Dorian LPG Takes Delivery of Five Newbuilds

 

John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "We took the delivery of five new Eco-design VLGCs this past quarter and are nearing the completion of the build-out of our fleet."

 

"We continue to find prompt employment out of the yard for our newbuildings, which highlights the underlying strength of the VLGC freight market and the success of the Helios LPG pool.  The strong rate environment and our young, quickly-growing fleet have allowed us to generate results ahead of our expectations," John added.

 

It has also reported fiscal second-quarter profit of $41.2 million. The liquified petroleum gas shipping company posted revenue of $74.9 million in the period.

 

Revenues of $74.9 million for the three months ended September 30, 2015, which represent net pool revenues—related party, voyage charters and time charters earned by our VLGCs and our pressurized 5,000 cbm vessel, increased $54.6 million, or 268.1%, from $20.4 million for the three months ended September 30, 2014. 

 

The increase is primarily attributable to $47.6 million of revenues contributed by eight of our newbuilding VLGCs that were delivered subsequent to September 30, 2014 along with an increase of $4.6 million of revenues related to a VLGC that was delivered at the end of September 2014.

 

As of Oct 28, 2015, according to industry sources, global LPG waterborne liftings were estimated at 66.3 million metric tons, up approximately 8% compared to the same period in 2014.  

 

Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently owns and operates 16 modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG has six ECO-design VLGC newbuildings under construction. Dorian LPG has offices in Connecticut, USA, London, United Kingdom and Athens, Greece.