Dorian LPG Ltd. (NYSE:LPG) reported fourth-quarter results on Wednesday that came in ahead of Wall Street expectations, sending the company’s shares up 12% in premarket trading.
The liquefied petroleum gas shipping operator benefited from stronger freight market conditions linked to supply disruptions in the Middle East.
Revenue more than doubles as freight rates surge
Dorian LPG posted adjusted earnings per share of $1.89 for the quarter ended March 31, 2026, exceeding analyst forecasts of $1.48 per share by $0.41.
Quarterly revenue climbed to $153.3 million, ahead of consensus estimates of $129.74 million and more than double the $75.9 million generated during the same period a year earlier.
The company’s time charter equivalent rate increased 80.1% year over year to $63,615 per available day, compared with $35,324 in the prior-year quarter, largely driven by stronger spot freight rates.
During the quarter, the Baltic Exchange Liquid Petroleum Gas Index averaged $90.453, up sharply from $51.715 recorded a year earlier.
“Our strong results for the quarter reflect a healthy freight market and the dedication of our seagoing and shore side employees,” said John Hadjipateras, Chairman, President, and CEO. “The delivery of the Areion in late March and the sale of the 2015 built Cobra highlight our approach to fleet management.”
Profitability improves sharply as operating costs decline
Net income for the quarter reached $81.0 million, or $1.90 per diluted share, compared with $8.1 million, or $0.19 per share, in the fourth quarter of fiscal 2025.
At the same time, vessel operating expenses per day fell to $9,780 from $12,671 during the prior-year period.
For the full 2026 fiscal year, Dorian LPG reported adjusted earnings per share of $4.57 on revenue of $481.5 million, representing a 36.3% increase from revenue of $353.3 million recorded in fiscal 2025.
Company declares special dividend and completes vessel sale
Dorian LPG also announced an irregular cash dividend of $1.00 per share, equivalent to a total distribution of $42.8 million, scheduled to be paid on May 28, 2026.
Separately, the company confirmed that it completed the sale of the 2016-built VLGC Cobra in May, generating net proceeds of $81.9 million.