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Dec 31, 2025
Dorian LPG Q3 2026 Earnings Report
Dorian LPG Ltd. announced its third quarter fiscal year 2026 financial results, reporting a significant increase in net income and revenues driven by higher TCE rates and increased available days.
Key Takeaways
Dorian LPG Ltd. reported strong financial results for the third quarter of fiscal year 2026, with net income rising to $47.2 million, or $1.11 per diluted share, compared to $21.4 million, or $0.50 per diluted share, in the prior year. Revenues increased by 48.7% to $120.0 million, primarily due to higher average TCE rates and an increase in available days. The company also declared an irregular dividend of $29.9 million, or $0.70 per share.
Net income increased significantly to $47.2 million, up from $21.4 million in the prior year, reflecting strong operational performance.
Revenues grew by 48.7% to $120.0 million, driven by higher average Time Charter Equivalent (TCE) rates and an increase in fleet available days.
The TCE rate per available day for the fleet was $50,333, a 39.5% increase from $36,071 in the prior year, indicating improved market conditions and fleet utilization.
An irregular dividend of $29.9 million, or $0.70 per share, was declared, demonstrating the company's commitment to returning capital to shareholders.
Forward Guidance
The company anticipates continued strong demand and freight rates into the current quarter, supported by new export records in the VLGC market. However, the market remains subject to volatility from geopolitical factors, supply-chain economics, and the expanding global VLGC fleet.
Positive Outlook
- Strong demand and freight rates are expected to continue into the current quarter.
- The VLGC market reached a new export record, indicating robust activity.
- The upcoming delivery of a newbuilding dual fuel VLGC/AC in March is expected to enhance fleet capabilities.
- Improved arbitrage economics for spot propane are noted, despite some challenges.
- The suspension of Port Service Fees in China until November 9, 2026, is expected to normalize VLGC shipping market conditions.
Challenges Ahead
- The LPG product market experienced volatility in Q4 2025, with sharp declines in Saudi Contract Prices for propane and butane.
- Petrochemical margins remained challenging for several players, particularly in the Far East.
Historical Earnings Impact
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