Gas carrier owner and operator Dorian LPG has witnessed an increase in revenues in the second quarter of fiscal year 2018, driven by an improvement in time charter equivalent (TCE) rates.
The company said that its revenues for the quarter ended September 30 reached USD 40.8 million, rising by 17.5 percent from USD 34.7 million reported in the same period a year earlier. The increase is primarily attributable to a rise in average TCE rates and fleet utilization.
Namely, TCE rate for the company’s fleet increased to USD 20,973 for the quarter from USD 18,015 earned in the same period in 2017.
Dorian LPG also managed to shrink its net loss to USD 8.2 million, compared to a net loss of USD 11.9 million reported a year earlier.
“Demand for VLGCs increased during our fiscal second quarter driven by increasing export volumes and end-user demand. This improvement is reflected in higher fleet utilization during the quarter and improvement in achieved TCE rates,” John C. Hadjipateras, Chairman, President and Chief Executive Officer, said.
“While additional VLGCs scheduled for delivery in 2019 negatively impacts supply, we believe the market has become more balanced… We believe that we are well positioned to deliver strong cash flows throughout the market cycle as a result of our low leverage, no near-term debt maturities and a best-in-class fleet.”