Dividend Declaration
Dorian LPG declared a dividend of $0.65 per share totaling $27.8 million, marking their 17th dividend payment, with total dividends distributed reaching over $695 million and total capital returned to shareholders at almost $925 million.
VLGC Market Improvement
The VLGC market improved in the third calendar quarter, with the Baltic Index averaging $68,000 per day, up from $48,000 in the second quarter and $33,000 in the first quarter, more than doubling from the start of the year.
Record Seaborne LPG Liftings
Global seaborne LPG liftings reached a record high of 37.21 million tons, supported by record quarterly exports from North America and Saudi Arabia.
Strong Financial Metrics
The company achieved TCE revenue per available day of $53,725, generated over $30 million in free cash flow to equity during the quarter, and reported adjusted EBITDA of $85.7 million.
Operational Efficiency
Daily OpEx for the quarter was down over 6% from the prior quarter, reflecting efficient cost management by the technical management team.