Dorian LPG Ltd. Announces First Quarter Fiscal Year 2027 Financial Results

STAMFORD, Conn.–(BUSINESS WIRE)– Dorian LPG Ltd. (NYSE: LPG) (the “Company,” “Dorian LPG,” “we,” “us,” and “our”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today reported its financial results for the three months ended June 30, 2026.

Key Recent Developments

• Declared an irregular cash dividend totaling approximately $42.8 million, or $1.00 per share, to be paid on or about August 12, 2026 to all shareholders of record as of July 27, 2026.
• Prepaid $23.9 million of the BALCAP Facility’s then outstanding principal related to the 2015-built VLGC Constellation in July 2026.
• Completed the sale of our 2014-built VLGC Corsair and received proceeds net of commission of $80.8 million in July 2026.
• Completed the sale of our 2015-built VLGC Constellation and received proceeds net of commission of $85.6 million in July 2026.

Highlights for the First Quarter Fiscal Year 2027

• Revenues of $187.9 million.
• Time Charter Equivalent (“TCE”) ⁽¹⁾ rate per available day for our fleet of $75,926.
• Net income of $138.3 million, or $3.24 earnings per diluted share (“EPS”), and adjusted net income ⁽¹⁾ of $107.2 million, or $2.52 adjusted earnings per diluted share (“adjusted EPS”). ⁽¹⁾
• Adjusted EBITDA ⁽¹⁾ of $165.4 million.
• Prepaid $16.5 million of the 2023 A&R Debt Facility, the proportion related to the 2015-built VLGC Cobra in April 2026.
• Completed the sale of the 2015-built VLGC Cobra in May 2026, generating proceeds of $81.9 million net of commission, recognizing a gain on sale of $30.1 million.
• Prepaid the Corsair Japanese Financing’s then outstanding principal of $24.2 million.
• Entered into agreement for one newbuilding dual-fuel Panamax VLGC in June 2026, expected to be delivered from HD Hyundai Heavy Industries Co. Ltd. in the third calendar quarter of 2029.
• Declared and paid an irregular cash dividend totaling $42.8 million in May 2026.

John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “An increase in transportation demand because of geopolitical disruption contributed to our record financial results in the quarter ended June 30, 2026. The dislocations and uncertainty are continuing to result in high volatility and extraordinary freight rates in the current quarter. We declared our 19th consecutive quarterly irregular dividend, completed several sales, and placed an order with HD Hyundai for a dual-fuel 90,000 cbm ship for delivery in Q3 2029. We are fortunate that our seafarers are safe and grateful to them and our shore side groups for their contribution to this record quarter’s results.”

First Quarter Fiscal Year 2027 Results Summary

Net income amounted to $138.3 million, or $3.24 per diluted share, for the three months ended June 30, 2026, compared to $10.1 million, or $0.24 per diluted share, for the three months ended June 30, 2025.

Adjusted net income amounted to $107.2 million, or $2.52 per diluted share, for the three months ended June 30, 2026, compared to adjusted net income of $11.3 million, or $0.27 per diluted share, for the three months ended June 30, 2025. Adjusted net income for the three months ended June 30, 2026 is calculated by adjusting net income for the same period to exclude a gain on disposal on vessel of $30.1 million and an unrealized gain on derivative instruments of $0.9 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release.

The $95.9 million increase in adjusted net income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, is primarily attributable to (i) increases of $103.7 million in revenues and $0.2 million in interest income; and (ii) decreases of $3.4 million in general and administrative expenses, $1.8 million in vessel operating expenses, $0.9 million in voyage expenses, $0.8 million in depreciation and amortization expenses; partially offset by increases of (i) $11.9 million in charter hire expenses, $1.7 million in profit sharing expenses, and $1.0 million in interest and finance costs; and (ii) a reduction of $0.3 million in realized gain on derivatives.

The TCE rate per available day for our fleet was $75,926 for the three months ended June 30, 2026, a 91.1% increase from $39,726 for the same period in the prior year. Please see footnote 5 to the table in “Financial Information” below for information related to how we calculate TCE.

Vessel operating expenses per vessel per calendar day decreased to $10,356 for the three months ended June 30, 2026 compared to $11,466 in the same period in the prior year. Please see “Vessel Operating Expenses” below for more information.

Revenues

Revenues, which represent net pool revenues—related party and other revenues, net, were $187.9 million for the three months ended June 30, 2026, an increase of $103.7 million, or 123.1%, from $84.2 million for the three months ended June 30, 2025, primarily due to higher average TCE rates and increased available days. TCE rates rose by $36,200 per available day from $39,726 for the three months ended June 30, 2025 to $75,926 for the three months ended June 30, 2026, primarily due to higher spot rates; partially offset by higher bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $199.694 during the three months ended June 30, 2026 compared to an average of $63.500 during the three months ended June 30, 2025. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah increased from $511 during the three months ended June 30, 2025, to $863 during the three months ended June 30, 2026. Additionally, available days for our fleet increased from 2,086 for the three months ended June 30, 2025 to 2,469 for the three months ended June 30, 2026, mainly driven by an increase in the number of vessels in our fleet, and a decrease in the number of vessels drydocked.

Charter Hire Expenses

Charter hire expenses for the vessels chartered in from third parties were $22.6 million for the three months ended June 30, 2026 compared to $10.7 million for the three months ended June 30, 2025. The increase of $11.9 million, or 110.9%, was mainly driven by an increase in time chartered-in days from 370 for the three months ended June 30, 2025 to 546 for the three months ended June 30, 2026. Additionally, there was an increase in the average rate per time chartered-in day.

Vessel Operating Expenses

Vessel operating expenses were $20.1 million during the three months ended June 30, 2026, or $10,356 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period for the technically-managed vessels that were in our fleet, decreased by $1.8 million, or 8.1% from $21.9 million for the three months ended June 30, 2025. The decrease of $1,110 per vessel per calendar day, from $11,466 for the three months ended June 30, 2025 to $10,356 per vessel per calendar day for the three months ended June 30, 2026 was mainly a result of a decrease of $1,310 per vessel per calendar day of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses increased by $200 from $10,108 for the three months ended June 30, 2025 to $10,308 for the three months ended June 30, 2026, mainly as a result of increases in spares and stores and repairs and maintenance costs.

General and Administrative Expenses

General and administrative expenses were $13.5 million for the three months ended June 30, 2026, a decrease of $3.4 million, or 20.2%, from $16.9 million for the three months ended June 30, 2025. The decrease was primarily driven by a decrease of $4.3 million in cash bonuses as a result of the timing of the recognition of discretionary cash bonuses in the three months ended June 30, 2025 compared to the three months ended June 30, 2026, due to the implementation of the Annual Cash Incentive Plan (the “ACIP”), which is recognized throughout the fiscal year. This was partially offset by increases of $0.4 million in employee-related costs and benefits, $0.3 million in stock-based compensation, and $0.2 million in other general and administrative expenses.

Gain on Disposal of Vessel

Gain on disposal of vessel amounted to $30.1 million for the three months ended June 30, 2026 and was attributable to the sale of the 2015-built VLGC Cobra. There was no gain on disposal of vessel for the three months ended June 30, 2025.

Interest and Finance Costs

Interest and finance costs amounted to $8.7 million for the three months ended June 30, 2026, an increase of $1.0 million, or 12.7%, from $7.7 million for the three months ended June 30, 2025. The increase of $1.0 million during this period was mainly due to (i) an increase of $0.7 million in loan expenses, (ii) a decrease of $0.5 million in capitalized interest, and (iii) an increase of $0.3 million in amortization of deferred financing fees, partially offset by (iv) a reduction of $0.5 million in interest on our long-term debt. The decrease in interest on our long-term debt was driven by a reduction in average indebtedness, excluding deferred financing fees, from $553.0 million for the three months ended June 30, 2025 to $537.9 million for the three months ended June 30, 2026.

Unrealized Gain / Loss on Derivatives

Unrealized gain on derivatives amounted to $0.9 million for the three months ended June 30, 2026, compared to a loss of $1.2 million for the three months ended June 30, 2025. The $2.1 million difference is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts.

Fleet

The following table sets forth certain information regarding our fleet as of July 30, 2026.