Dorian LPG, a company that operates large LPG carriers and recently placed an order for a large vessel capable of carrying ammonia (VLAC), recorded revenue of 114.4 million dollars compared to 111.6 million dollars a year ago.
The average daily fare for the company’s fleet was 55,228 dollars for the three months ending June 30, 2024, up 8% from 51,156 dollars in the same period last year.
Total fleet utilization (including utilization of the company’s vessels deployed in the Helios Pool decreased from 98% during the three months ended 30 June 2023 to 90.4% during the three months ended 30 June 2024.
According to the president and CEO Yiannis Hatzipateras, the company that continues its impressive course, has paid a dividend to shareholders in the last two years based on strong earnings and cash flow generation and completed an important strategic goal, the successful offering of shares that places it well positioned for future fleet growth and renewal.
“Demand for LPG remains strong as its availability, economic performance and environmental footprint make it the fuel of choice for many applications. As always, I acknowledge our dedicated seafarers and shore staff, whose hard work and dedication make our results possible.”
The company’s revenue amounted to 114.4 million dollars in the three-month period ending June 30, 2024, up 2.8 million euros, or 2.5%, compared to 111.6 million euros in same period last year, primarily due to an increase in fleet size, which was partially offset by a decrease in net fleet operating days.
Available days increased from 2,219 for the quarter that ended June 30, 2024, to 2,275 for the same quarter last year. Average TCE charter rates increased 4,072 dollars per operating day from 51,156 dollars to 55,228 dollars but remained relatively flat when comparing TCE prices per available day with a slight decrease from 50,164 dollars to 49,911 dollars.
