DORIAN LPG LTD. LPG
Unless otherwise indicated, references to "Dorian," the "Company," "we," "our," "us," or similar terms refer to Dorian LPG Ltd. and its subsidiaries. We use the term "VLGC" to refer to very large gas carriers and "VLGC/AC" to refer to very large gas carriers that are purpose built to transport full ammonia cargoes in addition to LPG. We use the term "LPG" to refer to liquefied petroleum gas and we use the term "cbm" to refer to cubic meters in describing the carrying capacity of our vessels. Unless otherwise indicated, all references to "U.S. dollars," "USD," and "$" in this report are to the lawful currency of the United States of America.
Dorian was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of LPG. Specifically, Dorian and its subsidiaries are focused on owning and operating VLGCs in the LPG shipping industry. Our founding executives have managed vessels in the LPG shipping market since 2002. As of May 22, 2026, our fleet consists of twenty-seven VLGCs, including one 93,000 cbm dual-fuel ECO-design Very Large Gas Carrier / Ammonia Carrier ("VLGC/AC"), one 84,000 cbm dual-fuel ECO-design VLGC; eighteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC/AC; four time chartered-in dual fuel Panamax size VLGCs; one time chartered-in ECO Panamax VLGC, and one time chartered-in modern VLGC. The twenty-seven vessels in our fleet, including the six time chartered-in vessels, as of May 22, 2026, have an aggregate carrying capacity of approximately 2.3 million cbm and an average age of 9.6 years. We provide in-house commercial services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from MOL Energia (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $481.5M | $353.3M | $560.7M | $389.7M | $274.2M | $315.9M | $333.4M | $158.0M | $159.3M | $167.4M |
| SG&A | $53.0M | $42.6M | $39.0M | $32.1M | $30.2M | $33.9M | $23.4M | $24.4M | $26.2M | $21.7M |
| Total operating expenses | $274.0M | $243.3M | $234.5M | $193.8M | $191.5M | $202.1M | $174.2M | $168.5M | $158.0M | $155.9M |
| Operating income | $210.2M | $112.6M | $328.8M | $198.4M | $92.4M | $116.1M | $161.1M | -$8.0M | $3.8M | $14.0M |
| Net income | $193.7M | $90.2M | $307.4M | $172.4M | $71.9M | $92.6M | $111.8M | -$50.9M | -$20.4M | -$1.4M |
| EPS, basic | 4.55 | 2.14 | 7.63 | 4.31 | 1.79 | 1.86 | 2.08 | -0.93 | -0.38 | -0.03 |
| EPS, diluted | 4.54 | 2.14 | 7.60 | 4.29 | 1.78 | 1.86 | 2.07 | -0.93 | -0.38 | -0.03 |
| Shares, diluted (wtd. avg.) | $42.6M | $42.2M | $40.5M | $40.2M | $40.4M | $49.8M | $54.1M | $54.5M | $54.0M | $54.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $327.4M | $316.9M | $282.5M | $148.9M | $236.8M | $84.7M | $87.4M | $66.5M | $129.4M | $67.9M |
| Short-term investments | — | — | $11.5M | — | — | — | $14.9M | $599.9K | — | — |
| Receivables | $2.0M | $1.4M | $659.6K | $3.3M | $853.1K | $202.2K | $820.8K | $1.4M | $336.2K | $11.0K |
| Inventory | $2.4M | $2.5M | $2.4M | $2.6M | $2.3M | $2.0M | $2.0M | $2.1M | $2.0M | $2.6M |
| Total current assets | $450.3M | $382.4M | $368.9M | $236.3M | $307.9M | $153.3M | $139.6M | $82.6M | $135.2M | $64.0M |
| Property, plant and equipment | $1.22B | $1.19B | $1.23B | $1.26B | $1.25B | $1.38B | $1.44B | $1.48B | $1.54B | $1.60B |
| Total assets | $1.87B | $1.78B | $1.84B | $1.71B | $1.61B | $1.58B | $1.67B | $1.63B | $1.74B | $1.75B |
| Accounts payable | $8.0M | $11.5M | $10.2M | $10.8M | $9.5M | $9.8M | $13.6M | $7.2M | $6.3M | $7.1M |
| Short-term debt | $100.2M | $54.5M | $53.5M | $53.1M | $72.1M | $51.8M | $53.1M | $64.0M | $65.1M | $66.0M |
| Total current liabilities | $168.8M | $107.9M | $101.8M | $94.6M | $94.8M | $82.1M | $85.0M | $79.4M | $82.0M | $85.8M |
| Long-term debt | $460.2M | $498.8M | $551.5M | $604.3M | $590.7M | $539.7M | $581.9M | $632.1M | $694.0M | $684.0M |
| Total liabilities | $732.7M | $732.6M | $814.1M | $835.1M | $687.2M | $634.8M | $694.9M | $712.7M | $776.7M | $770.2M |
| Retained earnings | $400.0M | $311.1M | $377.1M | $231.8M | $280.8M | $289.4M | $196.8M | $85.0M | $135.9M | $156.3M |
| Total equity | $1.14B | $1.05B | $1.02B | $873.8M | $920.2M | $946.8M | $977.1M | $912.7M | $959.4M | $976.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $210.1M | $173.0M | $388.4M | $224.1M | $118.7M | $170.6M | $169.0M | $8.9M | $57.2M | $52.1M |
| Depreciation and amortisation | $71.7M | $69.6M | $68.7M | $63.4M | $66.4M | $68.5M | $66.3M | $65.2M | $65.3M | $65.1M |
| Stock-based compensation | $11.0M | $10.4M | $8.3M | $4.3M | $3.3M | $3.4M | $3.2M | $5.5M | $5.1M | $4.4M |
| Capital expenditure | — | — | — | $68.8M | $23.2M | $9.5M | $19.9M | $4.0M | $297.5K | $1.9M |
| Investing cash flow | -$93.8M | -$7.4M | -$34.8M | -$76.3M | $68.8M | $1.0M | -$33.1M | -$4.5M | -$437.0K | -$1.9M |
| Financing cash flow | -$105.9M | -$131.3M | -$219.7M | -$235.2M | -$35.2M | -$174.5M | -$114.7M | -$67.0M | $4.7M | -$79.3M |
| Dividends paid | $105.0M | $156.4M | $162.3M | $220.6M | $80.1M | — | — | — | — | — |
| Buybacks | $7.0M | $6.3M | $3.9M | $1.7M | $21.4M | $126.3M | $50.6M | $1.3M | $1.2M | $13.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-087088.
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