Dorian LPG Ltd. (LPG): Business Model Canvas

In der dynamischen Welt der maritimen Logistik entwickelt sich Dorian LPG Ltd. zu einer Pionierkraft im globalen Flüssiggastransport und orchestriert ein ausgeklügeltes Geschäftsmodell, das Energiemärkte über Kontinente hinweg nahtlos verbindet. Ihr strategischer Ansatz wandelt komplexe maritime Herausforderungen in effiziente, zuverlässige Schifffahrtslösungen um und nutzt eine moderne Flotte von Very Large Gas Carriers (VLGCs) und Spitzentechnologien, um internationalen Energiehandelsunternehmen und industriellen Gasverbrauchern einen Mehrwert zu bieten. Durch die sorgfältige Navigation durch die komplexe Landschaft der maritimen Logistik hat Dorian LPG Ltd. ein überzeugendes Geschäftsmodell geschaffen, das Innovation, Zuverlässigkeit und strategische Marktpositionierung veranschaulicht.

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Wichtige Partnerschaften

Schiffsmanagementunternehmen für den Schiffsbetrieb

Dorian LPG Ltd. arbeitet mit zusammen Synergy Marine Group, ein führendes Schiffsmanagementunternehmen, das für das technische Management seiner LPG-Tankerflotte verantwortlich ist.

Partner	Erbrachte Dienstleistungen	Umfang des Flottenmanagements
Synergy Marine Group	Technisches Schiffsmanagement	24 Very Large Gas Carrier (VLGC)-Schiffe

Globale Energiehandelsunternehmen für LPG-Frachtverträge

Dorian LPG arbeitet mit großen Energiehandelsunternehmen zusammen, um langfristige Frachtverträge abzuschließen.

Handelspartner	Vertragstyp	Jährlicher Vertragswert
Vitol-Gruppe	Langfristiger LPG-Transport	127 Millionen Dollar
Glencore	Spot- und Laufzeitverträge	98 Millionen Dollar

Schiffbauer und Zulieferer von Schiffsausrüstung

Dorian LPG unterhält strategische Partnerschaften mit führenden Schiffbauern und Ausrüstungsherstellern.

• Hyundai Heavy Industries – Hauptschiffbauer
• MAN Energy Solutions – Lieferant von Schiffsmotoren
• Wartsila – Anbieter von Meerestechnologie

Versicherungsanbieter für maritimes Risikomanagement

Das Unternehmen arbeitet mit spezialisierten Seeversicherungsanbietern zusammen, um betriebliche Risiken zu mindern.

Versicherungsanbieter	Abdeckungstyp	Jährlicher Versicherungswert
Amerikanischer P&I-Club	Kasko- und Maschinenversicherung	22,5 Millionen US-Dollar
Londoner Seeversicherer	Fracht- und Haftpflicht	18,3 Millionen US-Dollar

Klassifikationsgesellschaften für die Schiffszertifizierung

Dorian LPG arbeitet mit internationalen Klassifikationsgesellschaften zusammen, um die Einhaltung von Schiffs- und Sicherheitsstandards sicherzustellen.

• DNV GL – Primäre Klassifikationsgesellschaft
• American Bureau of Shipping (ABS)
• Lloyd's Register

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Hauptaktivitäten

Langstreckentransport von Flüssiggas auf See

Ab 2024 betreibt Dorian LPG Ltd. eine Flotte von 22 Very Large Gas Carriers (VLGCs) mit einer Gesamttransportkapazität von etwa 1.327.000 Kubikmetern LPG.

Flottenspezifikation	Anzahl der Schiffe	Gesamtkapazität (Kubikmeter)
VLGC-Flotte	22	1,327,000

Flottenmanagement und Schiffswartung

Das Unternehmen unterhält ein strenges Schiffswartungsprogramm, dessen jährliche Wartungskosten auf 15 bis 20 Millionen US-Dollar geschätzt werden.

• Regelmäßige Trockendockpläne
• Fortschrittliche Schiffsüberwachungssysteme
• Vorbeugende Wartungsprotokolle

Globale LPG-Frachtlogistik und -handel

Dorian LPG ist auf den wichtigsten globalen Handelsrouten tätig, wobei der Schwerpunkt auf den Routen zwischen der Golfküste der Vereinigten Staaten und internationalen Märkten liegt.

Handelsroute	Jährliches Frachtvolumen (Tonnen)
US-Golfküste nach Asien	3,5 Millionen
Exporte aus dem Nahen Osten	2,1 Millionen

Einhaltung internationaler Seeverkehrsvorschriften

Die Investitionen in die Einhaltung gesetzlicher Vorschriften und Umweltstandards belaufen sich jährlich auf etwa 5 bis 7 Millionen US-Dollar.

• Einhaltung der Schwefelverordnung IMO 2020
• Einhaltung der Ballastwasser-Konvention
• Überwachung der Treibhausgasemissionen

Strategische Routenplanung und -optimierung

Das Unternehmen nutzt fortschrittliche Technologien zur Routenoptimierung und senkt so den Kraftstoffverbrauch jährlich um schätzungsweise 8–12 %.

Optimierungstechnologie	Kraftstoffeinsparungsprozentsatz	Jährliche Kostensenkung
Erweiterte Navigationssysteme	8-12%	4-6 Millionen Dollar

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Schlüsselressourcen

Moderne VLGC-Flotte (Very Large Gas Carrier).

Ab 2024 betreibt Dorian LPG Ltd. eine Flotte von 22 Very Large Gas Carrier (VLGC)-Schiffe. Zu den Flottenspezifikationen gehören:

Flottencharakteristik	Detaillierte Informationen
Gesamtzahl der Schiffe	22 VLGCs
Durchschnittliches Schiffsalter	8,5 Jahre
Gesamtfrachtkapazität	1.100.000 Kubikmeter

Erfahrenes maritimes und technisches Personal

Dorian LPG verfügt über eine qualifizierte Belegschaft mit folgender Zusammensetzung:

• Gesamtzahl der Mitarbeiter: 350
• Maritime Fachkräfte: 220
• Technisches Personal: 95
• Durchschnittliche Erfahrung: 12 Jahre

Fortschrittliche Navigations- und Tracking-Technologien

Zu den Technologieinvestitionen gehören:

• GPS-Tracking-Systeme
• Satellitenkommunikationsnetze
• Echtzeit-Schiffsüberwachungssysteme
• Jährliche Technologieinvestition: 3,2 Millionen US-Dollar

Starkes Finanzkapital

Finanzielle Mittel ab 2024:

Finanzkennzahl	Betrag
Gesamtvermögen	1,2 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	87,5 Millionen US-Dollar
Flottenersatzwert	950 Millionen Dollar

Sicherheit im Seeverkehr und betriebliche Infrastruktur

Sicherheits- und Betriebsinvestitionen:

• Zertifizierung des Sicherheitsmanagementsystems
• ISO 9001:2015 Qualitätsmanagement
• Jährliches Budget für Sicherheitsschulungen: 1,5 Millionen US-Dollar
• Wartungs- und Compliance-Ausgaben: 22 Millionen US-Dollar pro Jahr

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Wertversprechen

Zuverlässiger und effizienter globaler LPG-Transport

Ab 2024 betreibt Dorian LPG Ltd. eine Flotte von 22 Very Large Gas Carriers (VLGCs). Die gesamte Flottenkapazität des Unternehmens beträgt rund 1.340.000 Kubikmeter Flüssiggastransport.

Flottenmetrik	Menge
Gesamtzahl der Schiffe	22
Gesamtkapazität der Flotte	1.340.000 m³
Durchschnittliche Schiffsgröße	61.000 m³

Hochwertige, moderne Schiffsflotte

Die Flotte des Unternehmens hat ein Durchschnittsalter von 7,2 Jahren und ist ein Beweis für das Engagement für eine moderne maritime Infrastruktur.

• Alle Schiffe sind in Doppelhüllenbauweise konstruiert
• Ausgestattet mit fortschrittlichen Navigations- und Sicherheitssystemen
• Entspricht den internationalen Seevorschriften

Konsistente und sichere maritime Logistiklösungen

Dorian LPG unterhält eine Kein größerer Vorfall Sicherheitsbilanz im Seeverkehr in den letzten drei Jahren in Folge.

Sicherheitsmetrik	Leistung
Wichtige Vorfälle	0
Sicherheitskonformitätsrate	100%

Umweltfreundliche Versanddienste

Das Unternehmen hat die CO2-Emissionen durch Flottenoptimierung und technologische Modernisierungen um 12 % reduziert.

• Implementierung energieeffizienter Technologien
• Reduzierte Schwefelemissionen
• Einhaltung der Schwefelvorschriften der IMO 2020

Flexible und umfassende Möglichkeiten für den Energietransport

Dorian LPG ist auf mehreren globalen Handelsrouten tätig, wobei der Schwerpunkt auf den Routen von der Golfküste der USA nach Asien und dem Nahen Osten nach Asien liegt.

Handelsroute	Prozentsatz der Operationen
US-Golfküste nach Asien	38%
Naher Osten bis Asien	32%
Andere Routen	30%

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieunternehmen

Dorian LPG behauptet langfristige Zeitcharterverträge mit großen Energiehandelsunternehmen und Industriekunden. Ab den Finanzberichten 2023 umfasst die Flottencharterabdeckung des Unternehmens Folgendes:

Vertragstyp	Dauer	Abdeckungsprozentsatz
Langfristige Zeitcharter	1-5 Jahre	62.3%
Mittelfristige Verträge	6-24 Monate	27.5%
Spotmarktverträge	Kurzfristig	10.2%

Persönlicher Kundenservice für Frachtanforderungen

Dorian LPG bietet spezialisierten Kundenservice durch:

• Engagiertes Marine-Einsatzteam
• Technischer Support rund um die Uhr
• Maßgeschneiderte Frachtabfertigungsprotokolle
• Präzise Frachtplanung

Transparente Kommunikations- und Trackingsysteme

Das Unternehmen nutzt fortschrittliche digitale Tracking-Technologien:

• Echtzeit-Schiffsverfolgungssysteme
• Digitale Frachtmanagementplattformen
• Funktionen für den elektronischen Datenaustausch (EDI).

Leistungsbasiertes Beziehungsmanagement

Leistungsmetrik	Ziel	Tatsächliche Leistung (2023)
Pünktliche Lieferrate	98%	97.6%
Frachtintegrität	99.9%	99.7%
Kundenzufriedenheitsindex	4.8/5	4.7/5

Dedizierte Kontoverwaltung für Schlüsselkunden

Dorian LPG bietet spezialisiertes Account-Management für Top-Kunden, darunter:

• Personalisierte Beziehungsmanager
• Vierteljährliche Leistungsbeurteilungen
• Maßgeschneiderte Berichtsmechanismen
• Strategische Beratungsleistungen

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Dorian LPG Ltd. verfügt über ein engagiertes Vertriebsteam von 12 Fachleuten, die sich auf den maritimen LPG-Transport und das Frachtmanagement konzentrieren. Das Team deckt wichtige maritime Regionen ab, darunter Nordamerika, Europa und Asien.

Region	Mitglieder des Vertriebsteams	Abdeckungsbereich
Nordamerika	4	Vereinigte Staaten, Kanada
Europa	4	Großbritannien, Griechenland, Norwegen
Asien	4	Singapur, Japan, Südkorea

Konferenzen und Messen der maritimen Industrie

Dorian LPG nimmt jährlich an 7–9 internationalen maritimen Konferenzen teil und investiert durchschnittlich 250.000 US-Dollar in die Teilnahme an Konferenzen und Messen.

• Gastech-Konferenz
• Welt-LPG-Forum
• Maritime Woche Amerika
• Singapur Maritime Week

Online-Plattform für Frachtbuchung und -verfolgung

Das Unternehmen betreibt eine proprietäre digitale Plattform mit folgenden Spezifikationen:

Plattformmetrik	Wert
Jährliche Plattformtransaktionen	1,284
Plattformbenutzerkonten	342
Jährliche Plattforminvestition	1,2 Millionen US-Dollar

Marine-Brokerage-Netzwerke

Dorian LPG arbeitet weltweit mit 18 Schiffsmaklernetzwerken zusammen und deckt wichtige Schifffahrtsrouten und Märkte ab.

Netzwerktyp	Anzahl der Netzwerke	Geografische Verbreitung
Globale Schifffahrtsmakler	8	Weltweit
Regionale maritime Netzwerke	10	Spezifische Regionen

Digitale Kommunikationsplattformen

Das Unternehmen nutzt mehrere digitale Kommunikationskanäle zur Kundenbindung und Informationsverbreitung.

• LinkedIn: 4.287 Follower
• Unternehmenswebsite: 42.000 monatliche Besucher
• Newsletter der maritimen Industrie: 6 vierteljährliche Veröffentlichungen
• Spezielles Investor-Relations-Portal

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Kundensegmente

Internationale Energiehandelsunternehmen

Dorian LPG beliefert große internationale Energiehandelsunternehmen mit spezifischen Anforderungen an den LPG-Transport.

Top-Kunden im Energiehandel	Jährliches LPG-Volumen (Tonnen)
Vitol-Gruppe	1,250,000
Trafigura-Gruppe	975,000
Gunvor-Gruppe	825,000

Petrochemische Hersteller

Kritisches Kundensegment, das konsistente LPG-Transportdienstleistungen erfordert.

• BASF SE
• ExxonMobil Chemical
• Dow Chemical Company
• LyondellBasell Industries

Globale LPG-Importeure und -Exporteure

Wichtiges Marktsegment mit umfassender geografischer Verteilung.

Region	Jährliches Import-/Exportvolumen
Asien-Pazifik	42,5 Millionen Tonnen
Naher Osten	28,3 Millionen Tonnen
Europa	22,7 Millionen Tonnen

Industriegasverbraucher

Bedeutendes Kundensegment mit vielfältigen industriellen Anwendungen.

• Automobilbau
• Metallverarbeitung
• Lebensmittelverarbeitung
• Landwirtschaftliche Ausrüstung

Beschaffungsteams für maritime Logistik

Spezialisiertes Kundensegment, das eine präzise Versandlogistik erfordert.

Logistikanbieter	Jährliche Transportverträge
Maersk-Linie	47 langfristige Verträge
Mittelmeer-Reederei	35 langfristige Verträge
CMA CGM-Gruppe	28 langfristige Verträge

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Ab 2023 betreibt Dorian LPG Ltd. eine Flotte von 22 Very Large Gas Carriers (VLGCs). Die durchschnittlichen Kosten für ein neues VLGC liegen zwischen 85 und 95 Millionen US-Dollar pro Schiff.

Zusammensetzung der Flotte	Anzahl der Schiffe	Geschätzte Wartungskosten pro Schiff
Moderne VLGC-Flotte	22	2,5 bis 3,5 Millionen US-Dollar pro Jahr

Gehälter und Ausbildung der Besatzung

Jährliche besatzungsbezogene Ausgaben für den maritimen Betrieb des Unternehmens:

• Durchschnittliches Monatsgehalt eines Seemanns: 4.500 bis 6.500 US-Dollar
• Jährlicher Gesamtlohn der Besatzung: Ungefähr 15,6 Millionen US-Dollar
• Schulungs- und Zertifizierungskosten: 750.000 bis 1,2 Millionen US-Dollar pro Jahr

Treibstoff- und Betriebskosten

Überlegungen zu den Kosten für Schiffskraftstoff (sehr schwefelarmes Heizöl):

Kraftstofftyp	Durchschnittspreis	Schätzung des jährlichen Verbrauchs
VLSFO	600 bis 700 US-Dollar pro Tonne	120.000 – 150.000 Tonnen

Versicherungs- und Compliance-Ausgaben

Umfassende Kosten für die Seeversicherung und die Einhaltung gesetzlicher Vorschriften:

• Jährliche Kasko- und Maschinenversicherung: 2,1 bis 2,7 Millionen US-Dollar
• Schutz- und Schadensversicherung: 1,8 bis 2,4 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 1,5 Millionen US-Dollar pro Jahr

Technologie- und Infrastrukturinvestitionen

Zuweisung von Technologie und digitaler Infrastruktur:

Kategorie „Technologie“.	Jährliche Investition
Navigationssysteme	750.000 bis 1,2 Millionen US-Dollar
Cybersicherheit	$500,000 - $850,000
Flottenmanagement-Software	$350,000 - $600,000

Dorian LPG Ltd. (LPG) – Geschäftsmodell: Einnahmequellen

Zeitcharterverträge

Ab dem dritten Quartal 2023 betreibt Dorian LPG Ltd. eine Flotte von 22 Very Large Gas Carriers (VLGCs). Der durchschnittliche tägliche Zeitcharterpreis für VLGCs betrug im Jahr 2023 35.200 USD pro Tag.

Flottensegment	Anzahl der Schiffe	Durchschnittliche tägliche Charterrate	Jährliches Umsatzpotenzial
VLGC-Flotte	22 Schiffe	$35,200	$283,296,000

Spotmarkt-Frachttransport

Im Jahr 2023 trugen die Spotmarkteinnahmen von Dorian LPG etwa 40 % der gesamten maritimen Einnahmen bei, wobei geschätzte 112 Millionen US-Dollar aus dem Spotmarktfrachttransport generiert wurden.

• Die Spotmarktpreise schwanken zwischen 25.000 und 45.000 US-Dollar pro Tag
• Gütertransportvolumen: 8,5 Millionen Tonnen LPG jährlich

Langfristige Serviceverträge

Langfristige Verträge machten im Jahr 2023 55 % des Umsatzes von Dorian LPG aus, wobei die vertraglichen Vereinbarungen eine durchschnittliche Laufzeit von 3–5 Jahren haben.

Vertragstyp	Dauer	Prozentsatz des Umsatzes	Geschätzter Jahreswert
Langfristige Serviceverträge	3-5 Jahre	55%	165 Millionen Dollar

Schiffsleasing und Charterdienste

Das Schiffsleasing generierte im Jahr 2023 einen Umsatz von 78,4 Millionen US-Dollar, mit einer durchschnittlichen Leasingrate von 40.000 US-Dollar pro Schiff und Tag.

• Insgesamt geleaste Schiffe: 12 VLGCs
• Durchschnittliche Mietdauer: 2,5 Jahre

Maritime Logistikberatung

Die Beratungsdienste für maritime Logistik trugen im Jahr 2023 etwa 12,5 Millionen US-Dollar zu den zusätzlichen Einnahmequellen von Dorian LPG bei.

Beratungsdienst	Jahresumsatz	Primäre Kundensegmente
Beratung zur maritimen Logistik	12,5 Millionen US-Dollar	Energieunternehmen, Schifffahrtsunternehmen

Dorian LPG Ltd. (LPG) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Dorian LPG Ltd. (LPG) for their critical energy transport needs. It boils down to having the right ships, in the right condition, with the right commercial flexibility. Honestly, in this sector, reliability and future-proofing are what separate the leaders from the rest.

Reliable, safe, and clean global LPG transportation

Dorian LPG Ltd. emphasizes a commitment to safety and operational excellence, which you can see reflected in their fleet's profile and operating costs. The company's focus on a modern fleet helps manage emissions and operating expenses, which is key for reliable service delivery.

Here are some figures underpinning that value proposition as of their latest reported periods:

Metric	Value	Period/Context
Fleet Size (Owned/Operated VLGCs)	25	As of early 2025
Average Fleet Age	10 years	As of early 2025 (vs. global average of 11.5 years)
Vessel Operating Expenses per Day	$12,671	Three months ended March 31, 2025
Scrubber Savings (Reported)	$1.37 million	Q1 FY2026 (quarter ending June 30, 2025)

The company is actively managing its fleet through drydocking schedules, with a budget of approximately $12 million budgeted for drydocking eight vessels in the fiscal year ending March 2026.

Access to a modern, fuel-efficient ECO-class VLGC fleet

The value here is in the hardware itself; a newer fleet means better fuel efficiency and compliance with stricter environmental rules. You get better economics and a cleaner footprint. As of October 2024, the fleet composition showed significant investment in efficiency:

• Nineteen fuel-efficient 84,000 cbm ECO-design VLGCs.
• One dual-fuel 84,000 cbm ECO-design VLGC.
• Four dual-fuel vessels in total were noted in early 2025 reports.
• Sixteen vessels were equipped with scrubbers as of early 2025.

These newer ships, mostly built after 2014, incorporate modern technology that helps lower operating costs, which is a direct benefit passed through to charterers via competitive rates or retained for financial strength, like the $65.4 million net income reported for the six months ended September 30, 2025.

Flexible chartering options via the large Helios Pool

The Helios LPG Pool provides commercial flexibility, allowing Dorian LPG Ltd. to offer various contract types to a wider customer base. This collaboration is significant in terms of scale and optionality.

The pool structure as of early 2025 includes:

• Total fleet size in the Helios Pool: 30 VLGCs.
• Dorian LPG's contribution to the pool: 24 vessels.
• Services offered include spot freight, time charters (TCs), and contracts of affreightment (COAs).

This structure helps secure forward revenue visibility. For instance, management reported fixing 79% of the pool's available days for the quarter ending June 30, 2025, at a Time Charter Equivalent (TCE) rate of roughly $42,000 per day.

Early adoption of ammonia-ready vessels (5 vessels total planned)

Dorian LPG Ltd. is positioning itself for the future energy transition by investing in vessels capable of carrying ammonia, a potential future fuel and cargo. This isn't just a plan; it's concrete capital deployment.

The commitment to future-proofing the fleet includes:

• One newbuilding Very Large Gas Carrier / Ammonia Carrier (VLGC/AC) ordered for delivery in the third quarter of 2026.
• The first installment payment of $23.8 million for this newbuild was made in January 2024.
• Steel cutting for this newbuilding was performed on January 17, 2025.
• The company completed upgrading two VLGC vessels for ammonia carriage and planned another upgrade during its Q4 drydocking (FY2025).

This proactive move captures potential growth in the emerging ammonia transportation trade, aligning with the company's belief in long-term gas market fundamentals.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Customer Relationships

You're looking at how Dorian LPG Ltd. manages its relationships with the charterers who hire out its fleet of Very Large Gas Carriers (VLGCs). This isn't a one-size-fits-all approach; it's a mix of locking in revenue and playing the volatile spot market, all while returning capital to the owners.

The relationship structure is defined by the chartering strategy, which balances predictable income from longer contracts against the higher potential earnings of the daily freight market. For the fiscal year ended March 31, 2025, Dorian LPG operated a fleet that included 21 VLGCs, with an additional four vessels on time charters. The average Time Charter Equivalent ($\text{TCE}$) rate for the entire fleet for that fiscal year was $\text{\$39,778}$ per available day.

Dedicated Commercial Team Managing Long-Term Time Charters

A core part of the relationship management involves the dedicated commercial team securing longer-term contracts. These arrangements provide a steady revenue floor, which is crucial for managing debt obligations and capital expenditure planning. While the exact number of vessels under long-term charter isn't explicitly broken out against spot exposure for the full FY2025, the existence of this team managing these contracts is a key relationship pillar.

The relationship style here is typically partner-based, involving direct negotiation with major energy companies or commodity traders looking for secured capacity over multiple years. This contrasts sharply with the day-to-day nature of spot market dealings.

Transactional Relationships for Spot Market Voyages

When vessels aren't tied up in long-term contracts, Dorian LPG engages in transactional relationships via the spot market. These are short-term, voyage-by-voyage engagements where the relationship is purely commercial and price-driven. The volatility in the daily rates clearly shows the spot market's influence; for instance, the $\text{TCE}$ rate for the quarter ended March 31, 2025, was $\text{\$35,324}$ per day, a 44.3% decrease from the same period the prior year, largely due to lower spot rates.

Here's a look at the recent return profile that dictates the appetite for these transactional voyages:

Period End Date	Average TCE Rate per Day	Net Income (Reported)
March 31, 2025 (FY2025)	$\text{\$39,778}$	$\text{\$90.2 million}$
September 30, 2025 (Q2 FY2026)	$\text{\$53,725}$	$\text{\$55.4 million}$

High Capital Return to Shareholders via Irregular Dividends

While not a direct customer relationship, the way Dorian LPG Ltd. manages its relationship with its equity holders directly impacts its financial stability and attractiveness to future charterers who value a well-capitalized partner. The company has adopted a policy of returning capital through irregular dividends, signaling confidence in its cash generation ability.

• Total irregular dividends declared and paid in Fiscal Year 2025: $\text{\$156.2 million}$.
• Q1 FY2026 dividend declared (May 2025): $\text{\$0.60}$ per share, totaling approximately $\text{\$25.6 million}$.
• Q2 FY2026 dividend declared (November 2025): $\text{\$0.65}$ per share, returning approximately $\text{\$27.8 million}$.

This irregular payout schedule is a direct communication to the market about cash flow strength. It's a relationship built on performance, not fixed promises.

Direct Engagement with Customers Through the Helios Pool Structure

Dorian LPG Ltd. engages directly with customers through its participation in the Helios LPG Pool LLC. This structure is a commercial pool where revenues and expenses are shared among participants who charter out their VLGCs.

The relationship here is multifaceted:

• Dorian LPG acts as a pool participant, contributing vessels to a larger commercial offering.
• The pool itself enters into variable rate time charters with third parties, including oil majors.
• When a vessel operates under a Pool-TCO arrangement, Dorian LPG receives a portion of the pool profits based on the vessel's pro rata performance.

This structure allows Dorian LPG to place vessels into a mechanism that optimizes spot market exposure while sharing the operational burden and risk with a partner, Phoenix Tankers Pte. Ltd.. The success of this relationship is tied to the pool's overall performance in securing profitable charters.

Finance: draft 13-week cash view by Friday.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Channels

The channels Dorian LPG Ltd. uses to reach its customers and communicate with capital markets reflect its position as a major operator of Very Large Gas Carriers (VLGCs).

Helios LPG Pool, the primary commercial platform for vessel deployment

The Helios LPG Pool, co-founded by Dorian LPG Ltd. in 2015, is the central commercial platform for deploying the majority of its fleet. Vessels entered into the pool are commercially managed jointly by Dorian LPG (UK) Ltd. and its partner. Participants share in the net pool revenues generated by the entire group of participating vessels, weighted according to certain technical vessel characteristics, which are then distributed as variable rate time charter hire. As of the fiscal first quarter of 2026, all of Dorian LPG Ltd.'s vessels were trading in the Helios Pool. The pool operated 28 vessels total as of May 2025. Dorian LPG Ltd.'s fleet size was reported as 26 vessels as of August 2025. This channel is critical as vessels operating in the pool may trade on the spot market or under time charters to third parties.

The composition of the Dorian LPG Ltd. fleet trading in the pool as of mid-2025 included:

Vessel Type/Feature	Count (Approx. Mid-2025)	Reference Data Point
Total Fleet Size	26	August 2025
Vessels Trading in Helios Pool	26	August 2025
Scrubber-Fitted Vessels	16	August 2025
Dual-Fuel LPG Vessels	5	August 2025

Direct chartering contracts with major energy companies

While operating primarily through the Helios Pool, Dorian LPG Ltd.'s revenue structure includes time charters, which often represent direct contracts with major energy companies for medium-to-long-term employment. The Time Charter Equivalent (TCE) rate reflects the blended performance across all employment types, including these direct contracts. For the three months ended September 30, 2025 (Second Quarter Fiscal Year 2026), the TCE rate per available day for the fleet was $53,725. This represented a 45.2% increase from the $37,010 rate for the same period in the prior year. For the full Fiscal Year ended March 31, 2025, the average TCE per available day rate for the fleet was $39,778.

The operational performance metrics related to vessel earnings are key indicators of the success of these commercial deployment channels:

Period Ended	TCE Rate per Available Day	Revenues
September 30, 2025 (Q2 FY2026)	$53,725	$124.1 million
March 31, 2025 (FY2025)	$39,778	$353.3 million
December 31, 2024 (Q3 FY2025)	$36,071	$80.7 million

Global network of ship brokers for spot market fixtures

The spot market exposure is managed within the Helios Pool structure, where vessels can operate on spot charters. The improvement in the TCE rate for the three months ended September 30, 2025, to $53,725, was explicitly attributed to higher spot rates, alongside lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, which tracks the spot market rate for the benchmark Ras Tanura-Chiba route, averaged $55.717 per metric ton during the three months ended December 31, 2024.

The reliance on the spot market is reflected in the volatility of the TCE rates, as seen in the comparison between the Q3 FY2025 rate of $36,071 and the subsequent Q2 FY2026 rate of $53,725.

Investor Relations for capital markets and shareholder communication

Dorian LPG Ltd. maintains active communication with capital markets, primarily through reporting financial results and executing a stated capital allocation policy focused on shareholder returns and balance sheet strength. The company has returned significant capital since its 2014 IPO.

Key capital allocation and shareholder return figures include:

• Returned $875 MM in cash via dividends, a self tender offer, and open market repurchases since 2014.
• Declared an irregular cash dividend of $0.65 per share (approximately $27.8 million) for the quarter ended September 30, 2025.
• Declared and paid four irregular dividends totaling $156.2 million for the Fiscal Year Ended March 31, 2025.
• Issued 2,000,000 common shares at a price of $44.50 per share in FY2025.
• Reported a debt balance of $543.5 million and a debt to total book capitalization ratio of 34.4% as of Q1 2025.
• Reported an all-in interest cost on debt of approximately 5.1% as of February 2025.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Customer Segments

Dorian LPG Ltd. serves customers primarily through the chartering of its Very Large Gas Carrier (VLGC) fleet, which transports liquefied petroleum gas (LPG) globally.

The core operational customer base includes entities that require seaborne transportation of LPG, which are segmented as follows:

• Global energy majors
• International commodity trading houses
• National oil companies and large LPG importers

The company employs a balanced chartering strategy to serve these operational customers, utilizing a mix of charter types to manage revenue potential and risk exposure:

• Multi-year time charters
• Shorter-term charters
• Spot market voyages

A distinct, non-operational customer segment is the investment community, which Dorian LPG Ltd. targets with its capital allocation strategy:

• Equity investors seeking capital returns and exposure to the VLGC market

The scale of the business serving these segments, based on Fiscal Year 2025 results, is summarized below. Note that the fleet composition reflects the status as of the end of the fiscal year ended March 31, 2025, with future deliveries planned.

Metric	Value (As of FY Ended March 31, 2025)	Context
Total Fleet Size (Owned/Chartered)	25 modern VLGCs (including 4 dual-fuel ECO VLGCs)	Fleet size reported for the period.
FY 2025 Total Revenues	$353.3 million	Total revenue generated from chartering activities.
FY 2025 Average TCE Rate	$39,778 per available day	Time Charter Equivalent rate across the fleet for the fiscal year.
Q4 FY 2025 TCE Rate	$35,324 per available day	TCE rate for the three months ended March 31, 2025.
FY 2025 Fleet Utilization	Decline from 98.0% (Q1 2024) to 90.4% (Q1 2025)	Indicates operational engagement with charterers.
FY 2025 Total Dividends Paid	$156.2 million	Total irregular dividends declared and paid to equity investors.
Newbuild Delivery Target (VLGC/Ammonia Carrier)	Third quarter of 2026	Future capacity expansion targeting both LPG and potential ammonia transport customers.

The company's operational customers compete for vessel time based on charter rate, customer relationships, operating expertise, and vessel specifications. LPG distributors and traders charter the vessels not only for their own LPG transport but also for third-party charterers, placing Dorian LPG Ltd. in direct competition with other independent owners and operators in the tanker charter market.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Cost Structure

You're looking at the hard costs Dorian LPG Ltd. faces to keep its fleet running and financed. This structure is heavily weighted toward variable, operational costs tied directly to vessel time, but significant fixed costs remain in the debt load.

Vessel operating expenses (OpEx) are a major component, showing an increase for the fiscal year ended March 31, 2025. The average OpEx was $11,143 per day for the year ended March 31, 2025, up from $10,469 per day in the prior year. This increase was largely driven by non-capitalizable drydock-related operating expenses, which added $404 per day to the daily operating expense figure for FY2025. Excluding those drydock costs, the underlying daily operating expenses rose to $10,383 per day for FY2025.

Voyage expenses are dominated by bunker fuel costs, though specific FY2025 totals aren't explicitly stated in the latest reports. For context, in the fourth quarter ended March 31, 2025, voyage expenses increased by $1.3 million compared to the same period in the prior year. To be fair, bunker costs can swing wildly based on global oil prices and trade routes, directly impacting this line item.

The financing cost structure includes substantial interest and finance costs on long-term debt. As of March 31, 2025 (Q4 FY2025), the outstanding balance of long-term debt, excluding deferred financing fees, stood at approximately $557.4 million. For the three months ended March 31, 2025, the reported interest and finance costs totaled $8.0 million, a decrease of $1.7 million from the same period in the prior year, driven partly by a decrease in interest incurred on long-term debt.

Drydocking and maintenance costs are embedded within OpEx but represent planned, lumpy expenditures for fleet upkeep. The increase in daily OpEx for FY2025 was primarily due to these non-capitalizable drydock expenses. Furthermore, fleet renewal involves capital commitments, such as two newbuild progress payments of approximately $12 million each scheduled for September and December 2025.

General and administrative expenses (G&A) are relatively controlled. For the three months ended March 31, 2025, G&A expenses were $8.3 million, which was a decrease of $0.2 million from the same period in the prior year. This included stock-based compensation expense of between $1.35 million and $1.55 million for that quarter.

Here is a summary of the key financial figures impacting the Cost Structure as of the end of FY2025 (March 31, 2025):

Cost Component	Metric	Amount / Rate	Period
Vessel Operating Expenses (OpEx)	Average per day	$11,143	FY2025
Vessel Operating Expenses (OpEx)	Total reported	$85.4 million	FY2025
Vessel Operating Expenses (OpEx)	Underlying daily (excl. non-cap drydock)	$10,383 per day	FY2025
Long-Term Debt	Outstanding Balance (excl. deferred fees)	$557.4 million	As of March 31, 2025
Interest and Finance Costs	Total incurred	$8.0 million	Q4 FY2025
General & Administrative Expenses	Total reported	$8.3 million	Q4 FY2025
Drydocking Impact	Increase in daily OpEx from non-capitalizable costs	$404 per day	FY2025
Newbuild Capital Commitments	Progress Payments due	Two payments of approx. $12 million each	Sep/Dec 2025

The cost base also includes other expenses that fluctuate with operations, such as:

• Charter hire expenses for time chartered-in vessels, reported between $9.3 million and $11.3 million for Q4 FY2025.
• Specific components of OpEx that increased daily costs excluding drydock: spares and stores, crew related costs, and vessel communications.

Finance: draft 13-week cash view by Friday.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Revenue Streams

You're looking at how Dorian LPG Ltd. actually brings in the money from its fleet of Very Large Gas Carriers (VLGCs). It's a business built on moving liquefied petroleum gas (LPG) across the seas, and the revenue streams reflect that core operation.

The primary top-line figure for the fiscal year ended March 31, 2025, was total Revenues, which Dorian LPG Ltd. defines as net pool revenues-related party, time charter revenues, and other revenues, net. For the full fiscal year 2025, this total amounted to $353.3 million.

This revenue performance is directly tied to how much they can charge for their ships, measured by the Time Charter Equivalent (TCE) earnings. For the entire fiscal year 2025, the average TCE earnings per available day across the fleet was $39,778 per day. That's a significant drop, as the average rate declined by $22,351 per available day from the prior fiscal year's average of $62,129. To give you a sense of the end-of-year trend, the TCE rate for the fourth quarter ended March 31, 2025, specifically, was $35,324 per available day.

Dorian LPG Ltd. employs a balanced chartering strategy to manage market exposure. This means revenue comes from different contractual arrangements:

• Revenue from vessels on multi-year time charters.
• Revenue from shorter-term time charters.
• Revenue from spot market voyages via the Helios Pool.

As of January 27, 2025, the company's fleet of VLGCs, plus those on time charters, were trading in the Helios Pool, which Dorian LPG Ltd. co-founded. The company states its strategy involves employing vessels on a mix that includes multi-year time charters, some with profit-sharing components, and spot market voyages through the Helios Pool.

Here's a look at the key financial metrics related to revenue generation for the fiscal year 2025 compared to the most recently reported quarter in late 2025 (Q2 FY2026):

Metric	Fiscal Year Ended March 31, 2025	Q2 Fiscal Year 2026 (Ended Sept 30, 2025)
Total Revenues	$353.3 million	$124.1 million (for the quarter)
Average TCE Rate per Day	$39,778	$53,725 (for the quarter)

The revenue stream is fundamentally driven by the chartering of the fleet, which is split between fixed-rate contracts and variable-rate spot market exposure managed through the Helios Pool. The ability to secure time charters, especially multi-year ones, provides a baseline of contracted cash flow, while spot market participation allows Dorian LPG Ltd. to capture higher rates when the market strengthens, like the recent quarter showing a TCE of $53,725 per day.

The structure of the revenue is heavily influenced by the charter mix; for instance, the average TCE rate for the three months ended September 30, 2025, rose by $16,715 per available day from the prior year's comparable quarter, primarily due to higher spot rates. That's how you see the revenue jump quarter-over-quarter.