Dorian LPG Ltd., which owns and operates modern very large gas carriers, reported a net income of $10.1 million for the first quarter of fiscal year 2026. This was significantly below the $51.3 million reported for the three months ended June 30, 2024.
For the three months ending June 30, 2025, net pool revenues, comprising related party revenues, time charters, and other revenues, amounted to $84.2 million, a decrease of $30.1 million or 26.4 percent. The decline was mainly attributable to lower average TCE rates and fewer available days, Dorian LPG said.
The TCE rate per available day for Dorian LPG’s fleet was $39,726 for the three months ended June 2025, down 20.9 percent from $50,243 for the same period last year. Additionally, available days decreased from 2,260 in the three months ended June 30, 2024, to 2,086 in the same period of 2025, primarily because more vessels were drydocked, according to Dorian LPG.
“Our results for the reporting quarter were impacted by a heavy drydocking schedule as well as the market. Volatility, which is ever-present in freight markets, has been more acute in reaction to recent abrupt geopolitical movements. Our bookings for the current quarter are at strong rates, supporting our positive outlook, which is rooted in our confidence in the resilience and the fundamentals of the LPG trade”, John C. Hadjipateras, Chairman, President and Chief Executive Officer of the company, said.
Dorian LPG noted that liquefied gases are primarily used for heating, chemical production, transportation fuel and in agriculture. The LPG shipping market typically sees increased activity in spring and summer due to higher demand for propane and butane for winter heating, it said. Weather disruptions during these months can affect vessel schedules, it said.
Dorian LPG said that, as a result, demand for its vessels is usually higher in quarters ending June 30 and September 30, and lower for those ending December 31 and March 31. However, 12-month time charter rates can smooth out these seasonal variations, it said.
Recently, increased petrochemical industry purchasing has reduced seasonal impacts, but this trend may not persist, it said.
If time charters expire in weaker quarters, it may lead to lower re-chartering rates or vessel off-hire, potentially harming business performance, Dorian LPG said.
To contact the author, email andreson.n.paul@gmail.com
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