Dorian LPG Ltd
NYSE:LPG
Dorian LPG Ltd
Dorian LPG Ltd. is a holding company which engages in the transportation of liquefied petroleum gas. The company is headquartered in Stamford, Connecticut and currently employs 83 full-time employees. The company went IPO on 2014-05-08. The firm through its subsidiaries is focused on owning and operating very large gas carrier (VLGCs) in the LPG shipping industry. The firm's fleet consists of 22 modern VLGCs, including 84,000 Cubic Meters (CBM) Ecological design VLGCs (ECO-VLGCs) and 82,000 CBM VLGCs. The firm provides in-house commercial and technical management services for all of its vessels. Its subsidiaries include CJNP LPG Transport LLC, CMNL LPG Transport LLC, Dorian Houston LPG Transport LLC, Constellation LPG Transport LLC, Dorian Tokyo LPG Transport LLC and Dorian Exporter LPG Transport LLC.
Dorian LPG Ltd. is a holding company which engages in the transportation of liquefied petroleum gas. The company is headquartered in Stamford, Connecticut and currently employs 83 full-time employees. The company went IPO on 2014-05-08. The firm through its subsidiaries is focused on owning and operating very large gas carrier (VLGCs) in the LPG shipping industry. The firm's fleet consists of 22 modern VLGCs, including 84,000 Cubic Meters (CBM) Ecological design VLGCs (ECO-VLGCs) and 82,000 CBM VLGCs. The firm provides in-house commercial and technical management services for all of its vessels. Its subsidiaries include CJNP LPG Transport LLC, CMNL LPG Transport LLC, Dorian Houston LPG Transport LLC, Constellation LPG Transport LLC, Dorian Tokyo LPG Transport LLC and Dorian Exporter LPG Transport LLC.
Dividend & Capital Return: Dorian LPG declared a $0.70 per share dividend, bringing total dividends paid to over $725 million and total capital returned to $961 million since IPO.
Strong VLGC Market: The VLGC market remained robust with spot rates well above mid-cycle levels, and management expects continued strength into 2026.
Record LPG Exports: Global seaborne LPG trade hit a new quarterly record, with North American exports reaching all-time highs.
Fleet Efficiency: The company completed most of its dry dockings and installed energy-saving devices, resulting in meaningful cost and emissions reductions.
Financial Position: Dorian LPG ended the quarter with $294.5 million in free cash, low net debt, and access to additional liquidity.
New Vessel Delivery: A new dual-fuel, ammonia-capable vessel will be delivered in March 2026, with $62 million to be paid at closing, likely financed by new debt.
