• 2018 November 2 14:33

    Dorian LPG Ltd. announces 2Q FY 2019 financial results

    Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG), a leading owner and operator of modern very large gas carriers ("VLGCs"), yesterday reported its financial results for the three months ended September 30, 2018.

    Highlights for the 2Q Fiscal Year 2019 of Dorian LPG are the following:

    Revenues of $40.8 million and Daily Time Charter Equivalent ("TCE") rate for the fleet of $20,973 for the three months ended September 30, 2018, compared to revenues of $34.7 million and TCE rate of $18,015 for the three months ended September 30, 2017.                                              
    Net loss of $(8.2) million, or $(0.15) earnings/(loss) per basic and diluted share ("EPS"), and adjusted net loss(1) of $(9.2) million, or $(0.17) adjusted diluted earnings/(loss) per share ("adjusted EPS"),(1) for the three months ended September 30, 2018.                                                   
    Adjusted EBITDA(1) of $17.9 million for the three months ended September 30, 2018.                                                   
    Increased vessel operating days to 1,925 and fleet utilization to 95.8% in the three months ended September 30, 2018 from 1,857 and 91.8% for the three months ended September 30, 2017.                                      
    Entered into a contract for seven of our ECO VLGCs to be fitted with exhaust gas cleaning systems (commonly referred to as "scrubbers").

    Second Quarter Fiscal Year 2019 Results Summary

    Net loss amounted to $(8.2) million, or $(0.15) per share, for the three months ended September 30, 2018, compared to a net loss of $(11.9) million, or $(0.22) per share, for the three months ended September 30, 2017.

    Adjusted net loss amounted to $(9.2) million, or $(0.17) per share, for the three months ended September 30, 2018, compared to adjusted net loss of $(12.6) million, or $(0.23) per share, for the three months ended September 30, 2017. Net loss for the three months ended September 30, 2018 is adjusted to exclude an unrealized gain on derivative instruments of $1.1 million. Please refer to the reconciliation of net loss to adjusted net loss, which appears later in this press release.

    The $3.4 million reduction in adjusted net loss for the three months ended September 30, 2018, compared to the three months ended September 30, 2017, is primarily attributable to an increase of $6.1 million in revenues, a favorable change of $1.3 million in realized gain on derivatives, a decrease of $0.9 million in voyage expenses, and an increase of $0.5 million in interest income, partially offset by increases of $2.1 million in general and administrative expenses, $1.7 million in vessel operating expenses, and $1.6 million in interest and finance costs.

    The TCE rate for our fleet was $20,973 for the three months ended September 30, 2018, a 16.4% increase from a TCE rate of $18,015 from the same period in the prior year, primarily driven by increased spot market rates, partially offset by bunker prices. Please see footnote 6 to the table in "Financial Information" below for information related to how we calculate TCE. Total fleet utilization (including the utilization of our vessels deployed in the Helios Pool) increased from 91.8% in the quarter ended September 30, 2017 to 95.8% in the quarter ended September 30, 2018.

    Vessel operating expenses per day increased to $8,585 in the three months ended September 30, 2018 from $7,777 in the same period in the prior year. Please see "Vessel Operating Expenses" below for more information.

    Revenues

    Revenues, which represent net pool revenues—related party, time charters, voyage charters and other revenues earned by our vessels, were $40.8 million for the three months ended September 30, 2018, an increase of $6.1 million, or 17.5%, from $34.7 million for the three months ended September 30, 2017. The increase is primarily attributable to an increase in average TCE rates and fleet utilization. Average TCE rates increased from $18,015 for the three months ended September 30, 2017 to $20,973 for the three months ended September 30, 2018, primarily as a result of higher spot market rates during the three months ended September 30, 2018 as compared to the three months ended September 30, 2017. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $40.245 during the three months ended September 30, 2018 compared to an average of $22.171 for the three months ended September 30, 2017. Our fleet utilization increased from 91.8% during the three months ended September 30, 2017 to 95.8% during the three months ended September 30, 2018.

    Vessel Operating Expenses

    Vessel operating expenses were $17.4 million during the three months ended September 30, 2018, or $8,585 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 $1.7 million, or 10.4%, from $15.7 million for the three months ended September 30, 2017. Vessel operating expenses per vessel per calendar day increased by $808 from $7,777 for the three months ended September 30, 2017 to $8,585 for the three months ended September 30, 2018. The increase in vessel operating expenses for the three months ended September 30, 2018, when compared with the three months ended September 30, 2017, was primarily the result of a $1.6 million, or $787 per vessel per calendar day, increase in spares, stores, and repairs and maintenance costs largely due to our regular preventive maintenance programs, and a $0.3 million purchase of coolant for one of our VLGCs coming off drydock in July 2018 resulting in an increase of $160 per vessel per calendar day. The increase in spares, stores, and repairs and maintenance costs were mainly due to having a VLGC in drydock during the three months ended September 30, 2018, which was not the case during the three months ended September 30, 2017. Non-capitalized expenses related to the drydock for the three months ended September 30, 2018 totaled $0.3 million, or $153 per vessel per calendar day. Partially offsetting the increases was a reduction of crew wages and related costs of $0.2 million, or $114 per vessel per calendar day.

    General and Administrative Expenses

    General and administrative expenses were $7.5 million for the three months ended September 30, 2018, an increase of $2.1 million, or 37.7%, from $5.4 million for the three months ended September 30, 2017. The increase was mainly due to an increase in professional and legal fees resulting from $1.7 million of expenses incurred related to the unsolicited proposal by BW LPG Limited ("BW") to combine with us in an all-stock transaction, and a proxy contest commenced by BW, along with its affiliates, to replace three members of our board of directors with BW nominees, which proposal and proxy contest were subsequently withdrawn on October 8, 2018. Additionally, the increase in general and administrative expenses was due to increases of $0.2 million in stock-based compensation and $0.2 million in other general and administrative expenses.

    Interest and Finance Costs

    Interest and finance costs amounted to $10.2 million for the three months ended September 30, 2018, an increase of $1.6 million, or 18.0%, from $8.6 million for the three months ended September 30, 2017. The increase of $1.6 million during this period was due to an increase of $2.5 million in interest incurred on our long-term debt, primarily resulting from an increase in the London Interbank Offered Rate ("LIBOR") and an increase in average indebtedness, partially offset by a reduction of $0.9 million in amortization of deferred financing fees and loan expenses. Average indebtedness, excluding deferred financing fees, increased from $742.3 million for the three months ended September 30, 2017 to $756.1 million for the three months ended September 30, 2018. As of September 30, 2018, the outstanding balance of our long-term debt, net of deferred financing fees of $15.5 million, was $726.5 million.

    Unrealized Gain/(Loss) on Derivatives

    Unrealized gain on derivatives was approximately $1.1 million for the three months ended September 30, 2018, compared to an unrealized gain of $0.7 million for the three months ended September 30, 2017. The favorable $0.4 million change is attributable to changes in the fair value of our interest rate swaps caused by changes in forward LIBOR yield curves and reductions in notional amounts.

    Realized Gain/(Loss) on Derivatives

    Realized gain on derivatives was approximately $0.8 million for the three months ended September 30, 2018, compared to a realized loss of $0.4 million for the three months ended September 30, 2017. The favorable $1.2 million change is attributable to increases in floating LIBOR resulting in realized gains on interest rate swaps related to the $758 million debt financing facility that we entered into in March 2015 (as amended) with a group of banks and financial institutions.




2020 January 29

18:07 Korean Register publishes technical information on ammonia as an alternative marine fuel
17:35 Port of Baku handled record number of containers and wheeled vehicles in 2019
17:27 WinGD advances clean fuel research with flexible injector concept
17:10 Global Shipping Body (ICS) issues guidance to shipowners in the face of the Corona Virus
15:17 KTK-Bunker supports 7th International Forum of Dredging Companies as its Sponsor
14:34 Sredne-Nevsky Shipyard launches yet another minesweeper Project 12700
14:03 Van Oord starts cooperation on Estonian offshore wind development
13:15 Wärtsilä to supply world’s first hybrid powered self-discharging bulk carriers
12:38 FESCO delivered four gantry cranes from St. Petersburg to Primorye along NSR for Global Ports
12:05 Inmarsat and ITC Global to expand connectivity options for Energy, Maritime and Yachting
11:42 Yury Borisov to supervise shipbuilding development, Marat Khusnullin - transport programmes
11:19 Andrey Belousov to coordinate activities of Transport Ministry and ad hoc Federal Agencies
11:00 Second phase of Novosibirsk Shipping Gateway's reconstruction complete
10:48 DCSA establishes Track and Trace standards for the global container shipping industry
10:36 First multipurpose dry cargo carrier of Project RSD59 laid down for Astrol
10:13 Onezhsky shipyard launches workboat with hybrid propulsion system
09:51 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:49 MABUX: Bunker market this morning, Jan 29
09:32 Brent Crude futures price is up 1.26% to $59.55, Light Sweet Crude – up 1.22% to $54.13
09:14 Baltic Dry Index is down to 539 points

2020 January 28

18:05 Cheniere Energy celebrates 1000th LNG cargo milestone
17:40 NYK establishes first exclusive RORO terminal in Egypt
17:30 Global Ports Holding’s JV buys remaining shares of Malaga Cruise Port concession
15:43 Severnaya Verf starts cutting metal for fifth processing trawler of Project 170701 ordered by NOREBO Group
15:02 Hyundai's Engine Machinery Division announces the completion of the first shop test for the first of six ME-GI engines for container ships for Eastern Pacific Shipping
14:38 Metal Shark delivers patrol boat to Puerto Rico customer
14:16 Bunker prices are stable at the Far East ports of Russia following the recent growth (graph)
14:02 CMA CGM has announced FAK rates from Middle East Gulf and Pakistan to North Europe and the Mediterranean
13:27 Cheniere Energy celebrates 1000th LNG cargo milestone
13:02 Diversification of Poland’s natural gas supply sources and directions is progressing
12:35 Vostochnaya Stevedoring Company starts shipping trains to Elektrougli of Moscow Railways
12:01 Carisbrooke takes D.I.Y approach to BWT compliance with Optimarin for huge savings, efficiency and on-schedule operations
12:00 IMO and WISTA to promote greater diversity in the maritime sector
11:41 New video highlights benefits of working with IMO
11:19 Damen develops new concept vessel – the Offshore Support Vessel (OSV) 9020
11:07 Rainmaking partners maritime giants with tech startups to energise innovation
10:39 Tallink and Silja Line to establish annual summer cruise to Saint-Petersburg
10:16 Ships of RF Navy's Baltic Fleet assisted the crew of a foreign yacht in the Gulf of Aden
10:02 MABUX: Bunker market this morning, Jan 28
09:54 Dredging and Hydraulic Engineering Structures Congress will feature engineering ships buyers subordinate to Rosmorrechflot
09:33 Brent Crude futures price is down 0.41% to $58.34, Light Sweet Crude – down 0.28% to $52.99
09:18 Baltic Dry Index is down to 546 points

2020 January 27

18:07 Port of Oostende, DEME Concessions and PMV announce exclusive partnership for green hydrogen plant in Ostend
17:35 Fincantieri announces the launching ceremony of the "Emilio Bianchi" frigate
17:19 Semco Maritime wins rig order for Seadrill
17:02 Baltic Workboats’ PILOT 15 WP wins Small Pilot Boat Award for 2019
16:39 Port of King’s Lynn seals new deal with leading recycling specialist
15:57 Two main engines loaded onto lead chemical carrier of Project 00216М named PortNews
15:04 Seaspan closes purchase of a fleet of six containerships
14:48 Average wholesale prices for М-100 HFO up to RUB 10,737 in RF spot market
14:24 Royal Navy to present exclusive updates on NavyX at Unmanned Maritime Systems Technology 2020
14:01 High Speed Transfers takes delivery of fourth Damen Fast Crew Supplier 2710 in 18 months
13:35 Northern Fleet detachment leaves Mediterranean sea
13:13 Baltic Fleet guard ship Yaroslav Mudryi calls at the port of Oman
12:51 Klaipėda Port remains an important centre-line of the national economics
12:26 Largest ports of Latvia change their focus and intend to make investments to improve their competitiveness
11:10 Vladivostok Sea Fishing Port handled 4.59 million tonnes of cargo in 2019, up 1.5% Y-o-Y
09:59 Victor Golomolzin takes the helm of Oktyabrskaya Railway
09:37 Brent Crude futures price is down 3.41% to $58.62, Light Sweet Crude – down 2.29% to $52.95
09:37 MABUX: Bunker market this morning, Jan 27