Q4 2024 Dorian LPG Ltd Earnings Call Transcript
Key Points
- Dorian LPG Ltd (LPG) reported its highest ever net income and more than 30% return on book equity for the financial year 2024.
- The company declared its eighth consecutive regular quarterly dividend of $1 per share, contributing to a total return of $730 billion to shareholders since its IPO.
- Dorian LPG Ltd (LPG) expanded its fleet with one owned and three chartered dual-fuel newbuildings, indicating growth and modernization.
- The company achieved a total utilization of 87.7% for the fourth quarter and reported a daily TCE of $72,202 per operating day.
- Dorian LPG Ltd (LPG) has a strong financial position with $294 million in total available liquidity and no refinancings until 2026, providing significant financial flexibility.
- The LPG market has been affected by geopolitical events such as the wars in Ukraine and Gaza, and climate-related issues like the deficit of rain in Panama, which have significantly changed trading patterns.
- The company faces extreme spot market volatility and supply chain disruptions, which have been challenging to navigate.
- Dorian LPG Ltd (LPG) has a large order book to absorb, which could impact future market dynamics and fleet utilization.
- The company’s cash cost per day, including OpEx, G&A, time charter-in expense, and interest, is expected to be approximately $25,000 to $26,000 per calendar day, indicating high operational costs.
- The freight market experienced steep declines in January 2024, highlighting significant imbalances and the impact of newbuilding deliveries and reduced congestion in the Panama Canal.
Good morning and welcome to the Dorian LPG fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. Additionally, a live audio webcast of today's conference call is available on Dorian LPG's website, which is www.dorianlpg.com.
I'd now like to turn the conference over to Ted Young, Chief Financial Officer. Thank you, Mr. Young. Please go ahead.
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Thank you, Kevin. Good morning, everyone, and thank you all for joining us for our fourth quarter 2024 results conference call. With me today are John Hadjipateras, Chairman, President and CEO of Dorian LPG Limited. John Lycouris, Head of Energy Transition and Chief Executive Officer of Dorian LPG USA, as well as Tim Hansen, our Chief Commercial Officer.
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