10-Q 1 lpg-20231231x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 10-Q 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-36437 

Graphic

Dorian LPG Ltd.

(Exact name of registrant as specified in its charter) 

 

Marshall Islands

 

66-0818228

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

c/o Dorian LPG (USA) LLC

 

27 Signal Road, Stamford, CT

06902

(Address of principal executive offices)

 

(Zip Code)

Registrant's telephone number, including area code: (203) 674-9900

Former name, former address and former fiscal year, if changed since last report: Not Applicable

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class

    

Trading Symbol

    

Name of Each Exchange on Which Registered

Common stock, par value $0.01 per share

LPG

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No     

As of January 26, 2024, there were 40,593,079 shares of the registrant’s common stock outstanding.

FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), including analyses and other information based on forecasts of future results and estimates of amounts not yet determinable and statements relating to our future prospects, developments and business strategies. We intend for these forward-looking statements are intended to be covered by the safe harbor provided for under the sections referenced in the immediately preceding sentence and the PSLRA. Forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “might,” “pending,” “plan,” “possible,” “potential,” “predict,” “project,” “seeks,” “should,” “targets,” “will,” “would,” and similar expressions, terms and phrases, including references to assumptions. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual future activities and results of operations to differ materially from future results expressed, projected, or implied by those forward-looking statements in this quarterly report.

These risks include the risks that are identified in the “Risk Factors” section of this quarterly report and of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, and also include, among others, risks associated with the following:

our future operating or financial results;

our business strategies, including with respect to acquisitions and chartering, and expected capital spending or operating expenses, as well as any difficulty we may have in managing planned growth properly;

the strength of world economies;

shipping trends, including changes in charter rates applicable to alternative propulsion technologies, exhaust gas cleaning system (commonly referred to as a “scrubber”) equipped and non-scrubber equipped vessels, scrapping rates and vessel and other asset values;

changes in trading patterns that impact tonnage requirements, including without limitation, changes resulting from the current war in Ukraine, and  the armed conflict in Israel and Gaza and the related Houthi vessel attacks in the Red Sea, which has resulted in companies re-routing vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea;

compliance with laws, treaties, rules, regulations and policies (including amendments or other changes thereto) applicable to the liquefied petroleum gas, or LPG, shipping industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries, as well as the impact and costs of our compliance with, and the potential of liability under, such laws, treaties, rules, regulations and policies;

investors’, banks’, counterparties’ and other stakeholders’ increasing emphasis on environmental and safety concerns and increasing scrutiny and changing expectations with respect to public company Environmental, Social and Governance (ESG) policies and costs related to compliance with ESG measures;

general economic conditions and specific economic conditions in the oil and natural gas industry and the countries and regions where LPG is produced and consumed, including the impact of central bank policies, intended to combat inflation and rising interest rates, on the demand for LPG;

completion of infrastructure projects to support marine transportation of LPG, including export terminals and pipelines;

factors affecting supply of and demand for LPG including propane, butane, isobutane, propylene and mixtures of these gases, LPG shipping, and LPG vessels, including, among other things: the production levels, price and worldwide consumption and storage of oil, refined petroleum products and natural gas, including production from United States shale fields; any oversupply of or limited demand for LPG vessels comparable to ours or higher specification vessels; trade conflicts and the imposition of tariffs or otherwise on LPG resulting from domestic and international political and geopolitical conditions or events, including “trade wars”, the ongoing conflict between Russia and Ukraine, the developments in the Middle East, including the armed conflict in Israel and Gaza and the related Houthi's vessel attacks in the Red Sea; and shifts in consumer demand from LPG towards other energy sources;

any decrease in the value of the charter-free market values of our vessels or reduction in our charter hire rates and profitability associated with such vessels as a result of increase in the supply of or decrease in the demand for LPG, LPG shipping or LPG vessels;

business disruptions, including supply chain issues, due to damage to storage or receiving facilities, or natural disasters;

greater than anticipated levels of LPG vessel newbuilding orders or lower than anticipated rates of LPG vessel scrapping;

the aging of the Company’s fleet which could result in increased operating costs, impairment or loss of hire;

our ability to profitably employ our vessels, including vessels participating in the Helios Pool (defined below);

unavailability of spot charters and the volatility of prevailing spot market charter rates, which may affect our ability to realize the expected benefits from our time chartered-in vessels, including those in the Helios Pool;

failure of our charterers or other counterparties to meet their obligations under our charter agreements;

shareholders’ reliance on us to enforce our rights against contract counterparties;

competition in the LPG shipping industry, including our ability to compete successfully for future chartering opportunities and newbuilding opportunities (if any);

future purchase prices of newbuildings and secondhand vessels and timely deliveries of such vessels (if any) and, relatedly, the risks associated with the purchase of second-hand vessels;

the performance of the Helios Pool, including the failure of its significant customers to perform their obligations and the loss or reduction in business from its significant customers (or if the same were to occur with respect to our significant customers);

the availability of and our ability to obtain such financing and capital to refinance existing indebtedness and to fund capital expenditures, acquisitions and other general corporate purposes, the terms of such financing or capital and our ability to comply with the restrictions and other covenants set forth in our existing and future debt agreements and financing arrangements (and our ability to repay or refinance our existing debt and settling of interest rate swaps, if any);

our costs, including crew wages, insurance, provisions, repairs and maintenance, general and administrative expenses, drydocking, and bunker prices, as applicable;

any inability to retain and recruit qualified key executives, key employees, key consultants or skilled workers and, relatedly, our dependence on key personnel and the availability of skilled workers, and the related labor costs, including as a result of the ongoing conflict between Russia and Ukraine;

the potential difference in interests between or among certain of our directors, officers, key executives and shareholders;

quality and efficiency requirements from customers and applicable laws and regulations and developments regarding the technologies relating to the LPG sector and the effects of and our ability to implement new products and new technology available in our industry, including with respect to equipment propulsion and overall vessel efficiency, including the reduction of traditional emissions;

potential new environmental regulations and restrictions in respect of decarbonization, whether at a global level stipulated by the International Maritime Organization, including the recently adopted strategy to reduce greenhouse gas emissions in international shipping by the Marine Environment Protection Committee at its 80th session in July 2023, or imposed by regional or national authorities, affecting fuel costs, vessel speeds, equipment requirements or other alterations or adjustments, including the installation of Engine Power Limitation (EPL) systems, that could impose additional costs of operations on our business;

operating hazards in the maritime transportation industry, and catastrophic events, including accidents, political events, public health threats (including the outbreak of communicable diseases), international hostilities and instability, armed conflict, piracy, attacks on vessels or other petroleum-related infrastructures and acts by terrorists, which may cause potential disruption of shipping routes;

the length and severity of epidemics and other public health concerns, including any impact on the demand for commercial seaborne transportation of LPG, supply chain disruptions and the condition of financial markets and the potential associated impacts to our global operations;

business disruptions due to natural disasters or adverse weather outside of our control;

the adequacy of our insurance coverage in the event of a catastrophic event;

the failure to protect our information systems against security breaches, or the failure or unavailability of these systems for a significant period;

the arresting or attachment of one or more of our vessels by maritime claimants;

compliance with and changes to governmental, tax, environmental and safety laws and regulations, which may add to our costs or the costs of our customers;

fluctuations in currencies, foreign exchange rates, and interest rates including, but not limited to, the Secured Overnight Financing Rate (“SOFR”);

compliance with the United States Foreign Corrupt Practices Act of 1977, the United Kingdom Bribery Act 2010, or other applicable regulations relating to bribery;

the volatility of the price of shares of our common stock (our “common shares”) and future sales of our common shares;

our incorporation under the laws of the Republic of the Marshall Islands and the different rights to relief that may be available compared to other countries, including the United States;

congestion at or blockages of ports or canals, including drought conditions at the Panama Canal;

any developments in the existing Panama Canal transportation structure as a result of the study announced by the Panamanian government and Energy Transfer LP to analyze the prospects of building an LPG pipeline, potentially running beside the existing Panama Canal and linking the Atlantic Ocean with the Pacific Ocean;

if we are required to pay tax on U.S. source income;

if we are treated as a “passive foreign investment company”; and

other factors detailed in this report and from time to time in our periodic reports.

Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or is not realized. You should thoroughly read this report with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this report include additional factors that could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of the forward-looking statements by these cautionary statements.

We caution readers of this report not to place undue reliance on forward-looking statements. Any forward-looking statements contained herein are made only as of the date of this report, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

As used in this quarterly report and unless otherwise indicated, references to “Dorian,” the “Company,” “we,” “our,” “us,” or similar terms refer to Dorian LPG Ltd. and its subsidiaries.

Dorian LPG Ltd.

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023

1

Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and December 31, 2022

2

Unaudited Condensed Consolidated Statements of Shareholders' Equity for the nine months ended December 31, 2023 and December 31, 2022

3

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023 and December 31, 2022

4

Notes to Unaudited Condensed Consolidated Financial Statements

5

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

19

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

31

ITEM 4.

CONTROLS AND PROCEDURES

31

 

PART II.

OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

32

ITEM 1A.

RISK FACTORS

32

ITEM 5.

OTHER INFORMATION

32

ITEM 6.

EXHIBITS

32

EXHIBIT INDEX

33

SIGNATURES

34

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Dorian LPG Ltd.

Unaudited Condensed Consolidated Balance Sheets

(Expressed in United States Dollars, except for share data)

    

As of

    

As of

 

December 31, 2023

March 31, 2023

 

Assets

Current assets

Cash and cash equivalents

$

208,460,209

 

$

148,797,232

Trade receivables, net and accrued revenues

2,782,267

 

3,282,256

Due from related parties

 

110,558,735

 

73,070,095

Inventories

 

2,573,110

 

2,642,395

Prepaid expenses and other current assets

14,955,165

 

8,507,007

Total current assets

339,329,486

 

236,298,985

Fixed assets

Vessels, net

 

1,224,003,052

 

1,263,928,605

Vessel under construction

 

26,346

 

Other fixed assets, net

 

 

48,213

Total fixed assets

1,224,029,398

 

1,263,976,818

Other non-current assets

Deferred charges, net

 

12,162,891

 

8,367,301

Derivative instruments

 

7,628,093

 

9,278,544

Due from related parties—non-current

25,300,000

20,900,000

Restricted cash—non-current

 

77,327

 

76,418

Operating lease right-of-use assets

199,554,138

158,179,398

Available-for-sale securities

9,717,520

11,366,838

Other non-current assets

2,536,765

469,227

Total assets

$

1,820,335,618

 

$

1,708,913,529

Liabilities and shareholders’ equity

Current liabilities

Trade accounts payable

$

11,435,017

 

$

10,807,376

Accrued expenses

 

4,170,170

 

5,637,725

Due to related parties

 

159,748

 

168,793

Deferred income

417,408

 

208,558

Current portion of long-term operating lease liabilities

31,942,176

23,407,555

Current portion of long-term debt

 

53,433,423

 

53,110,676

Dividends payable

893,155

1,255,861

Total current liabilities

102,451,097

 

94,596,544

Long-term liabilities

Long-term debt—net of current portion and deferred financing fees

 

564,686,247

 

604,256,670

Long-term operating lease liabilities

167,628,339

134,782,483

Other long-term liabilities

1,511,619

1,431,510

Total long-term liabilities

733,826,205

 

740,470,663

Total liabilities

836,277,302

 

835,067,207

Commitments and contingencies

Shareholders’ equity

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding

 

 

Common stock, $0.01 par value, 450,000,000 shares authorized, 51,955,408 and 51,630,593 shares issued, 40,607,892 and 40,382,730 shares outstanding (net of treasury stock), as of December 31, 2023 and March 31, 2023, respectively

 

519,554

 

516,306

Additional paid-in-capital

 

770,720,529

 

764,383,292

Treasury stock, at cost; 11,347,516 and 11,247,863 shares as of December 31, 2023 and March 31, 2023, respectively

(125,670,534)

 

(122,896,838)

Retained earnings

338,488,767

 

231,843,562

Total shareholders’ equity

984,058,316

 

873,846,322

Total liabilities and shareholders’ equity

$

1,820,335,618

 

$

1,708,913,529

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1

Dorian LPG Ltd.

Unaudited Condensed Consolidated Statements of Operations

(Expressed in United States Dollars)

Three months ended

Nine months ended

    

December 31, 2023

    

December 31, 2022

    

December 31, 2023

    

December 31, 2022

 

Revenues

Net pool revenues—related party

$

155,922,970

$

96,558,251

$

398,160,923

$

237,314,421

Time charter revenues

6,410,997

5,971,056

19,310,237

17,410,513

Other revenues, net

730,536

792,949

1,854,712

1,389,231

Total revenues

163,064,503

103,322,256

419,325,872

256,114,165

Expenses

Voyage expenses

 

772,879

 

424,343

2,292,490

 

2,567,506

Charter hire expenses

8,359,808

5,215,144

30,975,037

15,975,622

Vessel operating expenses

 

19,196,097

 

17,919,058

60,015,602

 

52,541,678

Depreciation and amortization

 

17,380,846

 

15,959,727

51,082,082

 

47,706,925

General and administrative expenses

7,659,466

 

6,947,964

30,456,251

 

24,537,134

Total expenses

53,369,096

 

46,466,236

174,821,462

 

143,328,865

Other income—related parties

645,454

638,055

1,946,837

1,793,595

Operating income

110,340,861

 

57,494,075

246,451,247

 

114,578,895

Other income/(expenses)

Interest and finance costs

 

(10,076,638)

 

(8,636,387)

(30,795,368)

 

(28,592,104)

Interest income

2,903,622

 

1,165,596

6,624,594

 

2,341,085

Unrealized gain/(loss) on derivatives

 

(6,070,320)

 

(700,015)

(1,650,452)

 

4,847,064

Realized gain on derivatives

1,916,347

1,404,004

5,692,328

1,997,815

Other gain/(loss), net

959,041

 

536,437

1,884,366

 

1,250,140

Total other income/(expenses), net

(10,367,948)

 

(6,230,365)

(18,244,532)

 

(18,156,000)

Net income

$

99,972,913

 

$

51,263,710

$

228,206,715

 

$

96,422,895

Weighted average shares outstanding:

Basic

40,350,476

40,091,299

40,202,758

40,004,100

Diluted

40,507,503

40,254,774

40,371,134

40,178,642

Earnings per common share—basic

 

$

2.48

 

$

1.28

$

5.68

 

$

2.41

Earnings per common share—diluted

 

$

2.47

 

$

1.27

$

5.65

 

$

2.40

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

Dorian LPG Ltd.

Unaudited Condensed Consolidated Statements of Shareholders’ Equity

(Expressed in United States Dollars, except for number of shares)

Number of

                           

Additional

                           

common

Common

Treasury

paid-in

Retained

 

    

shares

    

stock

    

stock

    

capital

    

Earnings

    

Total

 

Balance, April 1, 2022

 

51,321,695

$

513,217

$

(121,226,936)

$

760,105,994

$

280,759,140

 

$

920,151,415

Net income for the period

24,847,720

24,847,720

Restricted share award issuances

15,750

158

(158)

Dividend ($2.50 per common share)

(100,337,605)

(100,337,605)

Stock-based compensation

658,872

658,872

Purchase of treasury stock

(971,067)

(971,067)

Balance, June 30, 2022

 

51,337,445

 

$

513,375

 

$

(122,198,003)

 

$

760,764,708

 

$

205,269,255

 

$

844,349,335

Net income for the period

20,311,465

20,311,465

Restricted share award issuances

240,751

2,408

(2,408)

Dividend ($1.00 per common share)

(40,332,833)

(40,332,833)

Stock-based compensation

1,740,328

1,740,328

Purchase of treasury stock

(698,835)

(698,835)

Balance, September 30, 2022

51,578,196

$

515,783

$

(122,896,838)

$

762,502,628

$

185,247,887

$

825,369,460

Net income for the period

51,263,710

51,263,710

Restricted share award issuances

17,702

177

(177)

Dividend ($1.00 per common share)

(40,350,535)

(40,350,535)

Stock-based compensation

1,044,645

1,044,645

Balance, December 31, 2022

51,595,898

 

$

515,960

$

(122,896,838)

 

$

763,547,096

 

$

196,161,062

 

$

837,327,280

Number of

                           

Additional

                           

common

Common

Treasury

paid-in

Retained

 

shares

    

stock

    

stock

    

capital

    

Earnings

    

Total

 

Balance, April 1, 2023

 

51,630,593

$

516,306

$

(122,896,838)

$

764,383,292

$

231,843,562

 

$

873,846,322

Net income for the period

51,721,137

51,721,137

Restricted share award issuances

23,750

238

(238)

Dividend ($1.00 per common share)

(40,382,730)

(40,382,730)

Stock-based compensation

776,607

776,607

Purchase of treasury stock

(352,627)

(352,627)

Balance, June 30, 2023

 

51,654,343

 

$

516,544

$

(123,249,465)

 

$

765,159,661

 

$

243,181,969

 

$

885,608,709

Net income for the period

76,512,665

76,512,665

Restricted share award issuances

301,065

3,010

(3,010)

Dividend ($1.00 per common share)

(40,570,888)

(40,570,888)

Stock-based compensation

4,179,798

4,179,798

Purchase of treasury stock

(2,421,069)

(2,421,069)

Balance, September 30, 2023

51,955,408

$

519,554

$

(125,670,534)

$

769,336,449

$

279,123,746

$

923,309,215

Net income for the period

99,972,913

99,972,913

Dividend ($1.00 per common share)

(40,607,892)

(40,607,892)

Stock-based compensation

1,384,080

1,384,080

Balance, December 31, 2023

51,955,408

 

$

519,554

$

(125,670,534)

 

$

770,720,529

 

$

338,488,767

 

$

984,058,316

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

Dorian LPG Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

    

Nine months ended

 

December 31, 2023

December 31, 2022

Cash flows from operating activities:

Net income

$

228,206,715

$

96,422,895

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

51,082,082

47,706,925

Amortization of operating lease right-of-use assets

21,280,972

7,196,279

Amortization of financing costs

927,988

5,210,541

Unrealized (gain)/loss on derivatives

1,650,452

(4,847,064)

Stock-based compensation expense

6,340,485

3,443,845

Unrealized foreign currency (gain)/loss, net

217,774

527,028

Other non-cash items, net

(2,964,462)

(1,743,887)

Changes in operating assets and liabilities

Trade receivables, net and accrued revenue

499,989

(7,437,083)

Prepaid expenses and other current assets

(4,975,935)

274,780

Due from related parties

(41,888,640)

(21,239,222)

Inventories

69,285

(346,553)

Other non-current assets

2,130,087

310,393

Operating lease liabilities—current and long-term

(20,375,268)

(7,150,782)

Trade accounts payable

(115,232)

(376,919)

Accrued expenses and other liabilities

(1,588,974)

2,392,779

Due to related parties

(9,045)

6,004,164

Payments for drydocking costs

(6,279,438)

(304,514)

Net cash provided by operating activities

234,208,835

126,043,605

Cash flows from investing activities:

Payments for vessels under construction and vessel capital expenditures

(7,951,447)

(10,139,570)

Purchase of investment securities

(5,978,390)

Purchase of U.S. treasury notes

(1,801,582)

Proceeds from sale of investment securities

4,029,944

2,003,458

Net cash used in investing activities

(9,899,893)

(9,937,694)

Cash flows from financing activities:

Proceeds from long-term debt borrowings

290,000,000

Repayment of long-term debt borrowings

(39,793,164)

(324,390,585)

Repurchase of common stock

(2,773,696)

(1,669,902)

Financing costs paid

(6,266,267)

Dividends paid

(121,924,216)

(180,504,027)

Net cash used in financing activities

(164,491,076)

(222,830,781)

Effects of exchange rates on cash and cash equivalents

(153,980)

(220,014)

Net increase/(decrease) in cash, cash equivalents, and restricted cash

59,663,886

(106,944,884)

Cash, cash equivalents, and restricted cash at the beginning of the period

148,873,650

236,836,914

Cash, cash equivalents, and restricted cash at the end of the period

$

208,537,536

$

129,892,030

Supplemental disclosure of cash flow information

Cash paid for interest excluding interest capitalized to vessels

$

28,850,983

$

22,023,110

Cash paid for operating leases

31,317,200

7,571,739

Capitalized drydocking costs included in liabilities

735,747

921,743

Vessel-related capital expenditures included in liabilities

1,563,580

1,121,371

Unpaid dividends included in liabilities

893,155

1,011,126

Financing costs included in liabilities

1,112,750

469,600

Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:

Cash and cash equivalents

$

208,460,209

$

129,816,670

Restricted cash—non-current

77,327

75,360

Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows

$

208,537,536

$

129,892,030

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

Dorian LPG Ltd.

Notes to Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

1. Basis of Presentation and General Information

Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States, and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2023, our fleet consists of twenty-five VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; three time chartered-in dual-fuel Panamax size VLGCs; and one time chartered-in ECO VLGC. The dual-fuel Panamax size VLGC that we took delivery of on July 10, 2023 is equipped with a shaft generator, which generates additional electricity that can be used to reduce fuel consumption and carbon emissions. As of December 31, 2023, fifteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. As of December 31, 2023, we have additional commitments related to scrubbers on one of our VLGCs. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from MOL Energia (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool. On November 24, 2023, we entered into a shipbuilding contract for a newbuilding Very Large Gas Carrier / Ammonia Carrier (“VLGC/AC’) with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia and is expected to be delivered from Hanwha Ocean Co. Ltd. in the third calendar quarter of 2026.

On April 1, 2015, Dorian and MOL Energia Pte. Ltd. (“MOL Energia”), formerly known as Phoenix Tankers Pte. Ltd., began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool.

The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2023 included in our Annual Report on Form 10-K filed with the SEC on June 2, 2023.

Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year.

5

Our subsidiaries as of December 31, 2023, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below.

Vessel Subsidiaries

    

Type of

    

    

    

 

Subsidiary

vessel

Vessel’s name

Built

CBM(1)

 

CJNP LPG Transport LLC

 

VLGC

 

Captain John NP

 

2007

 

82,000

Comet LPG Transport LLC

VLGC

Comet

2014

84,000

Corsair LPG Transport LLC

VLGC

Corsair(2)

2014

84,000

Corvette LPG Transport LLC

 

VLGC

 

Corvette

 

2015

 

84,000

Dorian Shanghai LPG Transport LLC

VLGC

Cougar(2)

2015

84,000

Concorde LPG Transport LLC

VLGC

Concorde

2015

84,000

Dorian Houston LPG Transport LLC

VLGC

Cobra

2015

84,000

Dorian Sao Paulo LPG Transport LLC

VLGC

Continental

2015

84,000

Dorian Ulsan LPG Transport LLC

VLGC

Constitution

2015

84,000

Dorian Amsterdam LPG Transport LLC

VLGC

Commodore

2015

84,000

Dorian Dubai LPG Transport LLC

VLGC

Cresques(2)

2015

84,000

Constellation LPG Transport LLC

VLGC

Constellation

2015

84,000

Dorian Monaco LPG Transport LLC

VLGC

Cheyenne

2015

84,000

Dorian Barcelona LPG Transport LLC

VLGC

Clermont

2015

84,000

Dorian Geneva LPG Transport LLC

VLGC

Cratis(2)

2015

84,000

Dorian Cape Town LPG Transport LLC

VLGC

Chaparral(2)

2015

84,000

Dorian Tokyo LPG Transport LLC

VLGC

Copernicus(2)

2015

84,000

Commander LPG Transport LLC

VLGC

Commander

2015

84,000

Dorian Explorer LPG Transport LLC

VLGC

Challenger

2015

84,000

 

Dorian Exporter LPG Transport LLC

VLGC

Caravelle(2)

2016

84,000

Dorian Sakura LPG Transport LLC

VLGC

Captain Markos(2)

2023

84,000

Dorian LPG Ammonia Transport LLC

VLGC/AC

Hull No. 2373

2026(3)