NYSE$LPG
Dorian Lpg Ltd · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Dorian LPG reported strong Q4 2023 financial results, marking the culmination of the best financial year in the Company’s history.
Dorian LPG Ltd. reported revenues of $133.6 million and a net income of $76.0 million for the fourth quarter ended March 31, 2023. The company's TCE rate for the fleet was $68,135. They also declared and paid an irregular dividend totaling $40.4 million.
- Revenues for Q4 2023 reached $133.6 million.
- Net income for Q4 2023 was $76.0 million, or $1.89 earnings per diluted share (EPS).
- Adjusted EBITDA for Q4 2023 stood at $102.1 million.
- Time charter equivalent (TCE) per operating day rate for the fleet was $68,135.
Headline financials
Revenue & EPS history
Dorian LPG · Revenue · Quarterly
$134M
Forward guidance
The global oil and gas markets and macroeconomic concerns, coupled with factors specific to the LPG trade, drove a volatile first calendar quarter of 2023 in the LPG market. Currently, the VLGC orderbook stands at approximately 20% of the current global fleet.
Tailwinds
- OPEC+ production cuts announced in April 2023 are expected to maintain the “higher” oil prices over the second calendar quarter of 2023.
- The relaxation of lockdown restrictions in China raised hopes of increased demand for feedstocks and olefins/polyolefins which in turn were expected to improve petrochemical economics globally as demand for products returns.
- Two new propane dehydrogenation plants started operating in the first calendar quarter of 2023 with a flurry of new plants are still expected to come online throughout 2023, leading to the expectation of higher demand for imports in China.
- Lower bunker prices however resulted in higher time charter equivalent rates.
- Overall, the robust VLGC supply/demand balance, strong arbitrage and logistical constraints have continued to keep freight rates above the five-year highs.
Headwinds
- Global oil and gas markets and macroeconomic concerns, coupled with factors specific to the LPG trade, drove a volatile first calendar quarter of 2023 in the LPG market.
- The Baltic VLGC index softened in the first calendar quarter of 2023 from an average of around $120 per metric ton in the fourth calendar quarter of 2022 to around $88 per metric ton in the first calendar quarter of 2023.
- A further twelve new VLGCs were added during the first calendar quarter of 2023 helping to soften the freight rates.
- Currently, the VLGC orderbook stands at approximately 20% of the current global fleet.
- An additional 70 VLGCs, equivalent to roughly 6.2 million cbm of carrying capacity, are expected to be added to the global fleet by calendar year 2026.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2023
-0.5%
Avg return
Earnings day
-0.0%
Avg return
5 days after
-0.1%
Avg return
30 days after
41%
20 / 49 earnings
Positive
+12.7%
Q4 2026
Best reaction
-10.8%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +12.7% | +9.0% | -6.6% | |
| Q3 2026 | -0.7% | -0.1% | +24.4% | |
| Q2 2026 | -1.8% | +0.7% | -14.2% | |
| Q1 2026 | -5.7% | +6.2% | +11.1% | |
| Q4 2025 | -10.8% | -2.0% | +12.8% | |
| Q3 2025 | -5.2% | -2.0% | -19.7% | |
| Q2 2025 | -0.9% | -7.6% | -17.3% | |
| Q1 2025 | -6.8% | -7.6% | -4.6% | |
| Q4 2024 | +2.7% | +7.3% | -4.8% | |
| Q3 2024 | -5.0% | -4.2% | -3.2% | |
| Q2 2024 | +9.5% | +6.4% | +25.8% | |
| Q1 2024 | -5.4% | -1.3% | -8.3% | |
| Q4 2023 | +2.0% | +1.8% | +1.3% | |
| Q3 2023 | +11.1% | +9.5% | +13.3% | |
| Q2 2023 | +4.6% | +2.4% | +10.3% | |
| Q1 2023 | -8.8% | -5.1% | -13.2% | |
| Q4 2022 | +1.6% | +2.5% | -11.5% | |
| Q3 2022 | +2.1% | +1.8% | +17.4% | |
| Q2 2022 | +7.6% | +3.6% | -1.8% | |
| Q1 2022 | -0.7% | -10.8% | +2.8% | |
| Q4 2021 | -2.5% | +0.8% | -4.7% | |
| Q3 2021 | +9.6% | +12.3% | +4.2% | |
| Q2 2021 | -2.8% | -1.3% | +28.9% | |
| Q1 2021 | +0.3% | -1.1% | -10.4% | |
| Q4 2020 | -0.4% | -0.3% | -7.4% | |
| Q3 2020 | -4.0% | -3.4% | -24.0% | |
| Q2 2020 | +1.3% | +2.4% | +13.0% | |
| Q1 2020 | +6.3% | +5.5% | +22.3% | |
| Q4 2019 | -8.9% | -7.6% | +8.9% | |
| Q3 2019 | +2.9% | +1.4% | -0.2% | |
| Q2 2019 | +1.0% | +3.0% | -9.8% | |
| Q1 2019 | -3.8% | -5.6% | -6.5% | |
| Q4 2018 | -7.1% | -5.8% | -6.6% | |
| Q3 2018 | +3.8% | +4.7% | -2.2% | |
| Q2 2018 | +9.6% | +10.4% | -2.7% | |
| Q1 2018 | -8.5% | -8.9% | -11.8% | |
| Q4 2017 | -3.4% | -2.2% | +10.0% | |
| Q3 2017 | +1.0% | -3.6% | -10.9% | |
| Q2 2017 | -10.5% | -7.5% | +18.9% | |
| Q1 2017 | -0.5% | -6.0% | -6.6% | |
| Q4 2016 | -2.2% | +0.7% | -20.1% | |
| Q3 2016 | -0.2% | — | — | |
| Q2 2016 | +7.0% | — | — | |
| Q1 2016 | -5.2% | — | — | |
| Q4 2015 | -0.1% | — | — | |
| Q3 2015 | -1.3% | — | — | |
| Q2 2015 | +7.2% | — | — | |
| Q4 2014 | -7.3% | — | — | |
| Q1 2015 | -7.3% | — | — | |
| Q2 2014 | — | — | — |
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