Dorian LPG Ltd.
- Open
- 34.94
- Day high
- 35.69
- Day low
- 34.94
- Prev close
- 34.78
- Volume
- 23K
- Mkt cap
- $1.5B
- P/E (TTM)
- 7.8
- EPS (TTM)
- $4.55
- P/B
- 1.3
- P/S
- 3.2
- Yield
- 8.31%
- Per share
- $2.95
- ▼Insiders net selling -$1.3M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
Dorian LPG Ltd. (LPG) is a Energy company listed on NYSE. The stock is up 44% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4). Drillr has 2 published research articles covering LPG.
Dorian LPG Ltd. (LPG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LPG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 20, 2026 | $1.41 | $1.89 | +34.0% | $153M | +18.9% |
| Feb 5, 2026 | $1.39 | $1.11 | -20.1% | $120M | +14.3% |
| Nov 6, 2025 | $1.45 | $1.31 | -9.7% | $121M | -0.2% |
| Aug 1, 2025 | $0.61 | $0.27 | -55.7% | $84M | -30.2% |
| May 22, 2025 | $0.75 | $0.25 | -66.7% | $76M | -9.7% |
| Jan 31, 2025 | $0.82 | $0.43 | -47.6% | $81M | -0.5% |
| Oct 31, 2024 | $0.52 | $0.35 | -32.7% | $82M | -3.7% |
| Aug 1, 2024 | $0.98 | $1.26 | +28.6% | $114M | +1.6% |
| May 22, 2024 | $1.83 | $1.91 | +4.4% | $141M | -7.4% |
| Feb 1, 2024 | $1.71 | $2.62 | +53.2% | $163M | +7.9% |
| Nov 2, 2023 | $1.48 | $1.85 | +25.0% | $145M | -2.8% |
| Aug 2, 2023 | $1.63 | $1.21 | -25.8% | $112M | -13.9% |
LPG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Tan Christinadirector | Sell | 5,708 | $44.08 |
| May 26, 2026 | Kalborg Teddirector | Sell | 15,373 | $45.06 |
| Apr 28, 2026 | Tan Christinadirector | Grant | 6,499 | — |
| Apr 28, 2026 | Ross Mark Hdirector | Grant | 6,039 | — |
| Apr 28, 2026 | LORENTZEN OIVINDdirector | Grant | 6,314 | — |
| Apr 28, 2026 | Lunde Maritdirector | Grant | 6,499 | — |
| Apr 28, 2026 | McAvity Thomas Malcolmdirector | Grant | 6,684 | — |
| Apr 28, 2026 | Kalborg Teddirector | Grant | 6,543 | — |
| Apr 9, 2026 | Lycouris Johndirector, officer: Head of Energy Transition | Sell | 3,000 | $35.00 |
| Apr 9, 2026 | Lycouris Johndirector, officer: Head of Energy Transition | Sell | 7,000 | $35.72 |
| Feb 19, 2026 | Young Theodore B.officer: Chief Financial Officer | Sell | 10,000 | $34.84 |
| Feb 19, 2026 | Hansen Tim Truelsofficer: Chief Commercial Officer | Sell | 35,000 | $35.19 |
| Jan 22, 2026 | Hansen Tim Truelsofficer: Chief Commerical Officer | Sell | 25,000 | $28.85 |
| Jan 9, 2026 | HADJIPATERAS JOHN Cdirector, 10 percent owner, officer: President and CEO | Buy | 15,000 | $27.30 |
| Sep 16, 2025 | Hadjipateras Alexander C.officer: Chief Operating Officer | Sell | 5,000 | $32.38 |
Source: LPG SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full LPG insider & 13F page →LPG research & analysis
Gulf Conflict Escalation: Mapping the Energy Winners from Middle East Supply Disruption
Gulf conflict escalation threatens Middle East oil supply through the Strait of Hormuz and Red Sea, creating a risk premium that benefits non-Gulf energy producers and LNG exporters. Cheniere Energy and Shell are the top picks for structural LNG upside, while ConocoPhillips, Canadian Natural Resources, and Dorian LPG offer upstream, heavy-oil substitution, and shipping-rate leverage respectively.
LNGCOPCNQHow do tanker and LPG shipping rates respond to Middle East conflict escalation?
Middle East conflict escalation drives tanker and LPG shipping rates higher through Red Sea route diversions, sanctions enforcement on Iranian crude, and tightening compliant fleet utilization. Frontline (FRO) and DHT offer the most direct VLCC exposure, INSW provides diversified crude-plus-product upside, Scorpio Tankers (STNG) captures product tanker demand shifts, and Dorian LPG (LPG) is the deep-value play tied directly to Persian Gulf gas exports.
FRODHTSTNG
Dorian LPG Ltd. company profile
Overview
Dorian LPG Ltd. (NYSE:LPG) is a Connecticut-based maritime transportation company that was incorporated in 2013 and went public in May 2014. The company specializes in the global transportation of liquefied petroleum gas through its fleet of Very Large Gas Carriers (VLGCs). Founded during a period of growing global LPG trade, particularly driven by the U.S. shale gas boom, Dorian LPG has established itself as a significant player in the specialized shipping sector. The company operates a modern fleet of 22 VLGCs and has consistently returned substantial capital to shareholders through dividends and share buybacks since its IPO.
Business
Dorian LPG operates in the specialized maritime transportation sector, specifically focusing on the seaborne transport of liquefied petroleum gas (LPG). LPG is a mixture of propane and butane gases that have been pressurized and cooled to liquid form for efficient transportation and storage. This fuel is widely used for residential heating and cooking, as well as a feedstock for petrochemical production, particularly in the manufacturing of plastics and other chemicals. The company's core business revolves around operating Very Large Gas Carriers (VLGCs), which are specialized tanker ships designed to transport large quantities of LPG across oceans. These vessels are among the largest in the LPG shipping fleet, typically capable of carrying between 80,000 to 85,000 cubic meters of LPG. VLGCs represent the most efficient method for long-haul LPG transportation, particularly for routes between major export terminals in the United States and Middle East to import destinations in Asia. The company operates as a single business segment focused exclusively on LPG transportation services. Unlike diversified shipping companies that may operate different types of vessels, Dorian LPG maintains a pure-play focus on the VLGC market. The company's fleet consists of both owned and chartered vessels, with the majority being company-owned. Several of their newer vessels are equipped with dual-fuel capabilities and environmental technologies such as scrubbers, positioning them for evolving environmental regulations in the shipping industry. Dorian LPG participates in the Helios Pool, a commercial pooling arrangement where multiple VLGC operators combine their vessels to optimize utilization and achieve better freight rates. This pooling strategy allows smaller operators to compete more effectively with larger shipping companies by providing greater scheduling flexibility and market coverage.
Revenue model
Dorian LPG generates revenue primarily through time charter equivalent (TCE) rates, which represent the daily revenue earned from transporting LPG cargo. The company operates under two main commercial models: spot market operations and time charter contracts. In the spot market, vessels are hired for individual voyages at prevailing market rates, while time charters involve longer-term contracts where vessels are hired for specific periods, typically ranging from several months to several years. The company's primary customers include major oil and gas companies, LPG traders, and petrochemical manufacturers who need to transport LPG between production and consumption centers. Key trade routes include shipments from U.S. Gulf Coast export terminals to Asian markets, particularly China, Japan, and South Korea, as well as Middle Eastern exports to global destinations. Several factors significantly impact Dorian LPG's profitability and margins. Positive margin drivers include strong U.S. LPG production from shale gas operations, growing Asian demand for LPG in both residential and petrochemical applications, seasonal heating demand during winter months, and supply chain disruptions such as Panama Canal restrictions that create longer voyage distances. The company also benefits from fleet efficiency improvements through environmental technologies and optimal vessel deployment through the Helios Pool. Negative margin pressures come from increased VLGC fleet capacity as new vessels are delivered, economic slowdowns in key import markets like China, seasonal demand weakness during summer months, and rising operating costs including fuel, crew expenses, and regulatory compliance costs. The company faces ongoing pressure from environmental regulations requiring investments in cleaner technologies, though these may also create competitive advantages for operators with modern, compliant fleets. The cyclical nature of the shipping industry means that freight rates can be highly volatile, with periods of exceptional profitability followed by weaker market conditions. Dorian LPG's financial performance is therefore closely tied to global LPG trade volumes, fleet supply-demand dynamics, and broader economic conditions affecting energy consumption patterns.
Competitive moat
Dorian LPG operates in a specialized shipping niche that provides certain competitive advantages, though the company's moat is relatively modest compared to businesses with stronger defensive characteristics. The primary moat comes from the high barriers to entry in VLGC operations, including the substantial capital requirements for acquiring specialized vessels (typically $80-100 million per ship), the technical expertise required for safe LPG transportation, and the regulatory compliance necessary for handling hazardous cargo. The company benefits from the specialized nature of LPG shipping, where vessels cannot easily be converted between different cargo types. This creates some insulation from competition with other shipping sectors. Additionally, Dorian LPG's participation in the Helios Pool provides operational efficiencies and better market access than independent operation might allow, creating a modest network effect. However, the company's competitive position faces several challenges. The VLGC market is relatively fragmented with numerous operators, limiting pricing power. New vessel construction can rapidly increase industry capacity, particularly during periods of strong freight rates when shipyards receive substantial orders. The company has limited ability to differentiate its services, as LPG transportation is largely a commoditized business where customers primarily focus on cost, reliability, and safety. Potential disruption could come from several sources: alternative transportation methods such as pipeline infrastructure (though limited by geography), changes in LPG production and consumption patterns that alter trade flows, environmental regulations that favor different vessel technologies, or economic shifts that reduce global LPG demand. The company's investment in dual-fuel vessels and environmental technologies represents an attempt to stay ahead of regulatory changes, but this requires ongoing capital investment and may not provide lasting competitive advantages as these technologies become industry standard. Overall, while Dorian LPG operates in a specialized market with some barriers to entry, the business lacks the strong competitive moats found in companies with network effects, switching costs, or unique intellectual property.
Risks & safety
Dorian LPG demonstrates a strong financial safety profile with substantial cash reserves and manageable debt levels, though earnings volatility reflects the cyclical nature of shipping markets. • Liquidity and Solvency: The company maintains exceptional liquidity with $314.5 million in cash and short-term investments as of Q3 2024, representing over 17% of total assets. Current ratio of 3.97 indicates strong ability to meet short-term obligations. Free cash flow has been consistently positive, generating $21.4 million in the most recent quarter. • Debt Management: Debt-to-equity ratio of 0.69 is reasonable for a capital-intensive shipping business. The company has been actively reducing debt, with voluntary prepayments when cash flow permits. Net debt to total capitalization around 30% provides financial flexibility while maintaining reasonable leverage. • Valuation Metrics: Current P/E ratio of 12.1x appears reasonable given recent strong earnings, though this reflects cyclically high profits. EV/EBITDA of 7.6x is moderate for the shipping sector. Price-to-book ratio of 0.97x suggests the stock trades near tangible book value, providing some downside protection. • Other Considerations: The company has demonstrated commitment to shareholder returns, having returned nearly $650 million since IPO through dividends and buybacks. However, earnings volatility is high due to freight rate cyclicality, and the company operates in a capital-intensive industry requiring ongoing vessel maintenance and eventual replacement.
Recent development
Over the past few years, Dorian LPG has pursued several key strategic initiatives focused on fleet modernization, environmental compliance, and capital allocation optimization. The company has been actively preparing for the maritime industry's decarbonization requirements, investing in energy-saving technologies including scrubber installations on 14 vessels, energy-saving devices, and low-friction silicone paints that can reduce fuel consumption by approximately 5%. These environmental investments have generated measurable returns, with scrubber-fitted vessels showing average daily net savings of $3,000. A significant strategic development has been the company's exploration of alternative fuel capabilities, particularly investigating ammonia carrier upgrades for existing vessels. Management has ordered a new VLGC/VLAC (Very Large Ammonia Carrier) for delivery in 2026, positioning the company for the potential growth in ammonia transportation as the shipping industry seeks zero-carbon fuel alternatives. The estimated cost for ammonia carrier upgrades is less than $5 million per ship, representing a relatively modest investment for accessing new market opportunities. The company has also focused on fleet renewal and optimization, chartering in three new ships with seven-year terms while maintaining a strategy of replacing approximately one ship per year. This approach balances fleet modernization with capital discipline, ensuring the company maintains competitive, efficient vessels while managing capital expenditure. From a commercial perspective, Dorian LPG has strengthened its position in the Helios Pool, which has consistently delivered superior spot rates compared to independent operations. The pool arrangement has enabled the company to achieve record TCE rates, with over 60% of Q4 2024 available days booked at over $100,000 TCE. Capital allocation has remained a key focus, with the company maintaining a flexible approach to shareholder returns. Since IPO, Dorian LPG has returned approximately $650 million to shareholders through regular and special dividends, demonstrating management's commitment to sharing cyclical cash flow peaks with investors while maintaining financial flexibility for operational needs and growth opportunities.
LPG company profile · for informational purposes only — not investment advice.
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