DORIAN LPG LTD.

Listed Company

LPGCIK 0001596993NYSELarge AcceleratedDeep Sea Foreign Transportation Of Freight1TFY ends Mar 31

Period

FY 2026

Revenue

$481.51M

Net Income

$193.67M

Total Assets

$1.87B

Equity

$1.14B

Shares Out

42.78M

Op. Cash Flow

$210.14M

Business

DORIAN LPG LTD. is engaged in the international transportation of liquefied petroleum gas, focused on owning and operating very large gas carriers (VLGCs). It provides vessel services including ownership and operation of ECO and dual‑fuel VLGCs, in‑house commercial and technical management, time and voyage charters, contracts of affreightment and participation in the Helios Pool joint commercial management arrangement. The company reports one business segment—international transportation of LPG—and emphasizes safety and environmental features such as scrubbers and ECO‑design vessels. Dorian serves global energy companies, commodity traders and importers and deploys vessels on worldwide trade routes including Arabian Gulf–Asia, U.S. Gulf–Asia and U.S.–Europe through spot, COA and time charter channels.

Summary from filing dated 2025-05-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Revenues	—	—	—
Net pool revenues - related party	475	341	533
Time charter revenues	—	8	26
Other revenues, net	7	4	2
Total revenues	482	353	561
Expenses	—	—	—
Voyage expenses	5	4	3
Charter hire expenses	61	41	44
Profit sharing expenses	2	—	—
Vessel operating expenses	81	85	80
Depreciation and amortization	72	70	69
General and administrative expenses	53	43	39
Total expenses	274	243	234
Other income - related parties	3	3	3
Operating income	210	113	329
Other income/(expenses)	—	—	—
Interest and finance costs	29	36	40
Interest income	11	15	9
Unrealized gain/(loss) on derivatives	−1	−6	5,665
Realized gain on derivatives	2	5	7
Other gain/(loss), net	996,270	−1	2
Total other expenses, net	−17	−22	−21
Net income	194	90	307
Weighted average shares outstanding:	—	—	—
Basic	43	42	40
Diluted	43	42	40
Earnings per common share - basic	4.55	2.14	7.63
Earnings per common share - diluted	4.54	2.14	7.6

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31
Consolidated Balance Sheets	—	—
Assets	—	—
Current assets	—	—
Cash and cash equivalents	327	317
Trade receivables, net and accrued revenues	2	1
Due from related parties	97	48
Inventories	2	3
Prepaid expenses and other current assets	21	14
Total current assets	450	382
Fixed assets	—	—
Vessels, net	1,216	1,150
Vessel under construction	—	37
Total fixed assets	1,216	1,187
Other non-current assets	—	—
Deferred charges, net	25	17
Derivative instruments	2	3
Due from related parties-non-current	26	26
Restricted cash-non-current	79,835	76,028
Operating lease right-of-use assets	149	159
Other non-current assets	3	3
Total assets	1,872	1,779
Liabilities and shareholders' equity	—	—
Current liabilities	—	—
Trade accounts payable	8	12
Accrued expenses	11	5
Due to related parties	—	39,339
Deferred income	2	679,257
Current portion of long-term operating lease liabilities	47	35
Current portion of long-term debt	100	55
Dividends payable	700,366	915,150
Total current liabilities	169	108
Long-term liabilities	—	—
Long-term debt-net of current portion and deferred financing fees	460	499
Long-term operating lease liabilities	102	124
Other long-term liabilities	2	1
Total long-term liabilities	564	625
Total liabilities	733	733
Commitments and contingencies	—	—
Shareholders' equity	—	—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding	—	—
Common stock, $0.01 par value, 450,000,000 shares authorized, 54,647,868 and 54,324,437 shares issued, 42,782,681 and 42,747,720 shares outstanding (net of treasury stock), as of March 31, 2026 and March 31, 2025, respectively	546,478	543,244
Additional paid-in-capital	879	868
Treasury stock, at cost; 11,865,187 and 11,576,717 shares as of March 31, 2026 and March 31, 2025, respectively	140	133
Retained earnings	400	311
Total shareholders' equity	1,139	1,046
Total liabilities and shareholders' equity	1,872	1,779

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Consolidated Statements of Cash Flows	—	—	—
Cash flows from operating activities:	—	—	—
Net income	194	90	307
Adjustments to reconcile net income to net cash provided by operating activities:	—	—	—
Depreciation and amortization	72	70	69
Non-cash lease expense	40	32	29
Amortization of financing costs	1	1	1
Unrealized loss/(gain) on derivatives	−1	−6	5,665
Stock-based compensation expense	11	10	8
Unrealized foreign currency (gain)/loss, net	120,516	18,153	−285,277
Other non-cash items, net	960,549	−821,699	3
Changes in operating assets and liabilities	—	—	—
Trade receivables, inventories, prepaid expenses, and other current and non-current assets	8	1	926,439
Due from related parties	49	−3	−16
Operating lease liabilities - current and long-term	−40	−32	−28
Trade accounts payable	−1	−35,347	−1
Accrued expenses and other liabilities	7	1	−1
Due to related parties	−39,339	32,056	−161,510
Payments for drydocking costs	17	8	8
Net cash provided by operating activities	210	173	388
Cash flows from investing activities:	—	—	—
Payments for vessels under construction and other capital expenditures for vessels	94	19	33
Purchase of investment securities	—	213,592	6
Proceeds from sale of investment securities	—	—	4
Proceeds from maturity of available-for-sale debt securities	—	12	—
Net cash used in investing activities	−94	−7	−35
Cash flows from financing activities:	—	—	—
Proceeds from long-term debt borrowings	63	—	—
Repayment of long-term debt borrowings	55	53	53
Repurchase of common stock	7	6	4
Financing costs paid	2	—	407,500
Dividends paid	105	156	162
Proceeds from common share issuances	—	89	—
Equity offering costs paid	—	5	—
Net cash used in financing activities	−106	−131	−220
Effects of exchange rates on cash and cash equivalents	135,875	7,475	−215,788
Net increase in cash, cash equivalents, and restricted cash	11	34	134
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	—	—	—
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	—	—	—
Supplemental disclosure of cash flow information	—	—	—
Cash paid for interest, net of amounts capitalized	27	33	38
Cash paid for operating lease liabilities	49	42	42
Right of use assets recognized	30	—	63
Unpaid lease liability upon initial recognition	30	—	62
Capitalized drydocking costs included in liabilities	484,224	3	1
Vessel-related capital expenditures included in liabilities	748,201	1	1
Unpaid dividends included in liabilities	700,366	915,150	1
Financing costs included in liabilities	811,292	663,600	663,600
Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:	—	—	—
Cash and cash equivalents	—	—	—
Restricted cash-non-current	—	—	—
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	—	—	—

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