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Mar 31
Dorian LPG Q4 2025 Earnings Report
Dorian LPG reported lower revenues and earnings in Q4 2025 compared to the prior year, driven by a significant decline in spot market rates and increased drydocking activity.
Key Takeaways
Dorian LPG experienced a sharp year-over-year drop in revenue and net income during Q4 2025, impacted by a 44% decline in TCE rates. Despite the downturn, the company maintained profitability and continued its focus on shareholder returns through dividends.
Revenue declined to $75.9 million from $141.4 million year-over-year.
Net income dropped to $8.1 million from $79.2 million a year ago.
TCE rate fell to $35,324 from $63,375, reflecting lower spot rates.
The company declared a $0.50 irregular cash dividend during the quarter.
Dorian LPG
Dorian LPG
Forward Guidance
Dorian LPG anticipates ongoing geopolitical and economic volatility impacting trade flows and rates, but remains confident in the LPG market fundamentals and fleet resilience.
Positive Outlook
- Strong balance sheet supporting future investments.
- Continued shareholder returns through dividends.
- Fleet remains modern and efficient with ECO and dual-fuel vessels.
- Spot rate recovery seen toward the end of Q1 2025.
- Interest income increased due to higher cash balances.
Challenges Ahead
- US-China trade tariffs impacting LPG flows.
- Unfavorable shift in forward SOFR yield curves affecting derivatives.
- Reduced LPG exports from key markets like the US and Saudi Arabia.
- Negative PDH and steam cracker margins weighing on demand.
- VLGC market sensitive to geopolitical and supply chain disruptions.