interest expense on all non-hedged interest-bearing debt[166]. - The company has entered into interest rate swap agreements to hedge exposure to fluctuations in interest rates associated with its debt financing[166]. - Increased interest rates could adversely impact future earnings due to additional interest expense on the unhedged portion of the debt[166]. Environmental Compliance - The company has installed scrubbers on fifteen vessels to comply with emissions regulations, with ongoing costs included in drydocking and survey expenses[154].

Financial Performance - For the quarter ended December 31, 2024, the company expects time charter equivalent (TCE) revenues to be between $78.7 million and $80.7 million[4] - TCE revenues for the three months ended December 31, 2024, are estimated at $79.7 million after accounting for voyage expenses[9] - Operating expenses are projected to be between $20.4 million and $22.4 million, while general and administrative expenses are expected to be between $4.8 million and $11.6 million[4] Cash and Dividends - Dorian LPG declared an irregular cash dividend of $0.70 per share, returning approximately $30.0 million to shareholders[1] - The company anticipates cash and cash equivalents to be approximately $313.5 million[4] Debt Obligations - Long-term debt obligations are projected to be around $315.5 million[4] Company Operations - The company operates a fleet of twenty-five modern Very Large Gas Carriers (VLGCs), including twenty ECO VLGCs and four dual-fuel ECO VLGCs[10] Future Outlook - A conference call to discuss the financial results will be held on January 31, 2025, at 10:00 a.m. ET[2] - The company has not finalized its financial statement closing process, and the provided information is subject to adjustments[6] - Forward-looking statements indicate that actual results may differ materially from expectations due to various risks and uncertainties[14]

Dorian LPG (LPG) ended the recent trading session at $23.89, demonstrating a +0.67% swing from the preceding day's closing price. The stock's change was more than the S&P 500's daily gain of 0.61%. Elsewhere, the Dow saw an upswing of 0.3%, while the tech-heavy Nasdaq appreciated by 1.28%.Shares of the liquified petroleum gas shipping company have depreciated by 2.55% over the course of the past month, underperforming the Transportation sector's gain of 4.09% and the S&P 500's gain of 2.08%.Market participa ...

Dorian LPG (LPG) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this liquified petroleum gas shipping company have returned +9.6%, compared to the Zacks S&P 500 composite's -1.6% change. During this period, the Zacks Transportation - Shipping industry, which Dorian LPG falls in, has gained 6.9%. The key question now is: What could be ...

In the latest trading session, Dorian LPG (LPG) closed at $27.03, marking a +0.63% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 1.83%. At the same time, the Dow added 1.65%, and the tech-heavy Nasdaq gained 2.45%.Shares of the liquified petroleum gas shipping company have appreciated by 17.09% over the course of the past month, outperforming the Transportation sector's loss of 2.55% and the S&P 500's loss of 3.31%.The investment community will be closely monitor ...

This analysis launches my coverage on Dorian LPG (NYSE: LPG ). Based on some prior feedback, I’d like to exercise some caution here. Shipping / energy / oil & gas aren’t my areas of expertise, so if you’re looking for a detailed and comprehensive sector analysis fromAs a value investor with over a decade of market experience, I've discovered that success in equity markets comes not from supernatural trading abilities, but from finding an investment approach that aligns with one's personality and analytical ...

Dorian LPG (LPG) ended the recent trading session at $23.97, demonstrating a -1.56% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.04% for the day. Elsewhere, the Dow gained 0.07%, while the tech-heavy Nasdaq lost 0.05%.Shares of the liquified petroleum gas shipping company have depreciated by 0.12% over the course of the past month, outperforming the Transportation sector's loss of 6.82% and lagging the S&P 500's gain of 1.05%.The investment ...

Company Overview - BW LPG is an attractive proposition for income-seeking investors [1] - The company has become one of the largest VLGC operators following the transaction with Avance Gas [1] Investment Strategy - The investment ideas focus on overlooked companies that offer asymmetric risk rewards and pay dividends with juicy yields [1] - The analytical approach combines fundamental analysis with technical analysis to time the market effectively [1] Industry Focus - The analyst prefers shipping and mining enterprises but is open to exploring companies from other industries if they fit the investment style [1]