Dorian LPG Ltd. (LPG): Business Model Canvas [Dec-2025 Updated]

You're looking to map the engine room of a pure-play Very Large Gas Carrier (VLGC) operator, and honestly, Dorian LPG Ltd.'s Business Model Canvas cuts through the shipping noise to show exactly how they create and capture value in this volatile sector. This isn't just about moving LPG; it's a focused capital strategy, highlighted by their FY2025 performance where they generated $353.3 million in revenue while returning a massive $156.2 million to shareholders via irregular dividends, all while sitting on cash near $317 million as of March 2025. We'll break down how their key partnership in the Helios Pool and their modern, fuel-efficient fleet translate into those strong Time Charter Equivalent (TCE) earnings-which averaged $39,778 per day-so you can see the precise structure behind their market position. Keep reading to see the nine building blocks that define their strategy.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Dorian LPG Ltd. maintains to keep its modern fleet of Very Large Gas Carriers (VLGCs) moving product globally. These aren't just casual contacts; these are deep, capital-intensive dependencies that define operational capability and financial structure. Honestly, in this industry, your partners are often your biggest risk and your best asset.

Helios LPG Pool (Co-founder) for Commercial Fleet Management

Dorian LPG Ltd. is a co-founder of the Helios LPG Pool, alongside MOL Energia Pte Ltd and Phoenix Tankers Pte Ltd. This partnership is central to commercializing a significant portion of the fleet. The pool structure allows for optimized deployment of vessels, which is key when spot market charter rates are volatile. For the three months ended September 30, 2025, the Time Charter Equivalent (TCE) rate for Dorian LPG's fleet was $53,725 per available day. The commercial management agreement with the pool generates direct revenue for Dorian LPG (DK) ApS; this income was $0.6 million for the three months ended December 31, 2024, and $1.8 million for the nine months ended December 31, 2024. The pool commenced operations on April 1, 2015.

Ship Management Companies for Technical Operations

Dorian LPG Ltd. relies heavily on its in-house structure for technical operations, which is a deliberate choice to maintain tight control over service levels and quality. The company states it provides in-house commercial and technical management services for all vessels in its fleet, including those deployed in the Helios Pool. The Marine, Technical, Crewing, Purchasing, and Health Safety and Environmental Quality Teams are all based together in Athens. While Synergy Marine was mentioned as a potential partner, the latest data confirms Dorian LPG's preference for this integrated internal department for technical oversight.

Shipbuilders for Newbuilds and Maintenance

The partnership with world-class Korean shipyards is non-negotiable for maintaining a young, modern fleet. Dorian LPG's current fleet of 25 VLGCs includes 20 ECO VLGCs and 4 dual-fuel ECO VLGCs as of early 2025. A significant historical partner is Hyundai Heavy Industries (HHI), with whom Dorian LPG has built 17 vessels since 2004. For newer vessels, specific shipyards mentioned include Kawasaki HI and Hyundai SHI. The company has an agreement for a newbuilding VLGC/Ammonia carrier scheduled for delivery in the third quarter of 2026.

Here's a look at the fleet composition and recent newbuild commitment:

Global Financial Institutions for Long-Term Debt Financing

Access to capital markets via global financial institutions is essential for funding fleet renewal and operations. As of March 31, 2025, the outstanding balance of Dorian LPG Ltd.'s long-term debt, excluding deferred financing fees, stood at $557.4 million. This followed a reduction in average indebtedness (excl. deferred fees) from $639.9 million for the fiscal year ended March 31, 2024, to $586.6 million for the fiscal year ended March 31, 2025. More recently, for the three months ended September 30, 2025, the average indebtedness was $539.9 million. A specific facility mentioned is the $83.4 million debt financing facility entered into on December 29, 2021, with Banc of America Leasing & Capital, LLC and other institutions. Furthermore, the company added up to $100.0 million in a new, uncommitted accordion term loan facility.

Marine Equipment Suppliers for ECO and Dual-Fuel Technology

To meet environmental standards and drive efficiency, Dorian LPG partners with suppliers providing advanced marine technology. The company's focus on ECO vessels and dual-fuel capability necessitates strong relationships with engine manufacturers and coating suppliers. A confirmed operational partnership is with Hempel, utilizing their Hempaguard line of silicone-based products to reduce fuel consumption and emissions. The fleet includes 4 dual-fuel ECO VLGCs as of early 2025.

Key technology focus areas include:

• Implementing Hempaguard silicone-based hull coatings for fuel savings.
• Operating 20 ECO VLGCs for enhanced efficiency.
• Exploring alternative fuels like ammonia for future newbuilds, such as the vessel due in Q3 2026.

Finance: review the covenants on the $83.4 million BALCAP Facility by end of Q1 2026.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Key Activities

Long-haul maritime transportation of LPG (propane and butane)

Time Charter Equivalent (TCE) rate per available day for the fleet was $53,725 for the three months ended September 30, 2025. The TCE rate per available day for the fleet was $39,726 for the three months ended June 30, 2025. The TCE rate per available day for the fleet was $35,324 for the three months ended March 31, 2025. The TCE rate per available day for the fleet was $39,778 for the Fiscal Year Ended March 31, 2025.

Commercial management and chartering through the Helios Pool

Dorian LPG operates 16 scrubber-fitted vessels and five dual-fuel LPG vessels trading in the Helios Pool as of August 2025. The Helios Pool was co-founded by Dorian LPG in 2015. The fleet comprises 29 vessels in the Helios Pool, with 26 of those from Dorian LPG as of June 30, 2025.

Strategic capital allocation, including high irregular dividends

The Board of Directors declared an irregular cash dividend of $0.65 per share, returning approximately $27.8 million of capital to shareholders, payable on or about December 2, 2025, for the three months ended September 30, 2025. Dorian LPG declared and paid an irregular cash dividend totaling $25.7 million in August 2025. An irregular cash dividend of $0.60 per share, totaling approximately $25.6 million, was declared for the three months ended June 30, 2025. An irregular cash dividend of $0.50 per share, totaling $21.3 million, was declared for the three months ended March 31, 2025. For the Fiscal Year Ended March 31, 2025, Dorian LPG declared and paid four irregular dividends totaling $156.2 million.

Fleet technical maintenance, drydocking, and regulatory compliance

Vessel operating expenses were $85.4 million during the year ended March 31, 2025, which equates to $11,143 per vessel per calendar day. Vessel operating expenses per vessel per calendar day for the three months ended September 30, 2025, was $10,705. The company completed 10 of the 12 dry dockings planned for 2025 as of August 2025. The Dorian LPG fleet exceeds IMO\'s EEXI/CII regulations, which came into effect in January 2023. Daily savings for scrubber vessels during the quarter ended September 30, 2025, reached $813 per day net of all scrubber OPEX when comparing HSFO versus VLSFO.

Conversion of VLGCs for ammonia cargo capability

The third VLGC vessel to carry ammonia cargo was planned to be upgraded during its dry docking slot in 2025. Once this last vessel is completed, five VLGC vessels in the Dorian LPG fleet will be able to carry ammonia cargoes. This includes a new building VLGC VLAC vessel set to deliver in 2026. Dorian LPG has a newbuilding very large gas carrier / ammonia carrier on order for delivery in the third quarter of 2026. The first installment payment for this newbuild was $23.8 million, paid in January 2024. Dorian LPG fully owns 21 vessels, and one ammonia VLGC is set to start work mid-2026.

Dorian LPG Ltd. (LPG) - Canvas Business Model: Key Resources

The Key Resources for Dorian LPG Ltd. center on its physical assets-the fleet-and the financial strength to maintain and operate them. These resources directly support the company's value proposition of reliable, modern, and environmentally compliant gas transportation.

The foundation of Dorian LPG Ltd.'s operations is its modern fleet of 25 Very Large Gas Carriers (VLGCs). This fleet size is a critical asset, providing the necessary capacity to service global liquefied petroleum gas (LPG) shipping demand. The company has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which support the global operation of these vessels.

Dorian LPG Ltd. emphasizes high-specification vessels, which are crucial for commercial acceptance and meeting increasingly strict environmental regulations. The fleet composition reflects a significant investment in modern, fuel-efficient technology.

The company maintains a strong liquidity position, which is vital for capital expenditure, dividend payments, and weathering market volatility. As of March 31, 2025, the balance sheet reported $316,877,584 in cash and cash equivalents. This figure aligns closely with the outlook projection of around $317 million. The company also managed its debt, with long-term debt obligations, including the current portion, reported around $557.4 million as of March 31, 2025.

Human capital forms the final pillar of the Key Resources. Dorian LPG Ltd. relies on its experienced seafarers and specialized shoreside technical staff. The company believes its in-house commercial and technical management allows it to provide superior customer service and reliability. This expertise is necessary for maintaining the high technical standards of the modern fleet and navigating complex environmental compliance.

• The fleet's average age for owned vessels was cited as 8.0 years in early 2024, compared to the global fleet average of 10.3 years.
• The company declared and paid total irregular dividends of $156.2 million during the fiscal year ended March 31, 2025.
• For the fiscal year ended March 31, 2025, Adjusted EBITDA was $206.0 million.
• The company issued 2,000,000 common shares at a price of $44.50 per share during the fiscal year ended March 31, 2025.

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:

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:

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:

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:

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.

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):

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):

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.