Dorian LPG(US:LPG)2025-11-05 22:52Financial Performance - Revenues for the second quarter of fiscal year 2026 were $124.1 million, an increase of $41.7 million or 50.5% compared to $82.4 million in the same period last year[5][11] - Net income for the quarter was $55.4 million, or $1.30 per diluted share, compared to $9.4 million, or $0.22 per diluted share, for the same period in the prior year[6][11] - Adjusted net income was $55.8 million, or $1.31 per diluted share, up from $15.0 million, or $0.35 per diluted share, year-over-year[7][11] - Revenues for Q3 2025 reached $124.06 million, a 50.5% increase from $82.43 million in Q3 2024[34] - Net income for Q3 2025 was $55.38 million, compared to $9.43 million in Q3 2024, reflecting a significant increase of 486.5%[34] - Adjusted EBITDA for Q3 2025 was $85.72 million, up from $46.15 million in Q3 2024, representing an increase of 85.7%[34] - Net income for the three months ended September 30, 2025, was $55,382,036, compared to $9,428,605 for the same period in 2024, representing a significant increase[36] - Adjusted EBITDA for the six months ended September 30, 2025, was $124,296,808, slightly up from $124,109,084 for the same period in 2024[36] - Revenues for the three months ended September 30, 2025, reached $124,064,281, compared to $82,433,480 in the same period of 2024, indicating a year-over-year growth of approximately 50.5%[37] Expenses and Costs - Vessel operating expenses per vessel per calendar day rose to $10,705, an increase of 5.8% from $10,114 in the prior year[10][12] - General and administrative expenses decreased by 27.0% to $12.0 million from $16.5 million year-over-year[13] - Interest and finance costs decreased by 19.5% to $7.6 million from $9.4 million in the same quarter last year[14] - Average daily vessel operating expenses increased to $10,705 in Q3 2025 from $10,114 in Q3 2024, a rise of 5.8%[34] - Total expenses for Q3 2025 were $65.36 million, slightly higher than $63.97 million in Q3 2024, reflecting a 2.1% increase[34] Market and Operational Insights - Time Charter Equivalent (TCE) rate per available day increased by 45.2% to $53,725 from $37,010 in the same quarter last year[9][11] - VLGC freight rates averaged $81 per metric ton in Q3 2025, up from $63 per metric ton in Q2 2025, indicating a 28.6% increase[30] - Time charter equivalent rate increased to $53,725 in Q3 2025 from $37,010 in Q3 2024, a rise of 45.2%[34] - The global VLGC fleet expanded with the delivery of five new vessels, with an expected addition of 109 VLGCs/VLACs by 2029[31] - U.S. LPG exports in Q3 2025 reached over 17 million metric tons, approximately 1 million metric tons higher than in Q1 2025[26] - Chinese LPG imports totaled 9.9 million metric tons in Q3 2025, down from over 10 million metric tons in 2024[27] - Global seaborne LPG volumes reached a record high, supported by increased exports from the U.S. and the Middle East[4] Assets and Liabilities - Total assets as of September 30, 2025, were $1,780,158,775, slightly up from $1,778,660,280 as of March 31, 2025[40] - Current liabilities decreased to $114,999,014 as of September 30, 2025, from $107,884,142 as of March 31, 2025[40] - Cash and cash equivalents as of September 30, 2025, were $268,302,758, down from $316,877,584 as of March 31, 2025[40] Dividend and Forward-Looking Statements - Declared an irregular cash dividend of $0.65 per share, totaling approximately $27.8 million, payable on December 2, 2025[1][2] - The Board of Directors retains discretion over dividend declarations, which may be increased, decreased, or eliminated based on various factors[44] - The company emphasizes that its forward-looking statements are based on current expectations and observations regarding future results, which are inherently uncertain[45] - Actual results may differ materially from the company's projections due to various risks and uncertainties, including changes in financial resources and operational capabilities[45] - The company does not assume any obligation to update the information contained in the press release[45]