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LPG 8-K filings, explained
Every material Form 8-K Dorian LPG has filed with the SEC since October 30, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Dorian LPG reported revenues of $221.3 million for the quarter ended September 30, 2026, up 78.4% from a year earlier, driven by higher time charter equivalent rates. Net income of $213.9 million included a $63.6 million gain on vessel sales, and the company declared an irregular cash dividend of $1.25 per share, about $53.7 million in total, payable November 24, 2026.
Revenues were $221.3 million, up from $124.1 million a year earlier, with TCE rates at $96,990 per available day versus $53,725.
Net income was $213.9 million, or $4.98 per diluted share, versus $1.30 a year earlier; adjusted EPS was $3.46 versus $1.31.
Adjusted EBITDA was $242.0 million, compared with $85.7 million in the prior-year quarter.
An irregular dividend of $1.25 per share, about $53.7 million, is payable on or about November 24, 2026, to holders of record as of November 9, 2026.
Dorian LPG's Board declared an irregular cash dividend of $1.25 per share, returning approximately $53.7 million to shareholders, payable on or about November 24, 2026 to holders of record on November 9, 2026. The company also scheduled a second quarter 2027 earnings conference call for November 5, 2026, at 10:00 a.m. ET, which will include the results discussion.
Irregular cash dividend of $1.25 per share, about $53.7 million in total
Record date: November 9, 2026; payment on or about November 24, 2026
The company calls it irregular, so future dividends are at the Board's discretion
Second quarter 2027 earnings call set for November 5, 2026 at 10:00 a.m. ET
Dorian LPG agreed with Hanwha Ocean to build three 90,000 cbm dual-fuel VLGCs for delivery in 2030, at a total price of about $345 million. On September 2, 2026, the company also entered a seven-year $368.4 million credit facility that refinances four existing debt arrangements, and it reported that 99% of its calendar days for the quarter ending September 30, 2026 are fixed at more than $88,000 per day.
Three 90,000 cbm dual-fuel Panamax VLGCs ordered from Hanwha Ocean for delivery in June, September, and December 2030, at a total price of about $345 million
New seven-year $368.4 million credit facility dated September 2, 2026, with a margin of 140 basis points over SOFR, including a $213.4 million term loan and $155.1 million revolving credit facility
Company estimates it has fixed 99% of calendar days for the quarter ending September 30, 2026 at more than $88,000 per day, excluding potential demurrage
Facility includes a $200 million accordion feature; CFO Ted Young said it will consolidate four facilities into one
Dorian LPG reported results for the quarter ended June 30, 2026, with revenues of $187.9 million, up 123.1% from $84.2 million a year earlier, and net income of $138.3 million, or $3.24 per diluted share, versus $10.1 million, or $0.24, in the prior-year quarter. The company also declared an irregular cash dividend of $1.00 per share, about $42.8 million in total, payable on or about August 12, 2026, which shareholders will receive if they were on record as of July 27, 2026.
Revenues of $187.9 million, up from $84.2 million, driven mainly by higher average TCE rates, which were $75,926 per available day versus $39,726
Net income of $138.3 million, or $3.24 per diluted share; adjusted EPS of $2.52 versus $0.27 a year earlier
A $30.1 million gain on the sale of the 2015-built VLGC Cobra contributed to results
Irregular dividend of $1.00 per share, about $42.8 million, payable on or about August 12, 2026 to holders of record as of July 27, 2026
Dorian LPG's Board approved an amended and restated Executive Severance and Change in Control Severance Plan on July 24, 2026, revising the definition of "Change in Control" to remove certain carve-outs. The company says the change aligns the plan with its 2014 Equity Incentive Plan and reflects its current shareholder base.
Board approved the amended Severance Plan on July 24, 2026, on the compensation committee's recommendation.
The change removes certain carve-outs from the "Change in Control" definition.
The revised definition is intended to match the definition in the Second Amended and Restated 2014 Equity Incentive Plan.
Full plan filed as Exhibit 10.1; the filing gives no financial figures for the change.
Dorian LPG reported fiscal fourth-quarter net income of $81.0 million, or $1.90 per diluted share, versus $8.1 million, or $0.19, a year earlier, on revenues of $153.3 million, up 102.0%. The company also declared a $1.00 per share irregular dividend totaling $42.8 million, payable on or about May 28, 2026, which the filing presents as reflecting confidence in long-term LPG demand.
Q4 fiscal 2026 net income $81.0 million ($1.90 per diluted share) vs. $8.1 million ($0.19) in Q4 fiscal 2025
Q4 revenues $153.3 million, up $77.4 million (102.0%); fleet time charter equivalent rate $63,615 per available day vs. $35,324
Fiscal year 2026 net income $193.7 million ($4.54 per share) vs. $90.2 million ($2.14) in fiscal 2025
Irregular dividend of $1.00 per share ($42.8 million), payable on or about May 28, 2026 to holders of record on May 18, 2026
Dorian LPG expanded its board from eight to nine directors and appointed Christopher J. Wiernicki, former chief executive of the American Bureau of Shipping, as a Class I director effective immediately. The filing reports no financial results or guidance, and the company states Mr. Wiernicki has no related-party transactions requiring disclosure.
Christopher J. Wiernicki appointed as Class I director effective immediately on May 5, 2026
Board size increased from eight to nine directors
Wiernicki led the American Bureau of Shipping as chief executive from 2011 through 2025
Dorian LPG reported results for the three months ended December 31, 2025, with revenues of $120.0 million, up 48.7% from a year earlier, and net income of $47.2 million, or $1.11 per diluted share, versus $0.50 a year earlier. The company also declared an irregular dividend of $0.70 per share, about $29.9 million in total, payable February 24, 2026.
Revenues were $120.0 million, up $39.3 million from $80.7 million, driven by higher average time charter equivalent rates and more available days.
Net income was $47.2 million, or $1.11 per diluted share, compared with $21.4 million, or $0.50 per diluted share, a year earlier.
Time charter equivalent rate per available day was $50,333, up 39.5% from $36,071.
The irregular dividend of about $29.9 million, or $0.70 per share, is payable on or about February 24, 2026, to shareholders of record as of February 9, 2026.
Dorian LPG declared an irregular cash dividend of $0.70 per share, about $29.9 million in total, payable February 24, 2026 to holders of record on February 9, 2026. The company also said preliminary results for the quarter ended December 31, 2025 were affected by lower market rates in November and fog in the Houston Ship channel, and that it expects about $1.8 million in additional general and administrative expense.
Irregular dividend of $0.70 per share, about $29.9 million in total; record date February 9, 2026, payable on or about February 24, 2026
Market rates in November for December loadings were lower than in the previous two months
Fog in the Houston Ship channel caused unexpected waiting time, further reducing realized rates
Expected additional G&A expense of about $1.8 million from a higher Annual Cash Incentive plan accrual; full results due February 5, 2026
Dorian LPG reported results for the quarter ended September 30, 2025, with revenues of $124.1 million, up 50.5% from a year earlier, and net income of $55.4 million, or $1.30 per diluted share, compared with $9.4 million, or $0.22, a year earlier. The board also declared an irregular cash dividend of $0.65 per share, about $27.8 million in total, which the company says is not a recurring payment.
Revenues of $124.1 million for the quarter, up $41.7 million, or 50.5%, from $82.4 million
Net income of $55.4 million, or $1.30 per diluted share, versus $9.4 million, or $0.22, in the prior-year quarter
Irregular dividend of $0.65 per share, about $27.8 million, payable on or about December 2, 2025 to holders of record on November 17, 2025
Time charter equivalent rate per available day rose to $53,725 from $37,010, a 45.2% increase
Dorian LPG reported results for the quarter ended June 30, 2025, with revenues down 26.4% to $84.2 million and net income down to $10.1 million, or $0.24 per diluted share, from $51.3 million, or $1.25, a year earlier. The company also declared an irregular dividend of $0.60 per share, about $25.6 million in total, payable on or about August 27, 2025 to holders of record on August 12, 2025, though the company states that future dividends are at the discretion of its board.
Revenues were $84.2 million, down $30.1 million, or 26.4%, from $114.3 million, mainly due to lower average TCE rates and fewer available days.
Net income was $10.1 million, or $0.24 per diluted share, versus $51.3 million, or $1.25 per share, in the same quarter of 2024.
TCE rate per available day was $39,726, down 20.9% from $50,243; general and administrative expenses rose 62.2% to $16.9 million.
Irregular dividend of $0.60 per share (about $25.6 million), payable on or about August 27, 2025 to shareholders of record as of August 12, 2025.
Dorian LPG reported results for the fourth quarter and fiscal year ended March 31, 2025. Fourth-quarter revenues fell 46.3% to $75.9 million, and net income dropped to $8.1 million, or $0.19 per diluted share, from $79.2 million, or $1.96, a year earlier. The company also declared an irregular cash dividend of $0.50 per share, totaling $21.3 million, payable on or about May 30, 2025, to holders of record as of May 16, 2025.
Q4 revenues were $75.9 million, down from $141.4 million; the fleet TCE rate fell 44.3% to $35,324 per day.
Fiscal year revenues were $353.3 million versus $560.7 million; net income was $90.2 million, or $2.14 per diluted share, versus $307.4 million, or $7.60.
Irregular dividend of $0.50 per share totaling $21.3 million, payable on or about May 30, 2025.
Q4 vessel operating expenses rose 17.1% to $23.9 million.
Dorian LPG's Compensation Committee adopted new performance-based pay formulas for named executive officers, covering annual cash bonuses and equity awards. The company says the changes make the link between executive pay and company performance easier for shareholders to see.
Annual cash bonuses: 40% tied to EBITDA targets, 25% to safety metrics versus industry benchmarks, 35% to individual qualitative assessments, with payouts from 0% to 200% of base salary.
Equity awards: 20% of restricted share and RSU awards depend on relative total shareholder return and return on net invested capital, weighted 50% each, with up to two times the target share number.
Compensation for the fiscal year ended March 31, 2025 will be detailed in the 2025 proxy statement.
Dorian LPG (NYSE: LPG) issued preliminary, unaudited ranges for the quarter ended March 31, 2025, including time charter equivalent revenues of $73.1 million to $75.1 million and cash of $315.9 million to $317.9 million. The company said its financial closing process is not finished and the figures may change materially, and the filing gives no prior-period comparison. Full results are scheduled for release on May 22, 2025, before the market open.
Expected time charter equivalent revenues of $73.1 million to $75.1 million for the quarter ended March 31, 2025.
Expected cash and cash equivalents of $315.9 million to $317.9 million, and long-term debt obligations of $556.4 million to $558.4 million.
Full unaudited results are due May 22, 2025, with a conference call at 10:00 a.m. ET the same day.
Dorian LPG reported fiscal third-quarter results for the three months ended December 31, 2024, with revenue of $80.7 million, down 50.5% from $163.1 million a year earlier, mainly due to lower spot charter rates. Net income fell to $21.4 million, or $0.50 per diluted share, from $100.0 million, or $2.47, and the company declared an irregular dividend of $0.70 per share, payable February 27, 2025.
Revenue of $80.7 million, down $82.4 million or 50.5% from the prior-year quarter
Net income of $21.4 million, or $0.50 per diluted share, versus $100.0 million, or $2.47, a year earlier
Time charter equivalent rate of $36,071 per available day, down 49.9% from $71,938
Irregular dividend of about $30.0 million, or $0.70 per share, payable on or about February 27, 2025 to holders of record as of February 5, 2025
Dorian LPG said its Board declared an irregular cash dividend of $0.70 per share, returning about $30.0 million to shareholders. The company also gave preliminary, unaudited outlook figures for the quarter ended December 31, 2024, including time charter equivalent revenues of $78.7 million to $80.7 million, and will report full results on January 31, 2025.
Irregular dividend of $0.70 per share, about $30.0 million in total; record date February 5, 2025 and payment on or about February 27, 2025
Preliminary quarter ended December 31, 2024 outlook: TCE revenues of $78.7 million to $80.7 million; cash and cash equivalents of $313.5 million to $315.5 million
Long-term debt obligations expected at $569.3 million to $571.3 million; the company says the figures may change during its closing process
Full unaudited results for the quarter and year ended December 31, 2024 due before market open on January 31, 2025, with a conference call at 10:00 a.m. ET
Dorian LPG reported results for the quarter ended September 30, 2024, with revenues of $82.4 million, down 43.0% from a year earlier, and net income of $9.4 million, or $0.22 per diluted share, versus $76.5 million, or $1.89, a year earlier. The company attributed the decline mainly to lower average time charter equivalent rates, which fell to $37,010 per available day from $62,846, and it declared an irregular dividend of $42.8 million payable November 25, 2024.
Revenues were $82.4 million, down $62.3 million or 43.0% from $144.7 million in the prior-year quarter.
Net income was $9.4 million, or $0.22 per diluted share, versus $76.5 million, or $1.89, a year earlier; adjusted EPS was $0.35 versus $1.85.
TCE rate per available day was $37,010, a 41.1% decrease from $62,846.
An irregular dividend totaling $42.8 million is payable on or about November 25, 2024 to shareholders of record as of November 5, 2024.
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