STAMFORD, Conn., May 24, 2023
/PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company,"
"Dorian LPG," "we," and "our"), a leading owner and operator of
modern very large gas carriers ("VLGCs"), today reported its
financial results for the three months and fiscal year ended
March 31, 2023.
Highlights for the Fourth Quarter Ended
March 31, 2023
- Revenues of $133.6 million.
- Time charter equivalent ("TCE")(1) per operating day
rate for our fleet of $68,135.
- Net income of $76.0 million, or
$1.89 earnings per diluted share
("EPS"), and adjusted net income(1) of $78.1 million, or $1.94 adjusted diluted earnings per share
("adjusted EPS")(1).
- Adjusted EBITDA(1) of $102.1
million.
- Declared and paid an irregular dividend totaling $40.4 million.
- Took delivery of our newbuilding dual-fuel VLGC Captain
Markos from the shipyard of Kawasaki Heavy Industries.
- Time chartered-in two dual-fuel Panamax VLGCs for seven years,
each with three consecutive one-year charterer's option periods and
purchase options in years seven through ten.
- Voluntarily prepaid $15.0 million
of the Cresques Japanese Financing.
Highlights for the Fiscal Year Ended
March 31, 2023
- Revenues of $389.7 million.
- TCE(1) per operating day rate for our fleet of
$50,462.
- Net income of $172.4 million, or
$4.29 EPS, and adjusted net
income(1) of $169.7
million, or $4.22 adjusted
EPS(1).
- Adjusted EBITDA(1) of $271.4
million.
- Declared and paid four irregular dividends totaling
$221.4 million.
- Entered into a $260.0 million
debt financing facility including a $20.0
million undrawn revolver (the "2022 Debt Facility") to
refinance indebtedness under the 2015 AR Facility, Concorde
Japanese Financing, and Corvette Japanese Financing.
- Completed the refinancing of Cougar resulting in cash
proceeds of $29.9 million, net of
$20.0 million to prepay a portion of
then outstanding principal.
- Committed to the installation of scrubbers on three additional
vessels, which are expected to be completed during calendar year
2023.
- Extended the time charter-out of the 2015-built Concorde
and the 2014-built Corsair with expirations during the first
and fourth calendar quarters of 2024, respectively.
(1)
|
TCE, adjusted net
income, adjusted EPS and adjusted EBITDA are non-GAAP measures.
Refer to the reconciliation of revenues to TCE, net income to
adjusted net income, EPS to adjusted EPS and net income to adjusted
EBITDA included later in this press release.
|
Key Recent Development
- Declared and paid an irregular dividend totaling $40.4 million in May
2023.
John Hadjipateras, Chairman,
President and Chief Executive Officer of the Company, commented,
"The fourth quarter marked the culmination of the best financial
year in the Company's history. Strong chartering results and a
solid balance sheet enabled us to return nearly $225 million to our shareholders during fiscal
year 2023. Our commitment to sensible and environmentally
sustainable investment is evidenced by the addition of three
dual-fuel VLGCs so far with a fourth coming later this year. I am
grateful for the dedication of our crews and shoreside teams who
are driving our continuing success and advancement as a leading
provider of safe, reliable, clean and trouble free transportation
and as responsible stewards of our shareholders' capital."
Fourth Quarter Fiscal Year 2023 Results Summary
Our net income amounted to $76.0
million, or $1.89 per share,
for the three months ended March 31, 2023, compared to
net income of $35.4 million, or
$0.88 per share, for the three months
ended
March 31, 2022.
Our adjusted net income amounted to $78.1
million, or $1.94 per share,
for the three months ended March 31, 2023, compared to
adjusted net income of $24.7 million,
or $0.62 per share, for the three
months ended March 31, 2022. We have adjusted our net
income for the three months ended March 31, 2023 for an
unrealized loss on derivative instruments of $2.1 million. We adjusted our net income for the
three months ended March 31, 2022 for an unrealized gain
on derivative instruments of $6.9
million and a gain on disposal of vessels of $3.8 million. Please refer to the reconciliation
of net income to adjusted net income, which appears later in this
press release.
The $53.4 million increase in
adjusted net income for the three months ended
March 31, 2023 compared to the three months ended
March 31, 2022 is primarily attributable to increases of
$54.0 million and $1.4 million in revenues and interest income,
respectively, and a $2.5
million of favorable change in realized gain/(loss) on
derivatives, partially offset by increases of $1.8 million in charter hire expenses,
$1.7 million in vessel operating
expenses, $0.8 million in interest
and finance costs, and $0.5 million
in general and administrative expenses.
The TCE rate for our fleet was $68,135 for the three months ended
March 31, 2023, a 57.1% increase from the $43,372 TCE rate for the same period in the prior
year, as further described in "Revenues" below. Please see footnote
7 to the table in "Financial Information" below for other
information related to how we calculate TCE. Total fleet
utilization (including the utilization of our vessels deployed in
the Helios Pool) increased from 89.3% for the three months ended
March 31, 2022 to 95.7% for the three months ended
March 31, 2023.
Vessel operating expenses per day increased to $10,528 during the three months ended
March 31, 2023 from $9,370
in the same period in the prior year. Please see "Vessel Operating
Expenses" below for more information.
Revenues
Revenues, which represent net pool revenues—related party, time
charters and other revenues earned by our vessels, were
$133.6 million for the three months
ended March 31, 2023, an increase of $54.0 million, or 67.9%, from $79.6 million for the three months ended
March 31, 2022. The increase was primarily attributable
to increases in average freight rates and fleet utilization.
Average TCE rates of $68,135 for the
three months ended March 31, 2023 increased $24,763 from $43,372 for the three months ended
March 31, 2022, primarily due to higher spot rates and
lower bunker prices. The Baltic Exchange Liquid Petroleum Gas
Index, an index published daily by the Baltic Exchange for the spot
market rate for the benchmark Ras Tanura-Chiba route (expressed as
U.S. dollars per metric ton), averaged $87.734 during the three months ended
March 31, 2023 compared to an average of $57.104 for the three months ended
March 31, 2022. The average price of very low sulfur fuel
oil (expressed as U.S. dollars per metric ton), from Singapore and Fujairah decreased from $776 during the three months ended
March 31, 2022 to $620
during the three months ended March 31, 2023. Fleet
utilization increased from 89.3% during the three months ended
March 31, 2022 to 95.7% during the three months ended
March 31, 2023.
Charter Hire Expenses
Charter hire expenses for vessels time chartered-in from third
parties were $7.2 million for three
months ended March 31, 2023 compared to $5.4 million for the three months ended
March 31, 2022. The increase of $1.8 million, or 32.8%, was driven by an
increase in time chartered-in days from 180 for the three months
ended March 31, 2022 to 241 for the
three months ended March 31, 2023
partially offset by a modest decrease in average time charter in
expense per day from $30,203 for the
three months ended March 31, 2022 to
$29,955 per day for the three months
ended March 31, 2023.
Vessel Operating Expenses
Vessel operating expenses were $19.0
million during the three months ended
March 31, 2023, or $10,528
per vessel per calendar day, which is calculated by dividing vessel
operating expenses by calendar days for the relevant time period
for the vessels that were in our fleet. This was an increase of
$1.7 million, or 9.7%, from
$17.3 million, or $9,370 per vessel per calendar day, for the three
months ended March 31, 2022 or an increase of
$1,158 per vessel per calendar day.
After adjusting for operating expenses related to the drydocking of
vessels, vessel operating expenses increased $957 on a per vessel per calendar day basis. This
increase was primarily the result of increases per vessel per
calendar day of $408 related to
repairs and maintenance, $405 related
to spares and stores, $62 related to
lubricants, and $82 for other vessel
operating expenses.
General and Administrative Expenses
General and administrative expenses were $7.5 million for the three months ended
March 31, 2023, an increase of $0.5 million, or 8.3%, from $7.0 million for the three months ended
March 31, 2022. This increase was the result of
$0.5 million in predelivery costs
related to the dual-fuel VLGC that we took delivery of on
March 31, 2023.
Interest and Finance Costs
Interest and finance costs amounted to $9.2 million for the three months ended
March 31, 2023, an increase of $0.8 million, or 9.0%, from $8.4 million for the three months ended
March 31, 2022. The increase of $0.8 million during the three months ended
March 31, 2023 was mainly due to an increase of
$3.3 million in interest incurred on
our long-term debt, partially offset by decreases of $2.3 million in additional amortization of
financing fees and $0.1 million of
loan expenses and an increase of $0.1
million in capitalized interest. The increase in interest on
our long-term debt was driven by an increase in average interest
rates due to rising SOFR on our floating-rate long-term debt, and
an increase in average indebtedness. Average indebtedness,
excluding deferred financing fees, increased from $595.4 million for the three months ended
March 31, 2022 to $630.8
million for the three months ended March 31, 2023.
As of March 31, 2023, the outstanding balance of our
long-term debt was $663.6
million.
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives amounted to approximately
$2.1 million for the three months
ended March 31, 2023, compared to gain of $6.9 million for the three months ended
March 31, 2022. The $4.8
million unfavorable change is attributable to a decrease in
the fair value of our interest rate swaps caused by changes in
forward SOFR yield curves.
Realized Gain/(Loss) on Derivatives
Realized gain on derivatives was $1.8
million for the three months ended March 31, 2023,
compared to a realized loss of $0.7
million for the three months ended March 31, 2022.
The favorable $2.5 million difference
is due to an increase in floating SOFR resulting in the realized
gain on our interest rate swaps.
Gain on Disposal of Vessels
Gain on disposal of vessels amounted to $3.8 million for the three months ended
March 31, 2022 and was attributable
to the sale of Captain Nicholas
ML. There was no gain on disposal of vessels for the
three months ended March 31,
2023.
Fiscal Year 2023 Results Summary
Our net income amounted to $172.4
million, or $4.29 per share,
for the year ended March 31, 2023, compared to net income
of $71.9 million, or $1.78 per share, for the year ended
March 31, 2022.
Our adjusted net income amounted to $169.7 million, or $4.22 per share, for the year ended
March 31, 2023, compared to adjusted net income of
$53.6 million, or $1.33 per share, for the year ended
March 31, 2022. We have adjusted our net income for the
year ended March 31, 2023 for an unrealized gain on
derivative instruments of $2.8
million. We have adjusted our net income for the year ended
March 31, 2022 for an unrealized gain on derivatives of
$11.1 and gain on disposal vessels of
$7.3 million. Please refer to the
reconciliation of net income to adjusted net income, which appears
later in this press release.
The favorable change of $116.1
million in adjusted net income for the year ended
March 31, 2023 compared to the year ended
March 31, 2022 is primarily attributable to increases in
revenues of $115.5 million and
interest income of $3.5 million and
decreases of $3.0 million in
depreciation and amortization, $2.7
million in vessel operating expenses, $0.7 million in voyage expenses, and a favorable
change of $7.3 million in realized
gain/(loss) on derivatives. These were partially offset by
increases of $10.7 million in
interest and finance costs, $6.9
million in charter hire expenses from our chartered-in
VLGCs, and $1.9 million in general
and administrative costs.
The TCE rate for our fleet was $50,462 for the year ended
March 31, 2023, a 45.6% increase from the $34,669 TCE rate from the prior year, as further
described in "Revenues" below. Please see footnote 7 to the table
in "Financial Information" below for other information related to
how we calculate TCE. Total fleet utilization (including the
utilization of our vessels deployed in the Helios Pool) increased
slightly from 94.9% in the year ended March 31, 2022 to
95.0% in the year ended March 31, 2023.
Vessel operating expenses per day increased to $9,793 in the year ended March 31, 2023
from $9,538 in the prior year. Please
see "Vessel Operating Expenses" below for more information.
Revenues
Revenues, which represent net pool revenues—related party, time
charters and other revenues, net, were $389.7 million for the year ended March 31, 2023, an increase of $115.5 million, or 42.1%, from $274.2 million for the year ended March 31, 2022. The increase is primarily
attributable to increased average TCE rates and a slight increase
in fleet utilization. Average TCE rates of $50,462 for the year ended March 31, 2023 increased $15,793 from $34,669 for the year ended March 31, 2022, primarily due to higher spot
rates partially offset by higher bunker prices. The Baltic Exchange
Liquid Petroleum Gas Index, an index published daily by the Baltic
Exchange for the spot market rate for the benchmark Ras
Tanura-Chiba route (expressed as U.S. dollars per metric ton),
averaged $87.009 during the year
ended March 31, 2023 compared to an
average of $52.689 for the year ended
March 31, 2022. The average price of
very low sulfur fuel oil (expressed as U.S. dollars per metric ton)
from Singapore and Fujairah increased from $609 during the year ended March 31, 2022, to $773 during the year ended March 31, 2023.Our fleet utilization increased
from 94.9% during the year ended March 31,
2022 to 95.0% during the year ended March 31, 2023.
Charter Hire Expenses
Charter hire expenses for the vessels chartered in from third
parties were $23.2 million for the
year ended March 31, 2023 compared to
$16.3 million for the year ended
March 31, 2022. The increase of
$6.9 million, or 42.6%, was mainly
caused by an increase in time chartered-in days from 579 for the
year ended March 31, 2022 to 791 for
the year ended March 31, 2023 and an
increase in average time charter in expense per day from
$28,093 for the year ended
March 31, 2022 to $29,323 per day for the year ended March 31, 2023.
Vessel Operating Expenses
Vessel operating expenses were $71.5
million during the year ended March 31, 2023, or
$9,793 per vessel per calendar day,
which is calculated by dividing vessel operating expenses by
calendar days for the relevant time period for the vessels that
were in our fleet. This was a decrease of $2.7 million, or 3.6%, from $74.2 million, or $9,538 per vessel per calendar day, for the year
ended March 31, 2022. The decrease was due to a reduction
of calendar days for our fleet from 7,780 during the year ended
March 31, 2022 to 7,301 during the year ended
March, 31 2023, driven by the sales of Captain
Markos
NL and Captain Nicholas ML in
2022. Also included in the $2.7
million decrease was a $1.3
million, or $160 per vessel
per calendar day, decrease in operating expenses related to
the drydocking of vessels including repairs and maintenance, spares
and stores, coolant costs, and other drydocking related operating
expenses.
On a per vessel per calendar day basis, vessel operating
expenses increased modestly by $255
per vessel per calendar day, from $9,538 for the year ended
March 31, 2022 to $9,793
per vessel per calendar day for the year ended March 31, 2023.
After adjusting for operating expenses related to the drydocking of
vessels, vessel operating expenses increased $415 on a per vessel per calendar day basis. This
increase was primarily the result of increases per vessel per
calendar day of $138 related to
repairs and maintenance, $117 related
to lubricants and $160 for other
vessel operating expenses.
General and Administrative Expenses
General and administrative expenses were $32.1 million for the year ended March 31, 2023, an increase of $1.9 million, or 6.2%, from $30.2 million for the year ended March 31, 2022. This increase was driven by (1)
$0.9 million in financial support for
the families of our Ukrainian and Russian seafarers affected by the
events in Ukraine and (2)
increases of $0.9 million and
$1.5 million in stock-based
compensation and other general and administrative expenses,
respectively, partially offset by a reduction in employee-related
expenses of $1.4 million primarily
resulting from favorable changes in exchange rates.
Interest and Finance Costs
Interest and finance costs amounted to $37.8 million for the year ended
March 31, 2023, an increase of $10.7 million from $27.1
million for the year ended March 31, 2022. The
increase of $10.7 million during the
year ended March 31, 2023 was driven
by increases of $11.3 million in
interest incurred on our long-term debt and $0.8 million in loan expenses. This was
partially offset by an increase of $1.1
million in capitalized interest and a decrease of
$0.3 million in amortization of
financing costs. The increase in interest on our long-term debt was
driven by an increase in average interest rates due to rising SOFR
on our floating-rate long-term debt, and an increase in average
indebtedness, excluding deferred financing fees, from $609.0 million for the year ended March 31, 2022 to $649.0
million for the year ended March 31, 2023. As of
March 31, 2023, the outstanding balance of our long-term
debt, excluding deferred financing fees, was $663.6 million.
Unrealized Gain on Derivatives
Unrealized gain on derivatives amounted to $2.8 million for the year ended
March 31, 2023 compared to $11.1
million for the year ended March 31, 2022. The
$8.3 million difference is primarily
attributable to reductions in notional amounts and an unfavorable
change in forward SOFR yield curves (forward LIBOR curves in the
prior period).
Realized Gain/(Loss) on Derivatives
Realized gain on derivatives was $3.8
million for the year ended March 31, 2023,
compared to a realized loss of $3.5
million for the year ended March 31, 2022. The
favorable $7.3 million difference is
due to an increase in floating SOFR resulting in the realized gain
on our interest rate swaps.
Gain on Disposal of Vessels
There was no gain on disposal of vessels for the year ended
March 31, 2023. Gain on disposal of
vessels amounted to $7.3 million for
the year ended March 31, 2022 and was
attributable to the sales of Captain Markos NL and Captain Nicholas ML.
Fleet
The following table sets forth certain information regarding our
fleet as of May 19, 2023. We classify
vessel employment as either Time Charter, Pool or Pool-TCO.
|
|
|
|
|
|
|
|
|
|
Scrubber
|
|
|
|
|
|
|
|
Capacity
|
|
|
|
|
|
ECO
|
|
Equipped
|
|
|
|
Charter
|
|
|
|
(Cbm)
|
|
Shipyard
|
|
Year Built
|
|
Vessel(1)
|
|
or
Dual-Fuel
|
|
Employment
|
|
Expiration(2)
|
|
Dorian
VLGCs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Captain John
NP
|
|
82,000
|
|
Hyundai
|
|
2007
|
|
—
|
|
—
|
|
Pool(4)
|
|
—
|
|
Comet
|
|
84,000
|
|
Hyundai
|
|
2014
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Corsair(3)
|
|
84,000
|
|
Hyundai
|
|
2014
|
|
X
|
|
S
|
|
Time
Charter(6)
|
|
Q4 2024
|
|
Corvette
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Cougar(3)
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
—
|
|
Pool-TCO(5)
|
|
Q1 2025
|
|
Concorde
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
S
|
|
Time
Charter(7)
|
|
Q1 2024
|
|
Cobra
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
—
|
|
Pool(4)
|
|
—
|
|
Continental
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
—
|
|
Pool-TCO(5)
|
|
Q4 2023
|
|
Constitution
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Commodore
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
—
|
|
Pool-TCO(5)
|
|
Q1 2024
|
|
Cresques(3)
|
|
84,000
|
|
Daewoo
|
|
2015
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Constellation
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Cheyenne
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
S
|
|
Pool-TCO(5)
|
|
Q2 2023
|
|
Clermont
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
S
|
|
Pool-TCO(5)
|
|
Q4 2023
|
|
Cratis(3)
|
|
84,000
|
|
Daewoo
|
|
2015
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Chaparral(3)
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
—
|
|
Pool(4)
|
|
—
|
|
Copernicus(3)
|
|
84,000
|
|
Daewoo
|
|
2015
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Commander
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Challenger
|
|
84,000
|
|
Hyundai
|
|
2015
|
|
X
|
|
—
|
|
Pool-TCO(5)
|
|
Q2 2023
|
|
Caravelle(3)
|
|
84,000
|
|
Hyundai
|
|
2016
|
|
X
|
|
—
|
|
Pool(4)
|
|
—
|
|
Captain
Markos(3)
|
|
84,000
|
|
Kawasaki
|
|
2023
|
|
X
|
|
DF
|
|
Pool(4)
|
|
—
|
|
Total
|
|
1,762,000
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
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Time
chartered-in
VLGCs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future
Diamond(8)
|
|
80,876
|
|
Hyundai
|
|
2020
|
|
X
|
|
S
|
|
Pool(4)
|
|
—
|
|
Astomos
Venus(9)
|
|
77,367
|
|
Mitsubishi
|
|
2016
|
|
X
|
|
—
|
|
Pool(4)
|
|
—
|
|
HLS
Citrine(10)
|
|
86,090
|
|
Hyundai
|
|
2023
|
|
X
|
|
DF
|
|
Pool(4)
|
|
—
|
|
HLS
Diamond(11)
|
|
86,090
|
|
Hyundai
|
|
2023
|
|
X
|
|
DF
|
|
Pool(4)
|
|
—
|
|
___________________________________
|
(1)
|
Represents vessels with
very low revolutions per minute, long-stroke, electronically
controlled engines, larger propellers, advanced hull design, and
low friction paint.
|
(2)
|
Represents calendar
year quarters.
|
(3)
|
Operated pursuant to a
bareboat chartering agreement.
|
(4)
|
"Pool" indicates that
the vessel operates in the Helios Pool on a voyage charter with a
third party and we receive a portion of the pool profits calculated
according to a formula based on the vessel's pro rata performance
in the pool.
|
(5)
|
"Pool-TCO" indicates
that the vessel is operated in the Helios Pool on a time charter
out to a third party and we receive a portion of the pool profits
calculated according to a formula based on the vessel's pro rata
performance in the pool.
|
(6)
|
Currently on a time
charter with an oil major that began in November 2019.
|
(7)
|
Currently on time
charter with a major oil company that began in March
2019.
|
(8)
|
Currently time
chartered-in to our fleet with an expiration during the first
calendar quarter of 2025.
|
(9)
|
Currently time
chartered-in to our fleet with an expiration during the third
calendar quarter of 2023.
|
(10)
|
Currently time
chartered-in to our fleet with an expiration during the first
calendar quarter of 2030 and has Panamax beam with purchase options
beginning in year seven.
|
(11)
|
Currently time
chartered-in to our fleet with an expiration during the first
calendar quarter of 2030 and has Panamax beam with purchase options
beginning in year seven.
|
Market Outlook Update
Global oil and gas markets and macroeconomic concerns, coupled
with factors specific to the LPG trade, drove a volatile first
calendar quarter of 2023 in the LPG market.
After a period of significantly high natural gas prices, a
relatively mild winter helped ease bullish sentiment in the market
resulting in a drop in natural gas prices throughout the first
calendar quarter of 2023. At the same time, crude oil prices
remained around $80 per barrel for
Brent. Further OPEC+ production cuts announced in April 2023 are expected to maintain the "higher"
oil prices over the second calendar quarter of 2023. Combined, such
factors have resulted in a revision upwards of annual natural gas
liquids ("NGL") production in the U.S. from previous forecasts.
Maintenance in the Middle East
impacted the seaborne exports from Saudi
Arabia and UAE in February
2023, which, as a result, significantly raised Saudi posted
contract ("CP") prices. For propane, CP increased $200 per metric ton from January 2023 levels and butane was raised
$185 per metric ton. CP prices
subsided somewhat in March and April
2023 upon resurgence of export levels due to the completion
of maintenance.
U.S. production levels, although somewhat subdued due to the
late 2022 freeze and weak production economics for NGLs,
particularly in the Permian, remained robust in the first calendar
quarter of 2023 and, along with sufficient propane inventories, saw
propane prices remain below 50% of WTI. As a result, propane
exports reached over four million metric tons in March 2023. Additional refinery demand in the
U.S., related to gasoline blending, raised butane consumption and
prices early in the first calendar quarter of 2023, particularly in
February 2023, where exports dipped
to 0.7 million metric tons from 1.1 million metric tons in
January 2023.
Demand in the first calendar quarter of 2023 was volatile with
winter seasonal consumption raising import levels for Far Eastern
countries such as Japan.
Petrochemical demand was also a factor with economics favoring
propane over naphtha both in the East and the West. Negative
margins were still seen for the production of ethylene using
naphtha in NW Europe and in the
Far East, and despite propane showing an average negative margin in
the Far East, it was superior to naphtha. PDH margins also returned
to a positive territory in February
2023. Over-capacity and sluggish downstream demand remained
the sentiment in the petrochemical markets resulting in lower
operating rates for some producers during the quarter. The
propane-naphtha spread in NW
Europe widened in January 2023
from $(55) per metric ton in
December 2022 to $(97) per metric ton in January 2023. This spread narrowed in
February 2023 to $(71) per metric ton, before significantly
widening to $(134) per metric ton in
March 2023, reflecting additional
U.S. supply and lower propane prices.
The relaxation of lockdown restrictions in China raised hopes of increased demand for
feedstocks and olefins/polyolefins which in turn were expected to
improve petrochemical economics globally as demand for products
returns. LPG imports into China
did not rise in the first calendar quarter of 2023, with the total
imports being 6.2 million metric tons for the first calendar
quarter of 2023 compared to 7.1 million metric tons in the fourth
calendar quarter of 2022. Following the first calendar quarter of
2023, imports have been increasing with levels expected to surpass
2.7 million metric tons in April
2023, according to current ship tracking analysis (yet to be
confirmed by national statistics). Two new propane dehydrogenation
plants started operating in the first calendar quarter of 2023 with
a flurry of new plants are still expected to come online throughout
2023, leading to the expectation of higher demand for imports in
China.
The Baltic VLGC index softened in the first calendar quarter of
2023 from an average of around $120
per metric ton in the fourth calendar quarter of 2022 to around
$88 per metric ton in the first
calendar quarter of 2023. Lower bunker prices however resulted in
higher time charter equivalent rates. Overall, the robust VLGC
supply/demand balance, strong arbitrage and logistical constraints
have continued to keep freight rates above the five-year highs.
A further twelve new VLGCs were added during the first calendar
quarter of 2023 helping to soften the freight rates. Panama Canal
delays, although still influential, have subsided from the fourth
calendar quarter of 2022, where very high Canal fees were reported
for some LPG vessels.
Currently, the VLGC orderbook stands at approximately 20% of the
current global fleet. An additional 70 VLGCs, equivalent to roughly
6.2 million cbm of carrying capacity, are expected to be added to
the global fleet by calendar year 2026. The average age of the
global fleet is now approximately 10.8 years old.
The above market outlook update is based on information, data
and estimates derived from industry sources, and there can be no
assurances that such trends will continue or that anticipated
developments in freight rates, export volumes, the VLGC orderbook
or other market indicators will materialize. This information, data
and estimates involve a number of assumptions and limitations, are
subject to risks and uncertainties, and are subject to change based
on various factors. You are cautioned not to give undue weight to
such information, data and estimates. We have not independently
verified any third-party information or verified that more recent
information is not available.
Seasonality
Liquefied gases are primarily used for industrial and domestic
heating, as a chemical and refinery feedstock, as a transportation
fuel and in agriculture. The LPG shipping market historically has
been stronger in the spring and summer months in anticipation of
increased consumption of propane and butane for heating during the
winter months. In addition, unpredictable weather patterns in these
months tend to disrupt vessel scheduling and the supply of certain
commodities. Demand for our vessels therefore may be stronger in
the quarters ending June 30 and
September 30 and relatively weaker
during the quarters ending December
31 and March 31, although
12-month time charter rates tend to smooth these short-term
fluctuations and recent LPG shipping market activity has not
yielded the expected seasonal results. The increase in
petrochemical industry buying has contributed to less marked
seasonality than in the past, but there can no guarantee that this
trend will continue. To the extent any of our time charters expire
during the typically weaker fiscal quarters ending December 31 and March
31, it may not be possible to re-charter our vessels at
similar rates. As a result, we may have to accept lower rates or
experience off-hire time for our vessels, which may adversely
impact our business, financial condition and operating results.
Financial Information
The following table presents our selected financial data
(unaudited) and other information for the periods presented:
|
|
Three months
ended
|
|
|
Year
ended
|
|
(in U.S. dollars, except fleet data)
|
|
March 31, 2023
|
|
March 31, 2022
|
|
|
March 31, 2023
|
|
March 31, 2022
|
|
Statement of
Operations Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
133,635,050
|
|
$
|
79,584,070
|
|
|
$
|
389,749,215
|
|
$
|
274,221,448
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
.
|
|
|
.
|
|
Voyage
expenses
|
|
|
1,043,946
|
|
|
1,123,961
|
|
|
|
3,611,452
|
|
|
4,324,712
|
|
Charter hire
expenses
|
|
|
7,219,090
|
|
|
5,436,588
|
|
|
|
23,194,712
|
|
|
16,265,638
|
|
Vessel operating
expenses
|
|
|
18,960,093
|
|
|
17,288,164
|
|
|
|
71,501,771
|
|
|
74,204,218
|
|
Depreciation and
amortization
|
|
|
15,689,206
|
|
|
15,660,878
|
|
|
|
63,396,131
|
|
|
66,432,115
|
|
General and
administrative expenses
|
|
|
7,549,248
|
|
|
6,968,750
|
|
|
|
32,086,382
|
|
|
30,226,739
|
|
Total
expenses
|
|
|
50,461,583
|
|
|
46,478,341
|
|
|
|
193,790,448
|
|
|
191,453,422
|
|
Gain on disposal of
vessels
|
|
|
—
|
|
|
3,790,687
|
|
|
|
—
|
|
|
7,256,897
|
|
Other income—related
parties
|
|
|
608,106
|
|
|
580,387
|
|
|
|
2,401,701
|
|
|
2,374,050
|
|
Operating
income
|
|
|
83,781,573
|
|
|
37,476,803
|
|
|
|
198,360,468
|
|
|
92,398,973
|
|
Other
income/(expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance
costs
|
|
|
(9,211,683)
|
|
|
(8,447,683)
|
|
|
|
(37,803,787)
|
|
|
(27,067,395)
|
|
Interest
income
|
|
|
1,467,724
|
|
|
67,887
|
|
|
|
3,808,809
|
|
|
347,082
|
|
Unrealized gain/(loss)
on derivatives
|
|
|
(2,080,999)
|
|
|
6,862,405
|
|
|
|
2,766,065
|
|
|
11,067,870
|
|
Realized gain/(loss) on
derivatives
|
|
|
1,773,707
|
|
|
(736,106)
|
|
|
|
3,771,522
|
|
|
(3,450,443)
|
|
Other gain/(loss),
net
|
|
|
290,713
|
|
|
159,924
|
|
|
|
1,540,853
|
|
|
(1,361,069)
|
|
Total other
income/(expenses), net
|
|
|
(7,760,538)
|
|
|
(2,093,573)
|
|
|
|
(25,916,538)
|
|
|
(20,463,955)
|
|
Net income
|
|
$
|
76,021,035
|
|
$
|
35,383,230
|
|
|
$
|
172,443,930
|
|
$
|
71,935,018
|
|
Earnings per common
share—basic
|
|
|
1.90
|
|
|
0.89
|
|
|
|
4.31
|
|
|
1.79
|
|
Earnings per common
share—diluted
|
|
$
|
1.89
|
|
$
|
0.88
|
|
|
$
|
4.29
|
|
|
1.78
|
|
Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$
|
102,065,758
|
|
$
|
54,081,570
|
|
|
$
|
271,386,648
|
|
$
|
161,149,380
|
|
Fleet
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calendar
days(2)
|
|
|
1,801
|
|
|
1,845
|
|
|
|
7,301
|
|
|
7,780
|
|
Time chartered-in
days(3)
|
|
|
241
|
|
|
180
|
|
|
|
791
|
|
|
579
|
|
Available
days(4)
|
|
|
2,034
|
|
|
2,025
|
|
|
|
8,053
|
|
|
8,201
|
|
Operating
days(5)(8)
|
|
|
1,946
|
|
|
1,809
|
|
|
|
7,652
|
|
|
7,785
|
|
Fleet
utilization(6)(8)
|
|
|
95.7
|
%
|
|
89.3
|
%
|
|
|
95.0
|
%
|
|
94.9
|
%
|
Average Daily
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent
rate(7)(8)
|
|
$
|
68,135
|
|
$
|
43,372
|
|
|
$
|
50,462
|
|
$
|
34,669
|
|
Daily vessel operating
expenses(9)
|
|
$
|
10,528
|
|
$
|
9,370
|
|
|
$
|
9,793
|
|
$
|
9,538
|
|
__________________________
|
(1)
|
Adjusted EBITDA is an
unaudited non-U.S. GAAP financial measure and represents net income
before interest and finance costs, unrealized (gain)/loss on
derivatives, realized (gain)/loss on interest rate swaps,
stock-based compensation expense, impairment, and depreciation and
amortization and is used as a supplemental financial measure by
management to assess our financial and operating performance. We
believe that adjusted EBITDA assists our management and investors
by increasing the comparability of our performance from period to
period. This increased comparability is achieved by excluding the
potentially disparate effects between periods of derivatives,
interest and finance costs, stock-based compensation expense,
impairment, and depreciation and amortization expense, which items
are affected by various and possibly changing financing methods,
capital structure and historical cost basis and which items may
significantly affect net income between periods. We believe that
including adjusted EBITDA as a financial and operating measure
benefits investors in selecting between investing in us and other
investment alternatives.
|
|
|
|
Adjusted EBITDA has
certain limitations in use and should not be considered an
alternative to net income/(loss), operating income, cash flow from
operating activities or any other measure of financial performance
presented in accordance with GAAP. Adjusted EBITDA excludes some,
but not all, items that affect net income. Adjusted EBITDA as
presented below may not be computed consistently with similarly
titled measures of other companies and, therefore, might not be
comparable with other companies.
|
The following table
sets forth a reconciliation (unaudited) of net income to Adjusted
EBITDA for the periods presented:
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
(in U.S. dollars)
|
|
March 31, 2023
|
|
March 31, 2022
|
|
March 31, 2023
|
|
March 31, 2022
|
|
Net income
|
|
$
|
76,021,035
|
|
$
|
35,383,230
|
|
$
|
172,443,930
|
|
$
|
71,935,018
|
|
Interest and finance
costs
|
|
|
9,211,683
|
|
|
8,447,683
|
|
|
37,803,787
|
|
|
27,067,395
|
|
Unrealized (gain)/loss
on derivatives
|
|
|
2,080,999
|
|
|
(6,862,405)
|
|
|
(2,766,065)
|
|
|
(11,067,870)
|
|
Realized (gain)/loss on
interest rate swaps
|
|
|
(1,773,707)
|
|
|
736,106
|
|
|
(3,771,522)
|
|
|
3,450,443
|
|
Stock-based
compensation expense
|
|
|
836,542
|
|
|
716,078
|
|
|
4,280,387
|
|
|
3,332,279
|
|
Depreciation and
amortization
|
|
|
15,689,206
|
|
|
15,660,878
|
|
|
63,396,131
|
|
|
66,432,115
|
|
Adjusted
EBITDA
|
|
$
|
102,065,758
|
|
$
|
54,081,570
|
|
$
|
271,386,648
|
|
$
|
161,149,380
|
|
|
|
(2)
|
We define calendar days
as the total number of days in a period during which each vessel in
our fleet was owned or operated pursuant to a bareboat charter.
Calendar days are an indicator of the size of the fleet over a
period and affect the amount of expenses that are recorded during
that period.
|
|
|
(3)
|
We define time
chartered-in days as the aggregate number of days in a period
during which we time chartered-in vessels from third parties. Time
chartered-in days are an indicator of the size of the fleet over a
period and affect both the amount of revenues and the amount of
charter hire expenses that are recorded during that
period.
|
|
|
(4)
|
We define available
days as the sum of calendar days and time chartered-in days
(collectively representing our commercially-managed vessels) less
aggregate off hire days associated with scheduled maintenance,
which include major repairs, drydockings, vessel upgrades or
special or intermediate surveys. We use available days to measure
the aggregate number of days in a period that our vessels should be
capable of generating revenues.
|
|
|
(5)
|
We define operating
days as available days less the aggregate number of days that the
commercially-managed vessels in our fleet are off–hire for any
reason other than scheduled maintenance. We use operating days to
measure the number of days in a period that our operating vessels
are on hire (refer to 8 below).
|
|
|
(6)
|
We calculate fleet
utilization by dividing the number of operating days during a
period by the number of available days during that period. An
increase in non-scheduled off hire days would reduce our operating
days, and, therefore, our fleet utilization. We use fleet
utilization to measure our ability to efficiently find suitable
employment for our vessels.
|
|
|
(7)
|
Time charter equivalent
rate, or TCE rate, is a non-U.S. GAAP measure of the average daily
revenue performance of a vessel. TCE rate is a shipping industry
performance measure used primarily to compare period–to–period
changes in a shipping company's performance despite changes in the
mix of charter types (such as time charters, voyage charters) under
which the vessels may be employed between the periods. Our method
of calculating TCE rate is to divide revenue net of voyage expenses
by operating days for the relevant time period, which may not be
calculated the same by other companies.
|
The following table
sets forth a reconciliation (unaudited) of revenues to TCE rate for
the periods presented:
|
|
|
|
Three months
ended
|
|
|
Year
ended
|
|
(in U.S. dollars,
except operating days)
|
|
March 31, 2023
|
|
March 31, 2022
|
|
|
March 31, 2023
|
|
March 31, 2022
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
133,635,050
|
|
$
|
79,584,070
|
|
|
$
|
389,749,215
|
|
$
|
274,221,448
|
|
Voyage
expenses
|
|
|
(1,043,946)
|
|
|
(1,123,961)
|
|
|
|
(3,611,452)
|
|
|
(4,324,712)
|
|
Time charter
equivalent
|
|
$
|
132,591,104
|
|
$
|
78,460,109
|
|
|
$
|
386,137,763
|
|
$
|
269,896,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pool
adjustment*
|
|
|
—
|
|
|
—
|
|
|
|
(514,015)
|
|
|
(2,978)
|
|
Time charter equivalent
excluding pool adjustment*
|
|
$
|
132,591,104
|
|
$
|
78,460,109
|
|
|
$
|
385,623,748
|
|
$
|
269,893,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
days
|
|
|
1,946
|
|
|
1,809
|
|
|
|
7,652
|
|
|
7,785
|
|
TCE
rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent
rate
|
|
$
|
68,135
|
|
$
|
43,372
|
|
|
$
|
50,462
|
|
$
|
34,669
|
|
TCE rate excluding pool
adjustment*
|
|
$
|
68,135
|
|
$
|
43,372
|
|
|
$
|
50,395
|
|
$
|
34,668
|
|
|
|
|
* Adjusted for the
effects of reallocations of pool profits in accordance with the
pool participation agreements as a result of the actual speed and
consumption performance of the vessels operating in the Helios Pool
exceeding the originally estimated speed and consumption
levels.
|
|
|
(8)
|
We determine operating
days for each vessel based on the underlying vessel employment,
including our vessels in the Helios Pool, or the Company
Methodology. If we were to calculate operating days for each vessel
within the Helios Pool as a variable rate time charter, or the
Alternate Methodology, our operating days and fleet utilization
would be increased with a corresponding reduction to our TCE rate.
Operating data (unaudited) using both methodologies is as
follows:
|
|
Three months
ended
|
|
|
Year
ended
|
|
|
March 31, 2023
|
|
|
March 31, 2022
|
|
|
March 31, 2023
|
|
|
March 31, 2022
|
|
Company
Methodology:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Days
|
|
1,946
|
|
|
|
1,809
|
|
|
|
7,652
|
|
|
|
7,785
|
|
Fleet
Utilization
|
|
95.7
|
%
|
|
|
89.3
|
%
|
|
|
95.0
|
%
|
|
|
94.9
|
%
|
Time charter equivalent
rate
|
$
|
68,135
|
|
|
$
|
43,372
|
|
|
$
|
50,462
|
|
|
$
|
34,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternate
Methodology:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Days
|
|
2,033
|
|
|
|
2,020
|
|
|
|
8,035
|
|
|
|
8,193
|
|
Fleet
Utilization
|
|
100.0
|
%
|
|
|
99.8
|
%
|
|
|
99.8
|
%
|
|
|
99.9
|
%
|
Time charter equivalent
rate
|
$
|
65,219
|
|
|
$
|
38,842
|
|
|
$
|
48,057
|
|
|
$
|
32,942
|
|
|
|
We believe that Our
Methodology using the underlying vessel employment provides more
meaningful insight into market conditions and the performance of
our vessels.
|
|
|
(9)
|
Daily vessel operating
expenses are calculated by dividing vessel operating expenses by
calendar days for the relevant time period.
|
In addition to the results of operations presented in accordance
with U.S. GAAP, we provide adjusted net income and adjusted EPS. We
believe that adjusted net income and adjusted EPS are useful to
investors in understanding our underlying performance and business
trends. Adjusted net income and adjusted EPS are not a
measurement of financial performance or liquidity under U.S. GAAP;
therefore, these non-U.S. GAAP financial measures should not be
considered as an alternative or substitute for U.S. GAAP. The
following table reconciles (unaudited) net income and EPS to
adjusted net income and adjusted EPS, respectively, for the periods
presented:
|
|
Three months
ended
|
|
|
Year
ended
|
|
(in U.S. dollars,
except share data)
|
|
March 31, 2023
|
|
March 31, 2022
|
|
|
March 31, 2023
|
|
March 31, 2022
|
|
Net income
|
|
$
|
76,021,035
|
|
$
|
35,383,230
|
|
|
$
|
172,443,930
|
|
$
|
71,935,018
|
|
Unrealized (gain)/loss
on derivatives
|
|
|
2,080,999
|
|
|
(6,862,405)
|
|
|
|
(2,766,065)
|
|
|
(11,067,870)
|
|
Gain on disposal of
vessels
|
|
|
—
|
|
|
(3,790,687)
|
|
|
|
—
|
|
|
(7,256,897)
|
|
Adjusted net
income
|
|
$
|
78,102,034
|
|
$
|
24,730,138
|
|
|
$
|
169,677,865
|
|
$
|
53,610,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share—diluted
|
|
$
|
1.89
|
|
$
|
0.88
|
|
|
$
|
4.29
|
|
$
|
1.78
|
|
Unrealized (gain)/loss
on derivatives
|
|
|
0.05
|
|
|
(0.17)
|
|
|
|
(0.07)
|
|
|
(0.27)
|
|
Gain on disposal of
vessels
|
|
|
—
|
|
|
(0.09)
|
|
|
|
—
|
|
|
(0.18)
|
|
Adjusted earnings per
common share—diluted
|
|
$
|
1.94
|
|
$
|
0.62
|
|
|
$
|
4.22
|
|
$
|
1.33
|
|
The following table presents our unaudited balance sheets as of
the dates presented:
|
|
As of
|
|
As of
|
|
|
|
March 31, 2023
|
|
March 31, 2022
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
148,797,232
|
|
$
|
236,758,927
|
|
Trade receivables, net
and accrued revenues
|
|
|
3,282,256
|
|
|
853,060
|
|
Due from related
parties
|
|
|
73,070,095
|
|
|
57,782,831
|
|
Inventories
|
|
|
2,642,395
|
|
|
2,266,351
|
|
Prepaid expenses and
other current assets
|
|
|
8,507,007
|
|
|
10,232,083
|
|
Total current
assets
|
|
|
236,298,985
|
|
|
307,893,252
|
|
Fixed
assets
|
|
|
|
|
|
|
|
Vessels, net
|
|
|
1,263,928,605
|
|
|
1,238,061,690
|
|
Vessel under
construction
|
|
|
—
|
|
|
16,401,532
|
|
Other fixed assets,
net
|
|
|
48,213
|
|
|
54,101
|
|
Total fixed
assets
|
|
|
1,263,976,818
|
|
|
1,254,517,323
|
|
Other non-current
assets
|
|
|
|
|
|
|
|
Deferred charges,
net
|
|
|
8,367,301
|
|
|
9,839,000
|
|
Derivative
instruments
|
|
|
9,278,544
|
|
|
6,512,479
|
|
Due from related
parties—non-current
|
|
|
20,900,000
|
|
|
19,800,000
|
|
Restricted
cash—non-current
|
|
|
76,418
|
|
|
77,987
|
|
Operating lease
right-of-use assets
|
|
|
158,179,398
|
|
|
8,087,014
|
|
Available-for-sale
securities
|
|
|
11,366,838
|
|
|
—
|
|
Other non-current
assets
|
|
|
469,227
|
|
|
635,038
|
|
Total
assets
|
|
$
|
1,708,913,529
|
|
$
|
1,607,362,093
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
10,807,376
|
|
$
|
9,541,131
|
|
Accrued
expenses
|
|
|
5,637,725
|
|
|
3,801,448
|
|
Due to related
parties
|
|
|
168,793
|
|
|
37,433
|
|
Deferred
income
|
|
|
208,558
|
|
|
813,967
|
|
Current portion of
long-term operating lease liabilities
|
|
|
23,407,555
|
|
|
8,073,364
|
|
Current portion of
long-term debt
|
|
|
53,110,676
|
|
|
72,075,571
|
|
Dividends
payable
|
|
|
1,255,861
|
|
|
494,180
|
|
Total current
liabilities
|
|
|
94,596,544
|
|
|
94,837,094
|
|
Long-term
liabilities
|
|
|
|
|
|
|
|
Long-term debt—net of
current portion and deferred financing fees
|
|
|
604,256,670
|
|
|
590,687,387
|
|
Long-term operating
lease liabilities
|
|
|
134,782,483
|
|
|
—
|
|
Other long-term
liabilities
|
|
|
1,431,510
|
|
|
1,686,197
|
|
Total long-term
liabilities
|
|
|
740,470,663
|
|
|
592,373,584
|
|
Total
liabilities
|
|
|
835,067,207
|
|
|
687,210,678
|
|
Commitments and
contingencies
|
|
|
—
|
|
|
—
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Preferred stock, $0.01
par value, 50,000,000 shares authorized, none issued nor
outstanding
|
|
|
—
|
|
|
—
|
|
Common stock, $0.01 par
value, 450,000,000 shares authorized, 51,630,593 and 51,321,695
shares issued, 40,382,730 and 40,185,042 shares outstanding (net of
treasury stock), as of
March 31, 2023 and March 31, 2022,
respectively
|
|
|
516,306
|
|
|
513,217
|
|
Additional
paid-in-capital
|
|
|
764,383,292
|
|
|
760,105,994
|
|
Treasury stock, at
cost; 11,247,863 and 11,136,653 shares as of
March 31, 2023 and
March 31, 2022, respectively
|
|
|
(122,896,838)
|
|
|
(121,226,936)
|
|
Retained
earnings
|
|
|
231,843,562
|
|
|
280,759,140
|
|
Total shareholders'
equity
|
|
|
873,846,322
|
|
|
920,151,415
|
|
Total liabilities
and shareholders' equity
|
|
$
|
1,708,913,529
|
|
$
|
1,607,362,093
|
|
Conference Call
A conference call to discuss the results will be held today,
May 24, 2023 at 10:00 a.m. ET. The conference call can be
accessed live by dialing 1-877-407-9716, or for international
callers, 1-201-493-6779, and requesting to be joined into the
Dorian LPG call. A replay will be available at 1:00 p.m. ET the same day and can be accessed by
dialing 1-844-512-2921, or for international callers,
1-412-317-6671. The passcode for the replay is 13738794. The replay
will be available until May 31, 2023,
at 11:59 p.m. ET.
A live webcast of the conference call will also be available
under the investor section at www.dorianlpg.com. The
information on our website does not form a part of and is not
incorporated by reference into this press release.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a
leading owner and operator of modern VLGCs. Dorian LPG's fleet
currently consists of twenty-five modern VLGCs, including three
dual-fuel LPG vessels. Dorian LPG has offices in Stamford,
Connecticut, USA; Copenhagen,
Denmark; and Athens, Greece.
Visit our website at www.dorianlpg.com. Information on the
Company's website does not constitute a part of and is not
incorporated by reference into this press release.
Forward-Looking Statements
This press release contains "forward-looking statements."
Statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," "projects," "forecasts," "may," "will," "should" and
similar expressions are forward-looking statements. These
statements are not historical facts but instead represent only the
Company's current expectations and observations regarding future
results, many of which, by their nature, are inherently uncertain
and outside of the Company's control. Where the Company expresses
an expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, the Company's forward-looking
statements are subject to risks, uncertainties, and other factors,
which could cause actual results to differ materially from future
results expressed, projected, or implied by those forward-looking
statements. The Company's actual results may differ, possibly
materially, from those anticipated in these forward-looking
statements as a result of certain factors, including changes in the
Company's financial resources and operational capabilities and as a
result of certain other factors listed from time to time in the
Company's filings with the U.S. Securities and Exchange Commission.
For more information about risks and uncertainties associated with
Dorian LPG's business, please refer to the "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of Dorian LPG's SEC filings, including, but
not limited to, its annual report on Form 10-K and quarterly
reports on Form 10-Q. The Company does not assume any obligation to
update the information contained in this press release.
For further information:
Dorian LPG Ltd.
Ted Young
Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
View original
content:https://www.prnewswire.com/news-releases/dorian-lpg-ltd-announces-fourth-quarter-and-fiscal-year-2023-financial-results-301832872.html
SOURCE Dorian LPG Ltd.