Company Quick10K Filing
Doriang
10-Q 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-07
10-K 2019-03-31 Filed 2019-05-30
10-Q 2018-12-31 Filed 2019-02-04
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-09
10-K 2018-03-31 Filed 2018-06-28
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-07-31
10-K 2017-03-31 Filed 2017-06-14
10-Q 2016-12-31 Filed 2017-01-30
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-28
10-K 2016-03-31 Filed 2016-05-31
10-Q 2015-12-31 Filed 2016-01-29
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-05
10-K 2015-03-31 Filed 2015-06-04
20-F 2014-03-31 Filed 2014-07-30
8-K 2020-04-29 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-02-04 Earnings, Exhibits
8-K 2019-11-21 Shareholder Vote
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-08-02 Earnings, Officers, Other Events, Exhibits
8-K 2019-05-22 Earnings, Exhibits
8-K 2019-02-04 Earnings, Exhibits
8-K 2018-12-04 Shareholder Vote
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-12 Other Events
8-K 2018-10-08 Other Events, Exhibits
8-K 2018-09-20
8-K 2018-09-11 Other Events, Exhibits
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-07-16 Other Events, Exhibits
8-K 2018-07-09 Other Events, Exhibits
8-K 2018-06-26 Other Events, Exhibits
8-K 2018-06-15 Earnings, Officers, Exhibits
8-K 2018-06-15 Other Events, Exhibits
8-K 2018-05-29 Other Events, Exhibits
8-K 2018-01-31 Earnings, Exhibits
8-K 2018-01-26 Enter Agreement, Leave Agreement, Shareholder Rights, Exhibits

Doriang Financials

LPG Metrics, Comps, Filings

Quarterly | Annual

Business

Unless otherwise indicated, references to "Dorian," the "Company," "we," "our," "us," or similar terms refer to Dorian LPG Ltd. and its subsidiaries and predecessors. The terms "Predecessor" and "Predecessor Business" refer to the owning companies of the four vessels that comprised our initial fleet, prior to their acquisition by us. We use the term "VLGC" to refer to very large gas carriers. We use the term "LPG" to refer to liquefied petroleum gas and we use the term "cbm" to refer to cubic meters in describing the carrying capacity of our vessels. Unless otherwise indicated, all references to "U.S. dollars," "USD," and "$" in this report are to the lawful currency of the United States of America and references to "Norwegian Krone" and "NOK" are to the lawful currency of Norway.

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 LPG. Specifically, Dorian and its subsidiaries are focused on owning and operating VLGCs in the LPG shipping industry. Our founding executives have managed vessels in the LPG shipping market since 2002. Our fleet currently consists of twenty-three VLGCs, including our nineteen new fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs, three 82,000 cbm VLGCs, and one time chartered-in VLGC. The twenty-two VLGCs in our fleet, excluding our time chartered-in vessel, have an aggregate carrying capacity of approximately 1.8 million cbm and an average age of 4.9 years as of May 24, 2019. Two of our ECO VLGCs are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. We have entered into contracts for an additional ten of our VLGCs to be fitted with scrubbers. We provide in-house commercial and technical management services for all of our vessels, including our vessels deployed in the Helios Pool, which may also receive commercial management services from Phoenix (defined below).

Sixteen of our ECO VLGCs were constructed at Hyundai Heavy Industries Co., Ltd., or Hyundai, and three of our ECO VLGCs were constructed at Daewoo Shipping and Marine Engineering Ltd, or Daewoo. Our nineteen ECO VLGCs, which incorporate fuel efficiency and certain custom features, were delivered to us between July 2014 and February 2016, seventeen of which were delivered during calendar year 2015 or later.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Gaslog Partners (GLOP) 854 0% 2,489 0 0 0 0 854
Golden Ocean Group (GOGL) 852 0% 2,951 1,428 0 0 0 0 1,829
Star Bulk Carriers (SBLK) 815 0% 3,022 1,502 0 0 0 0 601
Malibu Boats (MBUU) 769 24% 7.5 15% 480 266 733 176 74 113 851
Golar LNG Partners (GMLP) 742 0% 2,241 1,481 0 0 0 0 1,756
Tidewater (TDW) 618 26% -9.6 -10% 1,754 679 478 124 -171 -71 679
Doriang (LPG) 596 0% 12.4 2% 1,642 688 242 0 31 96 1,191
Knot Offshore Partners (KNOP) 591 0% 1,837 1,105 0 0 0 0 1,636
DHT Holdings (DHT) 581 0% 1,864 1,002 0 0 0 0 1,548
DryShips (DRYS) 540 0% 1,011 374 0 0 0 0 675
Navigator Holdings (NVGS) 513 0% 1,833 878 0 0 0 0 1,117
Marine Products (MPX) 509 22% 15.3 21% 119 37 244 55 25 32 486
International Seaways (INSW) 506 0% 9.5 -0% 1,829 846 343 0 -6 121 1,149
Costamare (CMRE) 505 0% 3,051 1,694 0 0 0 0 1,655
Teekay Offshore Partners (TOO) 505 0% 5,312 3,853 0 0 0 0 3,413
Scorpio Bulkers (SALT) 399 0% -3.4 -19% 1,704 843 100 0 -324 -324 1,098
Genco Shipping & Trading (GNK) 391 0% 18.4 -2% 1,562 564 393 0 -39 40 743
Eagle Bulk Shipping (EGLE) 357 0% 15.1 -0% 970 479 308 0 -4 47 706
Teekay (TK) 337 0% 8,392 5,525 0 0 0 0 3,195
Diana Shipping (DSX) 330 0% 1,188 560 0 0 0 0 713

Balance Sheet ($MM)2014-03-312015-03-312015-06-302015-09-302015-12-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash2792051358022474432173551561041018471665784
Accounts Receivable2237121300100000000121
Inventory1323222332322322222
PP&E1,6521,6351,6201,6041,5881,5721,5551,5391,5231,5081,4931,4791,4641,454
Assets8401,0991,2411,4881,8231,8181,7861,7601,7461,7101,6981,7061,7361,7011,6791,6601,6251,6191,642
Accounts Payable25889656746668857810
Long-Term Debt129200325528814821803788770742739746775758742726710694678
Liabilities148226353563848844819787770740739744777762747732713700688
Stockholders' Equity692873888926975974967973976970959962959939932927913919954
Income Statement ($MM)2014-03-312015-03-312015-06-302015-09-302015-12-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue352075935134364841404539284155346192
Cost of Revenue
Gross Profit
R&D
SG&A75865569967875676
Tax
Net Income2-3-21-8-16641
Cash Flow ($MM)2014-03-312015-03-312015-06-302015-09-302015-12-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating1730363015431220916-11113952
Cash Investing-207-279-370-1-0-0-033-0-113-0-1-1-2-3
Cash Financing120195275-28-19-15-18-27-4729-18-17-16-16-23