Dorian LPG Ltd. (NYSE:LPG), a major operator of very large gas carriers (VLGCs), reported fiscal third-quarter 2026 results on Thursday that came in below analyst forecasts, sending its shares down more than 2% in premarket trading.
The company posted adjusted earnings of $1.11 per share for the quarter ended December 31, 2025, missing analyst projections of $1.25 per share. Revenue totalled $120 million, also falling short of the consensus estimate of $122.32 million. Despite the earnings shortfall, revenue rose 48.7% compared with $80.7 million recorded in the same quarter a year earlier.
Dorian LPG reported a time charter equivalent (TCE) rate of $50,333 per available fleet day during the quarter, representing a 39.5% increase from $36,071 in the comparable period last year. The rise in TCE rates was largely driven by stronger spot charter rates and reduced bunker fuel costs.
“Our seafaring and shoreside team delivered a strong operating performance in the quarter,” said John C. Hadjipateras, Chairman, President and Chief Executive Officer. “We declared our 17th consecutive quarterly irregular dividend bringing total capital returned including buy backs, since our IPO, to over $960 million.”
The company declared an irregular dividend of $0.70 per share, payable on February 24, 2026, to shareholders on record as of February 9, 2026. The distribution is expected to total approximately $29.9 million.
Operating expenses fell to $10,275 per vessel per calendar day during the quarter, compared with $11,097 in the same period last year. The reduction was mainly attributed to lower non-capitalizable drydock-related operating costs as well as decreased spending on spare parts and vessel stores.
Dorian LPG currently operates a fleet of 27 modern VLGC vessels, consisting of 20 ECO VLGCs, five dual-fuel ECO VLGCs and two additional modern VLGC carriers.