{"success":true,"data":{"pressRelease":{"id":"40259","rtpr_id":"nBw8m7ZDha","ticker":"LPG","exchange":"NYSE","all_tickers":["LPG"],"title":"Dorian LPG Ltd. Announces Fourth Quarter and Fiscal Year 2026 Financial Results","author":"Business Wire","published_at":"2026-05-20T10:00:00.418Z","article_body":"Dorian LPG Ltd. Announces Fourth Quarter and Fiscal Year 2026 Financial\nResults\n\nDorian LPG Ltd. (NYSE: LPG) (the “Company,” “Dorian LPG,” “we,”\nand “our”), a leading owner and operator of modern very large gas carriers\n(“VLGCs”), today reported its financial results for the three months and\nfiscal year ended March 31, 2026.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260520645557/en/\n(https://www.businesswire.com/news/home/20260520645557/en/)\n\nThe Areion - dual-fuel newbuilding VLGC/AC\n\nKey Recent Developments\n\n\n * Declared an irregular cash dividend of $1.00 per share of the Company’s\ncommon stock totaling $42.8 million to be paid on or about May 28, 2026 to all\nshareholders of record as of the close of business on May 18, 2026.\n\n * Prepaid $16.5 million of the 2023 A&R Debt Facility, the proportion\nrelated to the 2016-built VLGC Cobra.\n\n * On May 6, 2026, we completed the sale of the 2016-built VLGC Cobra, receiving\nproceeds net of commissions and fees of $81.9 million.\n\nHighlights for the Fourth Quarter Ended March 31, 2026\n\n\n * Revenues of $153.3 million.\n\n * Time charter equivalent (“TCE”)((1) )per available day rate for our fleet\nof $63,615.\n\n * Net income of $81.0 million, or $1.90 earnings per diluted share (“EPS”),\nand adjusted net income((1)) of $80.4 million, or $1.89 adjusted diluted\nearnings per share (“adjusted EPS”)((1)).\n\n * Adjusted EBITDA((1)) of $106.6 million.\n\n * Took delivery of the dual-fuel newbuilding VLGC/AC Areion in March 2026.\n\n * Entered into a $62.9 million debt financing facility (the \"Areion Facility\")\nto finance the final delivery payment and other fees and expenses associated\nwith the delivery of our VLGC/AC Areion.\n\n * Declared and paid an irregular dividend totaling $29.9 million in February\n2026.\n\nHighlights for the Fiscal Year Ended March 31, 2026\n\n\n * Revenues of $481.5 million.\n\n * TCE((1)) per available day rate for our fleet of $52,238.\n\n * Net income of $193.7 million, or $4.54 EPS, and adjusted net income((1)) of\n$194.8 million, or $4.57 adjusted EPS((1)).\n\n * Adjusted EBITDA((1)) of $305.1 million.\n\n * Declared and paid four irregular dividends totaling $104.7 million.\n (1)      TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP    \n          measures. Refer to the reconciliation of revenues to TCE, net income to         \n          adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA      \n          included in this press release under the heading “Financial Information.”       \n\n\nJohn Hadjipateras, Chairman, President, and Chief Executive Officer of the\nCompany, commented, “Our strong results for the quarter reflect a healthy\nfreight market and the dedication of our seagoing and shore side employees.\nFortunately, none of our people or ships are in the Middle East Gulf. The\ndelivery of the Areion in late March and the sale of the 2015 built Cobra\nhighlight our approach to fleet management. We are optimistic about the\nprospects of the freight market while cautious of the uncertainty posed by\nfast evolving geopolitical events. Our declaration of a $1.00 per share\nirregular dividend reflects our confidence in the long-term sustainability of\nLPG demand and our company’s prudent approach to capital allocation.”\n\nFourth Quarter Fiscal Year 2026 Results Summary\n\nOur net income amounted to $81.0 million, or $1.90 per share, for the three\nmonths ended March 31, 2026, compared to net income of $8.1 million, or $0.19\nper share, for the three months ended March 31, 2025.\n\nOur adjusted net income amounted to $80.4 million, or $1.89 per share, for the\nthree months ended March 31, 2026, compared to adjusted net income of $10.7\nmillion, or $0.25 per share, for the three months ended March 31, 2025. We\nhave adjusted our net income for the three months ended March 31, 2026 for an\nunrealized gain on derivative instruments of $0.6 million and we adjusted our\nnet income for the three months ended March 31, 2025 for an unrealized loss on\nderivative instruments of $2.6 million. Please refer to the reconciliation of\nnet income to adjusted net income, which appears later in this press release.\n\nThe $69.7 million increase in adjusted net income for the three months ended\nMarch 31, 2026 compared to the three months ended March 31, 2025 is primarily\nattributable to (i) increases of $77.4 million in revenues, $0.8 million in\nother gain/(loss) net; and $0.1 million in other income related parties; (ii)\ndecreases of $5.3 million in vessel operating expenses, $1.1 million in\ninterest and finance costs; $0.3 million in depreciation and amortization\nexpenses, and $0.3 million in voyage expenses; partially offset by (i)\nincreases of $8.1 million in charter hire expenses, $5.0 million in general\nand administrative expenses, and $1.1 million in profit sharing expenses, and;\n(ii) a decreases of $0.8 million in realized gain on derivatives and $0.6\nmillion in interest income.\n\nThe TCE rate for our fleet was $63,615 for the three months ended March 31,\n2026, an 80.1% increase from the $35,324 TCE rate for the same period in the\nprior year, as further described in “Revenues” below. Please see footnote\n5 to the table in “Financial Information” below for other information\nrelated to how we calculate TCE.\n\nVessel operating expenses per day decreased to $9,780 during the three months\nended March 31, 2026 from $12,671 in the same period in the prior year. Please\nsee “Vessel Operating Expenses” below for more information.\n\nRevenues\n\nRevenues, which represent net pool revenues—related party, time charters and\nother revenues earned by our vessels, were $153.3 million for the three months\nended March 31, 2026, an increase of $77.4 million, or 102.0%, from $75.9\nmillion for the three months ended March 31, 2025, primarily due to increased\naverage TCE rates, which rose by $28,291 per available day from $35,324 for\nthe three months ended March 31, 2025 to $63,615 for the three months ended\nMarch 31, 2026. This increase was primarily due to increased spot rates,\npartially offset by the increased bunker prices. The Baltic Exchange Liquid\nPetroleum Gas Index, an index published daily by the Baltic Exchange for the\nspot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S.\ndollars per metric ton), averaged $51.715 during the three months ended March\n31, 2025 compared to an average of $90.453 for the three months ended March\n31, 2026. The average price of very low sulfur fuel oil (expressed as U.S.\ndollars per metric ton) from Singapore and Fujairah increased from $564 during\nthe three months ended March 31, 2025, to $622 during the three months ended\nMarch 31, 2026.\n\nCharter Hire Expenses\n\nCharter hire expenses for the vessels chartered in from third parties were\n$18.4 million for the three months ended March 31, 2026 compared to $10.3\nmillion for the three months ended March 31, 2025. The increase of $8.1\nmillion, or 78.5%, was mainly caused by an increase in time chartered-in days\nfrom 360 for the three months ended March 31, 2025 to 540 for the three months\nended March 31, 2026 as our chartered-in fleet expanded from four to six\nvessels and an increase in the average rate per time chartered-in day.\n\nVessel Operating Expenses\n\nVessel operating expenses were $18.6 million during the three months ended\nMarch 31, 2026, or $9,780 per vessel per calendar day, which is calculated by\ndividing vessel operating expenses by calendar days for the relevant time\nperiod for the technically managed vessels that were in our fleet, and\ndecreased by $5.3 million, or 22.4%, from $23.9 million, or $12,671 per vessel\nper calendar day, for the three months ended March 31, 2025. The decrease of\n$2,891 per vessel per calendar day was primarily the result of a decrease of\n$1,438 per vessel per calendar day of non-capitalizable drydock-related\noperating expenses. Excluding non-capitalizable drydock-related operating\nexpenses, daily operating expenses decreased by $1,453 from $11,001 for the\nthree months ended March 31, 2025 to $9,548 for the three months ended March\n31, 2026, mainly as a result of decreases in spares and stores.\n\nGeneral and Administrative Expenses\n\nGeneral and administrative expenses were $13.3 million for the three months\nended March 31, 2026, an increase of $5.0 million, or 60.9%, from $8.3 million\nfor the three months ended March 31, 2025. This increase was mainly driven by\nincreases of (i) $3.5 million in cash bonuses, including $2.8 million in\naccrued expenses under our Cash Incentive Plan, (ii) $0.8 million in\nstock-based compensation expense, (iii) $0.3 million in non-capitalizable\nvessel pre-delivery expenses, and $0.4 million in other general and\nadministrative expenses for the three months ended March 31, 2026 when\ncompared to March 31, 2025.\n\nInterest and Finance Costs\n\nInterest and finance costs amounted to $6.9 million for the three months ended\nMarch 31, 2026, a decrease of $1.1 million, or 13.8%, from $8.0 million for\nthe three months ended March 31, 2025. The decrease of $1.1 million during the\nthree months ended March 31, 2026 was mainly due to (i) a decrease of $0.9\nmillion in interest incurred on our long-term debt and (ii) an increase of\n$0.3 million in capitalized interest; partially offset by an increase of $0.1\nmillion in loan expenses and bank charges. The decrease in interest on our\nlong-term debt was driven by a decrease in average indebtedness, excluding\ndeferred financing fees, decreased from $566.4 million for the three months\nended March 31, 2025 to $523.0 million for the three months ended March 31,\n2026 as well as a lower average SOFR rate on the 2023 A&R Debt Facility\nduring the three months ended March 31, 2026 when compared to the three months\nended March 31, 2025. As of March 31, 2026, the outstanding balance of our\nlong-term debt was $565.8 million.\n\nInterest Income\n\nInterest income amounted to $11.1 million for the year ended March 31, 2026,\ncompared to $15.2 million for the year ended March 31, 2025. The decrease of\n$4.1 million is mainly attributable to (i) reduced interest rates over the\nperiods presented, and (ii) lower average cash balances for the year ended\nMarch 31, 2026 when compared to the year ended March 31, 2025.\n\nUnrealized Gain/(Loss) on Derivatives\n\nUnrealized gain on derivatives amounted to approximately $0.6 million for the\nthree months ended March 31, 2026, compared to loss of $2.6 million for the\nthree months ended March 31, 2025. The $3.2 million favorable change is\nprimarily attributable to changes in forward SOFR yield curves and changes in\nnotional amounts.\n\nRealized Gain on Derivatives\n\nRealized gain on derivatives was $0.3 million for the three months ended March\n31, 2026 compared to $1.1 million for the three months ended March 31, 2025.\nThe unfavorable $0.8 million difference is due to a reduction in SOFR rates\nand notional amounts.\n\nFiscal Year 2026 Results Summary\n\nOur net income amounted to $193.7 million, or $4.54 per share, for the year\nended March 31, 2026, compared to net income of $90.2 million, or $2.14 per\nshare, for the year ended March 31, 2025.\n\nOur adjusted net income amounted to $194.8 million, or $4.57 per share, for\nthe year ended March 31, 2026, compared to adjusted net income of $96.0\nmillion, or $2.27 per share, for the year ended March 31, 2025. We have\nadjusted our net income for the year ended March 31, 2026 for an unrealized\nloss on derivatives of $1.2 million and we have adjusted our net income for\nthe year ended March 31, 2025 for an unrealized loss on derivative instruments\nof $5.8 million. Please refer to the reconciliation of net income to adjusted\nnet income, which appears later in this press release.\n\nThe favorable change of $98.8 million in adjusted net income for the year\nended March 31, 2026 compared to the year ended March 31, 2025 is primarily\nattributable to (i) increases in revenues of $128.2 million, $2.4 million in\nother gain/(loss), net; and $0.1 million in other income related parties; and\n(ii) decreases of $6.6 million in interest and finance costs, and $4.4 million\nin vessel operating expenses; partially offset by (i) increases of $19.6\nmillion in charter hire expenses, $10.4 million in general and administrative\nexpenses, $2.1 million in depreciation and amortization expenses, $1.7 million\nin profit sharing expenses, and $1.2 million in voyage expenses; and (ii)\ndecreases of $4.1 million in interest income; and $3.5 million in realized\ngain on derivatives.\n\nThe TCE rate for our fleet was $52,238 for the year ended March 31, 2026, a\n31.3% increase from the $39,778 TCE rate from the prior year, as further\ndescribed in “Revenues” below. Please see footnote 5 to the table in\n“Financial Information” below for other information related to how we\ncalculate TCE.\n\nVessel operating expenses per day decreased to $10,557 in the year ended March\n31, 2026 from $11,143 in the prior year. Please see “Vessel Operating\nExpenses” below for more information.\n\nRevenues\n\nRevenues, which represent net pool revenues—related party, time charters and\nother revenues, net, were $481.5 million for the year ended March 31, 2026, an\nincrease of $128.2 million, or 36.3%, from $353.3 million for the year ended\nMarch 31, 2025, primarily due to higher average TCE rates and increased\navailable days for our fleet. TCE rates rose by $12,460 per available day from\n$39,778 for the year ended March 31, 2025 to $52,238 for the year ended March\n31, 2026, primarily due to higher spot rates and lower bunker prices. The\nBaltic Exchange Liquid Petroleum Gas Index, an index published daily by the\nBaltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba\nroute (expressed as U.S. dollars per metric ton), averaged $57.951 during the\nyear ended March 31, 2025 compared to an average of $74.940 for the year ended\nMarch 31, 2026. The average price of very low sulfur fuel oil (expressed as\nU.S. dollars per metric ton) from Singapore and Fujairah decreased from $591\nduring the year ended March 31, 2025, to $523 during the year ended March 31,\n2026. Additionally, available days for our fleet increased from 8,776 for the\nyear ended March 31, 2025 to 9,113 for the year ended March 31, 2026, mainly\ndriven by an increase in the number of vessels in our fleet, partially offset\nby higher off-hire days due to drydocking.\n\nCharter Hire Expenses\n\nCharter hire expenses for the vessels chartered in from third parties were\n$61.0 million for the year ended March 31, 2026 compared to $41.4 million for\nthe year ended March 31, 2025. The increase of $19.6 million, or 47.4%, was\nmainly caused by an increase in time chartered-in days from 1,460 for the year\nended March 31, 2025 to 1,923 for the year ended March 31, 2026 as our\nchartered-in fleet expanded from four to six vessels and an increase in the\naverage rate per time chartered-in day.\n\nVessel Operating Expenses\n\nVessel operating expenses were $81.0 million during the year ended March 31,\n2026, or $10,557 per vessel per calendar day, which is calculated by dividing\nvessel operating expenses by calendar days for the relevant time period for\nthe technically managed vessels that were in our fleet and decreased by $4.4\nmillion, or 5.1%, from $85.4 million, or $11,143 per vessel per calendar day,\nfor the year ended March 31, 2025. The decrease of $586 per vessel per\ncalendar day, from $11,143 for the year ended March 31, 2025 to $10,557 per\nvessel per calendar day for the year ended March 31, 2026 was mainly as a\nresult of decreases in (i) spares and stores and (ii) repairs and maintenance\ncosts, partially offset by an increase in non-capitalizable drydock-related\noperating expenses. Excluding non-capitalizable drydock-related operating\nexpenses, daily operating expenses decreased by $712 from $10,383 for the year\nended March 31, 2025 to $9,671 for the year ended March 31, 2026, mainly as a\nresult of decreases in (i) spares and stores and (ii) repairs and maintenance\ncosts.\n\nGeneral and Administrative Expenses\n\nGeneral and administrative expenses were $53.0 million for the year ended\nMarch 31, 2026, an increase of $10.4 million, or 24.4%, from $42.6 million for\nthe year ended March 31, 2025. The increase was primarily driven by increases\nof (i) $7.7 million in cash bonuses, including $5.4 million in accrued\nexpenses under our Cash Incentive Plan, (ii) $1.4 million in employee related\ncosts and benefits, (iii) $0.6 million in stock-based compensation expense,\n(iv) $0.4 million in other general and administrative expenses, and (v) $0.3\nmillion in non-capitalizable vessel pre-delivery expenses.\n\nInterest and Finance Costs\n\nInterest and finance costs amounted to $29.2 million for the year ended March\n31, 2026, a decrease of $6.6 million from $35.8 million for the year ended\nMarch 31, 2025. The decrease of $6.6 million during the year ended March 31,\n2026 was mainly due to (i) a reduction of $4.4 million in interest incurred on\nour long-term debt , (ii) an increase of $2.1 million in capitalized interest\nand (iii) a decrease of $0.1 million in amortization of deferred financing\nfees. The decrease in interest on our long-term debt was driven by a reduction\nof average indebtedness, excluding deferred financing fees, from $586.6\nmillion for the year ended March 31, 2025 to $535.5 million for the year ended\nMarch 31, 2026, as well as a lower average annual SOFR rate on the 2023\nA&R Debt Facility during the year ended March 31, 2026 when compared to\nthe year ended March 31, 2025. As of March 31, 2026, the outstanding balance\nof our long-term debt, excluding deferred financing fees, was $565.8 million.\n\nInterest Income\n\nInterest income amounted to $11.1 million for the year ended March 31, 2026,\ncompared to $15.2 million for the year ended March 31, 2025. The decrease of\n$4.1 million is mainly attributable to (i) reduced interest rates over the\nperiods presented, and (ii) lower average cash balances for the year ended\nMarch 31, 2026 when compared to the year ended March 31, 2025.\n\nUnrealized Loss on Derivatives\n\nUnrealized loss on derivatives amounted to $1.2 million for the year ended\nMarch 31, 2026 compared to a loss of $5.8 million for the year ended March 31,\n2025. The $4.6 million difference is primarily attributable to changes in\nforward SOFR yield curves and changes in notional amounts.\n\nRealized Gain on Derivatives\n\nRealized gain on derivatives was $1.8 million for the year ended March 31,\n2026, compared to $5.3 million for the year ended March 31, 2025. The\nunfavorable $3.5 million change is primarily attributable to a $4.0 million\nreduction of realized gains on our interest rate swaps, partially offset by\nreduced realized losses on our FFAs of $0.5 million.\n\nMarket Outlook Update\n\nThe first quarter of 2026 was marked by significant disruption across global\nLPG and energy markets, driven primarily by escalating geopolitical tensions\nin the Middle East. The U.S./Israel-Iran conflict effectively disrupted\ntransit through the Strait of Hormuz for much of March 2026, while attacks on\nregional infrastructure curtailed production and exports of oil, gas, LPG, and\npetrochemical products.\n\nThis disruption followed an advisory of halted exports by Saudi Aramco from\nits Juaymah NGL facility following damage to a pipe-support trestle announced\nin late February 2026. The Juaymah/Ras Tanura export terminal typically\nhandles approximately 0.8 million metric tons (“MMT”) of LPG exports per\nmonth. At the time of writing, export activity from the region remains limited\nand the timing for a full restoration of capacity remains uncertain.\n\nAs a result of these supply disruptions, energy and LPG prices moved sharply\nhigher during the quarter. Average crude oil prices increased from\napproximately $64 per barrel in December 2025 to $106 per barrel in March\n2026. CFR Japan propane prices rose from $489 per metric ton in January 2026\nto more than $730 per metric ton in March 2026, while butane prices increased\nfrom $475 per metric ton to over $784 per metric ton during the same period.\nSimilar pricing trends were observed in Northern Europe, with butane\ndemonstrating particular strength due to limited replacement supply into Asia.\n\nIn contrast, U.S. Gulf LPG prices increased more moderately, particularly for\npropane, as higher oil and gas prices incentivized incremental U.S.\nproduction. Strong production growth, combined with elevated inventories and\nterminal constraints, caused propane prices as a percentage of WTI crude to\ndecline from 43% at the beginning of the quarter to approximately 35% in March\n2026. However, butane prices strengthened amid rising demand for split cargoes\ndestined for Asian importers seeking alternatives to Middle Eastern supply.\n\nThe shift in global trade flows significantly increased pressure on U.S.\nexport infrastructure. Spot terminal fees at the U.S. Gulf Coast rose\ndramatically from approximately 8.6 cents per gallon (“cpg”) during the\nfirst week of January 2026 to nearly 44 cpg by the end of the quarter,\nreflecting tightening terminal availability and growing export demand.\n\nGlobal LPG trade patterns shifted materially during the quarter. U.S. LPG\nexports increased from approximately 5.5 MMT in February 2026 to nearly 6.3\nMMT in March 2026, partially offsetting the decline in Middle Eastern exports,\nwhich fell from roughly 4 MMT in January 2026 to approximately 1.3 MMT in\nMarch 2026. Major importers, particularly India and China, experienced\nmeaningful reductions in import volumes due to the regional supply disruption.\nIndia’s LPG imports declined from approximately 2.2 MMT in January 2026 to\nbelow 0.5 MMT in March 2026.\n\nHigher feedstock costs and supply dislocations also pressured global\npetrochemical margins. Naphtha margins in Asia deteriorated sharply, declining\nfrom approximately negative $122 per metric ton in January 2026 to below\nnegative $410 per metric ton in March 2026. In Northwest Europe, propane steam\ncracking margins for ethylene production also turned negative during March\n2026. Despite these challenges, propane maintained a substantial cost\nadvantage over naphtha in Asian petrochemical markets, supporting relative\ndemand resilience.\n\nMargins for propane dehydrogenation (“PDH”) producers remained under\npressure throughout the quarter. PDH margins declined by more than $100 per\nmetric ton during Q1 2026, ending March at approximately negative $155 per\nmetric ton. As a result, several facilities reportedly reduced operating rates\nor entered maintenance periods.\n\nVLGC freight markets strengthened considerably during the quarter. The Baltic\nVLGC Index averaged approximately $95 per metric ton in Q1 2026, compared to\napproximately $68 per metric ton during Q4 2025. Initial strength was driven\nby weather-related disruptions in the United States, Panama Canal transit\nlimitations, and broader logistical inefficiencies. Freight markets\naccelerated further from mid-February onward as geopolitical developments in\nthe Middle East led to vessel rerouting, fleet repositioning, increased\nton-mile demand on U.S.–Asia routes, and higher operating costs, including\nelevated bunker prices, war risk insurance premiums, and congestion-related\nexpenses.\n\nFleet growth also continued during the quarter, with twelve new VLGCs\ndelivered globally in Q1 2026. Looking ahead, an additional 116 VLGCs/VLACs,\nrepresenting approximately 10.4 million cubic meters of carrying capacity, are\nscheduled for delivery through calendar year 2029. The global VLGC fleet\ncurrently has an average age of approximately 11.8 years, while the orderbook\nrepresents roughly 27.5% of the existing fleet.\n\nThe above market outlook update is based on information, data and estimates\nderived from industry sources available as of the date of this release, and\nthere can be no assurances that such trends will continue or that anticipated\ndevelopments in freight rates, export volumes, the VLGC orderbook or other\nmarket indicators will materialize. This information, data and estimates\ninvolve a number of assumptions and limitations, are subject to risks and\nuncertainties, and are subject to change based on various factors. You are\ncautioned not to give undue weight to such information, data and estimates. We\nhave not independently verified any third-party information, verified that\nmore recent information is not available and undertake no obligation to update\nthis information unless legally obligated.\n\nSeasonality\n\nLiquefied gases are primarily used for industrial and domestic heating, as\nchemical and refinery feedstock, as transportation fuel and in agriculture.\nThe LPG shipping market historically has been stronger in the autumn months in\nanticipation of increased consumption of propane and butane for heating during\nthe winter months. In addition, unpredictable weather patterns in these months\ntend to disrupt vessel scheduling and the supply of certain commodities.\nDemand for our vessels therefore may be stronger in our quarters ending June\n30 and September 30 and relatively weaker during our quarters ending December\n31 and March 31, although 12-month time charter rates tend to smooth out these\nshort-term fluctuations and recent LPG shipping market activity has not always\nyielded the typical seasonal results. The increase in petrochemical industry\nbuying has contributed to less marked seasonality than in the past, but there\ncan no guarantee that this trend will continue. To the extent any of our time\ncharters expire during the typically weaker fiscal quarters ending December 31\nand March 31, it may not be possible to re-charter our vessels at similar\nrates. As a result, we may have to accept lower rates or experience off-hire\ntime for our vessels, which may adversely impact our business, financial\ncondition and operating results.\n\nFleet\n\nThe following table sets forth certain information regarding our fleet as of\nMay 15, 2026. We classify vessel employment as either Time Charter, Pool or\nPool-TCO.\n                                                                                                    Scrubber                                 Time                 \n                              Capacity                                             ECO              Equipped                                 Charter-Out          \n                              (Cbm)          Shipyard              Year Built      Vessel((1))      and/or Dual-Fuel      Employment         Expiration((2))      \n Dorian VLGCs                                                                                                                                                     \n Captain John NP((3))         82,000         Hyundai               2007            —                —                     Pool((6))          —                    \n Comet((4))                   84,000         Hyundai               2014            X                S                     Pool((6))          —                    \n Corsair((5))                 84,000         Hyundai               2014            X                S                     Pool((6))          —                    \n Corvette((4))                84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Cougar((5))                  84,000         Hyundai               2015            X                —                     Pool-TCO((7))      Q1 2029              \n Concorde                     84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Continental                  84,000         Hyundai               2015            X                S                     Pool-TCO((7))      Q2 2030              \n Constitution                 84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Commodore                    84,000         Hyundai               2015            X                —                     Pool-TCO((7))      Q2 2027              \n Cresques((5))                84,000         Hanwha Ocean          2015            X                S                     Pool((6))          —                    \n Constellation                84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Cheyenne                     84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Clermont                     84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Cratis((5))                  84,000         Hanwha Ocean          2015            X                S                     Pool((6))          —                    \n Chaparral((5))               84,000         Hyundai               2015            X                —                     Pool-TCO((7))      Q3 2027              \n Copernicus((5))              84,000         Hanwha Ocean          2015            X                S                     Pool((6))          —                    \n Commander((4))               84,000         Hyundai               2015            X                S                     Pool-TCO((7))      Q4 2026              \n Challenger                   84,000         Hyundai               2015            X                S                     Pool-TCO((7))      Q2 2030              \n Caravelle((5))               84,000         Hyundai               2016            X                S                     Pool((6))          —                    \n Captain Markos((5))          84,000         Kawasaki              2023            X                DF                    Pool((6))          —                    \n Areion((3))                  93,000         Hanwha Ocean          2026            X                S/DF                  Pool((6))          —                    \n Total                        1,771,000                                                                                                                           \n                                                                                                                                                                  \n Time chartered-in VLGCs                                                                                                                                          \n Future Diamond((8))          80,876         Hyundai               2020            X                S                     Pool((6))          —                    \n HLS Citrine((9))             86,090         Hyundai               2023            X                DF                    Pool((6))          —                    \n HLS Diamond((9))             86,090         Hyundai               2023            X                DF                    Pool((6))          —                    \n Cristobal((10))              86,980         Hyundai               2023            X                DF                    Pool((6))          —                    \n Crystal Asteria((11))        84,229         Kawasaki              2021            X                DF                    Pool((6))          —                    \n BW Tokyo((12))               83,271         Mitsubishi            2009            —                —                     Pool((6))          —                    \n\n (1)       Represents vessels with very low revolutions per minute, long-stroke,            \n           electronically controlled engines, larger propellers, advanced hull design,      \n           and low friction paint.                                                          \n (2)       Represents calendar year quarters.                                               \n (3)       Vessel is capable of carrying ammonia cargo.                                     \n (4)       Vessel is fitted to carry ammonia cargo.                                         \n (5)       Operated pursuant to a bareboat chartering agreement. See Note 10 to our         \n           consolidated financial statements.                                               \n (6)       “Pool” indicates that the vessel operates in the Helios Pool on a voyage         \n           charter with a third party and we receive a portion of the pool profits          \n           calculated according to a formula based on the vessel’s pro rata performance     \n           in the pool.                                                                     \n (7)       “Pool-TCO” indicates that the vessel is operated in the Helios Pool on a         \n           time charter out to a third party and we receive a portion of the pool profits   \n           calculated according to a formula based on the vessel’s pro rata performance     \n           in the pool.                                                                     \n (8)       Vessel has a Panamax beam and is currently time chartered-in to our fleet with   \n           an expiration during the first calendar quarter of 2027.                         \n (9)       Vessel has a Panamax beam and is currently time chartered-in to our fleet with   \n           an expiration during the first calendar quarter of 2030 and purchase options     \n           beginning in year seven.                                                         \n (10)      Vessel has a Panamax beam and shaft generator and is currently time              \n           chartered-in to our fleet with an expiration during the third calendar quarter   \n           of 2030 and purchase options beginning in year seven.                            \n (11)      Vessel is currently time chartered-in to our fleet with an expiration during     \n           the second calendar quarter of 2026.                                             \n (12)      Vessel is currently time chartered-in to our fleet with an expiration during     \n           the second calendar quarter of 2028. Vessel operates under a framework           \n           agreement in which the vessel’s revenues and charter hire-in expenses are        \n           split equally with an unrelated third party.                                     \n\n\nFinancial Information\n\nThe following table presents our selected financial data (unaudited) and other\ninformation for the periods presented:\n                                            Three months ended                                                Year ended                                                    \n (in U.S. dollars, except fleet data)       March 31, 2026                  March 31, 2025                    March 31, 2026                 March 31, 2025                 \n Statement of Operations Data                                                                                                                                               \n Revenues                                   $      153,270,708              $      75,888,175                 $      481,511,242             $      353,341,476             \n Expenses                                                                                                                                                                   \n Voyage expenses                                   1,358,094                       1,743,656                         5,467,468                      4,252,035               \n Charter hire expenses                             18,404,653                      10,311,106                        61,026,689                     41,393,429              \n Profit sharing expenses                           1,073,441                       —                                 1,732,787                      —                       \n Vessel operating expenses                         18,591,571                      23,947,653                        81,037,349                     85,407,362              \n Depreciation and amortization                     17,313,333                      17,560,562                        71,743,685                     69,599,593              \n General and administrative expenses               13,323,095                      8,278,775                         53,024,971                     42,626,351              \n Total expenses                                    70,064,187                      61,841,752                        274,032,949                    243,278,770             \n Other income—related parties                      721,479                         645,364                           2,697,216                      2,582,126               \n Operating income                                  83,928,000                      14,691,787                        210,175,509                    112,644,832             \n Other income/(expenses)                                                                                                                                                    \n Interest and finance costs                        (6,868,959   )                  (7,971,721  )                     (29,249,142  )                 (35,812,923  )          \n Interest income                                   2,566,143                       3,232,676                         11,143,856                     15,219,621              \n Unrealized gain/(loss) on derivatives             576,335                         (2,647,469  )                     (1,160,068   )                 (5,786,717   )          \n Realized gain on derivatives                      284,593                         1,101,718                         1,759,508                      5,311,992               \n Other gain/(loss), net                            526,786                         (315,084    )                     996,270                        (1,406,325   )          \n Total other expenses, net                         (2,915,102   )                  (6,599,880  )                     (16,509,576  )                 (22,474,352  )          \n Net income                                 $      81,012,898               $      8,091,907                  $      193,665,933             $      90,170,480              \n Earnings per common share—basic                   1.91                            0.19                              4.55                           2.14                    \n Earnings per common share—diluted          $      1.90                     $      0.19                       $      4.54                    $      2.14                    \n Financial Data                                                                                                                                                             \n Adjusted EBITDA((1))                       $      106,609,176              $      36,617,557                 $      305,088,174             $      205,969,159             \n Fleet Data                                                                                                                                                                 \n Calendar days((2))                                1,901                           1,890                             7,676                          7,665                   \n Time chartered-in days((3))                       540                             360                               1,923                          1,460                   \n Available days((4))                               2,388                           2,099                             9,113                          8,776                   \n Average Daily Results                                                                                                                                                      \n Time charter equivalent rate((5))          $      63,615                   $      35,324                     $      52,238                  $      39,778                  \n Daily vessel operating expenses( (6))      $      9,780                    $      12,671                     $      10,557                  $      11,143                  \n\n (1)      Adjusted EBITDA is an unaudited non-GAAP measure and represents net              \n          income/(loss) before interest and finance costs, unrealized (gain)/loss on       \n          derivatives, realized (gain)/loss on interest rate swaps, stock-based            \n          compensation expense, impairment, and depreciation and amortization and is       \n          used as a supplemental measure by management to assess our financial and         \n          operating performance. We believe that Adjusted EBITDA assists our management    \n          and investors by increasing the comparability of our performance from period     \n          to period and management makes business and resource-allocation decisions        \n          based on such comparisons. This increased comparability is achieved by           \n          excluding the potentially disparate effects between periods of derivatives,      \n          interest and finance costs, stock-based compensation expense, impairment, and    \n          depreciation and amortization expense, which items are affected by various and   \n          possibly changing financing methods, capital structure and historical cost       \n          basis and which items may significantly affect net income/(loss) between         \n          periods. We believe that including adjusted EBITDA as a financial and            \n          operating measure benefits investors in selecting between investing in us and    \n          other investment alternatives.                                                   \n                                                                                           \n          Adjusted EBITDA has certain limitations in use and should not be considered an   \n          alternative to net income/(loss), operating income, cash flow from operating     \n          activities or any other measure of financial performance presented in            \n          accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items     \n          that affect net income/loss. Adjusted EBITDA as presented below may not be       \n          computed consistently with similarly titled measures of other companies and,     \n          therefore, might not be comparable with other companies.                         \n                                                                                           \n          The following table sets forth a reconciliation of net income to Adjusted        \n          EBITDA (unaudited) for the years presented:                                      \n\n                                            Three months ended                                            Year ended                                                    \n (in U.S. dollars)                          March 31, 2026                  March 31, 2025                March 31, 2026                 March 31, 2025                 \n Net income                                 $      81,012,898               $      8,091,907              $      193,665,933             $      90,170,480              \n Interest and finance costs                        6,868,959                       7,971,721                     29,249,142                     35,812,923              \n Unrealized (gain)/loss on derivatives             (576,335     )                  2,647,469                     1,160,068                      5,786,717               \n Realized gain on interest rate swaps              (284,593     )                  (1,101,717  )                 (1,759,508   )                 (5,824,074   )          \n Stock-based compensation expense                  2,274,914                       1,447,615                     11,028,854                     10,423,520              \n Depreciation and amortization                     17,313,333                      17,560,562                    71,743,685                     69,599,593              \n Adjusted EBITDA                            $      106,609,176              $      36,617,557             $      305,088,174             $      205,969,159             \n\n (2)      We define calendar days as the total number of days in a period during which     \n          each vessel in our fleet was owned or operated pursuant to a bareboat charter.   \n          Calendar days are an indicator of the size of the fleet over a period and        \n          affect both the amount of revenues and the amount of vessel operating expenses   \n          that are recorded during that period.                                            \n                                                                                           \n (3)      We define time chartered-in days as the aggregate number of days in a period     \n          during which we time chartered-in vessels from third parties. Time               \n          chartered-in days are an indicator of the size of the fleet over a period and    \n          affect both the amount of revenues and the amount of charter hire expenses       \n          that are recorded during that period. Time chartered-in days include 100% of     \n          time chartered-in days for our chartered-in vessel that is part of a framework   \n          agreement. Available days include 100% of available days for our chartered-in    \n          vessel that is part of the framework agreement.                                  \n                                                                                           \n (4)      We define available days as the sum of calendar days and time chartered-in       \n          days (collectively representing our commercially-managed vessels) less           \n          aggregate off hire days associated with both unscheduled and scheduled           \n          maintenance, which include major repairs, drydockings, vessel upgrades or        \n          special or intermediate surveys. We use available days to measure the            \n          aggregate number of days in a period that our vessels should be capable of       \n          generating revenues.                                                             \n                                                                                           \n (5)      Time charter equivalent rate, or TCE rate, is a non-GAAP financial measure of    \n          the average daily revenue performance of a vessel. TCE rate is a shipping        \n          industry performance measure used primarily to compare period‑to‑period          \n          changes in a shipping company’s performance despite changes in the mix of        \n          charter types (such as time charters, voyage charters) under which the vessels   \n          may be employed between the periods and is a factor in management’s business     \n          decisions and is useful to investors in understanding our underlying             \n          performance and business trends. Our method of calculating TCE rate is to        \n          divide total revenue (including net pool revenues-related party which is         \n          calculated as Dorian’s portion of the net of a) Helios Pool gross revenues       \n          b) less voyage expenses of all the pool vessels and c) less the general and      \n          administrative expenses of the pool) by available days for the relevant time     \n          period, which may not be calculated the same by other companies.                 \n                                                                                           \n          The following table sets forth a reconciliation of revenues to TCE rate          \n          (unaudited) for the years presented:                                             \n\n                                                         Three months ended                                                Year ended                                                    \n (in U.S. dollars, except available days)                March 31, 2026                  March 31, 2025                    March 31, 2026                 March 31, 2025                 \n Numerator:                                                                                                                                                                              \n Revenues                                                $      153,270,708              $      75,888,175                 $      481,511,242             $      353,341,476             \n Voyage expenses                                                (1,358,094   )                  (1,743,656  )                     (5,467,468   )                 (4,252,035   )          \n Time charter equivalent                                 $      151,912,614              $      74,144,519                 $      476,043,774             $      349,089,441             \n                                                                                                                                                                                         \n Pool adjustment*                                               —                               —                                 895,366                        (2,050       )          \n Time charter equivalent excluding pool adjustment*      $      151,912,614              $      74,144,519                 $      476,939,140             $      349,087,391             \n                                                                                                                                                                                         \n Denominator:                                                                                                                                                                            \n Available days                                                 2,388                           2,099                             9,113                          8,776                   \n TCE rate:                                                                                                                                                                               \n Time charter equivalent rate                            $      63,615                   $      35,324                     $      52,238                  $      39,778                  \n TCE rate excluding pool adjustment*                     $      63,615                   $      35,324                     $      52,336                  $      39,778                  \n\n          * Adjusted for the effects of reallocations of pool profits in accordance with  \n          the pool participation agreements primarily resulting from the actual speed     \n          and consumption performance of the vessels operating in the Helios Pool         \n          exceeding the originally estimated speed and consumption levels.                \n                                                                                          \n (6)      Daily vessel operating expenses are calculated by dividing vessel operating     \n          expenses by calendar days for the relevant time period.                         \n\n\nIn addition to the results of operations presented in accordance with U.S.\nGAAP, we provide adjusted net income and adjusted EPS. We believe that\nadjusted net income and adjusted EPS are useful to investors in understanding\nour underlying performance and business trends. Adjusted net income and\nadjusted EPS are not a measurement of financial performance or liquidity under\nU.S. GAAP; therefore, these non-U.S. GAAP measures should not be considered as\nan alternative or substitute for U.S. GAAP. The following table reconciles net\nincome and EPS to adjusted net income and adjusted EPS, respectively, for the\nperiods presented:\n                                                   Three months ended                                            Year ended                                            \n (in U.S. dollars, except share data)              March 31, 2026                  March 31, 2025                March 31, 2026              March 31, 2025            \n Net income                                        $      81,012,898               $         8,091,907           $         193,665,933       $         90,170,480      \n Unrealized loss/(gain) on derivatives                    (576,335    )                      2,647,469                     1,160,068                   5,786,717       \n Adjusted net income                               $      80,436,563               $         10,739,376          $         194,826,001       $         95,957,197      \n                                                                                                                                                                       \n Earnings per common share—diluted                 $      1.90                     $         0.19                $         4.54              $         2.14            \n Unrealized loss/(gain) on derivatives                    (0.01       )                      0.06                          0.03                        0.13            \n Adjusted earnings per common share—diluted        $      1.89                     $         0.25                $         4.57              $         2.27            \n\n\nThe following table presents our unaudited balance sheets as of the dates\npresented:\n                                                                                      As of                            As of                            \n                                                                                      March 31, 2026                   March 31, 2025                   \n Assets                                                                                                                                                 \n Current assets                                                                                                                                         \n Cash and cash equivalents                                                            $      327,409,120               $      316,877,584               \n Trade receivables, net and accrued revenues                                                 2,037,495                        1,356,827                 \n Due from related parties                                                                    97,037,584                       48,090,301                \n Inventories                                                                                 2,441,578                        2,508,684                 \n Prepaid expenses and other current assets                                                   21,324,303                       13,523,008                \n Total current assets                                                                        450,250,080                      382,356,404               \n Fixed assets                                                                                                                                           \n Vessels, net                                                                                1,215,930,610                    1,149,806,782             \n Vessel under construction                                                                   —                                37,274,863                \n Total fixed assets                                                                          1,215,930,610                    1,187,081,645             \n Other non-current assets                                                                                                                               \n Deferred charges, net                                                                       24,990,338                       17,237,662                \n Derivative instruments                                                                      2,337,425                        3,497,493                 \n Due from related parties—non-current                                                        26,400,000                       26,400,000                \n Restricted cash—non-current                                                                 79,835                           76,028                    \n Operating lease right-of-use assets                                                         148,712,528                      159,212,010               \n Other non-current assets                                                                    2,991,901                        2,799,038                 \n Total assets                                                                         $      1,871,692,717             $      1,778,660,280             \n Liabilities and shareholders’ equity                                                                                                                   \n Current liabilities                                                                                                                                    \n Trade accounts payable                                                               $      7,990,868                 $      11,549,950                \n Accrued expenses                                                                            11,327,406                       5,387,465                 \n Due to related parties                                                                      —                                39,339                    \n Deferred income                                                                             1,981,719                        679,257                   \n Current portion of long-term operating lease liabilities                                    46,661,757                       34,808,203                \n Current portion of long-term debt                                                           100,164,502                      54,504,778                \n Dividends payable                                                                           700,366                          915,150                   \n Total current liabilities                                                                   168,826,618                      107,884,142               \n Long-term liabilities                                                                                                                                  \n Long-term debt—net of current portion and deferred financing fees                           460,230,191                      498,773,969               \n Long-term operating lease liabilities                                                       102,061,784                      124,419,545               \n Other long-term liabilities                                                                 1,577,746                        1,476,439                 \n Total long-term liabilities                                                                 563,869,721                      624,669,953               \n Total liabilities                                                                           732,696,339                      732,554,095               \n Commitments and contingencies                                                               —                                —                         \n Shareholders’ equity                                                                                                                                   \n Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued                 —                                —                         \n nor outstanding                                                                                                                                        \n Common stock, $0.01 par value, 450,000,000 shares authorized, 54,647,868 and                546,478                          543,244                   \n 54,324,437 shares issued, 42,782,681 and 42,747,720 shares outstanding (net of                                                                         \n treasury stock), as of March 31, 2026 and March 31, 2025, respectively                                                                                 \n Additional paid-in-capital                                                                  878,549,693                      867,524,073               \n Treasury stock, at cost; 11,865,187 and 11,576,717 shares as of March 31, 2026              (140,116,177   )                 (133,103,957   )          \n and March 31, 2025, respectively                                                                                                                       \n Retained earnings                                                                           400,016,384                      311,142,825               \n Total shareholders’ equity                                                                  1,138,996,378                    1,046,106,185             \n Total liabilities and shareholders’ equity                                           $      1,871,692,717             $      1,778,660,280             \n\n\nConference Call\n\nA conference call to discuss the results will be held on Wednesday May 20,\n2026 at 10:00 a.m. ET. The conference call can be accessed live by dialing\n1-800-445-7795, or for international callers, 1-785-424-1699, and requesting\nto be joined into the Dorian LPG call.\n\nA live webcast of the conference call will also be available under the\ninvestor section at www.dorianlpg.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dorianlpg.com&esheet=54538970&newsitemid=20260520645557&lan=en-US&anchor=www.dorianlpg.com&index=1&md5=fd9aea90ef63619bdc1c4424911ab4c4)\n.\n\nA replay will be available at 1:00 p.m. ET the same day and can be accessed by\ndialing 1-844-512-2921, or for international callers, 1-412-317-6671. The\npasscode for the replay is 11161820. The replay will be available until May\n27, 2026, at 11:59 p.m. ET.\n\nAbout Dorian LPG Ltd.\n\nDorian LPG is a leading owner and operator of modern VLGCs that transport\nliquefied petroleum gas globally. Dorian LPG's fleet of twenty-seven modern\nVLGCs currently includes six dual-fuel ECO VLGCs, nineteen ECO VLGCs, and two\nmodern VLGCs. Its business is centered around safe, reliable, clean and\ntrouble-free transportation for its customers. Dorian LPG has offices in\nStamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more\ninformation visit www.dorianlpg.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dorianlpg.com&esheet=54538970&newsitemid=20260520645557&lan=en-US&anchor=www.dorianlpg.com&index=2&md5=6f2b1da72d3972ec6785a62d39e35ad6)\n.\n\nForward-Looking & Other Cautionary Statements\n\nThe cash dividends referenced in this release are irregular dividends. All\ndeclarations of dividends are subject to the determination and discretion of\nour Board of Directors based on its consideration of various factors,\nincluding the Company’s results of operations, financial condition, level of\nindebtedness, anticipated capital requirements, contractual restrictions,\nrestrictions in its debt agreements, restrictions under applicable law, its\nbusiness prospects and other factors that our Board of Directors may deem\nrelevant. The Board of Directors, in its sole discretion, may increase,\ndecrease or eliminate the dividend at any time.\n\nThis press release contains \"forward-looking statements.\" Statements that are\npredictive in nature, that depend upon or refer to future events or\nconditions, or that include words such as \"expects,\" \"anticipates,\" \"intends,\"\n\"plans,\" \"believes,\" \"estimates,\" \"projects,\" \"forecasts,\" \"may,\" \"will,\"\n\"should\" and similar expressions are forward-looking statements. These\nstatements are not historical facts but instead represent only the Company's\ncurrent expectations and observations regarding future results, many of which,\nby their nature, are inherently uncertain and outside of the Company's\ncontrol. Where the Company expresses an expectation or belief as to future\nevents or results, such expectation or belief is expressed in good faith and\nbelieved to have a reasonable basis. However, the Company’s forward-looking\nstatements are subject to risks, uncertainties, and other factors, which could\ncause actual results to differ materially from future results expressed,\nprojected, or implied by those forward-looking statements. The Company’s\nactual results may differ, possibly materially, from those anticipated in\nthese forward-looking statements as a result of certain factors, including\nchanges in the Company’s financial resources and operational capabilities\nand as a result of certain other factors listed from time to time in the\nCompany's filings with the U.S. Securities and Exchange Commission. For more\ninformation about risks and uncertainties associated with Dorian LPG’s\nbusiness, please refer to the “Management’s Discussion and Analysis of\nFinancial Condition and Results of Operations” and “Risk Factors”\nsections of Dorian LPG’s SEC filings, including, but not limited to, its\nannual report on Form 10-K and quarterly reports on Form 10-Q. The Company\ndoes not assume any obligation to update the information contained in this\npress release.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260520645557/en/\n(https://www.businesswire.com/news/home/20260520645557/en/)\n\nInvestor Contact Information \n\nTed Young\n\nChief Financial Officer\n\n+1 (203) 674-9900\n\nIR@dorianlpg.com (mailto:IR@dorianlpg.com)\n\nMedia Contact Information \n\nMelissa Daly\n\nMFD Communications\n\n+1 (646) 322-9192\n\nmelissa@mfdcommunications.com (mailto:melissa@mfdcommunications.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw8m7ZDha","title":"Dorian LPG Ltd. Announces Fourth Quarter and Fiscal Year 2026 Financial Results","author":"Business Wire","ticker":"LPG","created":"2026-05-20T10:00:00.418Z","tickers":["LPG"],"exchange":"NYSE","article_body":"Dorian LPG Ltd. Announces Fourth Quarter and Fiscal Year 2026 Financial\nResults\n\nDorian LPG Ltd. (NYSE: LPG) (the “Company,” “Dorian LPG,” “we,”\nand “our”), a leading owner and operator of modern very large gas carriers\n(“VLGCs”), today reported its financial results for the three months and\nfiscal year ended March 31, 2026.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260520645557/en/\n(https://www.businesswire.com/news/home/20260520645557/en/)\n\nThe Areion - dual-fuel newbuilding VLGC/AC\n\nKey Recent Developments\n\n\n * Declared an irregular cash dividend of $1.00 per share of the Company’s\ncommon stock totaling $42.8 million to be paid on or about May 28, 2026 to all\nshareholders of record as of the close of business on May 18, 2026.\n\n * Prepaid $16.5 million of the 2023 A&R Debt Facility, the proportion\nrelated to the 2016-built VLGC Cobra.\n\n * On May 6, 2026, we completed the sale of the 2016-built VLGC Cobra, receiving\nproceeds net of commissions and fees of $81.9 million.\n\nHighlights for the Fourth Quarter Ended March 31, 2026\n\n\n * Revenues of $153.3 million.\n\n * Time charter equivalent (“TCE”)((1) )per available day rate for our fleet\nof $63,615.\n\n * Net income of $81.0 million, or $1.90 earnings per diluted share (“EPS”),\nand adjusted net income((1)) of $80.4 million, or $1.89 adjusted diluted\nearnings per share (“adjusted EPS”)((1)).\n\n * Adjusted EBITDA((1)) of $106.6 million.\n\n * Took delivery of the dual-fuel newbuilding VLGC/AC Areion in March 2026.\n\n * Entered into a $62.9 million debt financing facility (the \"Areion Facility\")\nto finance the final delivery payment and other fees and expenses associated\nwith the delivery of our VLGC/AC Areion.\n\n * Declared and paid an irregular dividend totaling $29.9 million in February\n2026.\n\nHighlights for the Fiscal Year Ended March 31, 2026\n\n\n * Revenues of $481.5 million.\n\n * TCE((1)) per available day rate for our fleet of $52,238.\n\n * Net income of $193.7 million, or $4.54 EPS, and adjusted net income((1)) of\n$194.8 million, or $4.57 adjusted EPS((1)).\n\n * Adjusted EBITDA((1)) of $305.1 million.\n\n * Declared and paid four irregular dividends totaling $104.7 million.\n (1)      TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP    \n          measures. Refer to the reconciliation of revenues to TCE, net income to         \n          adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA      \n          included in this press release under the heading “Financial Information.”       \n\n\nJohn Hadjipateras, Chairman, President, and Chief Executive Officer of the\nCompany, commented, “Our strong results for the quarter reflect a healthy\nfreight market and the dedication of our seagoing and shore side employees.\nFortunately, none of our people or ships are in the Middle East Gulf. The\ndelivery of the Areion in late March and the sale of the 2015 built Cobra\nhighlight our approach to fleet management. We are optimistic about the\nprospects of the freight market while cautious of the uncertainty posed by\nfast evolving geopolitical events. Our declaration of a $1.00 per share\nirregular dividend reflects our confidence in the long-term sustainability of\nLPG demand and our company’s prudent approach to capital allocation.”\n\nFourth Quarter Fiscal Year 2026 Results Summary\n\nOur net income amounted to $81.0 million, or $1.90 per share, for the three\nmonths ended March 31, 2026, compared to net income of $8.1 million, or $0.19\nper share, for the three months ended March 31, 2025.\n\nOur adjusted net income amounted to $80.4 million, or $1.89 per share, for the\nthree months ended March 31, 2026, compared to adjusted net income of $10.7\nmillion, or $0.25 per share, for the three months ended March 31, 2025. We\nhave adjusted our net income for the three months ended March 31, 2026 for an\nunrealized gain on derivative instruments of $0.6 million and we adjusted our\nnet income for the three months ended March 31, 2025 for an unrealized loss on\nderivative instruments of $2.6 million. Please refer to the reconciliation of\nnet income to adjusted net income, which appears later in this press release.\n\nThe $69.7 million increase in adjusted net income for the three months ended\nMarch 31, 2026 compared to the three months ended March 31, 2025 is primarily\nattributable to (i) increases of $77.4 million in revenues, $0.8 million in\nother gain/(loss) net; and $0.1 million in other income related parties; (ii)\ndecreases of $5.3 million in vessel operating expenses, $1.1 million in\ninterest and finance costs; $0.3 million in depreciation and amortization\nexpenses, and $0.3 million in voyage expenses; partially offset by (i)\nincreases of $8.1 million in charter hire expenses, $5.0 million in general\nand administrative expenses, and $1.1 million in profit sharing expenses, and;\n(ii) a decreases of $0.8 million in realized gain on derivatives and $0.6\nmillion in interest income.\n\nThe TCE rate for our fleet was $63,615 for the three months ended March 31,\n2026, an 80.1% increase from the $35,324 TCE rate for the same period in the\nprior year, as further described in “Revenues” below. Please see footnote\n5 to the table in “Financial Information” below for other information\nrelated to how we calculate TCE.\n\nVessel operating expenses per day decreased to $9,780 during the three months\nended March 31, 2026 from $12,671 in the same period in the prior year. Please\nsee “Vessel Operating Expenses” below for more information.\n\nRevenues\n\nRevenues, which represent net pool revenues—related party, time charters and\nother revenues earned by our vessels, were $153.3 million for the three months\nended March 31, 2026, an increase of $77.4 million, or 102.0%, from $75.9\nmillion for the three months ended March 31, 2025, primarily due to increased\naverage TCE rates, which rose by $28,291 per available day from $35,324 for\nthe three months ended March 31, 2025 to $63,615 for the three months ended\nMarch 31, 2026. This increase was primarily due to increased spot rates,\npartially offset by the increased bunker prices. The Baltic Exchange Liquid\nPetroleum Gas Index, an index published daily by the Baltic Exchange for the\nspot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S.\ndollars per metric ton), averaged $51.715 during the three months ended March\n31, 2025 compared to an average of $90.453 for the three months ended March\n31, 2026. The average price of very low sulfur fuel oil (expressed as U.S.\ndollars per metric ton) from Singapore and Fujairah increased from $564 during\nthe three months ended March 31, 2025, to $622 during the three months ended\nMarch 31, 2026.\n\nCharter Hire Expenses\n\nCharter hire expenses for the vessels chartered in from third parties were\n$18.4 million for the three months ended March 31, 2026 compared to $10.3\nmillion for the three months ended March 31, 2025. The increase of $8.1\nmillion, or 78.5%, was mainly caused by an increase in time chartered-in days\nfrom 360 for the three months ended March 31, 2025 to 540 for the three months\nended March 31, 2026 as our chartered-in fleet expanded from four to six\nvessels and an increase in the average rate per time chartered-in day.\n\nVessel Operating Expenses\n\nVessel operating expenses were $18.6 million during the three months ended\nMarch 31, 2026, or $9,780 per vessel per calendar day, which is calculated by\ndividing vessel operating expenses by calendar days for the relevant time\nperiod for the technically managed vessels that were in our fleet, and\ndecreased by $5.3 million, or 22.4%, from $23.9 million, or $12,671 per vessel\nper calendar day, for the three months ended March 31, 2025. The decrease of\n$2,891 per vessel per calendar day was primarily the result of a decrease of\n$1,438 per vessel per calendar day of non-capitalizable drydock-related\noperating expenses. Excluding non-capitalizable drydock-related operating\nexpenses, daily operating expenses decreased by $1,453 from $11,001 for the\nthree months ended March 31, 2025 to $9,548 for the three months ended March\n31, 2026, mainly as a result of decreases in spares and stores.\n\nGeneral and Administrative Expenses\n\nGeneral and administrative expenses were $13.3 million for the three months\nended March 31, 2026, an increase of $5.0 million, or 60.9%, from $8.3 million\nfor the three months ended March 31, 2025. This increase was mainly driven by\nincreases of (i) $3.5 million in cash bonuses, including $2.8 million in\naccrued expenses under our Cash Incentive Plan, (ii) $0.8 million in\nstock-based compensation expense, (iii) $0.3 million in non-capitalizable\nvessel pre-delivery expenses, and $0.4 million in other general and\nadministrative expenses for the three months ended March 31, 2026 when\ncompared to March 31, 2025.\n\nInterest and Finance Costs\n\nInterest and finance costs amounted to $6.9 million for the three months ended\nMarch 31, 2026, a decrease of $1.1 million, or 13.8%, from $8.0 million for\nthe three months ended March 31, 2025. The decrease of $1.1 million during the\nthree months ended March 31, 2026 was mainly due to (i) a decrease of $0.9\nmillion in interest incurred on our long-term debt and (ii) an increase of\n$0.3 million in capitalized interest; partially offset by an increase of $0.1\nmillion in loan expenses and bank charges. The decrease in interest on our\nlong-term debt was driven by a decrease in average indebtedness, excluding\ndeferred financing fees, decreased from $566.4 million for the three months\nended March 31, 2025 to $523.0 million for the three months ended March 31,\n2026 as well as a lower average SOFR rate on the 2023 A&R Debt Facility\nduring the three months ended March 31, 2026 when compared to the three months\nended March 31, 2025. As of March 31, 2026, the outstanding balance of our\nlong-term debt was $565.8 million.\n\nInterest Income\n\nInterest income amounted to $11.1 million for the year ended March 31, 2026,\ncompared to $15.2 million for the year ended March 31, 2025. The decrease of\n$4.1 million is mainly attributable to (i) reduced interest rates over the\nperiods presented, and (ii) lower average cash balances for the year ended\nMarch 31, 2026 when compared to the year ended March 31, 2025.\n\nUnrealized Gain/(Loss) on Derivatives\n\nUnrealized gain on derivatives amounted to approximately $0.6 million for the\nthree months ended March 31, 2026, compared to loss of $2.6 million for the\nthree months ended March 31, 2025. The $3.2 million favorable change is\nprimarily attributable to changes in forward SOFR yield curves and changes in\nnotional amounts.\n\nRealized Gain on Derivatives\n\nRealized gain on derivatives was $0.3 million for the three months ended March\n31, 2026 compared to $1.1 million for the three months ended March 31, 2025.\nThe unfavorable $0.8 million difference is due to a reduction in SOFR rates\nand notional amounts.\n\nFiscal Year 2026 Results Summary\n\nOur net income amounted to $193.7 million, or $4.54 per share, for the year\nended March 31, 2026, compared to net income of $90.2 million, or $2.14 per\nshare, for the year ended March 31, 2025.\n\nOur adjusted net income amounted to $194.8 million, or $4.57 per share, for\nthe year ended March 31, 2026, compared to adjusted net income of $96.0\nmillion, or $2.27 per share, for the year ended March 31, 2025. We have\nadjusted our net income for the year ended March 31, 2026 for an unrealized\nloss on derivatives of $1.2 million and we have adjusted our net income for\nthe year ended March 31, 2025 for an unrealized loss on derivative instruments\nof $5.8 million. Please refer to the reconciliation of net income to adjusted\nnet income, which appears later in this press release.\n\nThe favorable change of $98.8 million in adjusted net income for the year\nended March 31, 2026 compared to the year ended March 31, 2025 is primarily\nattributable to (i) increases in revenues of $128.2 million, $2.4 million in\nother gain/(loss), net; and $0.1 million in other income related parties; and\n(ii) decreases of $6.6 million in interest and finance costs, and $4.4 million\nin vessel operating expenses; partially offset by (i) increases of $19.6\nmillion in charter hire expenses, $10.4 million in general and administrative\nexpenses, $2.1 million in depreciation and amortization expenses, $1.7 million\nin profit sharing expenses, and $1.2 million in voyage expenses; and (ii)\ndecreases of $4.1 million in interest income; and $3.5 million in realized\ngain on derivatives.\n\nThe TCE rate for our fleet was $52,238 for the year ended March 31, 2026, a\n31.3% increase from the $39,778 TCE rate from the prior year, as further\ndescribed in “Revenues” below. Please see footnote 5 to the table in\n“Financial Information” below for other information related to how we\ncalculate TCE.\n\nVessel operating expenses per day decreased to $10,557 in the year ended March\n31, 2026 from $11,143 in the prior year. Please see “Vessel Operating\nExpenses” below for more information.\n\nRevenues\n\nRevenues, which represent net pool revenues—related party, time charters and\nother revenues, net, were $481.5 million for the year ended March 31, 2026, an\nincrease of $128.2 million, or 36.3%, from $353.3 million for the year ended\nMarch 31, 2025, primarily due to higher average TCE rates and increased\navailable days for our fleet. TCE rates rose by $12,460 per available day from\n$39,778 for the year ended March 31, 2025 to $52,238 for the year ended March\n31, 2026, primarily due to higher spot rates and lower bunker prices. The\nBaltic Exchange Liquid Petroleum Gas Index, an index published daily by the\nBaltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba\nroute (expressed as U.S. dollars per metric ton), averaged $57.951 during the\nyear ended March 31, 2025 compared to an average of $74.940 for the year ended\nMarch 31, 2026. The average price of very low sulfur fuel oil (expressed as\nU.S. dollars per metric ton) from Singapore and Fujairah decreased from $591\nduring the year ended March 31, 2025, to $523 during the year ended March 31,\n2026. Additionally, available days for our fleet increased from 8,776 for the\nyear ended March 31, 2025 to 9,113 for the year ended March 31, 2026, mainly\ndriven by an increase in the number of vessels in our fleet, partially offset\nby higher off-hire days due to drydocking.\n\nCharter Hire Expenses\n\nCharter hire expenses for the vessels chartered in from third parties were\n$61.0 million for the year ended March 31, 2026 compared to $41.4 million for\nthe year ended March 31, 2025. The increase of $19.6 million, or 47.4%, was\nmainly caused by an increase in time chartered-in days from 1,460 for the year\nended March 31, 2025 to 1,923 for the year ended March 31, 2026 as our\nchartered-in fleet expanded from four to six vessels and an increase in the\naverage rate per time chartered-in day.\n\nVessel Operating Expenses\n\nVessel operating expenses were $81.0 million during the year ended March 31,\n2026, or $10,557 per vessel per calendar day, which is calculated by dividing\nvessel operating expenses by calendar days for the relevant time period for\nthe technically managed vessels that were in our fleet and decreased by $4.4\nmillion, or 5.1%, from $85.4 million, or $11,143 per vessel per calendar day,\nfor the year ended March 31, 2025. The decrease of $586 per vessel per\ncalendar day, from $11,143 for the year ended March 31, 2025 to $10,557 per\nvessel per calendar day for the year ended March 31, 2026 was mainly as a\nresult of decreases in (i) spares and stores and (ii) repairs and maintenance\ncosts, partially offset by an increase in non-capitalizable drydock-related\noperating expenses. Excluding non-capitalizable drydock-related operating\nexpenses, daily operating expenses decreased by $712 from $10,383 for the year\nended March 31, 2025 to $9,671 for the year ended March 31, 2026, mainly as a\nresult of decreases in (i) spares and stores and (ii) repairs and maintenance\ncosts.\n\nGeneral and Administrative Expenses\n\nGeneral and administrative expenses were $53.0 million for the year ended\nMarch 31, 2026, an increase of $10.4 million, or 24.4%, from $42.6 million for\nthe year ended March 31, 2025. The increase was primarily driven by increases\nof (i) $7.7 million in cash bonuses, including $5.4 million in accrued\nexpenses under our Cash Incentive Plan, (ii) $1.4 million in employee related\ncosts and benefits, (iii) $0.6 million in stock-based compensation expense,\n(iv) $0.4 million in other general and administrative expenses, and (v) $0.3\nmillion in non-capitalizable vessel pre-delivery expenses.\n\nInterest and Finance Costs\n\nInterest and finance costs amounted to $29.2 million for the year ended March\n31, 2026, a decrease of $6.6 million from $35.8 million for the year ended\nMarch 31, 2025. The decrease of $6.6 million during the year ended March 31,\n2026 was mainly due to (i) a reduction of $4.4 million in interest incurred on\nour long-term debt , (ii) an increase of $2.1 million in capitalized interest\nand (iii) a decrease of $0.1 million in amortization of deferred financing\nfees. The decrease in interest on our long-term debt was driven by a reduction\nof average indebtedness, excluding deferred financing fees, from $586.6\nmillion for the year ended March 31, 2025 to $535.5 million for the year ended\nMarch 31, 2026, as well as a lower average annual SOFR rate on the 2023\nA&R Debt Facility during the year ended March 31, 2026 when compared to\nthe year ended March 31, 2025. As of March 31, 2026, the outstanding balance\nof our long-term debt, excluding deferred financing fees, was $565.8 million.\n\nInterest Income\n\nInterest income amounted to $11.1 million for the year ended March 31, 2026,\ncompared to $15.2 million for the year ended March 31, 2025. The decrease of\n$4.1 million is mainly attributable to (i) reduced interest rates over the\nperiods presented, and (ii) lower average cash balances for the year ended\nMarch 31, 2026 when compared to the year ended March 31, 2025.\n\nUnrealized Loss on Derivatives\n\nUnrealized loss on derivatives amounted to $1.2 million for the year ended\nMarch 31, 2026 compared to a loss of $5.8 million for the year ended March 31,\n2025. The $4.6 million difference is primarily attributable to changes in\nforward SOFR yield curves and changes in notional amounts.\n\nRealized Gain on Derivatives\n\nRealized gain on derivatives was $1.8 million for the year ended March 31,\n2026, compared to $5.3 million for the year ended March 31, 2025. The\nunfavorable $3.5 million change is primarily attributable to a $4.0 million\nreduction of realized gains on our interest rate swaps, partially offset by\nreduced realized losses on our FFAs of $0.5 million.\n\nMarket Outlook Update\n\nThe first quarter of 2026 was marked by significant disruption across global\nLPG and energy markets, driven primarily by escalating geopolitical tensions\nin the Middle East. The U.S./Israel-Iran conflict effectively disrupted\ntransit through the Strait of Hormuz for much of March 2026, while attacks on\nregional infrastructure curtailed production and exports of oil, gas, LPG, and\npetrochemical products.\n\nThis disruption followed an advisory of halted exports by Saudi Aramco from\nits Juaymah NGL facility following damage to a pipe-support trestle announced\nin late February 2026. The Juaymah/Ras Tanura export terminal typically\nhandles approximately 0.8 million metric tons (“MMT”) of LPG exports per\nmonth. At the time of writing, export activity from the region remains limited\nand the timing for a full restoration of capacity remains uncertain.\n\nAs a result of these supply disruptions, energy and LPG prices moved sharply\nhigher during the quarter. Average crude oil prices increased from\napproximately $64 per barrel in December 2025 to $106 per barrel in March\n2026. CFR Japan propane prices rose from $489 per metric ton in January 2026\nto more than $730 per metric ton in March 2026, while butane prices increased\nfrom $475 per metric ton to over $784 per metric ton during the same period.\nSimilar pricing trends were observed in Northern Europe, with butane\ndemonstrating particular strength due to limited replacement supply into Asia.\n\nIn contrast, U.S. Gulf LPG prices increased more moderately, particularly for\npropane, as higher oil and gas prices incentivized incremental U.S.\nproduction. Strong production growth, combined with elevated inventories and\nterminal constraints, caused propane prices as a percentage of WTI crude to\ndecline from 43% at the beginning of the quarter to approximately 35% in March\n2026. However, butane prices strengthened amid rising demand for split cargoes\ndestined for Asian importers seeking alternatives to Middle Eastern supply.\n\nThe shift in global trade flows significantly increased pressure on U.S.\nexport infrastructure. Spot terminal fees at the U.S. Gulf Coast rose\ndramatically from approximately 8.6 cents per gallon (“cpg”) during the\nfirst week of January 2026 to nearly 44 cpg by the end of the quarter,\nreflecting tightening terminal availability and growing export demand.\n\nGlobal LPG trade patterns shifted materially during the quarter. U.S. LPG\nexports increased from approximately 5.5 MMT in February 2026 to nearly 6.3\nMMT in March 2026, partially offsetting the decline in Middle Eastern exports,\nwhich fell from roughly 4 MMT in January 2026 to approximately 1.3 MMT in\nMarch 2026. Major importers, particularly India and China, experienced\nmeaningful reductions in import volumes due to the regional supply disruption.\nIndia’s LPG imports declined from approximately 2.2 MMT in January 2026 to\nbelow 0.5 MMT in March 2026.\n\nHigher feedstock costs and supply dislocations also pressured global\npetrochemical margins. Naphtha margins in Asia deteriorated sharply, declining\nfrom approximately negative $122 per metric ton in January 2026 to below\nnegative $410 per metric ton in March 2026. In Northwest Europe, propane steam\ncracking margins for ethylene production also turned negative during March\n2026. Despite these challenges, propane maintained a substantial cost\nadvantage over naphtha in Asian petrochemical markets, supporting relative\ndemand resilience.\n\nMargins for propane dehydrogenation (“PDH”) producers remained under\npressure throughout the quarter. PDH margins declined by more than $100 per\nmetric ton during Q1 2026, ending March at approximately negative $155 per\nmetric ton. As a result, several facilities reportedly reduced operating rates\nor entered maintenance periods.\n\nVLGC freight markets strengthened considerably during the quarter. The Baltic\nVLGC Index averaged approximately $95 per metric ton in Q1 2026, compared to\napproximately $68 per metric ton during Q4 2025. Initial strength was driven\nby weather-related disruptions in the United States, Panama Canal transit\nlimitations, and broader logistical inefficiencies. Freight markets\naccelerated further from mid-February onward as geopolitical developments in\nthe Middle East led to vessel rerouting, fleet repositioning, increased\nton-mile demand on U.S.–Asia routes, and higher operating costs, including\nelevated bunker prices, war risk insurance premiums, and congestion-related\nexpenses.\n\nFleet growth also continued during the quarter, with twelve new VLGCs\ndelivered globally in Q1 2026. Looking ahead, an additional 116 VLGCs/VLACs,\nrepresenting approximately 10.4 million cubic meters of carrying capacity, are\nscheduled for delivery through calendar year 2029. The global VLGC fleet\ncurrently has an average age of approximately 11.8 years, while the orderbook\nrepresents roughly 27.5% of the existing fleet.\n\nThe above market outlook update is based on information, data and estimates\nderived from industry sources available as of the date of this release, and\nthere can be no assurances that such trends will continue or that anticipated\ndevelopments in freight rates, export volumes, the VLGC orderbook or other\nmarket indicators will materialize. This information, data and estimates\ninvolve a number of assumptions and limitations, are subject to risks and\nuncertainties, and are subject to change based on various factors. You are\ncautioned not to give undue weight to such information, data and estimates. We\nhave not independently verified any third-party information, verified that\nmore recent information is not available and undertake no obligation to update\nthis information unless legally obligated.\n\nSeasonality\n\nLiquefied gases are primarily used for industrial and domestic heating, as\nchemical and refinery feedstock, as transportation fuel and in agriculture.\nThe LPG shipping market historically has been stronger in the autumn months in\nanticipation of increased consumption of propane and butane for heating during\nthe winter months. In addition, unpredictable weather patterns in these months\ntend to disrupt vessel scheduling and the supply of certain commodities.\nDemand for our vessels therefore may be stronger in our quarters ending June\n30 and September 30 and relatively weaker during our quarters ending December\n31 and March 31, although 12-month time charter rates tend to smooth out these\nshort-term fluctuations and recent LPG shipping market activity has not always\nyielded the typical seasonal results. The increase in petrochemical industry\nbuying has contributed to less marked seasonality than in the past, but there\ncan no guarantee that this trend will continue. To the extent any of our time\ncharters expire during the typically weaker fiscal quarters ending December 31\nand March 31, it may not be possible to re-charter our vessels at similar\nrates. As a result, we may have to accept lower rates or experience off-hire\ntime for our vessels, which may adversely impact our business, financial\ncondition and operating results.\n\nFleet\n\nThe following table sets forth certain information regarding our fleet as of\nMay 15, 2026. We classify vessel employment as either Time Charter, Pool or\nPool-TCO.\n                                                                                                    Scrubber                                 Time                 \n                              Capacity                                             ECO              Equipped                                 Charter-Out          \n                              (Cbm)          Shipyard              Year Built      Vessel((1))      and/or Dual-Fuel      Employment         Expiration((2))      \n Dorian VLGCs                                                                                                                                                     \n Captain John NP((3))         82,000         Hyundai               2007            —                —                     Pool((6))          —                    \n Comet((4))                   84,000         Hyundai               2014            X                S                     Pool((6))          —                    \n Corsair((5))                 84,000         Hyundai               2014            X                S                     Pool((6))          —                    \n Corvette((4))                84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Cougar((5))                  84,000         Hyundai               2015            X                —                     Pool-TCO((7))      Q1 2029              \n Concorde                     84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Continental                  84,000         Hyundai               2015            X                S                     Pool-TCO((7))      Q2 2030              \n Constitution                 84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Commodore                    84,000         Hyundai               2015            X                —                     Pool-TCO((7))      Q2 2027              \n Cresques((5))                84,000         Hanwha Ocean          2015            X                S                     Pool((6))          —                    \n Constellation                84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Cheyenne                     84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Clermont                     84,000         Hyundai               2015            X                S                     Pool((6))          —                    \n Cratis((5))                  84,000         Hanwha Ocean          2015            X                S                     Pool((6))          —                    \n Chaparral((5))               84,000         Hyundai               2015            X                —                     Pool-TCO((7))      Q3 2027              \n Copernicus((5))              84,000         Hanwha Ocean          2015            X                S                     Pool((6))          —                    \n Commander((4))               84,000         Hyundai               2015            X                S                     Pool-TCO((7))      Q4 2026              \n Challenger                   84,000         Hyundai               2015            X                S                     Pool-TCO((7))      Q2 2030              \n Caravelle((5))               84,000         Hyundai               2016            X                S                     Pool((6))          —                    \n Captain Markos((5))          84,000         Kawasaki              2023            X                DF                    Pool((6))          —                    \n Areion((3))                  93,000         Hanwha Ocean          2026            X                S/DF                  Pool((6))          —                    \n Total                        1,771,000                                                                                                                           \n                                                                                                                                                                  \n Time chartered-in VLGCs                                                                                                                                          \n Future Diamond((8))          80,876         Hyundai               2020            X                S                     Pool((6))          —                    \n HLS Citrine((9))             86,090         Hyundai               2023            X                DF                    Pool((6))          —                    \n HLS Diamond((9))             86,090         Hyundai               2023            X                DF                    Pool((6))          —                    \n Cristobal((10))              86,980         Hyundai               2023            X                DF                    Pool((6))          —                    \n Crystal Asteria((11))        84,229         Kawasaki              2021            X                DF                    Pool((6))          —                    \n BW Tokyo((12))               83,271         Mitsubishi            2009            —                —                     Pool((6))          —                    \n\n (1)       Represents vessels with very low revolutions per minute, long-stroke,            \n           electronically controlled engines, larger propellers, advanced hull design,      \n           and low friction paint.                                                          \n (2)       Represents calendar year quarters.                                               \n (3)       Vessel is capable of carrying ammonia cargo.                                     \n (4)       Vessel is fitted to carry ammonia cargo.                                         \n (5)       Operated pursuant to a bareboat chartering agreement. See Note 10 to our         \n           consolidated financial statements.                                               \n (6)       “Pool” indicates that the vessel operates in the Helios Pool on a voyage         \n           charter with a third party and we receive a portion of the pool profits          \n           calculated according to a formula based on the vessel’s pro rata performance     \n           in the pool.                                                                     \n (7)       “Pool-TCO” indicates that the vessel is operated in the Helios Pool on a         \n           time charter out to a third party and we receive a portion of the pool profits   \n           calculated according to a formula based on the vessel’s pro rata performance     \n           in the pool.                                                                     \n (8)       Vessel has a Panamax beam and is currently time chartered-in to our fleet with   \n           an expiration during the first calendar quarter of 2027.                         \n (9)       Vessel has a Panamax beam and is currently time chartered-in to our fleet with   \n           an expiration during the first calendar quarter of 2030 and purchase options     \n           beginning in year seven.                                                         \n (10)      Vessel has a Panamax beam and shaft generator and is currently time              \n           chartered-in to our fleet with an expiration during the third calendar quarter   \n           of 2030 and purchase options beginning in year seven.                            \n (11)      Vessel is currently time chartered-in to our fleet with an expiration during     \n           the second calendar quarter of 2026.                                             \n (12)      Vessel is currently time chartered-in to our fleet with an expiration during     \n           the second calendar quarter of 2028. Vessel operates under a framework           \n           agreement in which the vessel’s revenues and charter hire-in expenses are        \n           split equally with an unrelated third party.                                     \n\n\nFinancial Information\n\nThe following table presents our selected financial data (unaudited) and other\ninformation for the periods presented:\n                                            Three months ended                                                Year ended                                                    \n (in U.S. dollars, except fleet data)       March 31, 2026                  March 31, 2025                    March 31, 2026                 March 31, 2025                 \n Statement of Operations Data                                                                                                                                               \n Revenues                                   $      153,270,708              $      75,888,175                 $      481,511,242             $      353,341,476             \n Expenses                                                                                                                                                                   \n Voyage expenses                                   1,358,094                       1,743,656                         5,467,468                      4,252,035               \n Charter hire expenses                             18,404,653                      10,311,106                        61,026,689                     41,393,429              \n Profit sharing expenses                           1,073,441                       —                                 1,732,787                      —                       \n Vessel operating expenses                         18,591,571                      23,947,653                        81,037,349                     85,407,362              \n Depreciation and amortization                     17,313,333                      17,560,562                        71,743,685                     69,599,593              \n General and administrative expenses               13,323,095                      8,278,775                         53,024,971                     42,626,351              \n Total expenses                                    70,064,187                      61,841,752                        274,032,949                    243,278,770             \n Other income—related parties                      721,479                         645,364                           2,697,216                      2,582,126               \n Operating income                                  83,928,000                      14,691,787                        210,175,509                    112,644,832             \n Other income/(expenses)                                                                                                                                                    \n Interest and finance costs                        (6,868,959   )                  (7,971,721  )                     (29,249,142  )                 (35,812,923  )          \n Interest income                                   2,566,143                       3,232,676                         11,143,856                     15,219,621              \n Unrealized gain/(loss) on derivatives             576,335                         (2,647,469  )                     (1,160,068   )                 (5,786,717   )          \n Realized gain on derivatives                      284,593                         1,101,718                         1,759,508                      5,311,992               \n Other gain/(loss), net                            526,786                         (315,084    )                     996,270                        (1,406,325   )          \n Total other expenses, net                         (2,915,102   )                  (6,599,880  )                     (16,509,576  )                 (22,474,352  )          \n Net income                                 $      81,012,898               $      8,091,907                  $      193,665,933             $      90,170,480              \n Earnings per common share—basic                   1.91                            0.19                              4.55                           2.14                    \n Earnings per common share—diluted          $      1.90                     $      0.19                       $      4.54                    $      2.14                    \n Financial Data                                                                                                                                                             \n Adjusted EBITDA((1))                       $      106,609,176              $      36,617,557                 $      305,088,174             $      205,969,159             \n Fleet Data                                                                                                                                                                 \n Calendar days((2))                                1,901                           1,890                             7,676                          7,665                   \n Time chartered-in days((3))                       540                             360                               1,923                          1,460                   \n Available days((4))                               2,388                           2,099                             9,113                          8,776                   \n Average Daily Results                                                                                                                                                      \n Time charter equivalent rate((5))          $      63,615                   $      35,324                     $      52,238                  $      39,778                  \n Daily vessel operating expenses( (6))      $      9,780                    $      12,671                     $      10,557                  $      11,143                  \n\n (1)      Adjusted EBITDA is an unaudited non-GAAP measure and represents net              \n          income/(loss) before interest and finance costs, unrealized (gain)/loss on       \n          derivatives, realized (gain)/loss on interest rate swaps, stock-based            \n          compensation expense, impairment, and depreciation and amortization and is       \n          used as a supplemental measure by management to assess our financial and         \n          operating performance. We believe that Adjusted EBITDA assists our management    \n          and investors by increasing the comparability of our performance from period     \n          to period and management makes business and resource-allocation decisions        \n          based on such comparisons. This increased comparability is achieved by           \n          excluding the potentially disparate effects between periods of derivatives,      \n          interest and finance costs, stock-based compensation expense, impairment, and    \n          depreciation and amortization expense, which items are affected by various and   \n          possibly changing financing methods, capital structure and historical cost       \n          basis and which items may significantly affect net income/(loss) between         \n          periods. We believe that including adjusted EBITDA as a financial and            \n          operating measure benefits investors in selecting between investing in us and    \n          other investment alternatives.                                                   \n                                                                                           \n          Adjusted EBITDA has certain limitations in use and should not be considered an   \n          alternative to net income/(loss), operating income, cash flow from operating     \n          activities or any other measure of financial performance presented in            \n          accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items     \n          that affect net income/loss. Adjusted EBITDA as presented below may not be       \n          computed consistently with similarly titled measures of other companies and,     \n          therefore, might not be comparable with other companies.                         \n                                                                                           \n          The following table sets forth a reconciliation of net income to Adjusted        \n          EBITDA (unaudited) for the years presented:                                      \n\n                                            Three months ended                                            Year ended                                                    \n (in U.S. dollars)                          March 31, 2026                  March 31, 2025                March 31, 2026                 March 31, 2025                 \n Net income                                 $      81,012,898               $      8,091,907              $      193,665,933             $      90,170,480              \n Interest and finance costs                        6,868,959                       7,971,721                     29,249,142                     35,812,923              \n Unrealized (gain)/loss on derivatives             (576,335     )                  2,647,469                     1,160,068                      5,786,717               \n Realized gain on interest rate swaps              (284,593     )                  (1,101,717  )                 (1,759,508   )                 (5,824,074   )          \n Stock-based compensation expense                  2,274,914                       1,447,615                     11,028,854                     10,423,520              \n Depreciation and amortization                     17,313,333                      17,560,562                    71,743,685                     69,599,593              \n Adjusted EBITDA                            $      106,609,176              $      36,617,557             $      305,088,174             $      205,969,159             \n\n (2)      We define calendar days as the total number of days in a period during which     \n          each vessel in our fleet was owned or operated pursuant to a bareboat charter.   \n          Calendar days are an indicator of the size of the fleet over a period and        \n          affect both the amount of revenues and the amount of vessel operating expenses   \n          that are recorded during that period.                                            \n                                                                                           \n (3)      We define time chartered-in days as the aggregate number of days in a period     \n          during which we time chartered-in vessels from third parties. Time               \n          chartered-in days are an indicator of the size of the fleet over a period and    \n          affect both the amount of revenues and the amount of charter hire expenses       \n          that are recorded during that period. Time chartered-in days include 100% of     \n          time chartered-in days for our chartered-in vessel that is part of a framework   \n          agreement. Available days include 100% of available days for our chartered-in    \n          vessel that is part of the framework agreement.                                  \n                                                                                           \n (4)      We define available days as the sum of calendar days and time chartered-in       \n          days (collectively representing our commercially-managed vessels) less           \n          aggregate off hire days associated with both unscheduled and scheduled           \n          maintenance, which include major repairs, drydockings, vessel upgrades or        \n          special or intermediate surveys. We use available days to measure the            \n          aggregate number of days in a period that our vessels should be capable of       \n          generating revenues.                                                             \n                                                                                           \n (5)      Time charter equivalent rate, or TCE rate, is a non-GAAP financial measure of    \n          the average daily revenue performance of a vessel. TCE rate is a shipping        \n          industry performance measure used primarily to compare period‑to‑period          \n          changes in a shipping company’s performance despite changes in the mix of        \n          charter types (such as time charters, voyage charters) under which the vessels   \n          may be employed between the periods and is a factor in management’s business     \n          decisions and is useful to investors in understanding our underlying             \n          performance and business trends. Our method of calculating TCE rate is to        \n          divide total revenue (including net pool revenues-related party which is         \n          calculated as Dorian’s portion of the net of a) Helios Pool gross revenues       \n          b) less voyage expenses of all the pool vessels and c) less the general and      \n          administrative expenses of the pool) by available days for the relevant time     \n          period, which may not be calculated the same by other companies.                 \n                                                                                           \n          The following table sets forth a reconciliation of revenues to TCE rate          \n          (unaudited) for the years presented:                                             \n\n                                                         Three months ended                                                Year ended                                                    \n (in U.S. dollars, except available days)                March 31, 2026                  March 31, 2025                    March 31, 2026                 March 31, 2025                 \n Numerator:                                                                                                                                                                              \n Revenues                                                $      153,270,708              $      75,888,175                 $      481,511,242             $      353,341,476             \n Voyage expenses                                                (1,358,094   )                  (1,743,656  )                     (5,467,468   )                 (4,252,035   )          \n Time charter equivalent                                 $      151,912,614              $      74,144,519                 $      476,043,774             $      349,089,441             \n                                                                                                                                                                                         \n Pool adjustment*                                               —                               —                                 895,366                        (2,050       )          \n Time charter equivalent excluding pool adjustment*      $      151,912,614              $      74,144,519                 $      476,939,140             $      349,087,391             \n                                                                                                                                                                                         \n Denominator:                                                                                                                                                                            \n Available days                                                 2,388                           2,099                             9,113                          8,776                   \n TCE rate:                                                                                                                                                                               \n Time charter equivalent rate                            $      63,615                   $      35,324                     $      52,238                  $      39,778                  \n TCE rate excluding pool adjustment*                     $      63,615                   $      35,324                     $      52,336                  $      39,778                  \n\n          * Adjusted for the effects of reallocations of pool profits in accordance with  \n          the pool participation agreements primarily resulting from the actual speed     \n          and consumption performance of the vessels operating in the Helios Pool         \n          exceeding the originally estimated speed and consumption levels.                \n                                                                                          \n (6)      Daily vessel operating expenses are calculated by dividing vessel operating     \n          expenses by calendar days for the relevant time period.                         \n\n\nIn addition to the results of operations presented in accordance with U.S.\nGAAP, we provide adjusted net income and adjusted EPS. We believe that\nadjusted net income and adjusted EPS are useful to investors in understanding\nour underlying performance and business trends. Adjusted net income and\nadjusted EPS are not a measurement of financial performance or liquidity under\nU.S. GAAP; therefore, these non-U.S. GAAP measures should not be considered as\nan alternative or substitute for U.S. GAAP. The following table reconciles net\nincome and EPS to adjusted net income and adjusted EPS, respectively, for the\nperiods presented:\n                                                   Three months ended                                            Year ended                                            \n (in U.S. dollars, except share data)              March 31, 2026                  March 31, 2025                March 31, 2026              March 31, 2025            \n Net income                                        $      81,012,898               $         8,091,907           $         193,665,933       $         90,170,480      \n Unrealized loss/(gain) on derivatives                    (576,335    )                      2,647,469                     1,160,068                   5,786,717       \n Adjusted net income                               $      80,436,563               $         10,739,376          $         194,826,001       $         95,957,197      \n                                                                                                                                                                       \n Earnings per common share—diluted                 $      1.90                     $         0.19                $         4.54              $         2.14            \n Unrealized loss/(gain) on derivatives                    (0.01       )                      0.06                          0.03                        0.13            \n Adjusted earnings per common share—diluted        $      1.89                     $         0.25                $         4.57              $         2.27            \n\n\nThe following table presents our unaudited balance sheets as of the dates\npresented:\n                                                                                      As of                            As of                            \n                                                                                      March 31, 2026                   March 31, 2025                   \n Assets                                                                                                                                                 \n Current assets                                                                                                                                         \n Cash and cash equivalents                                                            $      327,409,120               $      316,877,584               \n Trade receivables, net and accrued revenues                                                 2,037,495                        1,356,827                 \n Due from related parties                                                                    97,037,584                       48,090,301                \n Inventories                                                                                 2,441,578                        2,508,684                 \n Prepaid expenses and other current assets                                                   21,324,303                       13,523,008                \n Total current assets                                                                        450,250,080                      382,356,404               \n Fixed assets                                                                                                                                           \n Vessels, net                                                                                1,215,930,610                    1,149,806,782             \n Vessel under construction                                                                   —                                37,274,863                \n Total fixed assets                                                                          1,215,930,610                    1,187,081,645             \n Other non-current assets                                                                                                                               \n Deferred charges, net                                                                       24,990,338                       17,237,662                \n Derivative instruments                                                                      2,337,425                        3,497,493                 \n Due from related parties—non-current                                                        26,400,000                       26,400,000                \n Restricted cash—non-current                                                                 79,835                           76,028                    \n Operating lease right-of-use assets                                                         148,712,528                      159,212,010               \n Other non-current assets                                                                    2,991,901                        2,799,038                 \n Total assets                                                                         $      1,871,692,717             $      1,778,660,280             \n Liabilities and shareholders’ equity                                                                                                                   \n Current liabilities                                                                                                                                    \n Trade accounts payable                                                               $      7,990,868                 $      11,549,950                \n Accrued expenses                                                                            11,327,406                       5,387,465                 \n Due to related parties                                                                      —                                39,339                    \n Deferred income                                                                             1,981,719                        679,257                   \n Current portion of long-term operating lease liabilities                                    46,661,757                       34,808,203                \n Current portion of long-term debt                                                           100,164,502                      54,504,778                \n Dividends payable                                                                           700,366                          915,150                   \n Total current liabilities                                                                   168,826,618                      107,884,142               \n Long-term liabilities                                                                                                                                  \n Long-term debt—net of current portion and deferred financing fees                           460,230,191                      498,773,969               \n Long-term operating lease liabilities                                                       102,061,784                      124,419,545               \n Other long-term liabilities                                                                 1,577,746                        1,476,439                 \n Total long-term liabilities                                                                 563,869,721                      624,669,953               \n Total liabilities                                                                           732,696,339                      732,554,095               \n Commitments and contingencies                                                               —                                —                         \n Shareholders’ equity                                                                                                                                   \n Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued                 —                                —                         \n nor outstanding                                                                                                                                        \n Common stock, $0.01 par value, 450,000,000 shares authorized, 54,647,868 and                546,478                          543,244                   \n 54,324,437 shares issued, 42,782,681 and 42,747,720 shares outstanding (net of                                                                         \n treasury stock), as of March 31, 2026 and March 31, 2025, respectively                                                                                 \n Additional paid-in-capital                                                                  878,549,693                      867,524,073               \n Treasury stock, at cost; 11,865,187 and 11,576,717 shares as of March 31, 2026              (140,116,177   )                 (133,103,957   )          \n and March 31, 2025, respectively                                                                                                                       \n Retained earnings                                                                           400,016,384                      311,142,825               \n Total shareholders’ equity                                                                  1,138,996,378                    1,046,106,185             \n Total liabilities and shareholders’ equity                                           $      1,871,692,717             $      1,778,660,280             \n\n\nConference Call\n\nA conference call to discuss the results will be held on Wednesday May 20,\n2026 at 10:00 a.m. ET. The conference call can be accessed live by dialing\n1-800-445-7795, or for international callers, 1-785-424-1699, and requesting\nto be joined into the Dorian LPG call.\n\nA live webcast of the conference call will also be available under the\ninvestor section at www.dorianlpg.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dorianlpg.com&esheet=54538970&newsitemid=20260520645557&lan=en-US&anchor=www.dorianlpg.com&index=1&md5=fd9aea90ef63619bdc1c4424911ab4c4)\n.\n\nA replay will be available at 1:00 p.m. ET the same day and can be accessed by\ndialing 1-844-512-2921, or for international callers, 1-412-317-6671. The\npasscode for the replay is 11161820. The replay will be available until May\n27, 2026, at 11:59 p.m. ET.\n\nAbout Dorian LPG Ltd.\n\nDorian LPG is a leading owner and operator of modern VLGCs that transport\nliquefied petroleum gas globally. Dorian LPG's fleet of twenty-seven modern\nVLGCs currently includes six dual-fuel ECO VLGCs, nineteen ECO VLGCs, and two\nmodern VLGCs. Its business is centered around safe, reliable, clean and\ntrouble-free transportation for its customers. Dorian LPG has offices in\nStamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more\ninformation visit www.dorianlpg.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dorianlpg.com&esheet=54538970&newsitemid=20260520645557&lan=en-US&anchor=www.dorianlpg.com&index=2&md5=6f2b1da72d3972ec6785a62d39e35ad6)\n.\n\nForward-Looking & Other Cautionary Statements\n\nThe cash dividends referenced in this release are irregular dividends. All\ndeclarations of dividends are subject to the determination and discretion of\nour Board of Directors based on its consideration of various factors,\nincluding the Company’s results of operations, financial condition, level of\nindebtedness, anticipated capital requirements, contractual restrictions,\nrestrictions in its debt agreements, restrictions under applicable law, its\nbusiness prospects and other factors that our Board of Directors may deem\nrelevant. The Board of Directors, in its sole discretion, may increase,\ndecrease or eliminate the dividend at any time.\n\nThis press release contains \"forward-looking statements.\" Statements that are\npredictive in nature, that depend upon or refer to future events or\nconditions, or that include words such as \"expects,\" \"anticipates,\" \"intends,\"\n\"plans,\" \"believes,\" \"estimates,\" \"projects,\" \"forecasts,\" \"may,\" \"will,\"\n\"should\" and similar expressions are forward-looking statements. These\nstatements are not historical facts but instead represent only the Company's\ncurrent expectations and observations regarding future results, many of which,\nby their nature, are inherently uncertain and outside of the Company's\ncontrol. Where the Company expresses an expectation or belief as to future\nevents or results, such expectation or belief is expressed in good faith and\nbelieved to have a reasonable basis. However, the Company’s forward-looking\nstatements are subject to risks, uncertainties, and other factors, which could\ncause actual results to differ materially from future results expressed,\nprojected, or implied by those forward-looking statements. The Company’s\nactual results may differ, possibly materially, from those anticipated in\nthese forward-looking statements as a result of certain factors, including\nchanges in the Company’s financial resources and operational capabilities\nand as a result of certain other factors listed from time to time in the\nCompany's filings with the U.S. Securities and Exchange Commission. For more\ninformation about risks and uncertainties associated with Dorian LPG’s\nbusiness, please refer to the “Management’s Discussion and Analysis of\nFinancial Condition and Results of Operations” and “Risk Factors”\nsections of Dorian LPG’s SEC filings, including, but not limited to, its\nannual report on Form 10-K and quarterly reports on Form 10-Q. The Company\ndoes not assume any obligation to update the information contained in this\npress release.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260520645557/en/\n(https://www.businesswire.com/news/home/20260520645557/en/)\n\nInvestor Contact Information \n\nTed Young\n\nChief Financial Officer\n\n+1 (203) 674-9900\n\nIR@dorianlpg.com (mailto:IR@dorianlpg.com)\n\nMedia Contact Information \n\nMelissa Daly\n\nMFD Communications\n\n+1 (646) 322-9192\n\nmelissa@mfdcommunications.com (mailto:melissa@mfdcommunications.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-20T10:00:00.478666208Z","server_sent_at_ms":1779271200478},"received_at":"2026-05-20T10:00:01.033Z","source_url":"https://www.businesswire.com/news/home/20260520645557/en/"},"analysis":{"id":"29700","press_release_id":"40259","analysis_json":{"industry":{"label":"Marine","sector":"Industrials"},"redFlags":["Geopolitical tensions in the Middle East (U.S./Israel-Iran conflict) disrupting Strait of Hormuz transit, creating volatile supply dynamics.","Irregular dividends are subject to board discretion and may not be sustainable if freight rates normalize."],"eventType":"earnings","narrative":"Dorian LPG reported Q4 2026 revenue of $153.3 million, a 102% year-over-year increase, driven by a surge in time charter equivalent rates to $63,615 per day amid Middle East geopolitical disruptions.\n\nFull-year 2026 revenue reached $481.5 million, up 36% from the prior year, with adjusted EPS of $4.57. The company declared a $1.00 per share irregular dividend totaling $42.8 million.\n\nOperational highlights included the delivery of the dual-fuel VLGC Areion, financed by a $62.9 million debt facility, and the sale of the VLGC Cobra for $81.9 million. Management cited strong freight market conditions but noted caution regarding geopolitical uncertainty.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Dorian LPG posts massive Q4 revenue beat (102% YoY) driven by Middle East supply disruptions; declares $1/share special dividend."},"keyFigures":{"eps":1.9,"revenue":153270708,"guidance":"","revenueYoy":"102.0%","customDimensions":{"fy26_eps":4.54,"q4_tce_rate":63615,"fy26_revenue":481511242,"fy26_tce_rate":52238,"q4_net_income":81012898,"dividend_total":42800000,"fy26_net_income":193665933,"q4_adjusted_eps":1.89,"fy26_revenue_yoy":"36.3%","fy26_adjusted_eps":4.57,"dividend_per_share":1,"q4_adjusted_ebitda":106609176,"debt_facility_amount":62900000,"fy26_adjusted_ebitda":305088174,"vessel_sale_proceeds":81900000,"q4_adjusted_net_income":80436563,"fy26_adjusted_net_income":194826001,"long_term_debt_outstanding":565800000}},"quotedText":"Our strong results for the quarter reflect a healthy freight market and the dedication of our seagoing and shore side employees.","namedEntities":{"people":[{"name":"John Hadjipateras","role":"Chairman, President, and Chief Executive Officer"},{"name":"Ted Young","role":"Chief Financial Officer"}],"products":["Areion","Cobra","VLGC","VLGC/AC"],"companies":[{"name":"Dorian LPG Ltd.","ticker":"LPG"},{"name":"Saudi Aramco","relationship":"industry participant"},{"name":"Baltic Exchange","relationship":"index provider"}],"dollarAmounts":[{"amount":"$153.3 million","context":"Q4 2026 revenues"},{"amount":"$81.0 million","context":"Q4 2026 net income"},{"amount":"$1.90","context":"Q4 2026 diluted EPS"},{"amount":"$106.6 million","context":"Q4 2026 adjusted EBITDA"},{"amount":"$481.5 million","context":"FY2026 revenues"},{"amount":"$193.7 million","context":"FY2026 net income"},{"amount":"$4.54","context":"FY2026 diluted EPS"},{"amount":"$305.1 million","context":"FY2026 adjusted EBITDA"},{"amount":"$1.00","context":"irregular dividend per share"},{"amount":"$42.8 million","context":"total irregular dividend amount"},{"amount":"$81.9 million","context":"proceeds from sale of VLGC Cobra"},{"amount":"$62.9 million","context":"debt financing facility for Areion"},{"amount":"$16.5 million","context":"prepayment of A&R Debt Facility"},{"amount":"$565.8 million","context":"outstanding long-term debt balance"}]},"materialImpact":{"score":4,"reasoning":"Strong Q4 and FY26 results with revenue up 102% YoY in Q4 and 36% for the full year. EPS of $1.90 in Q4 vs $0.19 prior year. The company declared a $1.00 irregular dividend and completed a vessel sale, while taking delivery of a new dual-fuel VLGC. Geopolitical disruptions in the Middle East are cited as a tailwind for freight rates."},"tickerRelevance":{"others":[],"primary":"LPG"},"globalImportance":45,"audienceRelevance":35,"eventTypeSecondary":["dividend","debt_offering"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"strong earnings beat + dividend","sectorWeight":"cyclical/energy-adjacent","householdBrandBoost":"low","marketCapAdjustment":"neutral","retailFavoriteBoost":"low"}},"event_type":"earnings","event_type_secondary":["dividend","debt_offering"],"sentiment":"bullish","material_impact_score":4,"narrative":"Dorian LPG reported Q4 2026 revenue of $153.3 million, a 102% year-over-year increase, driven by a surge in time charter equivalent rates to $63,615 per day amid Middle East geopolitical disruptions.\n\nFull-year 2026 revenue reached $481.5 million, up 36% from the prior year, with adjusted EPS of $4.57. The company declared a $1.00 per share irregular dividend totaling $42.8 million.\n\nOperational highlights included the delivery of the dual-fuel VLGC Areion, financed by a $62.9 million debt facility, and the sale of the VLGC Cobra for $81.9 million. Management cited strong freight market conditions but noted caution regarding geopolitical uncertainty.","key_figures":{"eps":1.9,"revenue":153270708,"guidance":"","revenueYoy":"102.0%","customDimensions":{"fy26_eps":4.54,"q4_tce_rate":63615,"fy26_revenue":481511242,"fy26_tce_rate":52238,"q4_net_income":81012898,"dividend_total":42800000,"fy26_net_income":193665933,"q4_adjusted_eps":1.89,"fy26_revenue_yoy":"36.3%","fy26_adjusted_eps":4.57,"dividend_per_share":1,"q4_adjusted_ebitda":106609176,"debt_facility_amount":62900000,"fy26_adjusted_ebitda":305088174,"vessel_sale_proceeds":81900000,"q4_adjusted_net_income":80436563,"fy26_adjusted_net_income":194826001,"long_term_debt_outstanding":565800000}},"named_entities":{"people":[{"name":"John Hadjipateras","role":"Chairman, President, and Chief Executive Officer"},{"name":"Ted Young","role":"Chief Financial Officer"}],"products":["Areion","Cobra","VLGC","VLGC/AC"],"companies":[{"name":"Dorian LPG Ltd.","ticker":"LPG"},{"name":"Saudi Aramco","relationship":"industry participant"},{"name":"Baltic Exchange","relationship":"index provider"}],"dollarAmounts":[{"amount":"$153.3 million","context":"Q4 2026 revenues"},{"amount":"$81.0 million","context":"Q4 2026 net income"},{"amount":"$1.90","context":"Q4 2026 diluted EPS"},{"amount":"$106.6 million","context":"Q4 2026 adjusted EBITDA"},{"amount":"$481.5 million","context":"FY2026 revenues"},{"amount":"$193.7 million","context":"FY2026 net income"},{"amount":"$4.54","context":"FY2026 diluted EPS"},{"amount":"$305.1 million","context":"FY2026 adjusted EBITDA"},{"amount":"$1.00","context":"irregular dividend per share"},{"amount":"$42.8 million","context":"total irregular dividend amount"},{"amount":"$81.9 million","context":"proceeds from sale of VLGC Cobra"},{"amount":"$62.9 million","context":"debt financing facility for Areion"},{"amount":"$16.5 million","context":"prepayment of A&R Debt Facility"},{"amount":"$565.8 million","context":"outstanding long-term debt balance"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-20T10:00:59.233Z","global_importance":45,"audience_relevance":35,"importance_components":{"tickerTier":"mid-cap","eventGravity":"strong earnings beat + dividend","sectorWeight":"cyclical/energy-adjacent","householdBrandBoost":"low","marketCapAdjustment":"neutral","retailFavoriteBoost":"low"}},"durationMs":35091,"modelName":"george-droid-qwen-72b"}}