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Dorian LPG Ltd. (LPG-1.32%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details Dorian LPG Ltd.'s operations, including financial statements for the quarter, showing total revenues of $80.7 million, a decrease from $163.1 million in the same quarter the previous year. This decline is attributed to reduced average TCE rates due to lower spot rates.
Vessel operating expenses increased to $21.4 million, or $11,097 per vessel per day, compared to $19.2 million, or $9,936 per vessel per day, in the same quarter the previous year. The increase is attributed to higher non-capitalizable drydock-related operating expenses.
General and administrative expenses were $7.5 million, a slight decrease from $7.7 million in the previous year. The decrease was driven by lower cash bonuses and other administrative costs.
Interest and finance costs decreased to $8.9 million from $10.1 million, mainly due to a reduction in average indebtedness. Interest income increased to $3.8 million from $2.9 million, attributed to higher average cash balances.
The company reported an unrealized gain on derivatives of $2.9 million, a shift from a loss of $6.1 million in the previous year. This change was due to favorable changes in the fair value of interest rate swaps.
Dorian LPG Ltd. declared an irregular cash dividend of $0.70 per share, totaling $30.0 million, payable on February 27, 2025.
The company continues to focus on its fleet operations, including the construction of a newbuilding VLGC/AC expected to be delivered in 2026. As of December 31, 2024, the company had cash and cash equivalents of $314.5 million.
The filing includes a discussion of market risks, including interest rate risk and the impact of fluctuating SOFR rates on the company's debt obligations. The company has entered into interest rate swap agreements to hedge against these risks.
Dorian LPG Ltd. remains committed to maintaining a high-quality fleet and exploring strategic opportunities, including potential acquisitions and charter-in of additional vessels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dorian LPG Ltd. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.