Dorian LPG Ends Year in Red

Dorian LPG, Marshall Islands-incorporated owner and operator of very large gas carriers, closed the fiscal year ended March 31, 2017 with a net loss of USD 1.4 million, a major plunge from the net income of USD 129.7 million posted in the previous year.

The firm’s adjusted net loss was USD 28.9 million, a decrease of USD 168.5 million year-on year, primarily attributable to a reduction in revenues of USD 122.3 million.

Dorian’s fleet saw a 60 percent drop in TCE rates during the year, standing at USD 22,037 for the financial year amid subdued market conditions.

For the quarter, the company’s net income came at USD 2 million, also considerably down when compared to USD 20 million reported for the corresponding period a year earlier.

Revenues stood at USD 47.6 million and USD 167.4 million for the three months and year ended March 31, 2017.

 “Our results for the quarter and the year are a reflection of our consistent chartering strategy and our ongoing efforts to control expenses. We remain focused on efficiently managing our business in an earnings environment which we hope will improve as world fleet growth abates and global LPG trade fundamentals continue to develop favorably both in terms of import demand and supply of cargoes for export,” John Hadjipateras, Chairman, President and Chief Executive Officer, commented.

Hadjipateras added that the company has taken steps to strengthen its balance sheet and liquidity profil “to position ourselves to take advantage of opportunities that a weak market may present.”

To remind, on May 31 the company secured amendment to its USD 758 million debt facility, and on June 8, Dorian inked a USD 97 million bridge loan agreement with DNB Capital LLC.

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