Dorian LPG earnings date
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Dorian LPG (LPG) Q2 2027 Earnings Report
LPG Q2 2027 EPS Results
- Actual EPS
- $3.46
- Consensus EPS
- $2.85
- Beat/Miss
- Beat by +$0.61
- One Year Ago EPS
- $1.31
LPG Q2 2027 Revenue Results
- Actual Revenue
- $221.35M
- Expected Revenue
- $194.90M
- Beat/Miss
- Beat by +$26.44M
- YoY Revenue Growth
- +78.41%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Dorian LPG's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
The call was strongly positive overall. Record TCE rates, record adjusted EBITDA, substantial liquidity, net cash, improved financing terms, strong dividend distributions, and favorable LPG supply-demand fundamentals significantly outweighed the challenges. The main risks discussed were Middle East conflict-related disruption, Panama Canal congestion, reduced U.S. Gulf loadings, logistical inefficiencies, and regulatory uncertainty.
Management expects cash cost per day for the coming year to be approximately $27,000 per day; TCIN expense to decrease to about $29,954 per TCIN day going forward, or about $13.8 million quarterly in aggregate; cash interest expense for the coming quarter ending December 31 to come in around $6.1 million and principal amortization to be about $9.8 million, excluding the $16 million already paid in conjunction with the sale of the Clermont; and gains on the sales of the Clermont and the Captain John NP next quarter to amount to in excess of $88 million. The company plans to issue its forward booking information in the near future, does not anticipate near-term relief from Panama Canal congestion with the dry season approaching, is not in a rush to add to the order book, and said a natural replacement cycle would require more newbuildings in the next few years, although whether they are done in the next year or beyond that is still up in the air.
- Record Earnings and Achieved RatesManagement reported record earnings, reflecting new highs in the freight market and gains on vessel sales. Dorian's reported TCE revenue per available day was just shy of $97,000, marking the third consecutive quarter and the highest TCE rate in the company's corporate history.
- Strong Helios Pool PerformanceThe Helios Pool earned a TCE of $115,163 for spot and COA voyages and an overall TCE of $99,915. Seven Dorian vessels were on time charter within the pool, indicating spot exposure of just over 73% for the 26-vessel pool.
- Record Adjusted EBITDAReported adjusted EBITDA was a record $242 million for the quarter, including $63.6 million of gains on the sales of Corsair and Constellation. Excluding those gains, EBITDA was $178.4 million.
- Significant Vessel Sale ProceedsThe October sales of Clermont and Captain John NP generated approximately $167.4 million of net proceeds. Management expects to recognize more than $88 million of gains on those sales in the following quarter.
- Improved Capital Structure and Financing FlexibilityDorian completed a new seven-year, $368.4 million credit facility with a margin of 140 basis points over SOFR, approximately 60 basis points better than the 2023 amended and restated facility. The facility includes a $154 million revolving credit capacity and a $200 million accordion facility.
- Strong Liquidity and Low LeverageFree cash was $578.8 million at September 30, 2026, an increase of $236.6 million, or nearly 70%, from the prior quarter. Current cash was almost $785 million, pro forma debt was $469 million, net cash was about $320 million, debt to total book capitalization was 25.6%, and net debt to total capitalization was negative 5%.
- Lower Fixed-Rate Financing ExposureApproximately 58.5% of the current term-loan balance was fixed at 2.85% through an existing interest-rate swap. Current all-in debt cost was 4.94%, and the company had an undrawn revolver of $154.8 million.
- Fleet Renewal Through NewbuildingsDorian agreed to build three 90,000 CBM dual-fuel Neo-Panamax VLGCs with Hanwha Ocean for delivery in 2030 at an approximate price of $338 million. This brought the total number of newbuildings to four, with 10% down payments made during the September quarter.
- Positive Vessel Charter-In ContributionThe five time-charter-in vessels generated $18.2 million of gross charter-in expense, or $36,635 per TCIN day, and management stated that those vessels contributed positively to quarterly profits. Following the redelivery of one vessel, expected TCIN expense is approximately $29,954 per day, or about $13.8 million quarterly.
- Lower Quarterly Operating ExpensesDaily operating expense was $10,273, excluding dry-docking expenses, a modest decrease from the prior quarter driven mainly by lower maintenance and repair costs.
- Substantial Dividend and Shareholder ReturnsThe board declared a regular cash dividend of $1.25 per share, the company's 20th consecutive and 21st total regular dividend. Including the dividend to be paid in November, Dorian has paid nearly $865 million of total dividends and $20.90 per share in regular dividends since September 2021. Total shareholder returns since the 2014 IPO will exceed $1.1 billion.
- Dividend Reflects Constructive Market OutlookManagement stated that the $1.25 per share dividend reflects a constructive market outlook while preserving financial flexibility for future fleet reinvestment.
- Strong LPG Market FundamentalsManagement said U.S. production and exports have grown and repeatedly surprised on the upside over the 12 years since the IPO. The company believes LPG fundamentals remain strong and expects potential ammonia growth to support continued demand expansion.
- Shipping Supply Constraint Supporting RatesManagement said U.S. export facilities did not operate at maximum capacity because the sector is currently short of shipping capacity. The company characterized vessel availability as the main constraint and said demand exceeds supply.
- Flexible Fleet Positioned for Market OpportunitiesManagement said the company's flexible fleet and past experience should help it overcome Panama Canal obstacles in the coming quarter and remain well-positioned to capture emerging opportunities.
- Significant Scrubber SavingsOf the 22 vessels commercially operated by Dorian, 14 are scrubber-fitted and five are dual-fuel LPG vessels. Scrubber vessel savings reached approximately $4,174 per calendar day per vessel, net of all scrubber operating expenses, higher than in the previous 11 quarters.
- Dual-Fuel Economics and Sustainability InvestmentThe average fuel differential between high-sulfur fuel oil and very low-sulfur fuel oil was $174 per metric ton, while LPG as fuel versus very low-sulfur fuel oil was approximately $314 per metric ton, making LPG economically attractive for the company's dual-fuel vessels. Dorian is also continuing its participation in the MIT Maritime Consortium, research into future propulsion technologies, and development of an emissions simulation model.
LPG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2027 (Q3) | 3.29- | 1.11 | ― | ― |
| Nov 05, 2026 | 2027 (Q2) | 2.853.46 | 1.31 | 164.12% (+2.15) | |
| Aug 05, 2026 | 2027 (Q1) | 2.122.52 | 0.27 | 833.33% (+2.25) | |
| May 20, 2026 | 2026 (Q4) | 1.411.89 | 0.25 | 656.00% (+1.64) | |
| Feb 05, 2026 | 2026 (Q3) | 1.151.11 | 0.43 | 158.14% (+0.68) | |
| Nov 06, 2025 | 2026 (Q2) | 1.561.31 | 0.35 | 274.29% (+0.96) | |
| Aug 01, 2025 | 2026 (Q1) | 0.600.27 | 1.26 | -78.57% (-0.99) | |
| May 22, 2025 | 2025 (Q4) | 0.390.25 | 1.91 | -86.91% (-1.66) | |
| Jan 31, 2025 | 2025 (Q3) | 0.650.43 | 2.62 | -83.59% (-2.19) | |
| Oct 31, 2024 | 2025 (Q2) | 0.490.35 | 1.85 | -81.08% (-1.50) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
