The strong demand for mega LPG carriers was reflected in the second quarter results of Dorian LPG. The NYSE-listed company, owned by John Hadjipateras, which manages a fleet of 25 VLGCs, showed revenues of 111.6 million dollars, up 45.2% year-over-year. The company also recorded profits totaling 51.7 million dollars, up more than 100% compared with 24.8 million dollars in the same period in 2022.
Hadjipateras pointed out in his statements that “the second quarter results reflect a stable market, as strong demand continues to absorb the entry of newly built ships into the market.” The company’s board of directors has decided to pay a dividend of 40 million dollars in early September 2023.
This reflects “once again our commitment to disciplined capital allocation consistent with a strong balance sheet,” he added.
During this period, the company’s fleet was strengthened with the newly built “Cristobal”, one of the four dual-fuel vessels, which will join Dorian as part of the fleet renewal.
