The following is a summary of the Dorian LPG Ltd. (LPG) Q2 2025 Earnings Call Transcript:

Financial Performance:

• Dorian LPG reported a solid quarter with EBITDA of $46.2 million and net income of $9.4 million.

• Announced a quarterly dividend of $1 per share, returning over $820 million to shareholders since IPO.

• Net debt to total capitalization remains at about 14%, reflecting a strong balance sheet.

• Cash position at end of Q2 was $348.6 million, flat from the previous quarter.

• Total cash flow to equity was $44 million this quarter after paying out $42.8 million in dividends.

Business Progress:

• In response to market opportunities, Dorian LPG is retrofitting ships to carry ammonia and adding a VLGC/VLAC to its fleet in 2026, enhancing its commercial flexibility.

• The company continues to invest in sustainability, retrofitting additional ships with scrubbers and preparing for carbon capture technology.

• Launched the Captain John NP, a fully ammonia-capable vessel, aligning with future green ammonia trade developments.

Opportunities:

• Expecting strong market prospects ahead of the seasonally strong winter period, particularly in LPG demand and exports.

• Terminal expansion projects slated for completion in 2026 are anticipated to boost export capacity significantly.

Risks:

• External factors such as weather-related disruptions and the unpredictability of freight rates could impact operational performance and profitability.

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