Dorian LPG reported a sharp rise in earnings for the quarter ended Sept. 30, 2026, as stronger freight rates lifted revenue. The quarter also included gains from vessel sales. Separately, the company outlined fleet and financing changes, paid a dividend in August and declared another for November.
Key details
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Earnings and revenue climbed: Revenue was $221.3 million, up 78.4% from $124.1 million a year earlier. Net income rose to $213.9 million, or $4.98 per diluted share, from $55.4 million, or $1.30 per share.
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Underlying earnings also improved: Adjusted net income, which excludes vessel-sale gains and an unrealized derivative gain, was $148.5 million, or $3.46 per diluted share. A year earlier, adjusted net income was $55.8 million, or $1.31 per share. Adjusted EBITDA was $242.0 million.
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Higher freight rates drove the increase: The fleet’s average time-charter equivalent rate was $96,990 per available day, up 80.5% from $53,725 a year earlier. The company attributed the rise primarily to stronger spot rates, partly offset by higher bunker prices. Vessel operating expenses per vessel per calendar day declined to $10,264 from $10,705.
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July vessel sales added to reported profit: Dorian sold the 2014-built Corsair and 2015-built Constellation in July, receiving net proceeds of $80.8 million and $85.6 million, respectively. The sales generated gains of $30.1 million and $33.5 million. The combined $63.6 million gain was excluded from adjusted net income.
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Two more ships were sold in October: The company received net proceeds of $77.0 million from the sale of the 2007-built Captain John NP and $90.4 million from the sale of the 2015-built Clermont.
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Dorian ordered three new ships: In August, it signed contracts with Hanwha Ocean for three dual-fuel Panamax very large gas carriers. Deliveries are expected in the second, third and fourth quarters of 2030.
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The company refinanced debt and repaid older borrowings: It entered into a new credit facility consisting of a $213.4 million term loan and a $155.1 million revolving facility, with an additional $200 million accordion feature to support future growth. Dorian used the new financing to refinance existing debt and prepaid the outstanding principal on four earlier facilities. In October, it also repaid $16.0 million of the new facility’s revolver.
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Cash dividends included both a payment and a new declaration: Dorian paid an irregular cash dividend totaling $42.8 million in August. It has declared another irregular dividend of approximately $53.7 million, or $1.25 per share, payable on or about Nov. 24 to shareholders of record on Nov. 9.
The results reflect both substantially stronger shipping rates and gains from vessel disposals; adjusted earnings provide a measure of performance excluding those specified gains. The financing, ship sales and newbuilding orders mark a combination of debt refinancing, fleet renewal and expansion, while the two dividend distributions return cash to shareholders.