Dorian LPG Ltd. (LPG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Dorian LPG Ltd. surge como una fuerza pionera en el transporte global de gas petrolero licuado, orquestando un modelo de negocio sofisticado que conecta a la perfección los mercados de energía en los continentes. Su enfoque estratégico transforma desafíos marítimos complejos en soluciones de envío eficientes y confiables, aprovechando una flota moderna de portadores de gas muy grandes (VLGC) y tecnologías de vanguardia para ofrecer valor a las empresas internacionales de comercio de energía y los consumidores de gas industrial. Al navegar meticulosamente el intrincado panorama de la logística marítima, Dorian LPG Ltd. ha creado un lienzo comercial convincente que ejemplifica la innovación, la confiabilidad y el posicionamiento estratégico del mercado.

Dorian LPG Ltd. (GLP) - Modelo de negocios: asociaciones clave

Empresas de gestión de buques para operaciones de buques

Dorian Lpg Ltd. se asocia con Grupo marino de sinergia, una compañía líder de gestión de buques responsable de la gestión técnica de su flota de operadores de GLP.

Pareja	Servicios proporcionados	Alcance de gestión de la flota
Grupo marino de sinergia	Gestión de buques técnicos	24 recipientes de portador de gas muy grande (VLGC)

Empresas de comercio de energía global para contratos de carga de GLP

Dorian LPG colabora con las principales empresas de comercio de energía para asegurar contratos de carga a largo plazo.

Socio comercial	Tipo de contrato	Valor anual del contrato
Grupo vitol	Transporte de GLP a largo plazo	$ 127 millones
Glencore	Contratos de punto y plazo	$ 98 millones

Constructores navales y proveedores de equipos marinos

Dorian LPG mantiene asociaciones estratégicas con constructores navales y fabricantes de equipos líderes.

• Hyundai Heavy Industries - constructor naval principal
• Man Energy Solutions - Proveedor de motores marinos
• Wartsila - Proveedor de tecnología marina

Proveedores de seguros para la gestión de riesgos marítimos

La compañía trabaja con proveedores de seguros marítimos especializados para mitigar los riesgos operativos.

Proveedor de seguros	Tipo de cobertura	Valor de seguro anual
American P&I Club	Seguro de casco y maquinaria	$ 22.5 millones
Aseguradoras marítimas de Londres	Cargo y responsabilidad por terceros	$ 18.3 millones

Sociedades de clasificación para la certificación de embarcaciones

Dorian LPG se asocia con sociedades de clasificación internacional para garantizar los estándares de cumplimiento y seguridad de los buques.

• DNV GL - Sociedad de clasificación primaria
• Oficina Americana de envío (ABS)
• Registro de Lloyd

Dorian LPG Ltd. (GLP) - Modelo de negocio: actividades clave

Transporte marítimo de gas de petróleo licuado de larga distancia

A partir de 2024, Dorian LPG Ltd. opera una flota de 22 portadores de gas muy grandes (VLGC) con una capacidad de carga total de aproximadamente 1,327,000 metros cúbicos de GLP.

Especificación de la flota	Número de embarcaciones	Capacidad total (medidores cúbicos)
Flota VLGC	22	1,327,000

Gestión de la flota y mantenimiento de los buques

La compañía mantiene un riguroso programa de mantenimiento de embarcaciones con costos de mantenimiento anual estimados en $ 15-20 millones.

• Horarios regulares de droga en seco
• Sistemas de monitoreo de buques avanzados
• Protocolos de mantenimiento preventivo

Logística y comercio global de carga de LPG

Dorian LPG opera en las principales rutas comerciales globales, con un enfoque principal en las rutas entre la costa del Golfo de los Estados Unidos y los mercados internacionales.

Ruta comercial	Volumen de carga anual (toneladas métricas)
Costa del Golfo de los Estados Unidos a Asia	3.5 millones
Exportaciones de Medio Oriente	2.1 millones

Cumplimiento de las regulaciones marítimas internacionales

Las inversiones en cumplimiento regulatorio y las normas ambientales totalizan aproximadamente $ 5-7 millones anuales.

• IMO 2020 Cumplimiento de la regulación de azufre
• Adherencia de la Convención de Gestión del Agua del Ballast
• Monitoreo de emisiones de gases de efecto invernadero

Planificación y optimización de rutas estratégicas

La compañía utiliza tecnologías avanzadas de optimización de rutas, reduciendo el consumo de combustible en un 8-12% anual.

Tecnología de optimización	Porcentaje de ahorro de combustible	Reducción anual de costos
Sistemas de navegación avanzados	8-12%	$ 4-6 millones

Dorian LPG Ltd. (GLP) - Modelo de negocio: recursos clave

Flota moderna de gas de gas muy grande (VLGC)

A partir de 2024, Dorian Lpg Ltd. opera una flota de 22 recipientes de portador de gas muy grande (VLGC). Las especificaciones de la flota incluyen:

Característica de la flota	Información detallada
Buques totales	22 VLGCS
Edad promedio de embarcaciones	8.5 años
Capacidad total de carga	1,100,000 metros cúbicos

Personal marítimo y técnico experimentado

Dorian LPG mantiene una fuerza laboral calificada con la siguiente composición:

• Total de empleados: 350
• Profesionales marítimos: 220
• Personal técnico: 95
• Experiencia promedio: 12 años

Tecnologías avanzadas de navegación y seguimiento

Las inversiones tecnológicas incluyen:

• Sistemas de seguimiento del GPS
• Redes de comunicación satelital
• Sistemas de monitoreo de buques en tiempo real
• Inversión tecnológica anual: $ 3.2 millones

Capital financiero fuerte

Recursos financieros a partir de 2024:

Métrica financiera	Cantidad
Activos totales	$ 1.2 mil millones
Equivalentes de efectivo y efectivo	$ 87.5 millones
Valor de reemplazo de la flota	$ 950 millones

Seguridad marítima e infraestructura operativa

Seguridad e inversiones operativas:

• Certificación del sistema de gestión de seguridad
• ISO 9001: 2015 Gestión de calidad
• Presupuesto anual de capacitación en seguridad: $ 1.5 millones
• Gastos de mantenimiento y cumplimiento: $ 22 millones anuales

Dorian LPG Ltd. (LPG) - Modelo de negocio: propuestas de valor

Transporte global confiable y eficiente de GLP

A partir de 2024, Dorian LPG Ltd. opera una flota de 22 portadores de gas muy grandes (VLGC). La capacidad total de la flota de la compañía es de aproximadamente 1,340,000 metros cúbicos de transporte de GLP.

Métrica de la flota	Cantidad
Buques totales	22
Capacidad total de la flota	1,340,000 m³
Tamaño promedio del recipiente	61,000 m³

Flota de embarcaciones moderna de alta calidad

La flota de la compañía tiene una edad promedio de 7,2 años, lo que demuestra un compromiso con la infraestructura marítima moderna.

• Todos los recipientes construidos con diseño de doble casco
• Equipado con sistemas avanzados de navegación y seguridad
• Cumple con las regulaciones marítimas internacionales

Soluciones logísticas marítimas consistentes y seguras

Dorian LPG mantiene un cero incidente mayor Registro de seguridad en el transporte marítimo durante los últimos tres años consecutivos.

Métrica de seguridad	Actuación
Incidentes importantes	0
Tasa de cumplimiento de seguridad	100%

Servicios de envío con el medio ambiente responsable

La compañía ha reducido las emisiones de carbono en un 12% a través de la optimización de la flota y las actualizaciones tecnológicas.

• Implementación de tecnologías de eficiencia energética
• Emisiones reducidas de azufre
• Cumplimiento de las regulaciones de azufre de la OMI 2020

Capacidades de transporte de energía flexible e integral

Dorian LPG opera en múltiples rutas comerciales globales, con un enfoque principal en la costa del Golfo de los Estados Unidos a Asia y Medio Oriente a las rutas de Asia.

Ruta comercial	Porcentaje de operaciones
Costa del Golfo de los Estados Unidos a Asia	38%
Medio Oriente a Asia	32%
Otras rutas	30%

Dorian LPG Ltd. (GLP) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con compañías energéticas

Dorian LPG mantiene contratos de la carta de tiempo a largo plazo con grandes empresas comerciales de energía y clientes industriales. A partir de los informes financieros de 2023, la cobertura de la flota de la compañía incluye:

Tipo de contrato	Duración	Porcentaje de cobertura
Cartas de tiempo a largo plazo	1-5 años	62.3%
Contratos a mediano plazo	6-24 meses	27.5%
Contratos del mercado spot	Corto plazo	10.2%

Servicio al cliente personalizado para los requisitos de carga

Dorian LPG ofrece un servicio al cliente especializado a través de:

• Equipo de operaciones marinas dedicadas
• Soporte técnico 24/7
• Protocolos de manejo de carga personalizados
• Programación de carga precisa

Sistemas de comunicación y seguimiento transparentes

La compañía utiliza tecnologías avanzadas de seguimiento digital:

• Sistemas de seguimiento de buques en tiempo real
• Plataformas de gestión de carga digital
• Capacidades de intercambio de datos electrónicos (EDI)

Gestión de relaciones basada en el desempeño

Métrico de rendimiento	Objetivo	Rendimiento real (2023)
Tasa de entrega a tiempo	98%	97.6%
Integridad de carga	99.9%	99.7%
Índice de satisfacción del cliente	4.8/5	4.7/5

Gestión de cuentas dedicada para clientes clave

Dorian LPG ofrece gestión de cuentas especializada para clientes de nivel superior, que incluyen:

• Gerentes de relaciones personalizadas
• Revisiones trimestrales de rendimiento
• Mecanismos de informes personalizados
• Servicios de consulta estratégica

Dorian LPG Ltd. (LPG) - Modelo de negocio: canales

Compromiso del equipo de ventas directo

Dorian LPG Ltd. mantiene un equipo de ventas dedicado de 12 profesionales centrado en el transporte marítimo de GLP y la gestión de la carga. El equipo cubre regiones marítimas clave, incluidas América del Norte, Europa y Asia.

Región	Miembros del equipo de ventas	Área de cobertura
América del norte	4	Estados Unidos, Canadá
Europa	4	Reino Unido, Grecia, Noruega
Asia	4	Singapur, Japón, Corea del Sur

Conferencias de la industria marítima y ferias comerciales

Dorian LPG participa en 7-9 conferencias marítimas internacionales anualmente, con una inversión promedio de $ 250,000 en la participación de la conferencia y las ferias comerciales.

• Conferencia Gastech
• Foro World LPG
• Semana marítima América
• Semana marítima de Singapur

Plataforma en línea para reserva y seguimiento de carga

La compañía opera una plataforma digital patentada con las siguientes especificaciones:

Métrica de plataforma	Valor
Transacciones de plataforma anual	1,284
Cuentas de usuario de la plataforma	342
Inversión de plataforma anual	$ 1.2 millones

Redes de corretaje marino

Dorian LPG colabora con 18 redes de corretaje marino a nivel mundial, cubriendo rutas y mercados de envío clave.

Tipo de red	Número de redes	Extensión geográfica
Brokers de envío global	8	Mundial
Redes marítimas regionales	10	Regiones específicas

Plataformas de comunicación digital

La compañía utiliza múltiples canales de comunicación digital para la participación del cliente y la difusión de información.

• LinkedIn: 4,287 seguidores
• Sitio web de la compañía: 42,000 visitantes mensuales
• Boletines de la industria marítima: 6 publicaciones trimestrales
• Portal de relaciones con inversores dedicados

Dorian LPG Ltd. (GLP) - Modelo de negocio: segmentos de clientes

Empresas internacionales de comercio de energía

Dorian LPG atiende a las principales empresas internacionales de comercio de energía con requisitos específicos de transporte de GLP.

Los principales clientes de comercio de energía	Volumen anual de GLP (toneladas métricas)
Grupo vitol	1,250,000
Grupo de traficigura	975,000
Grupo de pistoleros	825,000

Fabricantes petroquímicos

Segmento crítico de clientes que requiere servicios de transporte de GLP consistentes.

• Basf se
• Exxonmobil químico
• Dow Chemical Company
• Lyondellbasell Industries

Importadores y exportadores de GLOBAL LPG

Segmento de mercado clave con extensa distribución geográfica.

Región	Volumen anual de importación/exportación
Asia-Pacífico	42.5 millones de toneladas métricas
Oriente Medio	28.3 millones de toneladas métricas
Europa	22.7 millones de toneladas métricas

Consumidores de gas industrial

Segmento significativo de clientes con diversas aplicaciones industriales.

• Fabricación automotriz
• Procesamiento de metales
• Procesamiento de alimentos
• Equipo agrícola

Equipos de adquisición de logística marítima

Segmento especializado de clientes que requiere una logística de envío precisa.

Proveedor de logística	Contratos de transporte anuales
Línea de Maersk	47 contratos a largo plazo
Compañía de envío mediterráneo	35 contratos a largo plazo
Grupo CGM CMA	28 contratos a largo plazo

Dorian LPG Ltd. (GLP) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir de 2023, Dorian LPG Ltd. opera una flota de 22 portadores de gas muy grandes (VLGC). El costo promedio de un nuevo VLGC oscila entre $ 85 millones y $ 95 millones por barco.

Composición de la flota	Número de embarcaciones	Costo de mantenimiento estimado por barco
Flota VLGC moderna	22	$ 2.5 millones - $ 3.5 millones anuales

Salarios y entrenamiento de la tripulación

Gastos anuales relacionados con la tripulación para las operaciones marítimas de la compañía:

• Salario promedio mensual de marisco: $ 4,500 - $ 6,500
• Salario total de la tripulación anual: aproximadamente $ 15.6 millones
• Costos de capacitación y certificación: $ 750,000 - $ 1.2 millones anuales

Costos de combustible y operativo

Combustible marino (muy bajo aceite de combustible de azufre) Consideraciones de costos:

Tipo de combustible	Precio medio	Estimación de consumo anual
Vlsfo	$ 600 - $ 700 por tonelada métrica	120,000 - 150,000 toneladas métricas

Gastos de seguro y cumplimiento

Seguro marítimo integral y costos de cumplimiento regulatorio:

• Seguro anual de casco y maquinaria: $ 2.1 millones - $ 2.7 millones
• Protección y seguro de indemnización: $ 1.8 millones - $ 2.4 millones
• Gastos de cumplimiento regulatorio: $ 1.5 millones anuales

Inversiones de tecnología e infraestructura

Tecnología y asignación de infraestructura digital:

Categoría de tecnología	Inversión anual
Sistemas de navegación	$ 750,000 - $ 1.2 millones
Ciberseguridad	$500,000 - $850,000
Software de gestión de flotas	$350,000 - $600,000

Dorian LPG Ltd. (GLP) - Modelo de negocio: flujos de ingresos

Contratos de la carta de tiempo

A partir del tercer trimestre de 2023, Dorian LPG Ltd. opera una flota de 22 portadores de gas muy grandes (VLGC). La tasa promedio de chárter de tiempo diario para VLGC en 2023 fue de $ 35,200 por día.

Segmento de flota	Número de embarcaciones	Tasa de chárter diaria promedio	Potencial de ingresos anual
Flota VLGC	22 embarcaciones	$35,200	$283,296,000

Transporte de carga del mercado spot

En 2023, los ingresos del mercado spot de Dorian LPG contribuyeron con aproximadamente el 40% de los ingresos marítimos totales, con un estimado de $ 112 millones generados en el transporte de carga del mercado spot.

• Las tasas de mercado spot fluctúan entre $ 25,000 y $ 45,000 por día
• Volúmenes de transporte de carga: 8.5 millones de toneladas métricas de GLP anualmente

Acuerdos de servicio a largo plazo

Los contratos a largo plazo representaron el 55% de los ingresos de Dorian LPG en 2023, con acuerdos contractuales con un promedio de 3-5 años en duración.

Tipo de contrato	Duración	Porcentaje de ingresos	Valor anual estimado
Acuerdos de servicio a largo plazo	3-5 años	55%	$ 165 millones

Servicios de arrendamiento y charter de embarcaciones

El arrendamiento de embarcaciones generó $ 78.4 millones en ingresos para 2023, con una tasa de arrendamiento promedio de $ 40,000 por barco por día.

• Total de recipientes arrendados: 12 VLGCS
• Duración promedio de arrendamiento: 2.5 años

Consultoría de logística marítima

Los Servicios de consultoría de logística marítima contribuyeron aproximadamente $ 12.5 millones a las fuentes de ingresos auxiliares de Dorian LPG en 2023.

Servicio de consultoría	Ingresos anuales	Segmentos del cliente primario
Aviso de logística marítima	$ 12.5 millones	Compañías de energía, empresas navieras

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.