Dorian LPG reports $153.3M Q4 revenue as charter rates drive gains

Dorian LPG (NYSELPG), a leading owner and operator of modern very large gas carriers (VLGCs), disclosed its financial results for the fourth quarter and full fiscal year ended March 31, 2026.

The company’s performance was driven by sustained utilization and robust market rates for its global shipping fleet.

For the three months ended March 31, 2026, the company generated revenues of $153.3 million.

Financial returns were amplified by a strong spot market, which elevated the company's time charter equivalent (TCE) rate to $63,615 per available day across its active fleet.

Quarterly net income reached $81 million, translating to earnings of $1.90 per diluted share.

On an adjusted basis, net income stood at $80.4 million, or $1.89 per adjusted diluted share.

The company reported adjusted EBITDA of $106.6 million for the three-month period.

Capital management initiatives during the quarter included an irregular dividend distribution totaling $29.9 million paid to shareholders in February.

For the full fiscal year ended March 31, 2026, Dorian LPG recorded cumulative revenues of $481.5 million.

The average full-year TCE rate came in at $52,238 per available day.

Full-year net income reached $193.7 million, or $4.54 per diluted share, while adjusted net income was reported at $194.8 million, or $4.57 per adjusted diluted share.

Total adjusted EBITDA for the fiscal year reached $305.1 million, with aggregate irregular dividend payments amounting to $104.7 million across the twelve-month period.

Fleet modernization efforts continued through the final quarter of the fiscal year, marked by the delivery of the dual-fuel newbuilding VLGC/AC Areion in March 2026.

To complete the final delivery payment alongside related commercial expenses, Dorian LPG secured a $62.9 million debt financing agreement under a dedicated facility assigned to the vessel.