Dorian LPG Ltd. is a shipping company that owns and operates VLGCs, specializing in LPG transportation globally.

# Company Overview: Dorian LPG Ltd.

## Core Business
Dorian LPG Ltd. is engaged in the transportation of liquefied petroleum gas (LPG). The company specializes exclusively in owning and operating Very Large Gas Carriers (VLGCs) in the LPG shipping industry. 

## Fleet Details
- **Number of Vessels:** 25 VLGCs (as of May 23, 2025)
- **Vessel Capacity:** Approximate total capacity of 2.1 million cbm
- **Average Age of Fleet:** 8.9 years
- **Types of Vessels:**
  - One dual-fuel 84,000 cbm ECO-design VLGC
  - Nineteen fuel-efficient ECO-design VLGCs (84,000 cbm)
  - One modern VLGC (82,000 cbm)
  - Three time-chartered dual-fuel Panamax VLGCs
  - One time-chartered ECO Panamax VLGC
- **Newbuild Investment:** Entered into an agreement for a new 93,000 cbm VLGC/Ammonia Carrier (VLGC/AC) expected to deliver in Q2 2026

## Operations
- **Management:** In-house commercial services for all vessels, including those in the Helios Pool; technical management for 16 ECO VLGCs
- **Vessel Usage:** Vessels operate in the Helios Pool, a joint venture equally owned with MOL Energia, sharing revenues based on performance
- **Employment of Fleet:**
  - 4 vessels are on Pool-TCO
  - 3 vessels are employed under short-term contracts within the Helios Pool

## Employees and Staff
- **Shore-based Employees:** 93 employees located in the U.S., Greece, and Denmark
- **Seafaring Staff:** Approximately 494 crew members serving on vessels

## Revenue and Income
- **Revenue:** In the year ended March 31, 2025, approximately **97%** of total revenues were generated from net pool revenues through the Helios Pool, which are related-party transactions.
- **Number of Outstanding Shares:** As of May 23, 2025, there are **42,647,720** shares of common stock outstanding.
- **Market Capitalization:** As of September 30, 2024, the company's estimated market value held by non-affiliates was approximately **$1,265,256,517**.

## Additional Business Insights
- The company operates globally, providing LPG transportation primarily from the Arabian Gulf, U.S. Gulf, and other key LPG trading routes.
- Focuses on eco-friendly vessel designs, including ECO VLGCs fitted with scrubbers and shaft generators to reduce emissions.
- The company maintains strong customer relationships with major energy companies, traders, and importers spanning global markets.
- Operates predominantly in one reportable segment: the international transportation of LPG.

Dorian LPG Ltd. is a prominent player in the international transportation of liquefied petroleum gas (LPG) and ammonia, with a focus on operating a modern fleet of fuel-efficient Very Large Gas Carriers (VLGCs).

# Company Overview: Dorian LPG Ltd.

**Business Focus:**
Dorian LPG Ltd. is a leading player in the international transportation of liquefied petroleum gas (LPG) and ammonia. The company specializes in owning and operating Very Large Gas Carriers (VLGCs), particularly focusing on sophisticated, fuel-efficient ECO-design vessels.

**Fleet Composition:**
- **Total Fleet:** 25 VLGCs 
  - **Carrying Capacity:** Approximately 2.1 million cubic meters (cbm)
  - **Average Age:** 7.9 years
  - **Vessels include:**
    - 1 Dual-fuel ECO VLGC (84,000 cbm)
    - 19 fuel-efficient ECO VLGCs (84,000 cbm)
    - 1 modern VLGC (82,000 cbm)
    - 3 time-chartered dual-fuel Panamax size VLGCs
    - 1 time-chartered ECO VLGC

**Operational Structure:**
- Dorian operates its fleet through a joint venture named *Helios LPG Pool LLC*, in partnership with MOL Energia Pte. Ltd. 
- *Helios Pool* consists of 30 VLGCs (24 from Dorian and 6 from MOL Energia).
- It provides in-house commercial and technical management services to both Dorian's vessels and those in the pool.

**Customer Base:**
- Dorian's customers include major global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, and more.
- Approximately 95% of the company's revenues are generated through the Helios Pool.

**Workforce:**
- **Employees:** 88 shore-based staff 
- **Seafaring Staff:** Approximately 489 seafarers

**Financial Performance:**
- For the fiscal year ending March 31, 2024, Dorian generated around 95% of its revenue through net pool revenues related to the Helios Pool operations.
- As of May 23, 2024, the company has undertaken various dividend distributions totaling approximately $162.0 million.
- The company has total outstanding indebtedness of $610.5 million, with a portion hedged.

**Regulatory Compliance:**
- Dorian's operations are governed by a rigorous safety management system in compliance with international regulations (e.g., the ISM Code, MARPOL). 
- The company regularly engages in environmental sustainability practices and adheres to global emissions standards.

**Investment and Growth:**
- Dorian actively evaluates opportunities for fleet expansion and has recently contracted a newbuilding VLGC/ammonia carrier expected to be delivered in Q3 2026.

**Summary:**
Dorian LPG Ltd. is positioned as a significant entity in the LPG shipping industry, characterized by a modern and efficient fleet, a robust customer base, significant revenue from a well-established operational pool, and a commitment to environmental sustainability.

DORIAN LPG LTD.

10-K / May 29, 2025

10-K / May 29, 2024

10-K / May 29, 2025

Company Overview: Dorian LPG Ltd.

Core Business

Fleet Details

Operations

Employees and Staff

Revenue and Income

Additional Business Insights