Dorian comes in well ahead of profit forecast

John Hadjipateras-led company posts strong Q3 result and expects to carry on the momentum in 2016.

Dorian LPG has been boosted by vessel additions during the third quarter and comfortably beat analysts’ expectations.

The LPG carrier owner booked net income of $54.7m for the three-month period, compared to $9m a year earlier.

Dorian’s earnings per share of $0.97 were well ahead of the consensus of $0.76.

Its revenue was $93.3m versus $32.6m, largely due to seven new ships that joined the company’s fleet.

John Hadjipateras, president of Dorian, said: “The third quarter was an extremely busy period for Dorian as we took the delivery of seven new Eco-design VLGCs.

“Going forward, we anticipate higher profits and cash generated from operations as a result of our larger fleet, assuming continued favorable market conditions.”

Dorian explained that propane and butane prices have followed crude oil prices downward, making LPG attractive not only to the retail domestic markets, but also to petrochemical industries around the world.

At the same time, voyage expenses for the third quarter were $4.3m against $7.8m at the same stage of 2014.

The latest strong performance has helped Dorian splash out $5.8m to buy back 480,231 shares of its common stock.