DORIAN LPG LTD. STAMFORD, Conn., Jan. 30, 2017 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended December 31, 2016.
Highlights for the Third Quarter Fiscal Year 2017
-- Revenues of $35.7 million and Daily Time Charter Equivalent ("TCE")((1)
)rate for our fleet of $17,796 for the three months ended December 31,
2016.
-- Net income of $5.0 million, or $0.09 earnings per basic and diluted
share ("EPS"), and adjusted net loss((1)) of $(19.3) million, or $(0.36)
adjusted diluted loss per share ("adjusted EPS")((1)), for the three
months ended December 31, 2016.
-- Adjusted EBITDA((1)) of $13.9 million for the three months ended
December 31, 2016.
-- Increased vessel operating days to 1,941 in the three months ended
December 31, 2016 from 1,581 in the same period in the prior year, along
with increased fleet utilization from 92.8% to 98.4%.
-- Terminated interest rate swaps related to our RBS loan facility for $8.1
million during the three months ended December 31, 2016.
((1) )TCE, adjusted net income/(loss), adjusted EPS and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of revenues to TCE, net income/(loss) to adjusted net income/(loss), EPS to adjusted EPS and net income/(loss) to adjusted EBITDA included in this press release.
John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "Our results for the quarter reflect our consistent chartering, good management of our costs, and focus on serving our customers well. Spot rates have moved favorably in the wake of OPEC cuts, but we remain cautious in our market outlook. I am confident in the abilities of our very experienced operational, commercial and financial management teams to ensure the company retains its leadership place amongst its peers and is best positioned to benefit its shareholders."
Third Quarter Fiscal Year 2017 Results Summary
Our net income amounted to $5.0 million, or $0.09 per share, for the three months ended December 31, 2016, compared to net income of $54.7 million, or $0.97 per share, for the three months ended December 31, 2015.
Our adjusted net loss amounted to $(19.3) million, or $(0.36) per share for the three months ended December 31, 2016, compared to adjusted net income of $47.3 million, or $0.84 per share for the three months ended December 31, 2015. We have adjusted our net loss for the three months ended December 31, 2016 for unrealized gains on derivative instruments of $24.4 million. Please refer to the reconciliation of net income/(loss) to adjusted net income/(loss), which appears later in this press release.
The decrease of $66.6 million in adjusted net income/(loss) for the three months ended December 31, 2016 compared to the three months ended December 31, 2015 is primarily attributable to reduced revenues of $57.6 million, a $2.9 million increase in depreciation and amortization, a $2.8 million increase in vessel operating expenses, a $2.7 million increase in interest and finance costs, and a $6.4 million increase in realized loss on derivatives, partially offset by a $3.1 million decrease in voyage expenses and a $2.3 million decrease in general and administrative expenses.
The TCE rate for our fleet was $17,796 for the three months ended December 31, 2016, a 68.4% decrease from the $56,253 TCE rate from the same period in the prior year, reflecting more subdued market conditions. Please see footnote 6 to the table in "--Financial Information" below for other information related to how we calculate TCE. Total fleet utilization (including the utilization of our vessels deployed in the Helios Pool) increased from 92.8% in the quarter ended December 31, 2015 to 98.4% in the quarter ended December 31, 2016.
Vessel operating expenses per day increased to $8,456 in the three months ended December 31, 2016 from $8,180 in the same period in the prior year. This increase largely related to additional repairs and maintenance incurred and spares and stores purchased primarily for two VLGCs that underwent drydocking during the three months ended December 31, 2016.
Revenues
Revenues, which represent net pool revenues--related party, voyage charters, time charters and other revenues earned by our vessels, were $35.7 million for the three months ended December 31, 2016, a decrease of $57.6 million, or 61.7%, from $93.3 million for the three months ended December 31, 2015. The decrease is primarily attributable to lower VLGC rates resulting in a decrease in revenues of $58.2 million for VLGCs that were operating in our fleet during both three-month periods, along with a decrease of $0.7 million in revenues contributed by a pressurized gas carrier operating in our fleet during the three months ended December 31, 2015 that was sold prior to the three months ended December 31, 2016. This decrease was partially offset by $1.3 million of revenues contributed by one of our newbuilding VLGCs that began operations subsequent to December 31, 2015.
Voyage Expenses
Voyage expenses were $1.2 million during the three months ended December 31, 2016, a decrease of $3.1 million, or 72.6%, from $4.3 million for the three months ended December 31, 2015. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel consumption, port expenses, canal fees, charter hire commissions, war risk insurance and security costs. Voyage expenses are typically paid by us under voyage charters and by the charterer under time charters, including our vessels chartered to the Helios Pool. Accordingly, we mainly incur voyage expenses for voyage charters or during repositioning voyages between time charters for which no cargo is available or travelling to or from drydocking. The decrease for the three months ended December 31, 2016, when compared to the three months ended December 31, 2015, was mainly attributable to the fact that only one of our VLGCs operated on voyage charters outside of the Helios Pool during the three months ended December 31, 2016, resulting in decreases in VLGC bunker costs of $2.3 million and other voyage expenses of $0.4 million. In addition, a pressurized gas carrier operating in our fleet during the three months ended December 31, 2015 incurred voyage expenses of $0.4 million for the three months ended December 31, 2015 that did not recur during the three months ended December 31, 2016 as the vessel was sold prior to the period.
Vessel Operating Expenses
Vessel operating expenses were $17.1 million during the three months ended December 31, 2016, or $8,456 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period for the vessels that were in our fleet. This was an increase of $2.8 million, or 20.0%, from $14.3 million for the three months ended December 31, 2015. The increase in vessel operating expenses was primarily the result of an increase in the number of vessels operating in our fleet during the three months ended December 31, 2016 compared to the three months ended December 31, 2015 along with additional repairs and maintenance incurred and spares and stores purchased primarily for two VLGCs that underwent drydocking during the three months ended December 31, 2016. Vessel operating expenses per vessel per calendar day increased $276 from $8,180 for the three months ended December 31, 2015 to $8,456 for the three months ended December 31, 2016. The increase in vessel operating expenses per vessel per calendar day of $276 was substantially due to increases of $311 per vessel per calendar day relating to additional repairs and maintenance incurred and spares and stores purchased primarily for two VLGCs that underwent drydocking during the three months ended December 31, 2016 and $122 per vessel per calendar day for other vessel operating expenses. These increases were partially offset by a decrease in lubricants of $157 per vessel per calendar day relating primarily to a reduction in lubricant consumption.
Depreciation and Amortization
Depreciation and amortization was $16.4 million for the three months ended December 31, 2016, an increase of $2.9 million, or 21.0%, from $13.5 million for the three months ended December 31, 2015 that mainly relates to depreciation expense for our additional operating vessels.
General and Administrative Expenses
General and administrative expenses were $5.2 million for the three months ended December 31, 2016, a decrease of $2.3 million, or 31.2%, from $7.5 million for the three months ended December 31, 2015. The decrease was mainly due to decreases of $1.4 million for certain non-capitalizable costs incurred prior to vessel delivery, $0.1 million for stock-based compensation and $0.8 million for other general and administrative expenses.
Other Income--Related Parties
Other income--related parties amounted to $0.7 million for the three months ended December 31, 2016, an increase of $0.3 million, or 74.9%, from $0.4 million for the three months ended December 31, 2015. The increase was primarily attributable to an increase of $0.2 million of fees for commercial management services provided by Dorian LPG (UK) Ltd. to the Helios Pool as well an increase of $0.1 million for certain chartering and marine operation services provided by Dorian LPG (USA) LLC and its subsidiaries to a related party.
Interest and Finance Costs
Interest and finance costs amounted to $7.3 million for the three months ended December 31, 2016, an increase of $2.7 million, or 58.2%, from $4.6 million for the three months ended December 31, 2015. The increase of $2.7 million during this period was mainly due to a $1.6 million increase in interest incurred on our long-term debt, amortization and other financing expenses, including capitalized interest, from $5.7 million for the three months ended December 31, 2015 to $7.3 million for the three-month period ended December 31, 2016. This increase was largely due to an increase in average indebtedness, excluding deferred financing fees, from $711.8 million for the three months ended December 31, 2015 to $802.0 million for the three months ended December 31, 2016. Additionally, we had no capitalized interest during the three months ended December 31, 2016 compared to $1.1 million during the three months ended December 31, 2015. The outstanding balance of our long term debt, net of deferred financing fees of $21.0 million, as of December 31, 2016, was $766.7 million.
Unrealized Gain on Derivatives
Unrealized gain on derivatives amounted to a gain of approximately $24.4 million for the three months ended December 31, 2016, compared to a gain of $7.4 million for the three months ended December 31, 2015. The $17.0 million change is primarily attributable to changes in the fair value of our interest rate swaps due to changes in forward LIBOR yield curves along with an $8.1 million unrealized gain related to the termination of our RBS interest rate swaps.
Realized Loss on Derivatives
Realized loss on derivatives amounted to a loss of approximately $8.4 million for the three months ended December 31, 2016, an increase of $6.4 million, or 317.9%, from a loss of $2.0 million for the three months ended December 31, 2015. The increase is primarily attributable to the termination of the interest rate swaps related to the RBS Loan Facility during the three months ended December 31, 2016.
Share Repurchase Program
In August 2015, our Board of Directors authorized a stock repurchase program of up to $100.0 million of our common stock on or before December 31, 2016. As of December 31, 2016, we repurchased a total of 3,342,035 shares of our common stock for approximately $33.7 million under this program. During the three months ended December 31, 2016, we repurchased 15,870 shares of our common stock for approximately $0.1 million.
Fleet
The following table sets forth certain information regarding our fleet as of January 26, 2017. We classify vessel employment as either Time Charter, Pool or Pool-TCO.
Capacity Sister ECO Charter
(Cbm) Shipyard Ships Year Built Vessel(1) Employment Expiration(2)
---- -------- ----- ---------- -------- ---------- ------------
VLGCs
Captain Markos NL 82,000 Hyundai A 2006 - Time Charter(3) Q4 2019
Captain John NP 82,000 Hyundai A 2007 - Pool(4) -
Captain Nicholas ML 82,000 Hyundai A 2008 - Pool(4) -
Comet 84,000 Hyundai B 2014 X Time Charter(5) Q3 2019
Corsair 84,000 Hyundai B 2014 X Time Charter(6) Q3 2018
Corvette 84,000 Hyundai B 2015 X Pool(4) -
Cougar 84,000 Hyundai B 2015 X Pool(4) -
Concorde 84,000 Hyundai B 2015 X Pool(4) -
Cobra 84,000 Hyundai B 2015 X Pool(4) -
Continental 84,000 Hyundai B 2015 X Pool(4) -
Constitution 84,000 Hyundai B 2015 X Pool(4) -
Commodore 84,000 Hyundai B 2015 X Pool(4) -
Cresques 84,000 Daewoo C 2015 X Pool(4) -
Constellation 84,000 Hyundai B 2015 X Pool(4) -
Cheyenne 84,000 Hyundai B 2015 X Pool(4) -
Clermont 84,000 Hyundai B 2015 X Pool(4) -
Cratis 84,000 Daewoo C 2015 X Pool(4) -
Chaparral 84,000 Hyundai B 2015 X Pool(4) -
Copernicus 84,000 Daewoo C 2015 X Pool(4) -
Commander 84,000 Hyundai B 2015 X Time Charter(8) Q4 2020
Challenger 84,000 Hyundai B 2015 X Pool-TCO(7) Q2 2017
Caravelle 84,000 Hyundai B 2016 X Pool(4) -
------
Total 1,842,000
(1) Represents vessels with very low
revolutions per minute,
long-stroke, electronically
controlled engines, larger
propellers, advanced hull
design, and low friction paint.
(2) Represents calendar year
quarters.
(3) Currently on time charter with
an oil major that began in
December 2014.
(4) "Pool" indicates that the vessel
is operated in the Helios Pool
on voyage charters with third
parties and receives as charter
hire a portion of the net
revenues of the pool calculated
according to a formula based on
the vessel's pro rata
performance in the pool.
(5) Currently on a time charter with
an oil major that began in July
2014.
(6) Currently on time charter with
an oil major that began in July
2015.
(7) "Pool-TCO" indicates that the
vessel is operated in the
Helios Pool on a time charter
out to a third party and
receives as charter hire a
portion of the net revenues of
the pool calculated according
to a formula based on the
vessel's pro rata performance
in the pool.
(8) Currently on a time charter with
a major oil company that began
in November 2015.
Market Outlook Update
For the year ended December 31, 2016, global seaborne LPG volumes amounted to nearly 90 million metric tonnes compared to about 85 million metric tonnes for 2015, a 5% increase. LPG export volumes from the US and the Middle East increased significantly in 2016, reaching levels of 25.4 million and 38.7 million metric tonnes and registering 23% and a 9% increases, respectively, over 2015. Far East LPG imports in 2016 were 19% higher than in 2015 and China in particular accounted for two-thirds of this increase. The West-East arbitrage became profitable, notwithstanding higher LPG pricing at Mt Belvieu, in particular for cargoes transiting the new Panama Canal that took advantage of the shorter steaming time and the backwardation of the Far East Index market. The rig count in the U.S. has continued strengthening, to 659 currently, which when coupled with the strong draws on propane inventories in the U.S., down to 72 million bbls from 100 million bbls in late October, we believe signals gas market supply shortages and renewed activity in energy exploration and production. VLGC fleet utilization steadily increased over the quarter to well over 90%, notwithstanding the significant number of newbuilding VLGCs added to the fleet. The order book stands at about 15% of the VLGC fleet while the percentage of the global VLGC fleet over 20 years of age stands at 15% of the fleet. In view of stronger prices in the demolition markets, we believe the possibility increases that older VLGCs may become attractive candidates for demolition and removed from the fleet in the coming months. The above summary is based on data derived from industry sources, and there can be no assurances that such trends will continue or that anticipated future freight rates, export capacity, export volumes, or scrapping rates will materialize.
Seasonality
Liquefied gases are primarily used for industrial and domestic heating, as a chemical and refinery feedstock, as a transportation fuel and in agriculture. The LPG shipping market is typically 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 June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth these short-term fluctuations. To the extent any of our time charters or the charters of the vessels in the Helios Pool expire during the relatively weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter the vessels at similar rates. As a result, we and the Helios Pool may have to accept lower rates or experience off-hire time for the vessels, which may adversely impact our business, financial condition and operating results.
Financial Information
The following table presents our selected financial data and other information for the periods presented:
Three months ended Nine months ended
------------------ -----------------
(in U.S. dollars, except fleet data) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------
Statement of Operations Data
Revenues $35,734,988 $93,283,708 $119,861,997 $203,872,600
Expenses
Voyage expenses 1,193,265 4,347,222 2,415,287 11,411,841
Vessel operating expenses 17,114,358 14,265,183 49,549,255 30,479,158
Depreciation and amortization 16,385,921 13,536,900 48,944,183 26,697,882
General and administrative expenses 5,166,239 7,506,740 15,981,464 20,002,555
Loss on disposal of assets - - - 105,549
--- --- --- -------
Total expenses 39,859,783 39,656,045 116,890,189 88,696,985
Other income-related parties 670,836 383,642 1,776,659 1,150,927
------- ------- --------- ---------
Operating income/(loss) (3,453,959) 54,011,305 4,748,467 116,326,542
Other income/(expenses)
Interest and finance costs (7,332,260) (4,633,454) (21,530,588) (5,700,583)
Interest income 27,711 22,382 81,206 137,226
Unrealized gain on derivatives 24,381,306 7,389,868 26,539,650 3,665,324
Realized loss on derivatives (8,390,014) (2,007,426) (12,980,717) (4,482,250)
Foreign currency loss, net (193,160) (121,352) (255,103) (418,789)
-------- -------- -------- --------
Total other income/(expenses), net 8,493,583 650,018 (8,145,552) (6,799,072)
--------- ------- ---------- ----------
Net income/(loss) $5,039,624 $54,661,323 $(3,397,085) $109,527,470
---------- ----------- ----------- ------------
Earnings/(loss) per common share-basic 0.09 0.97 (0.06) 1.92
Earnings/(loss) per common share-diluted $0.09 $0.97 $(0.06) $1.92
Other Financial Data
Adjusted EBITDA(1) $13,927,649 $68,738,066 $56,757,693 $145,793,680
Fleet Data
Calendar days(2) 2,024 1,744 6,050 3,498
Available days(3) 1,972 1,703 5,996 3,417
Operating days(4)(7) 1,941 1,581 5,558 3,205
Fleet utilization(5)(7) 98.4 % 92.8 % 92.7 % 93.8 %
Average Daily Results
Time charter equivalent rate(6)(7) $17,796 $56,253 $21,131 $60,050
Daily vessel operating expenses(8) $8,456 $8,180 $8,190 $8,713
(1) Adjusted
EBITDA is
non-U.S.
GAAP
financial
measure and
represents
net income/
(loss) before
interest and
finance
costs,
unrealized
(gain)/loss
on
derivatives,
realized loss
on
derivatives,
stock-based
compensation
expense,
impairment,
and
depreciation
and
amortization
and is used
as a
supplemental
financial
measure by
management to
assess our
financial and
operating
performance.
We believe
that adjusted
EBITDA
assists our
management
and investors
by increasing
the
comparability
of our
performance
from period
to period.
This
increased
comparability
is achieved
by excluding
the
potentially
disparate
effects
between
periods of
derivatives,
interest and
finance
costs, stock-
based
compensation
expense,
impairment,
depreciation
and
amortization
and loss on
disposal of
assets
expense,
which items
are affected
by various
and possibly
changing
financing
methods,
capital
structure and
historical
cost basis
and which
items may
significantly
affect net
income/
(loss)
between
periods. We
believe that
including
adjusted
EBITDA as a
financial and
operating
measure
benefits
investors in
selecting
between
investing in
us and other
investment
alternatives.
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 U.S.
GAAP.
Adjusted
EBITDA
excludes
some, but not
all, items
that affect
net income/
(loss).
Adjusted
EBITDA as
presented
below may not
be computed
consistently
with
similarly
titled
measures of
other
companies
and,
therefore,
might not be
comparable
with other
companies.
The following table sets forth a reconciliation of net income/(loss) to Adjusted EBITDA (unaudited) for the periods presented:
Three months ended Nine months ended
------------------ -----------------
(in U.S. dollars) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------
$
Net income/(loss) 5,039,624 $54,661,323 $(3,397,085) $109,527,470
Interest and finance costs 7,332,260 4,633,454 21,530,588 5,700,583
Unrealized gain on derivatives (24,381,306) (7,389,868) (26,539,650) (3,665,324)
Realized loss on derivatives 8,390,014 2,007,426 12,980,717 4,482,250
Stock-based compensation expense 1,161,136 1,288,831 3,238,940 3,050,819
Depreciation and amortization 16,385,921 13,536,900 48,944,183 26,697,882
---------- ---------- ---------- ----------
$
Adjusted EBITDA 13,927,649 $68,738,066 $56,757,693 $145,793,680
---------- ----------- ----------- ------------
(2) We define
calendar days
as the total
number of days
in a period
during which
each vessel in
our fleet was
owned. 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.
(3) We define
available days
as calendar
days less
aggregate
off-hire days
associated with
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.
(4) We define
operating days
as available
days less the
aggregate
number of days
that our
vessels are
off-hire for
any reason
other than
scheduled
maintenance. We
use operating
days to measure
the number of
days in a
period that our
operating
vessels are on
hire (refer to
7 below).
(5) We calculate
fleet
utilization by
dividing the
number of
operating days
during a period
by the number
of available
days during
that period. An
increase in
non-scheduled
off-hire days
would reduce
our operating
days, and,
therefore, our
fleet
utilization. We
use fleet
utilization to
measure our
ability to
efficiently
find suitable
employment for
our vessels.
(6) TCE rate is a
non-GAAP
measure of the
average daily
revenue
performance of
a vessel. TCE
rate is a
shipping
industry
performance
measure used
primarily to
compare
period-to-period
changes in a
shipping
company's
performance
despite changes
in the mix of
charter types
(such as time
charters,
voyage
charters) under
which the
vessels may be
employed
between the
periods. Our
method of
calculating TCE
rate is to
divide revenue
net of voyage
expenses by
operating days
for the
relevant time
period, which
may not be
calculated the
same by other
companies.
The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented:
Three months ended Nine months ended
------------------ -----------------
(in U.S. dollars, except operating days) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------
Numerator:
Revenues $35,734,988 $93,283,708 $119,861,997 $203,872,600
Voyage expenses (1,193,265) (4,347,222) (2,415,287) (11,411,841)
---------- ---------- ---------- -----------
Time charter equivalent $34,541,723 $88,936,486 $117,446,710 $192,460,759
----------- ----------- ------------ ------------
Denominator:
Operating days 1,941 1,581 5,558 3,205
----- ----- ----- -----
TCE rate:
Time charter equivalent rate $17,796 $56,253 $21,131 $60,050
------- ------- ------- -------
(7) We determine operating days for each vessel
based on the underlying vessel employment,
including our vessels in the Helios Pool,
which resulted in 1,941 and 1,581 operating
days, fleet utilization of 98.4% and 92.8%,
and a TCE rate of $17,796 and $56,253 for
the three months ended December 31, 2016 and
2015, respectively, and 5,558 and 3,205
operating days, fleet utilization of 92.7%
and 93.8%, and a TCE rate of $21,131 and
$60,050, for the nine months ended December
31, 2016 and 2015, respectively. If we were
to calculate operating days for each vessel
within the Helios Pool as a variable rate
time charter for the three months ended
December 31, 2016 and 2015, our operating
days would be increased to 1,971 and 1,652,
respectively, fleet utilization would be
increased to 99.9% and 97.0%, respectively,
and TCE rate would be reduced to $17,525 and
$53,836, respectively. If we were to
calculate operating days for each vessel
within the Helios Pool as a variable rate
time charter for the nine months ended
December 31, 2016 and 2015, our operating
days would be increased to 5,995 and 3,336,
respectively, fleet utilization would be
increased to 100.0% and 97.6%, respectively,
and TCE rate would be reduced to $19,591 and
$57,692, respectively. We believe that our
methodology using the underlying vessel
employment provides more meaningful insight
into market conditions and the performance
of our vessels.
(8) 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 GAAP, we provide adjusted net income/(loss) and adjusted EPS. We believe that adjusted net income/(loss) and adjusted EPS are useful to investors in understanding our underlying performance and business trends. Adjusted net income/(loss) and adjusted EPS are not a measurement of financial performance or liquidity under GAAP; therefore, these non-GAAP financial measures should not be considered as an alternative or substitute for GAAP. The following table reconciles net income/(loss) and EPS to adjusted net income/(loss) and adjusted EPS, respectively, for the periods presented:
Three months ended Nine months ended
------------------ -----------------
(in U.S. dollars, except share data) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------
Net income/(loss) $5,039,624 $54,661,323 $(3,397,085) $109,527,470
Unrealized gain on derivatives (24,381,306) (7,389,868) (26,539,650) (3,665,324)
----------- ---------- ----------- ----------
Adjusted net income/(loss) $(19,341,682) $47,271,455 $(29,936,735) $105,862,146
------------ ----------- ------------ ------------
Earnings/(loss) per common share-diluted $0.09 $0.97 $(0.06) $1.92
Unrealized gain on derivatives (0.45) (0.13) (0.49) (0.06)
----- ----- ----- -----
Adjusted earnings/(loss) per common share-diluted $(0.36) $0.84 $(0.55) $1.86
------ ----- ------ -----
Conference Call
A conference call to discuss the results will be held today, January 30, 2017 at 8:00 a.m. ET. The conference call can be accessed live by dialing 1-877-407-9039, or for international callers, 1-201-689-8470, and request to be joined into the Dorian LPG call. A replay will be available at 11:00 a.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The pass code for the replay is 13653627. The replay will be available until February 6, 2017, at 11:59 p.m. ET.
A live webcast of the conference call will also be available under the investor relations section at www.dorianlpg.com.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently owns and operates twenty-two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece.
Forward-Looking Statements
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," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's belief regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the heading "Risk Factors." The Company does not assume any obligation to update the information contained in this press release.
Contact Information
Ted Young; Chief Financial Officer: Tel.: +1 (203) 674-9900 or IR@dorianlpg.com
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SOURCE Dorian LPG Ltd.
