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Dorian LPG, which went public on the New York Stock Exchange in 2014, is a pure player in the very large gas carrier sector. Chaired by John Hadjipateras, the company owned and operated 22 VLGCs as of late August. Incorporated in the Marshall Islands, Dorian LPG has offices in the US, the UK and Greece.
Dorian LPG saw revenues slump in the three months to the end of June due to oversupply in the sector and does not see the market regaining equilibrium for at least two years.
The company posted a net loss of $20.6m and a heavier than expected adjusted loss per share of $0.41.
Revenues in the quarter ended June 2018, which for Dorian is the first quarter of its 2019 fiscal year, amounted to $27.6m, a 32.6% decrease compared with the same quarter last year.
It was also a fall from the immediately prior quarter ending March 31 this year when the company reported revenues of $39m.
The average TCE rate of its fleet for the quarter slumped to $16,553 per day per ship from $22,735 in the quarter a year ago.
Latest From Dorian Lpg
For the 2020 full fiscal year the company reported a $118.8m net profit, and adjusted net income of $130m, in stark contrast to a loss-making 2019 fiscal year
Adjusted earnings before interest, taxes and depreciation more than doubled to $59.9m and revenues increased by 55% compared with the same quarter a year ago to $85.4m
An expansion of US export capacity combined with increased demand from Asia is having a positive effect on spot rates, the company's chief executive says
The gas carrier now has 10 vessels contracted for scrubbers ahead of the 2020 sulphur cap
The US-listed company, which has been a takeover target for BW LPG, says it is well-positioned to deliver strong cash flows
Update: Dorian LPG responds to BW LPG saying it had "extensively engaged" with the company but that its proposal did not meet valuation parameters
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