DORIAN LPG LTD. Segments Disclosure
3. Segment Reporting
Our Company operates in the international transportation of liquid petroleum gas with its fleet of vessels, each of which has the same type of customer, similar operations and maintenance requirements, operates in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that our Company operates in one reportable segment.
The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and evaluates performance based on net income and operating income.
The following is a summary of information for our single reportable segment:
Year ended | ||||||||||
(in U.S. dollars) | March 31, 2026 | March 31, 2025 | March 31, 2024 | |||||||
Total Revenues | $ | 481,511,242 | $ | 353,341,476 | $ | 560,717,436 | ||||
Less: | ||||||||||
Voyage expenses | 5,467,468 |
| 4,252,035 |
| 2,674,179 | |||||
Charter hire expenses | 61,026,689 |
| 41,393,429 |
| 43,673,387 | |||||
Profit sharing expenses | 1,732,787 | — | — | |||||||
Vessel operating expenses | 81,037,349 |
| 85,407,362 |
| 80,461,690 | |||||
Other segment items (1) | 122,071,440 |
| 109,643,818 |
| 105,077,945 | |||||
Operating income | 210,175,509 |
| 112,644,832 |
| 328,830,235 | |||||
Nonoperating loss(2) | (16,509,576) | (22,474,352) | (21,383,322) | |||||||
Net income | $ | 193,665,933 | $ | 90,170,480 | $ | 307,446,913 | ||||
| (1) | Other segment items include depreciation and amortization, general and administrative expenses, and other operating income and expenses. |
| (2) | Nonoperating loss includes interest and finance costs, interest income, gains and losses on derivatives, other gains and losses. |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.