Dorian LPG Ltd. Files 2024 10-K

TL;DR

Dorian LPG filed its 2024 10-K. Looks like standard operations. Check financials.

AI Summary

Dorian LPG Ltd. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations in the deep-sea transportation of freight. The filing details financial performance and business activities, including information on common stock and treasury stock transactions over the past three fiscal years. The company is based in Stamford, CT, and its fiscal year concludes on March 31st annually.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Dorian LPG's financial health and operational performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific risk factors or financial performance details that would indicate a high or medium risk level.

Key Numbers

• 0331 — Fiscal Year End (Indicates the end of the company's financial reporting year.)
• 2024 — Fiscal Year (The year for which the 10-K report is filed.)

Key Players & Entities

• DORIAN LPG LTD. (company) — Filer
• 20240331 (date) — Fiscal Year End
• 20240529 (date) — Filing Date
• 203-674-9900 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — ch Registered Common stock, par value $0.01 per share LPG New York Stock Exchan

Filing Documents

• lpg-20240331x10k.htm (10-K) — 3485KB
• lpg-20240331xex21d1.htm (EX-21.1) — 29KB
• lpg-20240331xex23d1.htm (EX-23.1) — 4KB
• lpg-20240331xex23d2.htm (EX-23.2) — 4KB
• lpg-20240331xex31d1.htm (EX-31.1) — 28KB
• lpg-20240331xex31d2.htm (EX-31.2) — 26KB
• lpg-20240331xex32d1.htm (EX-32.1) — 10KB
• lpg-20240331xex32d2.htm (EX-32.2) — 9KB
• lpg-20240331xex97d1.htm (EX-97.1) — 91KB
• lpg-20240331x10k001.jpg (GRAPHIC) — 3KB
• lpg-20240331x10k003.jpg (GRAPHIC) — 57KB
• 0001596993-24-000030.txt ( ) — 13142KB
• lpg-20240331.xsd (EX-101.SCH) — 90KB
• lpg-20240331_cal.xml (EX-101.CAL) — 75KB
• lpg-20240331_def.xml (EX-101.DEF) — 278KB
• lpg-20240331_lab.xml (EX-101.LAB) — 679KB
• lpg-20240331_pre.xml (EX-101.PRE) — 501KB
• lpg-20240331x10k_htm.xml (XML) — 2337KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 30 ITEM 1B. UNRESOLVED STAFF COMMENTS 63 ITEM 1C. CYBERSECURITY 63 ITEM 2.

PROPERTIES

PROPERTIES 65 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 65 ITEM 4. MINE SAFETY DISCLOSURES 65 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 66 ITEM 6. RESERVED 68 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 69 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 83 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 84 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 84 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 84 ITEM 9B. OTHER INFORMATION 85 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 85 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 86 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 86 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS 86 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 86 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 86 PART IV. ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 87 ITEM 16. FORM 10-K SUMMARY 87 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), including analyses and other information based on forecasts of future results and estimates of amounts not yet determinable and statements relating to our future prospects, developments and business strategies. We intend for these forward-looking statements are intended to be covered by the safe harbor provided for under the sections referenced in the immediately preceding sentence and the PSLRA. Forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "likely," "may," "might," "pending," "plan," "possible," "potential," "predict," "project," "seeks," "should," "targets," "will," "would," and similar expressions, terms and phrases, including references to assumptions. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions include, without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to important factors and matters discussed elsewhere in this report, and in the documents incorporated by reference herein, important factors that, in our view, could cause our actual results to differ materially from tho

BUSINESS

ITEM 1. BUSINESS Unless otherwise indicated, references to "Dorian," the "Company," "we," "our," "us," or similar terms refer to Dorian LPG Ltd. and its subsidiaries. We use the term "VLGC" to refer to very large gas carriers and "VLGC/AC" to refer to very large gas carriers that are purpose built to transport ammonia in addition to LPG. We use the term "LPG" to refer to liquefied petroleum gas and we use the term "cbm" to refer to cubic meters in describing the carrying capacity of our vessels. Unless otherwise indicated, all references to "U.S. dollars," "USD," and "$" in this report are to the lawful currency of the United States of America and references to "Norwegian Krone" and "NOK" are to the lawful currency of Norway. Overview Dorian was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of LPG. Specifically, Dorian and its subsidiaries are focused on owning and operating VLGCs in the LPG shipping industry. Our founding executives have managed vessels in the LPG shipping market since 2002. Our fleet currently consists of twenty-five VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; three time chartered dual fuel Panamax size VLGCs; and one time chartered-in ECO VLGC. The twenty-five VLGCs in our fleet, including the four time chartered-in vessels, as of May 23, 2024, have an aggregate carrying capacity of approximately 2.1 million cbm and an average age of 7.9 years. Currently, fifteen of our ECO VLGCs, including one of our time chartered-in ECO-VLGCs, are fitted with scrubbers to reduce sulfur emissions. An additional technically managed VLGC has contractual commitments to be equipped with a scrubber with installation expected to be completed during our fiscal year ending March 31, 2025. Vessels fitted with scru

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