Dorian LPG (0DA) Q1 2027 Earnings Report

The call emphasized strong operational and financial performance: record-high TCEs, robust adjusted EBITDA, sizable cash position improvement to nearly $600 million, low net leverage, continued shareholder distributions, and a measured fleet renewal strategy. Offsetting these positives were meaningful near-term headwinds from geopolitical disruption (Strait of Hormuz), sharply higher bunker and Panama auction costs, elevated OpEx, and industry orderbook growth that could pressure future returns. Overall, management portrayed confidence in the company’s positioning and financial flexibility while acknowledging ongoing market uncertainty.

Management provided clear near‑term financial and operational guidance and key metrics: an irregular dividend of $1.00 per share ($42.8M) was declared; cash at June 30 was $342M and, after recent vessel sales, management says current cash is now almost $600M; quarter‑end debt was $512.4M (pro forma ~ $473M after sales) with debt/total book capitalization 29.3% and net debt/total cap 9.7%, an all‑in cost of debt of ~5.1% and an undrawn $41M revolver; expected cash cost per day for the coming year is ~$26,000–$27,000 (excluding drydock of Captain John); management expects to close repurchases of Cougar and Cresques by end‑September with ~ $56M cash application and to complete the Clermont sale by mid‑October; the $80.6M of recent debt reductions are anticipated to cut principal amortization by ~ $2M/quarter and interest expense by ~ $1M/quarter on a run‑rate basis. First‑quarter operating metrics cited as context include Helios Pool spot/COA TCE of $82,445/day, overall pool TCE > $75,100/day, Dorian TCE per available day $75,926 (a company record), daily OpEx $10,308, gross TC‑in expense $22.6M ($41,418 per TCE‑in day), adjusted EBITDA $165.4M, cash interest $6.9M, scheduled principal amortization ~ $13M, cash G&A $11.5M (core G&A ~$7.3M), scrubber savings ~$1,971 per calendar day per vessel, fuel spreads HSFO–VLSFO ~$118/mt and LPG–VLSFO ~$369/mt, and market datapoints cited such as U.S. exports ~20.8M tons (+20% YoY), Middle East liftings ~3.4M tons (down >70% YoY) with the U.S. now ~65% of global seaborne LPG exports.