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Dorian LPG announces financial results

Logistic News - Published on Fri, 02 Nov 2018

Image Source: Sea News Global Maritime News
Dorian LPG Ltd, a leading owner and operator of modern very large gas carriers (“VLGCs”), reported its financial results for the three months ended September 30, 2018.

Highlights for the Second Quarter Fiscal Year 2019
Revenues of USD 40.8 million and Daily Time Charter Equivalent (“TCE”)(1) rate for our fleet of USD 20,973 for the three months ended September 30, 2018, compared to revenues of USD 34.7 million and TCE rate of $18,015 for the three months ended September 30, 2017.
Net loss of $(8.2) million, or $(0.15) earnings/(loss) per basic and diluted share (“EPS”), and adjusted net loss(1) of $(9.2) million, or $(0.17) adjusted diluted earnings/(loss) per share (“adjusted EPS”),(1) for the three months ended September 30, 2018.
Adjusted EBITDA(1) of $17.9 million for the three months ended September 30, 2018.
Increased vessel operating days to 1,925 and fleet utilization to 95.8% in the three months ended September 30, 2018 from 1,857 and 91.8% for the three months ended September 30, 2017.
Entered into a contract for seven of our ECO VLGCs to be fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”).
(1) TCE, adjusted net loss, adjusted EPS and adjusted EBITDA are non-U.S. GAAP measures. Refer to the reconciliation of revenues to TCE, net loss to adjusted net loss, EPS to adjusted EPS and net loss to adjusted EBITDA included in this press release.

Mr John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “Demand for VLGCs increased during our fiscal second quarter driven by increasing export volumes and end-user demand. This improvement is reflected in higher fleet utilization during the quarter and improvement in achieved TCE rates. While additional VLGCs scheduled for delivery in 2019 negatively impacts supply, we believe the market has become more balanced. We continue to focus on maximizing our commercial scale through our participation in the Helios LPG Pool and on delivering strong results. In particular, the fuel-efficiency of our modern fleet of ECO VLGCs is a significant competitive advantage. We believe that we are well positioned to deliver strong cash flows throughout the market cycle as a result of our low leverage, no near-term debt maturities and a best-in-class fleet.”

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Posted By : Joykumar Irom on Fri, 02 Nov 2018
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