Dorian LPG Ltd., an operator of very massive fuel carriers (VLGCs), reported a web revenue of $51.3 million for the three months ended June 30, 2024, down from $51.7 million for the three months ended June 30, 2023.
In a media launch, Dorian LPG mentioned that its revenues for the second quarter of 2024 reached $114.4 million, 2.5 % above the $111.6 million for the corresponding interval a 12 months prior. The corporate attributed the rise to a rise in fleet measurement, partially offset by a discount in fleet utilization.
“Demand for LPG stays sturdy, as its availability, cost-effectiveness, and environmental footprint make it a gasoline of selection for a lot of purposes”, John C. Hadjipateras, Chairman, President and Chief Govt Officer of the corporate, mentioned.
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The corporate mentioned that the time constitution equal (TCE) charge per working day for its fleet was $55,228 within the second quarter, an eight % enhance from $51,156 for a similar interval in 2023. Whole fleet utilization decreased from 98.0 % in the course of the three months ended June 30, 2023, to 90.4 % in the course of the three months ended June 30, 2024.
Vessel working bills had been $20.5 million in the course of the second quarter of 2024, rising 3.2 % from the $19.8 million for the corresponding interval a 12 months prior. This was primarily the results of will increase of $159 per vessel per calendar day for spares and shops and $102 per vessel per calendar day for crew wages and associated prices, the corporate mentioned.
The LPG transport market is traditionally stronger within the spring and summer time months resulting from elevated consumption of propane and butane for winter heating, Dorian LPG famous. Unpredictable climate patterns disrupt vessel scheduling and commodity provide. Dorian LPG predicts demand for vessels could also be stronger in quarters ending June 30 and September 30. Nevertheless, latest market exercise has not adopted typical seasonal patterns resulting from elevated petrochemical business shopping for, which can scale back seasonality sooner or later, it mentioned.
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