Dorian LPG Ltd., one of the largest owners and operators of very large gas carriers (VLGC) in the world, has released its financial results for the quarter ending September 30, 2026. During this period, the company reported revenues of $221.3 million and net income of $213.9 million, equivalent to $4.98 per share.
Financial Details and Ship Sales
In this quarter, Dorian LPG Ltd. announced a net income of $213.9 million, compared to $55.4 million in the same period last year. The company's revenues increased by $97.2 million compared to last year, and during this time, the time charter equivalent (TCE) rate for the company's fleet reached $96,990 per day, reflecting an 80.5% increase compared to last year.
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The company also reported revenues of $148.5 million and $3.46 per share during this period, which included adjustments due to a profit from ship sales amounting to $63.6 million and unrealized gains from derivatives amounting to $1.7 million.
Key Developments and Future Plans
Dorian LPG Ltd. completed the sale of its VLGCs named Captain John NP and Clermont in October 2026 for $77.0 million and $90.4 million, respectively. The company also reduced its financial burden by paying $16.0 million from its 2026 debt facilities. Additionally, Dorian LPG Ltd. signed contracts for the construction of three new dual-fuel ships in August 2026, which are expected to be operational in 2030.
John C. Hadjipateras, Chairman, President, and CEO of Dorian LPG Ltd., stated: "New milestones in the shipping market and profits from ship sales are reflected in our record profits during this period. Our approach to modernizing and expanding the fleet has always been prudent and balanced, based on a sound financial structure."
Finally, Dorian LPG Ltd. also announced and paid an irregular cash dividend of $42.8 million in August 2026. These developments have positively impacted the company's financial performance, and it appears that Dorian LPG Ltd. is advancing in the competitive global market by making strategic decisions.
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