Services stock To Target: Dorian LPG Ltd. (NYSE: LPG)

Dorian LPG Ltd. (LPG) Moved below -0.13% and ended at $7.91. The stock’s market capitalization arrived at $436.293M and total traded volume was 64,342 shares. The stock has a 52-week highest price of $8.80 and its 52-week lowest price was called at $6.78. During last trade, its maximum trading price was registered $7.93 and it’s the minimum trading price was noted $7.74.

Dorian LPG Ltd. (NYSE: LPG) stated its financial results for the three months and fiscal year ended March 31, 2018.

Our net loss amounted to $(3.5)M, or $(0.06) per share, for the three months ended March 31, 2018, contrast to net income of $2.0M, or $0.04 per share, for the three months ended March 31, 2017.

Our adjusted net loss amounted to $(9.8)M, or $(0.18) per share for the three months ended March 31, 2018, contrast to adjusted net income of $1.0M, or $0.02 per share, for the three months ended March 31, 2017. We have adjusted our net income for the three months ended March 31, 2018 for unrealized gains on derivative instruments of $6.4M. Please refer to the reconciliation of net income/(loss) to adjusted net income/(loss), which appears later in this press release.

The $10.8M change in adjusted net income/(loss) for the three months ended March 31, 2018 contrast to the three months ended March 31, 2017 is primarily attributable to a reduction in revenues of $8.6M, a $3.5M increase in interest and finance costs, and a $0.9M increase in general and administrative expenses, partially offset by a $0.9M decrease in realized loss on derivatives, a $0.7M decrease in vessel operating expenses, a $0.3M decrease in voyage expenses, and a $0.2M increase in interest income.

The TCE rate for our fleet was $24,695 for the three months ended March 31, 2018, a 0.1% increase from the $24,677 TCE rate from the same period in the previous year, reflecting continued subdued market conditions. Please see footnote 6 to the table in “—Financial Information” below for other information related to how we calculate TCE. Total fleet utilization (including the utilization of our vessels deployed in the Helios Pool) reduced from 96.3% in the quarter ended March 31, 2017 to 79.2% in the quarter ended March 31, 2018.

Vessel operating expenses per day reduced to $8,027 during the three months ended March 31, 2018 from $8,363 in the same period in the previous year. Please see “Vessel Operating Expenses” below for more information.

Revenues

Revenues of $39.0M for the three months ended March 31, 2018, including net pool revenues—related party, voyage charters, time charters and other revenues earned by our vessels, reduced $8.6M, or 18.0%, from $47.6M for the three months ended March 31, 2017. The decrease is primarily attributable to relatively flat TCE rates coupled with a decrease in utilization from 96.3% for the three months ended March 31, 2017 to 79.2% for the three months ended March 31, 2018. The decline in utilization during the three months ended March 31, 2018 was driven by a weaker LPG arbitrage environment.

Voyage Expenses

Voyage expenses were $0.3M during the three months ended March 31, 2018, a decrease of $0.3M, or 43.3%, from $0.6M for the three months ended March 31, 2017. Voyage expenses are all expenses exclusive to a particular voyage, including bunker fuel consumption, port expenses, canal fees, charter hire commissions, war risk insurance and security costs. Voyage expenses are typically paid by us under voyage charters and by the charterer under time charters, including our vessels chartered to the Helios Pool. Accordingly, we mainly incur voyage expenses for voyage charters or during repositioning voyages between time charters for which no cargo is accessible or traveling to or from drydocking. The decrease in voyage expenses for the three months ended March 31, 2018, when contrast to the three months ended March 31, 2017, was mainly attributable to a reduction in bunker expenses.

Vessel Operating Expenses

Vessel operating expenses were $15.9M during the three months ended March 31, 2018, or $8,027 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period for the vessels that were in our fleet, a decrease of $0.7M, or 4.0%, from $16.6M, or $8,363 per vessel per calendar day, for the three months ended March 31, 2017. The decrease in vessel operating expenses was primarily the result of a reduction in crew related costs of $0.6M, or $308 per vessel per calendar day, when comparing the three months ended March 31, 2018 with the three months ended March 31, 2017.

Dorian LPG Ltd.’s (NYSE: LPG) has price-to-cash ratio of 6.61 and price to sale ratio of 2.95. The company net profit margin is -23.50% and gross profit margin is 98.60%. A look on the firm performance, its monthly performance is -6.17% and a quarterly performance of -4.47%. The stock price is moving up from its 20 days moving average with 1.25% and isolated negatively from 50 days moving average with -0.02%.

 

Timothy Secombe- Services Sector News

My name is Timothy Secombe and I am energetic about Services Sector updates and finance news with more than 6 years in the industry, beginning my venture as an author and later on climbing my way up into senior positions. I am the main stimulus behind Getnewsalert.com started off with a dream to expand the organization’s reach out on a global scale. I am an editor and contributor of the Services segment. I undergo critical analysis of corporations and extract the most significant information for our rich investor network.

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