Dorian LPG Ltd. has reported $21.36 million in web earnings for the fourth quarter of 2024 (third quarter of fiscal yr 2025), down 78.63 % in comparison with the identical three-month interval 2023 as freight charges fell.
The Stamford, Connecticut-based proprietor and operator of very massive fuel carriers (VLGCs) logged $18.5 million in adjusted web revenue, or $0.43 per diluted share, in accordance with outcomes it revealed on-line. That was down from $106 million for the fourth quarter of 2023.
The adjusted web earnings per share determine missed the $0.56 Zacks Consensus Estimate, a median of projections by brokerage analysts.
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“The $87.5 million lower in adjusted web earnings for the three months ended December 31, 2024, in comparison with the three months ended December 31, 2023, is primarily attributable to (i) a lower of $82.4 million in revenues; (ii) will increase of $2.2 million in constitution rent bills, $2.2 million in vessel working bills, $0.2 million in voyage bills, and $0.1 million in depreciation and amortization bills; and (iii) decreases of $1.1 million in realized acquire on derivatives and $1.6 million in different acquire/(loss), web, partially offset by (i) decreases of $1.2 million in curiosity and finance prices and $0.2 million usually and administrative bills and (ii) a rise of $0.9 million in curiosity earnings”, Dorian LPG stated.
Revenues for the October-December 2024 interval totaled $80.67 million, in comparison with $163.06 million for the comparable interval within the prior yr.
Dorian LPG’s time constitution equal fee per out there day within the fourth quarter of 2024 dropped 49.86 % year-on-year to $36,071. Out there days decreased from 2,256 to 2,210.
“Weaker import demand from China, pushed partly by decrease steam cracking demand, resulted in a decline in LPG imports from excessive ranges of three.5 MMT [million metric tons] in July 2024 to 2.3 MMT in November 2024”, it stated.
“Imports into China recovered in December to an estimated 2.8 MMT, although remained decrease than the degrees seen earlier within the yr.
“Total, whole LPG imports into China in This fall 2024 totaled 8.2 MMT in comparison with a excessive of 10.1 MMT within the second calendar quarter of 2024 (Q2 2024), reflecting the influence of upper import costs seen in This fall 2024 in comparison with earlier within the yr. It was additionally an unseasonably heat begin to the winter within the Far East”.
Dorian LPG added, “After falling in Q3 2024, freight charges remained comparatively regular in This fall 2024 with the Baltic averaging round $56 per metric ton for the Ras Tanura-Chiba route, though the Houston-Chiba route posted larger with a median of about $108 per metric ton throughout This fall 2024, up from round $99 per metric ton throughout Q3 2024”.
Earlier it declared an irregular money dividend of $0.7 per share, or $30 million in whole, payable this month. Final November Dorian LPG paid an irregular money dividend of $42.8 million.
“The quarterly outcomes mirrored an bettering market setting”, stated chair, president and chief govt John C Hadjipateras. “With extra export capability coming on-line in america this yr and a modest orderbook, we’ve a optimistic market outlook. Our dividend payout in extra of the quarter’s web earnings displays our constructive view of the VLGC market over the approaching months”.
To contact the creator, e-mail jov.onsat@rigzone.com
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