Earnings Releases·Nov 4, 2026, 5:50 PM ET

Dorian LPG Ltd. — Second Quarter Fiscal Year 2027 Earnings Summary

**Record Financial Performance:** Q3 2026 revenue surged 78.4% YoY to $221.3 million, while net income jumped 286% to $213.9 million ($4.98/share) and adjusted EBITDA rose 182% to $242.0 million, driven by an 80.5% increase in TCE rates to $96,990 and $63.6 million in gains from vessel disposals.
**Capital Allocation and Balance Sheet:** The company declared an irregular cash dividend of $1.25 per share ($53.7 million total) and paid $42.8 million in August, while strengthening its balance sheet with cash reserves reaching $578.8 million and reducing total liabilities to $622.2 million.
**Strategic Fleet Management:** Dorian executed the sale of four vessels (*Corsair*, *Constellation*, *Captain John NP*, *Clermont*) and contracted three new dual-fuel Panamax VLGCs for 2030 delivery, maintaining a disciplined approach to fleet renewal amidst a global orderbook representing 36.4% of the existing fleet.
**Market Drivers and Outlook:** Results were propelled by geopolitical tensions in the Middle East and Panama Canal delays that extended voyage times and elevated freight rates, though management provided no specific forward guidance for revenue or earnings.