Dorian LPG strikes positive note despite slimmer profit

VERY large gas carrier owner Dorian LPG has underlined its positive outlook for its market sector despite posting reduced profits for the first quarter of its fiscal 2026.

Fiscal first-quarter adjusted net income fell to $11.3m, from $51.7m during the corresponding quarter last year.

The New York-listed owner’s results were hit by a softer charter market as well as a heavy drydocking schedule, said chief executive John Hadjipateras.

Average daily time charter earnings for the company’s vessels fell by 20.9% from year-ago levels to $39,726 per vessel.

First-quarter revenues tumbled by 26.4% year on year to $84.2m.

In a presentation, the owner said that daily savings for scrubber vessels during the quarter reached $813 per day.

In the same period, the cost differential between LPG as fuel versus very low sulphur fuel oil stood at about $71 per ton, which made LPG “economically attractive” for the dual-fuel vessels in the fleet.

US-based Dorian operates 16 scrubber-fitted vessels and five dual-fuel LPG vessels out of a fleet of 26, all of which are trading in the Helios Pool, co-founded by Dorian in 2015.

Dorian’s board has declared an irregular cash dividend of $0.60 per share, equivalent to returning about $25.6m of capital to shareholders.

The payout was higher than the $0.50 per share distributed in the immediately prior quarter.

While freight market volatility had been “more acute” recently in reaction to abrupt geopolitical developments, underlying strengths should help sustain the market, according to the company.

“Our bookings for the current quarter are at strong rates supporting our positive outlook which is rooted in our confidence in the resilience and the fundamentals of the LPG trade,” said Hadjipateras.