A shipper of liquefied petroleum gas (LPG), Dorian LPG moves this fuel across the world's oceans aboard a fleet of very large gas carriers (VLGCs), mostly run through its Helios Pool joint venture with MOL Energia. Founded in 2013 by the seafaring Hadjipateras family, it went public the following year. The name nods to the ancient Dorians, an old Greek tribe known for leaving a lasting mark—including the classic Doric column—which the founders hoped their ships would mirror.
Dorian LPG reports record Q1 FY2027 net income of $138.3M, revenue up 123%
Revenues for the three months ended June 30, 2026 were $187.9 million, up 123.1% from $84.2 million in the prior-year period.
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Net income was $138.3 million, or $3.24 per diluted share, compared to $10.1 million, or $0.24 per diluted share, in the same quarter last year.
Adjusted net income was $107.2 million, or $2.52 per diluted share, versus $11.3 million, or $0.27 per diluted share, a year earlier.
Adjusted EBITDA was $165.4 million, and the TCE rate per available day was $75,926, up 91.1% from $39,726.
The company declared an irregular cash dividend of approximately $42.8 million, or $1.00 per share, payable on or about August 12, 2026.
In July 2026, Dorian LPG completed the sale of two VLGCs (Corsair and Constellation) for net proceeds of $80.8 million and $85.6 million, respectively.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Dorian LPG amends executive severance plan to revise Change in Control definition.
The amendment removes certain carve-outs from the 'Change in Control' definition that are no longer appropriate given current shareholders.
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On July 24, 2026, the Board of Directors approved the Amended and Restated Executive Severance and Change in Control Severance Plan.
The revised definition aligns with the 'Change in Control' definition in the Company's Second Amended and Restated 2014 Equity Incentive Plan.
The Severance Plan is effective July 24, 2026 and was filed as Exhibit 10.1 to the Form 8-K.
The report was signed by CFO Theodore B. Young on July 30, 2026.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
Dorian LPG declares $1.00/share irregular dividend and completes Corsair sale
On July 16, 2026, Dorian LPG Ltd. declared an irregular cash dividend of $1.00 per share, payable on or about August 12, 2026 to shareholders of record as of July 27, 2026.
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The dividend returns approximately $42.8 million of capital to shareholders.
The company completed the sale of the 2014-built VLGC Corsair on July 8, 2026, for net proceeds of approximately $81.8 million.
Associated debt of $24.2 million was repaid during the quarter ended June 30, 2026.
The press release was furnished under Item 7.01 Regulation FD and the sale was reported under Item 8.01 Other Events.
7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Dorian LPG orders one VLGC from HD Hyundai and agrees to sell three VLGCs
Dorian LPG entered an agreement with HD Hyundai to build one 90,000 cbm dual-fuel Panamax VLGC for about $115 million, with delivery expected in July 2029.
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The company signed memorandums of agreement to sell the 2014-built Corsair and two 2015-built VLGCs for aggregate proceeds of approximately $256 million.
Dorian expects to deliver the three sold vessels to purchasers by the fourth calendar quarter of 2026, though completion is not guaranteed.
For the quarter ending June 30, 2026, Dorian estimates it has fixed 99% of its fleet calendar days at a rate exceeding $68,000 per day.
For the month ending July 31, 2026, the company estimates it has fixed 34% of its calendar days at a rate exceeding $100,000 per day.
7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Dorian LPG appoints Christopher J. Wiernicki as Class I director, expanding board to nine.
On May 5, 2026, the board unanimously increased its size from eight to nine directors and appointed Christopher J. Wiernicki to fill the vacancy as a Class I director.
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Mr. Wiernicki, age 67, has 40 years of marine and offshore expertise and served as CEO of the American Bureau of Shipping from 2011 through 2025.
He is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K, nor any arrangement with another person regarding his selection.
The appointment was announced in a press release dated May 5, 2026, attached as Exhibit 99.1.
CEO John C. Hadjipateras noted Wiernicki's shipping experience and expertise in clean energy and technology will support fleet modernization and safety.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits