Core Viewpoint - Dorian LPG Ltd. is positioned as a global leader in LPG shipping, emphasizing fuel-efficient vessels that provide a cost advantage over less compliant, single-fuel vessels [1] Group 1: Company Overview - Dorian LPG Ltd. operates in the LPG shipping sector, focusing on fuel-efficient vessels [1] - The company is benefiting from the recent growth in US LPG exports [1] - High demand for LPG is noted from Asian markets, particularly China and India [1] Group 2: Investment Strategy - The company is part of a broader investment strategy that emphasizes building a resilient, income-generating portfolio with a long-term growth mindset [1] - The investment approach is primarily long-only, blending dividend-paying equities, REITs, and selective growth opportunities [1] - There is a focus on disciplined, fundamentals-driven investing, prioritizing capital preservation while compounding returns over time [1]

Financial Performance - Cash and investments totaled $148.9 million as of March 31, 2023 [9] - Total debt obligations amounted to $663.6 million as of March 31, 2023 [9] - Net income for the three months ended March 31, 2023, was $76.02 million, compared to $35.38 million for the same period in 2022 [21] - Net cash provided by operating activities for the three months ended March 31, 2023, was $98.02 million, compared to $29.92 million for the same period in 2022 [21] Fleet Operations - Helios Pool TCE was $68,019 per available day [13] - Helios Pool Spot + COA TCE was $78,530 per available day [13] - Fleet utilization was 95.7% [13] - Spot TCE was $71,974 per operating day [13] - Spot fleet utilization was 95.3% [13] Market Trends - North American exports increased year-over-year, with total exports reaching 14,832,184 in 1Q23 compared to 12,472,692 in 1Q22 [14] - Estimated quarterly time charter-in expense is projected to be $10.5 million for 1Q 2024, $12.9 million for 2Q 2024, and $13.2 million for 3Q 2024 [10] Scrubber Operations - Average savings from scrubbers were approximately $212.5 per metric ton of HSFO supplied versus VLSFO for the last quarter [20] - Total savings from scrubber operations have reached 116% of the initial investment [20]

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, compared to $41.6 million in Q1 2024 and $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4] - Earnings per share on an adjusted basis were 44 cents for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that amount [5][24] Business Line Data and Key Metrics Changes - The company maintained period coverage for 2025 at 70% of fleet days and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward path with global exports increasing by 4.4% in 2024, and the U.S. marked an 8% year-on-year growth for Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29] Company Strategy and Development Direction - The company is focused on deleveraging and has achieved a net debt-free status, with plans to continue accumulating cash faster [5][24] - The strategy includes diversifying and renewing the fleet, with recent agreements to acquire shares in two jointly owned vessels [7][16] - The company aims to return value to shareholders through share repurchase programs, spending approximately $1.8 million since March 2025 [5][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is expected to pay premium rates West of Suez due to a shortage of suitable vessels in Europe [12] - The company remains cautious but confident in sustaining momentum throughout 2025, with almost every major LPG importer increasing imports [40][41] - The firm believes that the medium-term climate may lead to new trade routes, positively impacting ton-mile demand [32] Other Important Information - The company has scheduled drydockings for three vessels for the remainder of the year, indicating a light year in terms of drydockings [10] - The company has seen a significant reduction in interest costs, which are expected to be further halved in upcoming quarters [19][24] Q&A Session Summary Question: What is the outlook for the LPG market? - The company expects continued growth in global LPG exports, with the U.S. maintaining a strong position despite recent trade tensions [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [24] Question: What are the company's plans for fleet expansion? - The company is looking for opportunities to sell older vessels and replace them with newer tonnage, while also acquiring shares in jointly owned vessels [7][16]

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, compared to $41.6 million in Q1 2024 and $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4][20] - Earnings per share on an adjusted basis were 44¢ for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that figure [5][24] Business Line Data and Key Metrics Changes - The company maintained period coverage for 2025 at 70% of fleet days and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward path with global exports increasing by 4.4% in 2024, and the U.S. marked an 8% year-on-year growth for Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29][30] Company Strategy and Development Direction - The company is focused on deleveraging and has achieved a net debt-free status, with a strategy to accumulate cash faster [5][24] - The company plans to continue diversifying and renewing its fleet, with recent agreements to acquire shares in two vessels [7][16] - The management is looking to extend the duration of charters and maintain a visible revenue stream [6][9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum throughout 2025 despite market uncertainties [40] - The company noted that the market will continue to pay premium rates West of Suez due to a shortage of suitable vessels [12] - The management highlighted the potential for increased LPG volumes due to OPEC's decision to lift oil production cuts [28] Other Important Information - The company has begun a share repurchase program, spending approximately $1.8 million since March 2025 [5][41] - The company expects interest costs to be further reduced in upcoming quarters due to lower debt levels [19] Q&A Session Summary Question: What is the outlook for the LPG market? - The management indicated that global LPG exports are on a steady upward path, with the U.S. being a significant player, and expects continued growth in the market [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [24][41] Question: What are the implications of geopolitical tensions on trade? - The management noted that geopolitical tensions have led to rerouting of trade flows, particularly with China looking to the Middle East for supplies [30]

Financial Data and Key Metrics Changes - The company generated $42 million in revenues during Q1 2025, a slight increase from $41.6 million in Q1 2024 but a decrease from $43.5 million in Q4 2024, indicating resilience in commercial operations [4] - Adjusted net income for Q1 2025 was $16.1 million, similar to Q4 2024 but lower than Q1 2024, primarily due to increased expenses [4][20] - Earnings per share on an adjusted basis were 44¢ for the quarter [4] - The company reduced debt by $54 million in 2025, bringing current debt levels close to $30 million, while maintaining a free cash balance of more than double that figure [5][23] Business Line Data and Key Metrics Changes - The company maintained a period coverage of 70% of fleet days for 2025 and secured over $165 million in future revenues [6][10] - Operating expenses increased by 17% to $13.5 million, mainly due to higher crew costs and maintenance fees [18] - The company concluded three period charters during the quarter, with two extensions, leaving five vessels operating in the spot market [8][9] Market Data and Key Metrics Changes - The U.S. accounted for 63% of imports in Northern Europe in Q1 2025, up from 55% in the previous quarter [11] - The LPG market saw a steady upward trend, with global LPG exports increasing by 4.4% in 2024 and the U.S. marking an 8% year-on-year growth in Q1 2025 [25][26] - China and India increased their LPG imports by 8% and 10% year-on-year, respectively, despite geopolitical tensions affecting trade [29][30] Company Strategy and Development Direction - The company is focused on deleveraging and has successfully reduced its debt, aiming to accumulate cash faster [5][23] - The strategy includes diversifying and renewing the fleet, with plans to sell older vessels and replace them with newer ones [6][7] - The company has begun a share repurchase program, spending approximately $1.8 million on share buybacks since the last call [5][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum throughout 2025, despite a period of uncertainty in the market [40][41] - The company noted that almost every major LPG importer has increased imports, while major exporters have significantly increased exports [40][41] - The firm believes that the market will continue to pay premium rates West of Suez due to a shortage of suitable vessels [12] Other Important Information - The company has no vessels held for sale as of March 31, and the debt situation has improved significantly, with a focus on reducing debt levels [21][22] - The company is familiar with the vessels acquired through joint ventures and expects to take delivery of them soon [16] Q&A Session Summary Question: What is the outlook for the LPG market? - The LPG market is expected to continue its upward trend, with the U.S. maintaining strong export growth and traditional exporters in the Middle East looking to strengthen their exports [25][28] Question: How is the company managing its debt? - The company has successfully reduced its debt significantly and is now net debt-free, allowing for faster cash flow accumulation [23][41] Question: What are the company's plans for fleet renewal? - The company plans to sell older vessels and replace them with newer ones, focusing on maintaining a modern and efficient fleet [6][7]