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02.11.2023 06:00
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Dorian LPG Ltd. Announces Second Quarter Fiscal Year 2024 Financial Results
Ein Kohlekraftwerk (Symbolbild).
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PR Newswire
STAMFORD, Conn., Nov. 2, 2023
STAMFORD, Conn., Nov. 2, 2023 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," "us," and "our"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended September 30, 2023.
Key Recent Development
- Declared an irregular cash dividend totaling $40.6 million to be paid on or about November 2, 2023.
Highlights for the Second Quarter Fiscal Year 2024
- Revenues of $144.7 million.
- Time Charter Equivalent ("TCE")(1) rate per operating day for our fleet of $65,128.
- Net income of $76.5 million, or $1.89 earnings per diluted share ("EPS"), and adjusted net income(1) of $75.0 million, or $1.85 adjusted earnings per diluted share ("adjusted EPS").(1)
- Adjusted EBITDA(1) of $104.6 million.
- Declared and paid an irregular cash dividend totaling $40.6 million in September 2023.
| (1) | TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included in this press release under the heading "Financial Information." |
John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, "Following record adjusted EBITDA in the quarter, we declared our ninth dividend demonstrating our commitment to creating shareholder value, while maintaining sensible leverage levels and flexibility for fleet renewal. With an increasingly uncertain world outlook we remain focused on the safety of our dedicated seafarers, supported by our experienced shoreside staff, as they provide a critical energy product to the world with, a safe, reliable, clean and trouble free transportation service."
Second Quarter Fiscal Year 2024 Results Summary
Net income amounted to $76.5 million, or $1.89 per diluted share, for the three months ended September 30, 2023, compared to $20.3 million, or $0.51 per diluted share, for the three months ended September 30, 2022.
Adjusted net income amounted to $75.0 million, or $1.85 per diluted share, for the three months ended September 30, 2023, compared to adjusted net income of $17.2 million, or $0.43 per diluted share, for the three months ended September 30, 2022. Adjusted net income for the three months ended September 30, 2023 is calculated by adjusting net income for the same period to exclude an unrealized gain on derivative instruments of $1.6 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release.
The $57.8 million increase in adjusted net income for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, is primarily attributable to increases of $68.7 million in revenues, $1.3 in realized gain on derivatives and $1.2 million in interest income and a reduction of $1.7 million in interest and finance costs; partially offset by increases of $6.7 million in charter hire expenses, $5.4 million in general and administrative expenses, $3.4 million in vessel operating expenses, and $1.1 million in depreciation and amortization.
The TCE rate per operating day for our fleet was $65,128 for the three months ended September 30, 2023, a 60.3% increase from $40,632 for the same period in the prior year, driven by higher spot rates and reduced bunker prices. Please see footnote 7 to the table in "Financial Information" below for information related to how we calculate TCE. Total fleet utilization (including the utilization of our vessels deployed in the Helios Pool) increased from 90.7% during the three months ended September 30, 2022 to 96.5% during the three months ended September 30, 2023.
Vessel operating expenses per day increased to $10,858 for the three months ended September 30, 2023 compared to $9,541 in the same period in the prior year. Please see "Vessel Operating Expenses" below for more information.
Revenues
Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were $144.7 million for the three months ended September 30, 2023, an increase of $68.7 million, or 90.5%, from $76.0 million for the three months ended September 30, 2022 primarily due to an increase in average TCE rates, fleet utilization, and fleet size. Average TCE rates increased by $24,496 per operating day from $40,632 for the three months ended September 30, 2022 to $65,128 for the three months ended September 30, 2023, primarily due to higher spot rates and lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $121.007 during the three months ended September 30, 2023 compared to an average of $66.710 for the three months ended September 30, 2022. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $840 during the three months ended September 30, 2022, to $625 during the three months ended September 30, 2023. Our fleet utilization increased from 90.7% during the three months ended September 30, 2022 to 96.5% during the three months ended September 30, 2023. Our available days increased from 2,024 for the three months ended September 30, 2022 to 2,284 for the three months ended September 30, 2023 due to three additional vessels in our fleet, slightly offset by one vessel being in drydock for part of the period.
Charter Hire Expenses
Charter hire expenses for the vessels chartered in from third parties were $12.1 million and $5.4 million for the three months ended September 30, 2023 and 2022, respectively. The increase of $6.7 million, or 125.2%, was mainly caused by an increase in the number of chartered-in days from 184 for the three months ended September 30, 2022 to 416 for the three months ended September 30, 2023.
Vessel Operating Expenses
Vessel operating expenses were $21.0 million during the three months ended September 30, 2023, or $10,858 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet. The increase of $3.4 million, or 19.5% from $17.6 million for the three months ended September 30, 2022 was partially due to an increase in operating expenses per vessel per calendar day along with an increase of calendar days for our fleet from 1,840 during the three months ended September 30, 2022 to 1,932 during the three months ended September 30, 2023 days resulting from the delivery of our dual-fuel VLGC Captain Markos in March 2023. The increase of $1,317 per vessel per calendar day, from $9,541 for the three months ended September 30, 2022 to $10,858 per vessel per calendar day for the three months ended September 30, 2023 was primarily the result of increases of $455 per vessel per calendar day for spares and stores, $257 per vessel per calendar day for miscellaneous expenses excluding coolant costs, and $206 per vessel per calendar day for repairs and maintenance. Of the $1,317 per day increase during the three months ended September 30, 2023, $459 was related to non-capitalizable drydocking-related expenses. Without the effect of those costs, operating expenses per day increased $858.
General and Administrative Expenses
General and administrative expenses were $13.6 million for the three months ended September 30, 2023, an increase of $5.4 million, or 66.1%, from $8.2 million for the three months ended September 30, 2022 and was driven by an increase of $2.7 million in cash bonuses resulting from differences in the timing of the approvals of cash bonuses to certain employees in the periods ended September 30, 2023 and 2022 along with increases of $2.4 million in stock-based compensation and $0.3 million in employee-related costs and benefits for the three months ended September 30, 2023.
Interest and Finance Costs
Interest and finance costs amounted to $10.3 million for the three months ended September 30, 2023, a decrease of $1.7 million, or 14.0%, from $12.0 million for the three months ended September 30, 2022. The decrease of $1.7 million during this period was mainly due to reductions of $3.7 million in amortization of financing costs (due to accelerated amortization for the refinancing of our long-term debt in the prior period) and $0.6 million in loan expenses, partially offset by an increase of $1.9 million in interest incurred on our long-term debt and a reduction of $0.7 million in capitalized interest. The increase in interest on our long-term debt was driven by an increase in average interest rates due to rising Secured Overnight Financing Rate ("SOFR") on our floating-rate long-term debt, partially offset by a decrease in average indebtedness, excluding deferred financing fees, from $702.4 million for the three months ended September 30, 2022 to $645.0 million for the three months ended September 30, 2023. As of September 30, 2023, the outstanding balance of our long-term debt, net of deferred financing fees of $5.6 million, was $631.5 million.
Unrealized Gain on Derivatives
Unrealized gain on derivatives amounted to $1.6 million for the three months ended September 30, 2023, compared to a gain of $3.1 million for the three months ended September 30, 2022. The $1.5 million reduction is attributable to changes in forward SOFR yield curves and reductions in notional amounts.
Realized Gain on Derivatives
Realized gain on derivatives amounted to $1.9 million for the three months ended September 30, 2023, compared to a realized gain of $0.6 million for the three months ended September 30, 2022. The favorable $1.3 million difference is due to an increase in floating SOFR resulting in the realized gain on our interest rate swaps.
Fleet
The following table sets forth certain information regarding our fleet as of October 26, 2023.
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Scrubber | | | | Time | |
| | | Capacity | | | | | | | ECO | | Equipped | | | | Charter-Out | |
| | | (Cbm) | | Shipyard | | | Year Built | | Vessel(1) | | or Dual-Fuel | | Employment | | Expiration(2) | |
| DorianVLGCs | | | | | | | | | | | | | | | | |
| Captain John NP | | 82,000 | | Hyundai | | | 2007 | | — | | — | | Pool(4) | | — | |
| Comet | | 84,000 | | Hyundai | | | 2014 | | X | | S | | Pool(4) | | — | |
| Corsair(3) | | 84,000 | | Hyundai | | | 2014 | | X | | S | | Time Charter(6) | | Q4 2024 | |
| Corvette | | 84,000 | | Hyundai | | | 2015 | | X | | S | | Pool(4) | | — | |
| Cougar(3) | | 84,000 | | Hyundai | | | 2015 | | X | | — | | Pool-TCO(5) | | Q1 2025 | |
| Concorde | | 84,000 | | Hyundai | | | 2015 | | X | | S | | Time Charter(7) | | Q1 2024 | |
| Cobra | | 84,000 | | Hyundai | | | 2015 | | X | | — Werbung Mehr Nachrichten zur Dorian LPG Ltd Aktie kostenlos abonnieren
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