Dorian LPG Ltd. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Dorian LPG Ltd. has submitted its Q3 FY2024 10-Q filing, detailing financial positions as of December 31, 2023, and noting a subsequent share repurchase authority update.</b>

AI Summary

DORIAN LPG LTD. (LPG) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Dorian LPG Ltd. filed its 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2024. Key financial statement data points such as Treasury Stock, Retained Earnings, and Additional Paid-In Capital are reported as of December 31, 2023. Information regarding Common Stock and Restricted Stock Units (RSUs) is also detailed for various periods. A share repurchase authority from 2022 was noted as a subsequent event on January 11, 2024.

Why It Matters

For investors and stakeholders tracking DORIAN LPG LTD., this filing contains several important signals. This filing provides investors with the latest financial performance and position of Dorian LPG Ltd., crucial for understanding the company's operational and financial health. The inclusion of subsequent events, like the share repurchase authority, offers insights into management's capital allocation strategies and commitment to shareholder value.

Risk Assessment

Risk Level: low — DORIAN LPG LTD. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks beyond those typically associated with the shipping industry.

Analyst Insight

Monitor the company's subsequent filings for details on the utilization of the share repurchase authority and its impact on financial metrics.

Key Numbers

• 2023-12-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-01 — Filing Date (FILED AS OF DATE)
• 2024-01-11 — Subsequent Event Date (Share Repurchase Authority)

Key Players & Entities

• DORIAN LPG LTD. (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240201 (date) — FILED AS OF DATE
• 20240131 (date) — DATE AS OF CHANGE
• 2024-01-11 (date) — Subsequent Event Date

Forward-Looking Statements

• Dorian LPG will continue to manage its capital through share repurchases, potentially increasing Treasury Stock Common in future quarters. (DORIAN LPG LTD.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Dorian LPG Ltd. operates in the international transportation of liquefied petroleum gas (LPG) and liquefied natural gas (LNG). The company is a significant player in the Very Large Gas Carrier (VLGC) market.

Regulatory Implications

As a publicly traded company, Dorian LPG Ltd. is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze the impact of the share repurchase authority on the company's capital structure and future earnings per share.
3. Compare Dorian LPG's financial performance and operational metrics with industry peers.

Key Dates

• 2023-12-31: Period End Date — Covers the financial position as of this date.
• 2024-02-01: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2024-01-11: Subsequent Event — Date related to the share repurchase authority.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending December 31, 2023, providing the latest financial data compared to previous periods.

Key Financial Figures

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

Filing Documents

• lpg-20231231x10q.htm (10-Q) — 2162KB
• lpg-20231231xex31d1.htm (EX-31.1) — 24KB
• lpg-20231231xex31d2.htm (EX-31.2) — 23KB
• lpg-20231231xex32d1.htm (EX-32.1) — 8KB
• lpg-20231231xex32d2.htm (EX-32.2) — 8KB
• lpg-20231231x10q001.jpg (GRAPHIC) — 3KB
• 0001596993-24-000010.txt (&nbsp;) — 8142KB
• lpg-20231231.xsd (EX-101.SCH) — 55KB
• lpg-20231231_cal.xml (EX-101.CAL) — 59KB
• lpg-20231231_def.xml (EX-101.DEF) — 180KB
• lpg-20231231_lab.xml (EX-101.LAB) — 453KB
• lpg-20231231_pre.xml (EX-101.PRE) — 338KB
• lpg-20231231x10q_htm.xml (XML) — 1493KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q 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 . Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual future activities and results of operations to differ materially from future results expressed, projected, or implied by those forward-looking statements in this quarterly report. These risks include the risks that are identified in the "Risk Factors" section of this quarterly report and of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, and also include, among others, risks associated with the following: our future operating or financial results; our business strategies, including with respect to acquisitions and chartering, and expected capit

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and December 31, 2022 2 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the nine months ended December 31, 2023 and December 31, 2022 3 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023 and December 31, 2022 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 ITEM 2.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 31 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 31 PART II. OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 1A.

RISK FACTORS

RISK FACTORS 32 ITEM 5. OTHER INFORMATION 32 ITEM 6. EXHIBITS 32 EXHIBIT INDEX 33

SIGNATURES

SIGNATURES 34 Table of Contents

— FINANCIAL INFORMATIO N

PART I — FINANCIAL INFORMATIO N

FINANCIAL STATEMENT S

ITEM 1.FINANCIAL STATEMENT S Dorian LPG Ltd. Unaudited Condensed Consolidated Balance Shee ts (Expressed in United States Dollars, except for share data) As of As of December 31, 2023 March 31, 2023 Assets Current assets Cash and cash equivalents $ 208,460,209 $ 148,797,232 Trade receivables, net and accrued revenues 2,782,267 3,282,256 Due from related parties 110,558,735 73,070,095 Inventories 2,573,110 2,642,395 Prepaid expenses and other current assets 14,955,165 8,507,007 Total current assets 339,329,486 236,298,985 Fixed assets Vessels, net 1,224,003,052 1,263,928,605 Vessel under construction 26,346 — Other fixed assets, net — 48,213 Total fixed assets 1,224,029,398 1,263,976,818 Other non-current assets Deferred charges, net 12,162,891 8,367,301 Derivative instruments 7,628,093 9,278,544 Due from related parties—non-current 25,300,000 20,900,000 Restricted cash—non-current 77,327 76,418 Operating lease right-of-use assets 199,554,138 158,179,398 Available-for-sale securities 9,717,520 11,366,838 Other non-current assets 2,536,765 469,227 Total assets $ 1,820,335,618 $ 1,708,913,529 Liabilities and shareholders' equity Current liabilities Trade accounts payable $ 11,435,017 $ 10,807,376 Accrued expenses 4,170,170 5,637,725 Due to related parties 159,748 168,793 Deferred income 417,408 208,558 Current portion of long-term operating lease liabilities 31,942,176 23,407,555 Current portion of long-term debt 53,433,423 53,110,676 Dividends payable 893,155 1,255,861 Total current liabilities 102,451,097 94,596,544 Long-term liabilities Long-term debt—net of current portion and deferred financing fees 564,686,247 604,256,670 Long-term operating lease liabilities 167,628,339 134,782,483 Other long-term liabilities 1,511,619 1,431,510 Total long-term liabilities 733,826,205 740,470,

View Full Filing

View this 10-Q filing on SEC EDGAR