olivLaw · US equity research
Dorian LPG Ltd. LPG
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
Dorian LPG Ltd. (NYSE: LPG) owns and operates very large gas carriers that move LPG by sea, with nearly all of its revenue earned through the Helios Pool joint venture. In the quarter ended June 30, 2026, revenues reached $187.9 million amid high freight volatility linked to geopolitical disruption, which keeps the company closely watched by investors.
At the close of 04 Nov 2026, Dorian LPG Ltd. (LPG) stock was 49.43 USD (−4.87% on the day), with market capitalisation 2.1 bn USD, P/E 6.5 on diluted EPS of 7.55 USD over the last 12 months, dividend yield 5.97%, beta 0.68, 52-week range 23.93–58.31 USD. Latest reported quarter (Q1 2027): revenue of 187.9 m USD (+123.1% YoY), net income of 138.3 m USD (+1,271.6% YoY), diluted EPS 3.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.0
- weak (30–45)
- Bollinger (20, 2)
- 49.28 – 58.94
- in the lower half of the band · %B 0.02 · band width 17.9%
- SMA 50 / 200
- 54.25 / 42.38
- mixed trend
- MACD (12, 26, 9)
- -0.75 / -0.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.2% | −1.1% | −13.1 pp | — |
| 3 months | +14.8% | −0.5% | +15.3 pp | — |
| 6 months | +26.6% | +4.4% | +22.2 pp | — |
| Year to date | +103.1% | +12.3% | +90.8 pp | — |
| 1 year | +70.0% | +13.5% | +56.5 pp | +30.6% |
| 3 years | +29.8% | +76.4% | −46.6 pp | +37.7% |
| 5 years | +285.9% | +63.7% | +222.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 82.4 m | 80.7 m | 75.9 m | 84.2 m | 124.1 m | 120.0 m | 153.3 m | 187.9 m |
| Operating income | 19.1 m | 23.4 m | 14.7 m | 15.6 m | 59.3 m | 51.3 m | 83.9 m | 142.7 m |
| Depreciation & amortisation | 17.4 m | 17.5 m | 17.6 m | 18.4 m | 17.9 m | 18.1 m | 17.3 m | 17.6 m |
| Interest expense | 9.4 m | 8.9 m | 8.0 m | 7.7 m | 7.6 m | 7.1 m | 6.9 m | 8.7 m |
| Net income | 9.4 m | 21.4 m | 8.1 m | 10.1 m | 55.4 m | 47.2 m | 81.0 m | 138.3 m |
| Diluted EPS | 0.22 | 0.50 | 0.19 | 0.24 | 1.30 | 1.11 | 1.90 | 3.24 |
| Operating cash flow | 57.3 m ≈ | 24.3 m ≈ | 50.2 m | 814.5 k | 46.4 m ≈ | 80.8 m ≈ | 82.1 m | 30.5 m |
| Dividends paid | 43.7 m ≈ | 42.6 m ≈ | 29.8 m | 21.2 m | 26.3 m ≈ | 27.7 m ≈ | 29.8 m | 42.5 m |
| Share repurchases | — | 0 ≈ | 2.0 m | 1.8 m | 2.9 m ≈ | -2.8 k ≈ | 2.3 m | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 54 percentile of its own 28-quarter history (min 3.5, median 6.0, max 23.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 158.0 m | 333.4 m | 315.9 m | 274.2 m | 389.7 m | 560.7 m | 353.3 m | 481.5 m |
| Revenue YoY | −0.8% | +111.0% | −5.2% | −13.2% | +42.1% | +43.9% | −37.0% | +36.3% |
| Net income | -50.9 m | 111.8 m | 92.6 m | 71.9 m | 172.4 m | 307.4 m | 90.2 m | 193.7 m |
| Net income YoY | unavailable | unavailable | −17.2% | −22.3% | +139.7% | +78.3% | −70.7% | +114.8% |
| Diluted EPS | -0.93 | 2.07 | 1.86 | 1.78 | 4.29 | 7.60 | 2.14 | 4.54 |
| Diluted EPS YoY | unavailable | unavailable | −10.1% | −4.3% | +141.0% | +77.2% | −71.8% | +112.1% |
| net % | -32.2% | 33.5% | 29.3% | 26.2% | 44.2% | 54.8% | 25.5% | 40.2% |
| Free cash flow | 4.9 m | 149.2 m | 161.1 m | 95.5 m | 155.3 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 327.4 m USD
- Financial debt
- 560.4 m USD
- Net debt
- 233.0 m USD
- Equity
- 1.1 bn USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 0.49x
- Current ratio
- 2.67x
- ROE
- 17.7%
- ROA
- 10.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 315.9 m | 274.2 m | 389.7 m | 560.7 m | 353.3 m | 481.5 m | SEC (XBRL)· 27 May 2026verified |
| Operating income | 116.1 m | 92.4 m | 198.4 m | 328.8 m | 112.6 m | 210.2 m | SEC (XBRL)· 27 May 2026verified |
| Depreciation & amortisation | 68.5 m | 66.4 m | 63.4 m | 68.7 m | 69.6 m | 71.7 m | SEC (XBRL)· 27 May 2026verified |
| EBITDA | 184.6 m ≈ | 158.8 m ≈ | 261.8 m ≈ | 397.5 m ≈ | 182.2 m ≈ | 281.9 m ≈ | SEC (XBRL)· 27 May 2026derived |
| Interest expense | 21.7 m | 27.1 m | 37.8 m | 40.5 m | 35.8 m | 29.2 m | SEC (XBRL)· 27 May 2026verified |
| Net income | 92.6 m | 71.9 m | 172.4 m | 307.4 m | 90.2 m | 193.7 m | SEC (XBRL)· 27 May 2026verified |
| Diluted EPS | 1.86 | 1.78 | 4.29 | 7.60 | 2.14 | 4.54 | SEC (XBRL)· 27 May 2026verified |
| Weighted average diluted shares | 49.8 m | 40.4 m | 40.2 m | 40.5 m | 42.2 m | 42.6 m | SEC (XBRL)· 27 May 2026verified |
| Dividend per share | — | 2.00 | 5.50 | 4.00 | 3.70 | 2.45 | SEC (XBRL)· 27 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 79.3 m | 236.8 m | 148.8 m | 282.5 m | 316.9 m | 327.4 m | SEC (XBRL)· 27 May 2026verified |
| Receivables | 202.2 k | 853.1 k | 3.3 m | 659.6 k | 1.4 m | 2.0 m | SEC (XBRL)· 27 May 2026verified |
| Inventories | 2.0 m | 2.3 m | 2.6 m | 2.4 m | 2.5 m | 2.4 m | SEC (XBRL)· 27 May 2026verified |
| Current assets | 153.3 m | 307.9 m | 236.3 m | 368.9 m | 382.4 m | 450.3 m | SEC (XBRL)· 27 May 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 27 May 2026verified |
| Total assets | 1.6 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 27 May 2026verified |
| Accounts payable | 9.8 m | 9.5 m | 10.8 m | 10.2 m | 11.5 m | 8.0 m | SEC (XBRL)· 27 May 2026verified |
| Short-term debt | 51.8 m | 72.1 m | 53.1 m | 53.5 m | 54.5 m | 100.2 m | SEC (XBRL)· 27 May 2026verified |
| Long-term debt | 539.7 m | 590.7 m | 604.3 m | 551.5 m | 498.8 m | 460.2 m | SEC (XBRL)· 27 May 2026verified |
| Current liabilities | 82.1 m | 94.8 m | 94.6 m | 101.8 m | 107.9 m | 168.8 m | SEC (XBRL)· 27 May 2026verified |
| Total liabilities | 634.8 m | 687.2 m | 835.1 m | 814.1 m | 732.6 m | 732.7 m | SEC (XBRL)· 27 May 2026verified |
| Equity | 946.8 m † | 920.2 m † | 873.8 m † | 1.0 bn † | 1.0 bn † | 1.1 bn † | SEC (XBRL)· 27 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 170.6 m | 118.7 m | 224.1 m | 388.4 m | 173.0 m | 210.1 m | SEC (XBRL)· 27 May 2026verified |
| Capex | 9.5 m | 23.2 m | 68.8 m | — | — | — | SEC (XBRL)· 02 Jun 2023verified |
| Free cash flow | 161.1 m ≈ | 95.5 m ≈ | 155.3 m ≈ | — | — | — | SEC (XBRL)· 02 Jun 2023derived |
| Investing cash flow | 1.0 m | 68.8 m | -76.3 m | -34.8 m | -7.4 m | -93.8 m | SEC (XBRL)· 27 May 2026verified |
| Financing cash flow | -174.5 m | -35.2 m | -235.2 m | -219.7 m | -131.3 m | -105.9 m | SEC (XBRL)· 27 May 2026verified |
| Dividends paid | — | 80.1 m | 220.6 m | 162.3 m | 156.4 m | 105.0 m | SEC (XBRL)· 27 May 2026verified |
| Share repurchases | 126.3 m | 21.4 m | 1.7 m | 3.9 m | 6.3 m | 7.0 m | SEC (XBRL)· 27 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet93
- Valuation64
- Quality86
- Growth37
- Returns90
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 28.31 – 105.71 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA38.62 – 105.71 (Mid 67.32)14 companies used · median multiple 7.5x · quartiles 4.5x – 11.5xCCEC, CMRE, DHT, DSX, ECO, EHLD, GNK, GSL, HSHP, NVGS, SMHI, TEN, TRMD, ZIM
- Peers: P/E28.31 – 105.53 (Mid 70.44)28 companies used · median multiple 9.3x · quartiles 3.7x – 14.0xASC, CCEC, CISS, CMBT, CMRE, CTRM, DHT, DSX, ECO, EHLD, ESEA, FRO, GASS, GNK, GSL, IMPP, NMM, NVGS, PANL, PSHG, PXS, SHIP, STNG, TEN, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)32.20 – 43.30 (Mid 36.93)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.0% | 85 (vs peers) | 13% |
| Net margin · Quality | 55.0% | 89 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 7.3% | 61 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 1.9% | 13 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.4x | 87 (vs peers) | 13% |
| Interest coverage · Balance sheet | 11.2x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 6.5x | 63 (vs peers) | 13% |
| EV/EBITDA · Valuation | 5.6x | 64 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet93/100 · 3/3 factors with a value
- Growth37/100 · 2/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns· partial90/100 · 1/2 factors with a value
- Valuation64/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DORIAN LPG LTD. (LPG). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 481.5 m USD in 2026; YoY growth 36.3%; net margin 55.0%; ROE 28.3%; net debt/EBITDA 0.4x.
The estimated value range is 32.20–105.53 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 67.32 USD, the price of 49.43 USD leaves a potential of 36.2% (value / price − 1) and a margin of safety of 26.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.0%
- Net margin: 55.0%
- Net debt / EBITDA: 0.4x
- Interest coverage: 11.2x
- Current ratio: 3.3x
- Shareholder yield (distributions): 6.3%
What contradicts it
- EPS CAGR 3Y: 1.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +56% / −5% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| TRMDTORM plc | 3.8 bn | 13.2 | 13.3% | 21.3% | −14.1% | +76% / +33% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +69% / +121% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +70% / +30% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +42% / +3% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| TENTsakos Energy Navigation Limited | 1.4 bn | 10.5 | 9.1% | 20.1% | −0.7% | +91% / +132% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| TKTeekay Corporation Ltd. | 1.2 bn | 11.9 | 4.8% | 10.3% | −22.2% | +38% / +95% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +7% / +7% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +21% / +24% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
1- and 3-year price returns: for LPG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 29.93 Total return -35% · Per year -35% | 52.85 Total return 13% · Per year 13% | 79.52 Total return 69% · Per year 69% |
| 3 years | 30.71 Total return -23% · Per year -8% | 60.85 Total return 44% · Per year 13% | 100.28 Total return 129% · Per year 32% |
| 5 years | 31.51 Total return -12% · Per year -2% | 70.06 Total return 79% · Per year 12% | 126.47 Total return 205% · Per year 25% |
- Exit P/E± 15.21
- Net margin± 10.65
- Annual revenue growth± 8.51
- Annual dilution± 0.89
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dorian LPG Ltd. (NYSE: LPG) owns and operates very large gas carriers that move LPG by sea, with nearly all of its revenue earned through the Helios Pool joint venture. In the quarter ended June 30, 2026, revenues reached $187.9 million amid high freight volatility linked to geopolitical disruption, which keeps the company closely watched by investors.
SWOT
Strengths
- A relatively young, modern fleet with ECO design, scrubbers and ammonia-capable vessels supports the company's commercial position. In-house commercial and technical management supports service reliability.
- Participation in the Helios Pool gives better market coverage and access to a large volume of contracts, and recent results show the company's ability to capture spot-market upside. 3
- The company has reduced debt through prepayments and vessel sales, which could increase its financial flexibility. 2
Weaknesses
- Near-total dependence on one vessel type and one market, with no diversification into other maritime segments, leaves the company exposed to downturns in the LPG industry. 1
- Revenue depends heavily on the Helios Pool, where customer concentration could create risk if one of them fails to meet its obligations. 1
- Exposure to spot rates makes results volatile, and weak quarters can reduce revenue quickly. 1
Opportunities
- Higher transport demand linked to geopolitical disruption and new trade routes from the United States to Asia and Europe could support rates over the medium term. 1
- The order for a new dual-fuel 90,000 cbm vessel could extend the modern fleet in the coming years. 2
- If ammonia cargoes find additional demand, the company's ability to carry ammonia could become an advantage. 1
Risks
- Single-segment dependencehigh
All vessels operate in the VLGC segment, so a problem in the LPG industry would have a direct and broad impact on the company. 1
- Exposure to spot rateshigh
Vessels are employed mainly through the Helios Pool, which works largely in the spot market, making revenue sensitive to rate swings. 1
- Customer concentrationmedium
A small number of customers within the Helios Pool generate most revenue, and failure by any of them to meet obligations could hurt results. 1
- Debt and restrictive covenantsmedium
Debt and financing agreements can limit operating flexibility, and a fall in vessel values could breach covenants. 1
- Currency and interest rate exposurelow
Revenue is earned in dollars but some expenses are in other currencies, and SOFR movements can affect financing costs. 1
Investment thesis
What would need to be true (bull case)
- Recent results show that a high-rate environment can produce very large profits, and a relatively modern fleet places the company well to capture that upside. 3
- The company has shown financial discipline through vessel sales, debt prepayments and regular dividends, which can support investor confidence. 2
- Participation in the Helios Pool and the new vessel order could strengthen its market position over the long term. 1
What would break the thesis
- Current profits are tied to a volatile geopolitical environment, and a normalisation of rates could reduce results quickly. 3
- Concentration in one segment and in the Helios Pool leaves the company vulnerable to shocks in the LPG industry. 1
- Large deliveries of new vessels in coming years could create oversupply and pressure on rates and vessel values. 1
What to watch
- Trend in TCE rate per available day and the Baltic LPG indexQ2 2027
- Quarterly results and company commentary on current-quarter freight ratesQ2 2027
- Progress of vessel sales and reduction of debtnext 10-K
- Delivery progress of the new 90,000 cbm vessel and any further orders2029
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Dorian was incorporated in 2013 under the laws of the Marshall Islands, is headquartered in the United States and focuses on owning and operating VLGCs in the LPG shipping industry. As of May 22, 2026 its fleet had twenty-seven vessels, including ECO-design 84,000 cbm ships, a 93,000 cbm VLGC/AC able to carry ammonia, and several time chartered-in vessels. According to the 10-K, commercial management is handled in-house for all vessels and technical management for owned vessels. 1
The company has no diversification outside VLGCs: both its fleet and the Helios Pool depend exclusively on cash flow from LPG transport. Dorian pursues a mix of multi-year time charters, shorter time charters, spot voyages and contracts of affreightment. The pool arrangement with MOL Energia, under which net pool revenues are shared, is the main mechanism through which revenue is generated. 1
In August 2026 Dorian reported record results for the quarter ended June 30, 2026, which management attributes to higher transportation demand from geopolitical disruption. The company sold older vessels and prepaid debt, and in June 2026 it ordered a new ship with expected delivery in the third quarter of 2029. 3
Segments
International LPG transportation with VLGCs
The company reports one segment, international LPG transportation, because all vessels serve the same type of customer and share the same operating and regulatory environment. Revenue comes almost entirely from the Helios Pool. 1
Helios Pool (joint venture with MOL Energia)
Helios Pool is a 50/50 joint venture with MOL Energia in which vessels are commercially managed together and net pool revenues are shared by points and on-hire days. In fiscal 2026 the pool generated 99% of total revenues, making it the main driver of results. 1
Market context
The VLGC market is fragmented, with about 129 owners and the top ten holding 41% of the fleet by vessel count. Capacity depends on the existing fleet, newbuilding deliveries and scrapping. Demand is seasonal, with strength typically in the second and third calendar quarters, although this pattern has been less marked in recent years. 1
The Baltic LPG index for the benchmark Ras Tanura-Chiba route averaged $199.694 per metric ton in the quarter ended June 30, 2026, against $63.500 a year earlier, showing a sharp rise in freight levels. Bunker prices rose over the same period, which affects margins. 3
Trends
- Geopolitical disruption and transport demandtailwind
Management links the record results to higher transport demand from geopolitical disruption and to high freight volatility that continued into the current quarter. If these conditions persist they could support elevated rates. 3
- Volatility of spot freightheadwind
Because the fleet is exposed to spot rates through the Helios Pool, sharp declines in rates would weigh on results. The company notes that spot rates have in the past been affected by seasonality and other fluctuations. 1
- Fleet renewal and efficiencymixed
ECO vessels and ships with dual-fuel engines or scrubbers can earn better rates when the cost of more refined fuel exceeds that of less refined fuel. A younger fleet than the global average supports the company's position. 1
Competitive position
The main competitors in VLGC shipping are BW LPG, NYK Line and Petredec. Competition is based on price, vessel position, size, age, condition and charterer acceptability, and Dorian emphasises in-house management and service reliability. 1
The fleet is younger than the global VLGC average, which can help win charterers who want modern tonnage. Some competition also comes from LPG distributors and traders that run their own fleets and compete directly with independent owners. 1
- BW LPG Ltd.
One of the largest competitors in the VLGC segment, named in the 10-K.
- Nippon Yusen Kabushiki Kaisha (NYK Line)
Shipping operator named among the largest competitors for VLGC services.
- Petredec Pte. Ltd.
Important competitor in VLGC transport, named in company documentation.
- LPG distributors and traders with their own fleets
Companies that carry LPG on their own ships and compete with independent owners in the charter market.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Imagini cu terasa încălzită a lui Dorian Popa. A investit mii de euro, dar rezultatul este uimitor. „În sfârșit...gata!”Libertatea.ro · 27 Oct 2026 · RO
- Cum a pus mâna pe Clădirea Malmaison Sam Dorian Schwartz, un afacerist care se recomandă medic ginecolog și care oferă servicii de medicină a muncii Camerei Deputaților și altor instituții de statLibertatea.ro · 15 Oct 2026 · RO
- Dorian Popa clarifică imaginile în care apare încătușat: „Am învățat lecția și nu mă ascund” - Stiri DirecteSurge — Google News · 08 Oct 2026 · RO
- Cine este Dona, cățelușa adoptată de Dorian Popa după moartea lui Cheluțu. A fost abandonată după... - Ziare.comSurge — Google News · 01 Oct 2026 · RO
- Cine este Dona, cățelușa adoptată de Dorian Popa după moartea lui Cheluțu. A fost abandonată după... - Ziare.comSurge — Google News · 01 Oct 2026 · RO
- Dorian Popa şi Andreea a adoptat o cățelușă la aproape patru luni de la moartea lui Cheluțu - Utv.roSurge — Google News · 29 Sept 2026 · RO
- Dorian Furtuna vine în România cu două cărți noi. Turneu de lansare în cinci orașeMediafax · 28 Sept 2026 · RO
- Dorian LPG orders three dual-fuel Panamax VLGCs from Hanwha OceanYahoo Finance — News · 07 Sept 2026 · EN
- Imagini rare cu Dorian Popa și Cori, femeia din spatele succesului său. De câțiva ani sunt aproape de nedezlipit și petrec foarte mult timp împreunăLibertatea.ro · 25 Aug 2026 · RO
- Cum au apărut Dorian Popa și soția lui pe străzile din New York. S-au făcut nevăzuți în mulțimeLibertatea.ro · 19 Aug 2026 · RO
- Lecția magistraților pentru idolii „generației Z”: Cum au motivat instanțele condamnările vedetelor prinse cu droguri. Cazurile: Cumicu, Wiz Khalifa, Dorian Popa, GheboasăLibertatea.ro · 18 Aug 2026 · RO
- Ce a pățit Dorian Popa la un restaurant din Capitală, cu cele mai proaste recenzii. Vloggerul s-a lăsat ghidat de ChatGPT. „Niciun haz”Libertatea.ro · 14 Aug 2026 · RO
- Dorian Popa, „Satana” sau Leonardo da Vinci? Pe cine văd turiștii în statuia din Bușteni care a aprins InternetulAdevărul · 10 Aug 2026 · RO
- 5 Știri by Libertatea- Monden: Bianca Drăgușanu rupe tăcerea despre pensia alimentară pe care o primește de la Victor Slav/ Imagini cu vila lui Dorian Popa după renovarea completăLibertatea.ro · 29 Jul 2026 · RO
- „Am trecut prin foc, prin jale și prin jar”. Dorian Popa ia o pauză de la Hatz Residence, invocând TVA-ulStartupCafe.ro · 29 Jul 2026 · RO
- Imagini uimitoare din curtea casei lui Dorian Popa, după ce a fost reamenajată. Decorul de poveste a atras atenția tuturorLibertatea.ro · 24 Jul 2026 · RO
- Cât câștigă Dorian Popa din mediul online. Afacerile influencerului au atins un nivel record în 2025Libertatea.ro · 24 Jul 2026 · RO
- Imagini cu casa din Domnești în care locuiește Dorian Popa. Artistul a renovat-o completLibertatea.ro · 21 Jul 2026 · RO
- Val de reacții la imaginile cu Dorian Popa la munca în folosul comunității: „Numai el putea aduna gunoaie cu Rolex la mână”Adevărul · 16 Jul 2026 · RO
- Imagini cu Dorian Popa în timp ce face muncă în folosul comunității. Ce a găsit vloggerul pe stradă. „Este o luptă crâncenă”Libertatea.ro · 06 Jul 2026 · RO
The latest news item in our archive is from 27 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Shareholder vote
- Current report04 Sept 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report30 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Proxy statement27 Jul 2026
- Current report16 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Annual report27 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Dorian LPG Ltd. · 27 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Dorian LPG Ltd. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Dorian LPG Ltd. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.