Dorian LPG(US:LPG)2022-04-02 13:32Company Overview - Dorian LPG is a US-based LPG shipping company with a global presence, operating a modern fleet of VLGCs[6] - The company's owned fleet has an average age of 7.8 years, compared to the global fleet average of 10.5 years[6] - Dorian LPG commercially manages 26 vessels, including those in the Helios LPG Pool[53] LPG Market Fundamentals - LPG is a byproduct of oil and gas production, with approximately 60% coming from gas production and 40% from oil production and refining[13] - Global seaborne LPG volumes increased by 4% year-over-year from 106.9 million tons in 2020 to 110.9 million tons in 2021[19] - US waterborne exports of LPG increased by 10% year-over-year from 46.2 million tons in 2020 to 50.8 million tons in 2021[20] Supply and Demand Dynamics - US LPG exports accounted for 46% of global seaborne trade in 2021[21] - China's LPG imports increased by 25% in 2021, driven by PDH capacity additions and higher cracking demand[27] - India's LPG imports increased by 11.9% year-over-year in 4Q21, reaching 4.8 million tons compared to 4.3 million tons in 4Q20[31] Fleet and Operations - Fleet utilization averaged above 90% in 2021[34] - The orderbook-to-fleet ratio is stable at approximately 22%[36] - Fleet TCE operating was $33,508 per day with a fleet utilization of 98.5%[46]