Dorian LPG reported a significant increase in revenue to $153.3 million for the three months ended March 31, 2026, up from $75.9 million in the same period of the prior year.
A profit of $81 million was also recorded for the quarter, compared to a profit of $8.1 million in the three months ended March 31, 2025.
During late March, the company expanded its fleet by taking delivery of Areion, a dual-fuel very large gas carrier. Financing for this vessel was secured through a new debt facility of $62.9 million to cover the final delivery payment and associated expenses.
In a separate transaction, the firm completed the sale of the vessel Cobra on May 6, 2026, generating net proceeds of $81.9 million. Prior to the sale, the company prepaid $16.5 million of its outstanding debt facility related to this vessel.
Commenting on the performance, Chairman, President, and Chief Executive Officer John Hadjipateras stated that the strong quarterly results reflected a healthy freight market. He added, “Fortunately, none of our people or ships are in the Middle East Gulf.”
The company reported that geopolitical tensions in the Middle East disrupted regional infrastructure and transit through the Strait of Hormuz during March.
Spot terminal fees on the US Gulf Coast also escalated from 8.6 cents per gallon (2.27 cents per litre) in early January to nearly 44 cents per gallon (11.62 cents per litre) by the end of the quarter.
This increase reflected tightening terminal availability and a shift in trade flows as US exports grew to offset reduced volumes from the Middle East.
For the full fiscal year ended March 31, 2026, the vessel operator achieved revenues of $481.5 million, representing a 36.3 per cent increase over the prior year. Annual profit grew to $193.7 million from $90.2 million, driven by higher average charter rates and an expansion of the operating fleet.