Dorian LPG reported net income of US$213.9 million for the quarter ended September 30, 2026, up from US$55.4 million a year earlier.
Higher freight rates and gains on two vessel sales lifted the very large gas carrier (VLGC) owner to record earnings.
Revenue rose 78.4 per cent to US$221.3 million. Fleet time charter equivalent earnings reached US$96,990 per available day, up 80.5 per cent, which the company attributed to higher spot rates, with higher bunker prices partly counteracting the increase.
\Average very low sulphur fuel oil prices at Singapore and Fujairah rose to US$826 per metric tonne from US$505 a year earlier.
The result included US$63.6 million in gains from the July sales of the 2014-built Corsair and the 2015-built Constellation, which brought combined net proceeds of US$166.4 million.
Excluding those gains and a US$1.7 million unrealised gain on derivatives, adjusted net income was US$148.5 million, against US$55.8 million a year earlier.
"The new highs in the freight market, together with gains from ship sales, are reflected in our record earnings again this quarter," said Chairman, President and CEO John C. Hadjipateras.
The company said the effective closure of the Strait of Hormuz and the loss of Middle Eastern LPG supply continued through the third calendar quarter. It cited longer voyages, greater reliance on US cargoes to Asia, rerouting and reduced prompt vessel availability.
Dorian LPG announced an irregular dividend totalling about US$53.7 million, at US$1.25 per share. Payment is due on or about November 24 to those listed as shareholders on November 9.
In October, the company completed the sales of the 2007-built Captain John NP and the 2015-built Clermont for net proceeds of US$77 million and US$90.4 million, respectively.
Dorian LPG’s fleet renewal programme includes three 90,000cbm dual-fuel VLGCs ordered from Hanwha Ocean for about US$345 million, due in 2030. An additional vessel from HD Hyundai, costing about US$115 million, is due in July 2029.
For the quarter ended March 31, Dorian LPG reported net income of US$81 million.