Dorian LPG Ltd. Q2 FY2026 earnings call

• Dividend: Declared $0.65 per share totaling $27.8 million, which is the 17th dividend payment, with total dividends distributed over $695 million and total capital returned to shareholders almost $925 million. - VLGC market: Improved in the third calendar quarter with the Baltic Index up, and global seaborne LPG liftings at record high. - Operational: Almost done with 10 of 12 dry dockings planned for 2025; published 2024 corporate responsibility report. - Emissions/reduction: Scrubber vessel savings for the second fiscal quarter of '26 were $1,363,000; operate 16 scrubber-fitted vessels and 5 dual-fuel LPG vessels; dry docking program for 2015-built vessels nearly complete by end of year; fleet remains compliant with emission frameworks.

In the second quarter, Dorian LPG achieved a TCE revenue per available day of $53,725. For the quarter ending December 31, 2025, they currently estimate fixing just over 75% of the fixable days at a TCE of about $57,000 per day. The VLGC market saw improvement with the Baltic Index averaging [68,000] per day in the third calendar quarter, up from previous quarters. Global seaborne LPG liftings reached a record high of 37.21 million tons.

• For the quarter ending December 31, 2025, estimated fixing just over 75% of fixable days at a TCE of about $57,000 per day. - Will make an additional roughly $12 million payment during the quarter ending December 31, 2025. - Dividend policy is irregular, subject to the discretion of the Board, as VLGC rates and geopolitical environment are not regular.

• Forward-looking statements subject to known and unknown risks and uncertainties, and general economic conditions which could cause actual results to differ materially. - Sudden congestion in the Panama Canal and reasons behind it are elusive; actions/reactions on repositioning vessels for U.S. port service fees put pressure on VLGC market.

Q: Nice quarter in terms of realized rate, but wanted to know why final figure was lower than expected.

A: Discrepancy was from timing, load to discharge accounting, dysport options in charters, and dry docking days affecting revenue.

Q: Spot rates have momentum, perspective on latest move?

A: Wait-and-see before U.S. and China meeting in Korea, postponement of port fees relieved market and kickstarted activity