Dorian LPG declares irregular cash dividend of $0.70 per share
Dorian LPG updated its financial and operational outlook for the quarter ended December 31, 2024 and announced that its Board of Directors has declared an irregular cash dividend of $0.70 per share of the Company’s common stock, returning approximately $30.0 million of capital to shareholders.
The irregular dividend is payable on or about February 27, 2025 to all shareholders of record as of the close of business on February 5, 2025. In addition, the Company plans to issue a press release on Friday, January 31, 2025 prior to the market open, announcing its unaudited financial results for the quarter and year ended December 31, 2024.
Outlook for the Quarter Ended December 31, 2024
The following unaudited financial data for the quarter ended December 31, 2024, is preliminary and based on information available to the Company at this time. The financial data has been prepared by and is the responsibility of the Company’s management and does not present all information necessary for an understanding of the Company’s financial condition as of December 31, 2024, and its results of operations for the three months ended December 31, 2024. Based on information available to the Company at this time, the Company expects that for the quarter ended December 31, 2024:
| Time charter equivalent(1) revenues to be between | $78,700,000 — $80,700,000 |
| Vessel operating expenses (including drydock-related expenses) to be between | $20,400,000 — $22,400,000 |
| Charter hire expenses to be between | $9,600,000 — $11,600,000 |
| General and administrative expenses (excluding stock-based compensation) to be between | $4,800,000 — $6,800,000 |
| Stock-based compensation to be between | $1,500,000 — $1,900,000 |
| Calendar days | 1,932 |
| Time chartered-in days | 368 |
| Available days | 2,210 |
| Cash and cash equivalents | $313,500,000 — $315,500,000 |
| Long-term debt obligations(2) | $569,300,000 — $571,300,000 |
| (1) | Time charter equivalent (“TCE”) is a non-U.S. GAAP measure. Refer to the reconciliation of revenues to TCE revenues included in this press release below. |
| (2) | Long-term debt obligations include current portion and are presented before the effect of deferred financing fees. |
Reconciliation to Non-GAAP Financial Information
Time Charter Equivalent Revenues
TCE revenues are a shipping industry non-U.S. GAAP measure of the revenue performance of a vessel used primarily to compare period‑to‑period changes in a shipping company’s performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods. The Company’s method of calculating TCE revenues is to subtract voyage expenses from shipping revenues for the relevant time period, which may not be calculated the same by other companies.
TCE revenues are not a recognized measure under U.S. GAAP and should not be regarded as a substitute for revenues. The Company’s presentation of TCE revenues does not imply, and should not be construed as an inference, that its future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.
The following table sets forth a reconciliation of revenues to TCE revenues (unaudited) for the period presented:
| Three months ended | |||
| (In U.S. dollars) | December 31, 2024(1) | ||
| Revenues | $ | 80,700,000 | |
| Voyage expenses | (1,000,000) | ||
| TCE revenues | $ | 79,700,000 | |
| (1) | Based on the midpoint of the preliminary projection for the third quarter ended December 31, 2024, included herein. |
