Dorian LPG Ltd. Announces Second Quarter Fiscal Year 2025 Financial Results
-
Declared an irregular dividend totaling
$42.8 million to be paid on or aboutNovember 25, 2024 to shareholders of record as ofNovember 5, 2024 .
Highlights for the Second Quarter Fiscal Year 2025
-
Revenues of
$82.4 million . -
Time Charter Equivalent (“TCE”)(1) rate per available day for our fleet of
$37,010 . -
Net income of
$9.4 million , or$0.22 earnings per diluted share (“EPS”), and adjusted net income(1) of$15.0 million , or$0.35 adjusted earnings per diluted share (“adjusted EPS”).(1) -
Adjusted EBITDA(1) of
$46.2 million . -
Declared and paid an irregular cash dividend totaling
$42.8 million inAugust 2024 .
(1) |
TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non- |
|
Second Quarter Fiscal Year 2025 Results Summary
Net income amounted to
Adjusted net income amounted to
The
The TCE rate per available day for our fleet was
Vessel operating expenses per vessel per calendar day decreased to
Revenues
Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were
Vessel Operating Expenses
Vessel operating expenses were
General and Administrative Expenses
General and administrative expenses were
Interest and Finance Costs
Interest and finance costs amounted to
Interest Income
Interest income amounted to
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives amounted to
Fleet
The following table sets forth certain information regarding our fleet as of
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Scrubber |
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Time |
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Capacity |
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ECO |
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Equipped |
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Charter-Out |
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(Cbm) |
|
Shipyard |
|
|
Year Built |
|
Vessel(1) |
|
or Dual-Fuel |
|
Employment |
|
Expiration(2) |
|
Dorian VLGCs |
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|
|
|
|
|
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Captain John NP |
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82,000 |
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Hyundai |
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2007 |
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— |
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— |
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Pool(4) |
|
— |
|
Comet |
|
84,000 |
|
Hyundai |
|
|
2014 |
|
X |
|
S |
|
Pool(4) |
|
— |
|
Corsair(3) |
|
84,000 |
|
Hyundai |
|
|
2014 |
|
X |
|
S |
|
Time Charter(6) |
|
Q4 2024 |
|
Corvette |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
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Cougar(3) |
|
84,000 |
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Hyundai |
|
|
2015 |
|
X |
|
— |
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Pool-TCO(5) |
|
Q2 2025 |
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Concorde |
|
84,000 |
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Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
|
Cobra |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
— |
|
Pool(4) |
|
— |
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Continental |
|
84,000 |
|
Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
|
|
|
84,000 |
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Hyundai |
|
|
2015 |
|
X |
|
S |
|
Pool(4) |
|
— |
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Commodore |
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84,000 |
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Hyundai |
|
|
2015 |
|
X |
|
— |
|
Pool-TCO(5) |
|
Q2 2027 |
|
Cresques(3) |
|
84,000 |
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Daewoo |
|
|
2015 |
|
X |
|
S |
|
Pool-TCO(5) |
|
Q2 2025 |
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Constellation |
|
84,000 |
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Hyundai |
|
|
2015 |
|
X |
|
S |
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Pool(4) |
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— |
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Cheyenne |
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84,000 |
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Hyundai |
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2015 |
|
X |
|
S |
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Pool(4) |
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— |
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Clermont |
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84,000 |
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Hyundai |
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2015 |
|
X |
|
S |
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Pool(4) |
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— |
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Cratis(3) |
|
84,000 |
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Daewoo |
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2015 |
|
X |
|
S |
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Pool(4) |
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— |
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Chaparral(3) |
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84,000 |
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Hyundai |
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2015 |
|
X |
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— |
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Pool-TCO(5) |
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Q2 2025 |
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Copernicus(3) |
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84,000 |
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Daewoo |
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2015 |
|
X |
|
S |
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Pool(4) |
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— |
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Commander |
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84,000 |
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Hyundai |
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2015 |
|
X |
|
S |
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Pool(4) |
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— |
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Challenger |
|
84,000 |
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Hyundai |
|
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2015 |
|
X |
|
S |
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Pool-TCO(5) |
|
Q3 2026 |
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|
|
84,000 |
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Hyundai |
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2016 |
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X |
|
S |
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Pool(4) |
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— |
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84,000 |
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2023 |
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X |
|
DF |
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Pool(4) |
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— |
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Total |
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1,762,000 |
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Time chartered-in VLGCs |
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Future Diamond(7) |
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80,876 |
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Hyundai |
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2020 |
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X |
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S |
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Pool(4) |
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— |
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HLS Citrine(8) |
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86,090 |
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Hyundai |
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2023 |
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X |
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DF |
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Pool(4) |
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— |
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HLS Diamond(9) |
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86,090 |
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Hyundai |
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2023 |
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X |
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DF |
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Pool(4) |
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— |
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Cristobal(10) |
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86,980 |
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Hyundai |
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2023 |
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X |
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DF |
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Pool(4) |
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— |
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_________________ | ||
(1) |
Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint. |
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(2) |
Represents calendar year quarters. |
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(3) |
Operated pursuant to a bareboat chartering agreement. |
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(4) |
“Pool” indicates that the vessel operates in the |
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(5) |
“Pool-TCO” indicates that the vessel is operated in the |
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(6) |
Currently on a time charter with an oil major that began in |
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(7) |
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2025. |
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(8) |
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. |
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(9) |
Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. |
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(10) |
Vessel has a Panamax beam and shaft generator and is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2030 and purchase options beginning in year seven. |
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Market Outlook & Update
External factors were influential on the market, particularly in the
Total exports in August from the
Imports into
A further 3 new VLGCs were added during Q3 2024, adding some extra capacity to a freight market that has been primarily impacted by the overhang of vessel supply in the
An additional 41 VLGCs equivalent to roughly 3.6 million cbm of carrying capacity are expected to be added to the global fleet by calendar year 2027. The average age of the global fleet is now approximately 10.6 years old. Currently the VLGC orderbook stands at approximately 10% of the global fleet, excluding the VLAC (Very Large Ammonia Carriers) and VLEC (Very Large Ethane Carriers) orderbook which totals 119 vessels with potential capability to carry LPG as a product.
The above market outlook update is based on information, data and estimates derived from industry sources available as of the date of this release, and there can be no assurances that such trends will continue or that anticipated developments in freight rates, export volumes, the VLGC orderbook or other market indicators will materialize. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors. You are cautioned not to give undue weight to such information, data and estimates. We have not independently verified any third-party information, verified that more recent information is not available and undertake no obligation to update this information unless legally obligated.
Seasonality
Liquefied gases are primarily used for industrial and domestic heating, as chemical and refinery feedstock, as transportation fuel and in agriculture. The LPG shipping market historically has been stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities. Demand for our vessels therefore may be stronger in our quarters ending
Financial Information
The following table presents our selected financial data and other information for the periods presented:
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Three months ended |
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Six months ended |
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(in |
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Statement of Operations Data |
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Revenues |
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$ |
82,433,480 |
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$ |
144,698,462 |
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|
$ |
196,786,522 |
|
$ |
256,261,369 |
|
Expenses |
|
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|
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|
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Voyage expenses |
|
|
752,552 |
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|
1,221,228 |
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|
|
1,557,537 |
|
|
1,519,611 |
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Charter hire expenses |
|
|
9,851,068 |
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|
12,068,419 |
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|
|
20,496,208 |
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|
22,615,229 |
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Vessel operating expenses |
|
|
19,539,916 |
|
|
20,977,119 |
|
|
|
40,020,195 |
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|
40,819,505 |
|
Depreciation and amortization |
|
|
17,370,662 |
|
|
17,045,919 |
|
|
|
34,541,648 |
|
|
33,701,236 |
|
General and administrative expenses |
|
|
16,458,650 |
|
|
13,578,648 |
|
|
|
26,882,720 |
|
|
22,796,785 |
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Total expenses |
|
|
63,972,848 |
|
|
64,891,333 |
|
|
|
123,498,308 |
|
|
121,452,366 |
|
Other income—related parties |
|
|
635,454 |
|
|
680,950 |
|
|
|
1,281,397 |
|
|
1,301,383 |
|
Operating income |
|
|
19,096,086 |
|
|
80,488,079 |
|
|
|
74,569,611 |
|
|
136,110,386 |
|
Other income/(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
|
(9,438,273) |
|
|
(10,314,881) |
|
|
|
(18,956,703) |
|
|
(20,718,730) |
|
Interest income |
|
|
4,461,174 |
|
|
2,030,752 |
|
|
|
8,189,681 |
|
|
3,720,972 |
|
Unrealized gain/(loss) on derivatives |
|
|
(5,583,238) |
|
|
1,560,594 |
|
|
|
(6,004,865) |
|
|
4,419,868 |
|
Realized gain on derivatives |
|
|
1,654,119 |
|
|
1,928,217 |
|
|
|
3,371,368 |
|
|
3,775,981 |
|
Other gain/(loss), net |
|
|
(761,263) |
|
|
819,904 |
|
|
|
(452,347) |
|
|
925,325 |
|
Total other income/(expenses), net |
|
|
(9,667,481) |
|
|
(3,975,414) |
|
|
|
(13,852,866) |
|
|
(7,876,584) |
|
Net income |
|
$ |
9,428,605 |
|
$ |
76,512,665 |
|
|
$ |
60,716,745 |
|
$ |
128,233,802 |
|
Earnings per common share—basic |
|
|
0.22 |
|
|
1.90 |
|
|
|
1.46 |
|
|
3.19 |
|
Earnings per common share—diluted |
|
$ |
0.22 |
|
$ |
1.89 |
|
|
$ |
1.45 |
|
$ |
3.18 |
|
Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
|
$ |
46,151,691 |
|
$ |
104,564,452 |
|
|
$ |
124,109,084 |
|
$ |
179,414,324 |
|
Fleet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calendar days(2) |
|
|
1,932 |
|
|
1,932 |
|
|
|
3,843 |
|
|
3,843 |
|
Time chartered-in days(3) |
|
|
340 |
|
|
416 |
|
|
|
704 |
|
|
780 |
|
Available days(4)(5) |
|
|
2,207 |
|
|
2,283 |
|
|
|
4,467 |
|
|
4,501 |
|
Average Daily Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent rate(5)(6) |
|
$ |
37,010 |
|
$ |
62,846 |
|
|
$ |
43,705 |
|
$ |
56,597 |
|
Daily vessel operating expenses(7) |
|
$ |
10,114 |
|
$ |
10,858 |
|
|
$ |
10,414 |
|
$ |
10,622 |
|
___________________ | ||
(1) |
Adjusted EBITDA is an unaudited non- |
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Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with |
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The following table sets forth a reconciliation of net income to Adjusted EBITDA (unaudited) for the periods presented: |
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Three months ended |
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Six months ended |
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(in |
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Net income |
|
$ |
9,428,605 |
|
$ |
76,512,665 |
|
$ |
60,716,745 |
|
$ |
128,233,802 |
|
Interest and finance costs |
|
|
9,438,273 |
|
|
10,314,881 |
|
|
18,956,703 |
|
|
20,718,730 |
|
Unrealized (gain)/loss on derivatives |
|
|
5,583,238 |
|
|
(1,560,594) |
|
|
6,004,865 |
|
|
(4,419,868) |
|
Realized gain on interest rate swaps |
|
|
(1,667,809) |
|
|
(1,928,217) |
|
|
(3,385,058) |
|
|
(3,775,981) |
|
Stock-based compensation expense |
|
|
5,998,722 |
|
|
4,179,798 |
|
|
7,274,181 |
|
|
4,956,405 |
|
Depreciation and amortization |
|
|
17,370,662 |
|
|
17,045,919 |
|
|
34,541,648 |
|
|
33,701,236 |
|
Adjusted EBITDA |
|
$ |
46,151,691 |
|
$ |
104,564,452 |
|
$ |
124,109,084 |
|
$ |
179,414,324 |
|
(2) |
We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that are recorded during that period. |
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||
(3) |
We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties excluding off-hire days. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period. |
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||
(4) |
We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially-managed vessels) less aggregate off hire days associated with both unscheduled and scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues. |
|
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||
Note that we have updated our definition of available days to include unscheduled maintenance as we believe it is more reflective of industry practice and more consistent with the practice used in the |
||
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||
(5) |
Prior period amounts have been updated to conform to current period presentation. |
|
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||
(6) |
Time charter equivalent rate, or TCE rate, is a non- |
|
The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented: |
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Three months ended |
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Six months ended |
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||||||||
(in |
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|
||||
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
82,433,480 |
|
$ |
144,698,462 |
|
|
$ |
196,786,522 |
|
$ |
256,261,369 |
|
Voyage expenses |
|
|
(752,552) |
|
|
(1,221,228) |
|
|
|
(1,557,537) |
|
|
(1,519,611) |
|
Time charter equivalent |
|
$ |
81,680,928 |
|
$ |
143,477,234 |
|
|
$ |
195,228,985 |
|
$ |
254,741,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pool adjustment* |
|
|
— |
|
|
— |
|
|
|
(2,050) |
|
|
895,272 |
|
Time charter equivalent excluding pool adjustment* |
|
$ |
81,680,928 |
|
$ |
143,477,234 |
|
|
$ |
195,226,935 |
|
$ |
255,637,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available days** |
|
|
2,207 |
|
|
2,283 |
|
|
|
4,467 |
|
|
4,501 |
|
TCE rate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent rate** |
|
$ |
37,010 |
|
$ |
62,846 |
|
|
$ |
43,705 |
|
$ |
56,597 |
|
TCE rate excluding pool adjustment* |
|
$ |
37,010 |
|
$ |
62,846 |
|
|
$ |
43,704 |
|
$ |
56,796 |
|
* Adjusted for the effects of reallocations of pool profits in accordance with the pool participation agreements primarily resulting from the actual speed and consumption performance of the vessels operating in the |
||
|
||
** Prior period amounts have been updated to conform to current period presentation of available days (see footnotes to tables above). |
||
|
||
(7) |
Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period. |
|
In addition to the results of operations presented in accordance with
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
|
||||||||
(in |
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
9,428,605 |
|
$ |
76,512,665 |
|
|
$ |
60,716,745 |
|
$ |
128,233,802 |
|
Unrealized (gain)/loss on derivatives |
|
|
5,583,238 |
|
|
(1,560,594) |
|
|
|
6,004,865 |
|
|
(4,419,868) |
|
Adjusted net income |
|
$ |
15,011,843 |
|
$ |
74,952,071 |
|
|
$ |
66,721,610 |
|
$ |
123,813,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share—diluted |
|
$ |
0.22 |
|
$ |
1.89 |
|
|
$ |
1.45 |
|
$ |
3.18 |
|
Unrealized (gain)/loss on derivatives |
|
|
0.13 |
|
|
(0.04) |
|
|
|
0.14 |
|
|
(0.11) |
|
Adjusted earnings per common share—diluted |
|
$ |
0.35 |
|
$ |
1.85 |
|
|
$ |
1.59 |
|
$ |
3.07 |
|
The following table presents our unaudited balance sheets as of the dates presented:
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
||
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
348,628,442 |
|
$ |
282,507,971 |
|
Restricted cash—current |
|
|
788,151 |
|
|
— |
|
Trade receivables, net and accrued revenues |
|
|
1,034,492 |
|
|
659,567 |
|
Due from related parties |
|
|
60,941,092 |
|
|
52,352,942 |
|
Inventories |
|
|
2,430,738 |
|
|
2,393,379 |
|
Available-for-sale debt securities |
|
|
9,893,579 |
|
|
11,530,939 |
|
Derivative instruments |
|
|
2,025,695 |
|
|
5,139,056 |
|
Prepaid expenses and other current assets |
|
|
13,781,659 |
|
|
14,297,917 |
|
Total current assets |
|
|
439,523,848 |
|
|
368,881,771 |
|
Fixed assets |
|
|
|
|
|
|
|
Vessels, net |
|
|
1,178,842,709 |
|
|
1,208,588,213 |
|
Vessel under construction |
|
|
24,657,708 |
|
|
23,829,678 |
|
Total fixed assets |
|
|
1,203,500,417 |
|
|
1,232,417,891 |
|
Other non-current assets |
|
|
|
|
|
|
|
Deferred charges, net |
|
|
12,060,949 |
|
|
12,544,098 |
|
Derivative instruments |
|
|
1,299,869 |
|
|
4,145,153 |
|
Due from related parties—non-current |
|
|
26,400,000 |
|
|
25,300,000 |
|
Restricted cash—non-current |
|
|
78,011 |
|
|
75,798 |
|
Operating lease right-of-use assets |
|
|
175,790,541 |
|
|
191,700,338 |
|
Other non-current assets |
|
|
2,588,087 |
|
|
2,585,116 |
|
Total assets |
|
$ |
1,861,241,722 |
|
$ |
1,837,650,165 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
9,962,065 |
|
$ |
10,185,962 |
|
Accrued expenses |
|
|
4,049,030 |
|
|
3,948,420 |
|
Due to related parties |
|
|
464,259 |
|
|
7,283 |
|
Deferred income |
|
|
1,545,914 |
|
|
486,868 |
|
Derivative instruments |
|
|
46,220 |
|
|
— |
|
Current portion of long-term operating lease liabilities |
|
|
33,671,870 |
|
|
32,491,122 |
|
Current portion of long-term debt |
|
|
53,766,642 |
|
|
53,543,315 |
|
Dividends payable |
|
|
532,324 |
|
|
1,149,665 |
|
Total current liabilities |
|
|
104,038,324 |
|
|
101,812,635 |
|
Long-term liabilities |
|
|
|
|
|
|
|
Long-term debt—net of current portion and deferred financing fees |
|
|
525,241,805 |
|
|
551,549,215 |
|
Long-term operating lease liabilities |
|
|
142,135,644 |
|
|
159,226,326 |
|
Other long-term liabilities |
|
|
1,576,174 |
|
|
1,528,906 |
|
Total long-term liabilities |
|
|
668,953,623 |
|
|
712,304,447 |
|
Total liabilities |
|
|
772,991,947 |
|
|
814,117,082 |
|
Commitments and contingencies |
|
|
— |
|
|
— |
|
Shareholders’ equity |
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
— |
|
Common stock, |
|
|
542,947 |
|
|
519,950 |
|
Additional paid-in-capital |
|
|
864,375,031 |
|
|
772,714,486 |
|
|
|
|
(131,096,907) |
|
|
(126,837,239) |
|
Retained earnings |
|
|
354,428,704 |
|
|
377,135,886 |
|
Total shareholders’ equity |
|
|
1,088,249,775 |
|
|
1,023,533,083 |
|
Total liabilities and shareholders’ equity |
|
$ |
1,861,241,722 |
|
$ |
1,837,650,165 |
|
Conference Call
A conference call to discuss the results will be held on
A live webcast of the conference call will also be available under the investor relations section at www.dorianlpg.com. The information on our website does not form a part of and is not incorporated by reference into this release.
About
Forward-Looking and Other Cautionary Statements
The cash dividends referenced in this release are irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time.
This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031527584/en/
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com
Source: