DORIAN LPG LTD. Q4 FY2025 earnings call

• Dividend: Paid a $0.50 per share irregular dividend of roughly $21 million, with over $155 million paid in the past fiscal year. - Financials: Ended March 31, 2025 with $317 million free cash, cash flow from operations doubled to $50.3 million quarter-over-quarter. Debt to total book capitalization at 34.8% and net debt to total capitalization at 15%. - Operations: 8 dry dockings planned for 2025; progressing investments in quick-payback energy-saving devices and performance optimization. - Sustainability: Committed to energy efficiency, with scrubber vessel savings in Q1 2025 amounting to $1.37 million; 16 scrubber-fitted vessels and 4 dual-fuel LPG vessels operated; 4 VLGC vessels to be upgraded to carry ammonia cargo by end of 2025.

For the fourth quarter ended March 31, 2025, the Helios Pool earned a TCE per day for its spot and COA voyage of $29,800. The overall TCE result for the pool was $33,200 per day. Dorian's reported TCE revenue per available day was approximately $35,300 per day. The spot trading program through the Helios Pool was affected by the challenging LPG product environment, and available days were impacted by a heavy drydocking schedule. U.S. LPG exports remained strong with over 300 VLGCs loading over 14,000,000 tons in the last quarter. Revenue contribution from LPG transportation operations was a key segment performance aspect.

• Cash cost per day for 2025 expected to be approximately $26,000 per day excluding capital expenditures. - For the 2026 fiscal year, expect to drydock 8 vessels with a budget of approximately $12 million excluding off-hire time. - Two progress payments on new building in September and December 2025, each ~$12 million. - Positive market outlook with U.S. and Middle East production increase, U.S. terminal expansion, Panama Canal operating at maximum efficiency, and limited newbuilding deliveries contributing to a favorable supply-demand balance in 2025.

• Trade policy changes, such as tariffs between the U.S. and China, can impact LPG trade flows. - Weather conditions can affect U.S. LPG demand and terminal operations. - Terminal fees and global petrochemical demand can influence freight rates. - Panama Canal congestion can strain voyage planning and increase costs.

Q: Could you talk about what's driving the recent market strength and trade pattern changes post-April China-U.S. trade?

A: Tim Hansen stated that trade flows still have a lot of cargoes going from the U.S. to India and Southeast Asia, creating significant ton miles. Trade balance remains as cargoes are still being placed outside China to avoid potential surprises from trade policy changes.

Q: Is there a hint that dividends might be higher given the recent rate improvement?

A: Ted Young mentioned that the Board made the dividend decision with the best information available at the time. The Board will evaluate the environment when it next meets, noting a better rate outlook but emphasizing that things rarely stay the same.