Dorian LPG provided an upbeat note on the re-balancing of the VLGC market as it rang in a deeper than expected quarterly loss.
John Hadjipateras, chief executive of Dorian LPG, says demand for the ships increased in the three months to the end of September, boosting utilization and freight rates.
“While additional VLGCs scheduled for delivery in 2019 negatively impacts supply, we believe the market has become more balanced,” the shipowner said.
Dorian booked a loss of $8.2m for what is the second quarter of its fiscal year, which it adjusted to $9.2m due to one-off items.
Its adjusted loss of $0.18 per share was three cents beyond what the market had been expecting.
Adjusted core operating profit of $16m compared with the $19m forecast by analysts.
“EBITDA came in more or less in line with consensus expectations, and we believe that the share will move in line with the market on the back of the numbers,” said analysts at Arctic Securities.
