Head of Dorian LPG praises seafarers as company announces latest results

Head of Dorian LPG praises seafarers as company announces latest results

The head of Dorian LPG has praised the company’s seafarers as the business reported its financial results for the three months and fiscal year ended March 31, 2021.

John Hadjipateras, chairman, president and chief executive officer of the company, said: “Though the past year presented major challenges relating to the pandemic, the commitment of our nearly eight hundred seafarers, five hundred presently at sea, as well as the dedication of our shore-side staff, we believe has put Dorian LPG in its strongest position to date. Upsizing our $100 million self-tender offer by 13.5 percent to repurchase 8.4 million shares demonstrates our strong commitment to returning shareholder capital.”

The company’s net income amounted to $44.0 million, or $0.93 per share, for the three months ended March 31, 2021, compared to net income of $29.4 million, or $0.56 per share, for the three months ended March 31, 2020.              

Dorian’s adjusted net income amounted to $40.8 million, or $0.86 per share, for the three months ended March 31, 2021, compared to adjusted net income of $42.3 million, or $0.81 per share, for the three months ended March 31, 2020. The company has adjusted its net income for the three months ended March 31, 2021 for an unrealised gain on derivative instruments of $3.3 million. 

Vessel operating expenses per day increased to $10,198 during the three months ended March 31, 2021 from $9,407 in the same period in the prior year. 

Revenues, which represent net pool revenues — related party, time charters and other revenues, net, were $315.9 million for the year ended March 31, 2021, a decrease of $17.5 million, or 5.2 percent, from $333.4 million for the year ended March 31, 2020. The decrease is primarily attributable to a reduction of average TCE rates and decreased fleet utilisation.

For more information visit www.dorianlpg.com

1st June 2021