Dorian LPG Ltd. (GLP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, a Dorian LPG Ltd. surge como uma força pioneira no transporte global de gás de petróleo liquefeito, orquestrando um modelo de negócios sofisticado que conecta perfeitamente os mercados de energia em todos os continentes. Sua abordagem estratégica transforma desafios marítimos complexos em soluções de remessas eficientes e confiáveis, alavancando uma frota moderna de transportadoras de gás muito grandes (VLGCs) e tecnologias de ponta para agregar valor às empresas internacionais de comércio de energia e consumidores de gás industrial. Ao navegar meticulosamente no intrincado cenário da logística marítima, a Dorian LPG Ltd. criou uma tela de negócios atraente que exemplifica a inovação, a confiabilidade e o posicionamento estratégico do mercado.

Dorian LPG Ltd. (GLP) - Modelo de negócios: Parcerias -chave

Empresas de gerenciamento de navios para operações de embarcações

Dorian LPG Ltd. Parceira com Grupo Marinho Synergy, uma empresa líder de gerenciamento de navios responsável pelo gerenciamento técnico de sua frota de transportadora de GLP.

Parceiro	Serviços prestados	Escopo de gerenciamento de frota
Grupo Marinho Synergy	Gerenciamento de embarcações técnicas	24 navios de portador de gás muito grandes (VLGC)

Empresas globais de comércio de energia para contratos de carga de GLP

A Dorian LPG colabora com grandes empresas de negociação de energia para garantir contratos de carga de longo prazo.

Parceiro comercial	Tipo de contrato	Valor anual do contrato
Grupo Vitol	Transporte de LPG de longo prazo	US $ 127 milhões
Glencore	Contratos de ponto e a prazo	US $ 98 milhões

Construtores de navios e fornecedores de equipamentos marítimos

A Dorian GLP mantém parcerias estratégicas com os principais construtores de navios e fabricantes de equipamentos.

• Hyundai Heavy Industries - Builder de navios primários
• Man Energy Solutions - Fornecedor de motores marinhos
• Wartsila - provedor de tecnologia marinha

Provedores de seguros para gerenciamento de riscos marítimos

A empresa trabalha com provedores de seguros marítimos especializados para mitigar os riscos operacionais.

Provedor de seguros	Tipo de cobertura	Valor anual do seguro
American P&I Club	Seguro de casco e máquinas	US $ 22,5 milhões
Seguradoras marítimas de Londres	Carga e responsabilidade de terceiros	US $ 18,3 milhões

Sociedades de Classificação para Certificação de Navio

A Dorian LPG faz parceria com as sociedades internacionais de classificação para garantir os padrões de conformidade e segurança da embarcação.

• DNV GL - Sociedade de Classificação Primária
• American Bureau of Shipping (ABS)
• Registro de Lloyd

Dorian LPG Ltd. (GLP) - Modelo de negócios: Atividades -chave

Transporte marítimo de petróleo liquefeito de longo curso

A partir de 2024, a Dorian LPG Ltd. opera uma frota de 22 portadores de gás muito grandes (VLGCs) com uma capacidade total de carga de aproximadamente 1.327.000 metros cúbicos de GLP.

Especificação da frota	Número de embarcações	Capacidade total (metros cúbicos)
Frota VLGC	22	1,327,000

Gerenciamento de frota e manutenção de embarcações

A empresa mantém um rigoroso programa de manutenção de embarcações com custos anuais de manutenção estimado em US $ 15 a 20 milhões.

• Horários regulares de docagem a seco
• Sistemas avançados de monitoramento de embarcações
• Protocolos de manutenção preventiva

Logística e negociação de carga Global de GLP

O Dorian LPG opera em principais rotas comerciais globais, com foco primário nas rotas entre a Costa do Golfo dos Estados Unidos e os mercados internacionais.

Rota comercial	Volume anual de carga (toneladas métricas)
Costa do Golfo dos EUA para a Ásia	3,5 milhões
Exportações do Oriente Médio	2,1 milhões

Conformidade com os regulamentos marítimos internacionais

Os investimentos em conformidade regulatória e padrões ambientais totalizam aproximadamente US $ 5-7 milhões anualmente.

• Conformidade de regulamentação de enxofre 2020 da IMO
• Aderência da Convenção de Gerenciamento de Água de Lastro
• Monitoramento de emissões de gases de efeito estufa

Planejamento e otimização estratégicos de rota

A empresa utiliza tecnologias avançadas de otimização de rota, reduzindo o consumo de combustível em cerca de 8 a 12% ao ano.

Tecnologia de otimização	Porcentagem de economia de combustível	Redução anual de custos
Sistemas avançados de navegação	8-12%	US $ 4-6 milhões

Dorian LPG Ltd. (GLP) - Modelo de negócios: Recursos -chave

Frota de transportadora de gás muito grande moderna (VLGC)

A partir de 2024, a Dorian LPG Ltd. opera uma frota de 22 navios de portador de gás muito grandes (VLGC). As especificações da frota incluem:

Característica da frota	Informações detalhadas
Vasos totais	22 VLGCs
Idade média da embarcação	8,5 anos
Capacidade total de carga	1.100.000 metros cúbicos

Pessoal marítimo e técnico experiente

Dorian GLP mantém uma força de trabalho qualificada com a seguinte composição:

• Total de funcionários: 350
• Profissionais marítimos: 220
• Equipe técnica: 95
• Experiência média: 12 anos

Tecnologias avançadas de navegação e rastreamento

Os investimentos em tecnologia incluem:

• Sistemas de rastreamento GPS
• Redes de comunicação por satélite
• Sistemas de monitoramento de embarcações em tempo real
• Investimento de tecnologia anual: US $ 3,2 milhões

Capital financeiro forte

Recursos Financeiros a partir de 2024:

Métrica financeira	Quantia
Total de ativos	US $ 1,2 bilhão
Caixa e equivalentes de dinheiro	US $ 87,5 milhões
Valor de substituição da frota	US $ 950 milhões

Segurança marítima e infraestrutura operacional

Investimentos de segurança e operacionais:

• Certificação do sistema de gerenciamento de segurança
• ISO 9001: 2015 Gerenciamento da qualidade
• Orçamento anual de treinamento de segurança: US $ 1,5 milhão
• Despesas de manutenção e conformidade: US $ 22 milhões anualmente

Dorian LPG Ltd. (GLP) - Modelo de negócios: proposições de valor

Transporte global de GPL confiável e eficiente

A partir de 2024, a Dorian LPG Ltd. opera uma frota de 22 portadores de gás muito grandes (VLGCs). A capacidade total da frota da empresa é de aproximadamente 1.340.000 metros cúbicos de transporte de GLP.

Métrica da frota	Quantidade
Vasos totais	22
Capacidade total da frota	1.340.000 m³
Tamanho médio da embarcação	61.000 m³

Frota de vaso moderna de alta qualidade

A frota da empresa tem uma idade média de 7,2 anos, demonstrando um compromisso com a infraestrutura marítima moderna.

• Todos os navios construídos com design de casco duplo
• Equipado com sistemas avançados de navegação e segurança
• Em conformidade com os regulamentos marítimos internacionais

Soluções de logística marítima consistente e segura

Dorian GLP mantém um zero grande incidente Registro de segurança no transporte marítimo nos últimos três anos consecutivos.

Métrica de segurança	Desempenho
Principais incidentes	0
Taxa de conformidade de segurança	100%

Serviços de remessa ambientalmente responsáveis

A empresa reduziu as emissões de carbono em 12% através da otimização da frota e atualizações tecnológicas.

• Implementação de tecnologias com eficiência energética
• Emissões reduzidas de enxofre
• Conformidade com os regulamentos de enxofre da IMO 2020

Capacidades de transporte energético flexíveis e abrangentes

O Dorian LPG opera em várias rotas comerciais globais, com foco primário na costa do Golfo dos EUA para a Ásia e no Oriente Médio para as rotas da Ásia.

Rota comercial	Porcentagem de operações
Costa do Golfo dos EUA para a Ásia	38%
Oriente Médio para Ásia	32%
Outras rotas	30%

Dorian LPG Ltd. (GLP) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo com empresas de energia

O Dorian GLP mantém Contratos de fretamento de longo prazo com grandes empresas de comércio de energia e clientes industriais. A partir de 2023 relatórios financeiros, a cobertura da Fleet Charter da empresa inclui:

Tipo de contrato	Duração	Porcentagem de cobertura
Cartas de longo prazo	1-5 anos	62.3%
Contratos de médio prazo	6-24 meses	27.5%
Contratos de mercado spot	Curto prazo	10.2%

Atendimento ao cliente personalizado para requisitos de carga

O Dorian GLP fornece atendimento ao cliente especializado por meio de:

• Equipe dedicada de operações marítimas
• Suporte técnico 24/7
• Protocolos de manuseio de carga personalizados
• Programação precisa de carga

Sistemas de comunicação e rastreamento transparentes

A empresa utiliza tecnologias avançadas de rastreamento digital:

• Sistemas de rastreamento de embarcações em tempo real
• Plataformas de gerenciamento de carga digital
• Recursos de intercâmbio de dados eletrônicos (EDI)

Gerenciamento de relacionamento baseado em desempenho

Métrica de desempenho	Alvo	Desempenho real (2023)
Taxa de entrega no tempo	98%	97.6%
Integridade da carga	99.9%	99.7%
Índice de satisfação do cliente	4.8/5	4.7/5

Gerenciamento de conta dedicado para clientes -chave

O Dorian GLP fornece gerenciamento de contas especializado para clientes de primeira linha, incluindo:

• Gerentes de relacionamento personalizados
• Revisões trimestrais de desempenho
• Mecanismos de relatórios personalizados
• Serviços de consulta estratégica

Dorian LPG Ltd. (GLP) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A Dorian LPG Ltd. mantém uma equipe de vendas dedicada de 12 profissionais focada no transporte marítimo de GLP e gerenciamento de carga. A equipe abrange as principais regiões marítimas, incluindo América do Norte, Europa e Ásia.

Região	Membros da equipe de vendas	Área de cobertura
América do Norte	4	Estados Unidos, Canadá
Europa	4	Reino Unido, Grécia, Noruega
Ásia	4	Cingapura, Japão, Coréia do Sul

Conferências e feiras marítimas da indústria

A Dorian GLP participa de 7-9 conferências marítimas internacionais anualmente, com um investimento médio de US $ 250.000 em participação na conferência e na feira de feiras.

• Conferência Gastech
• Fórum Mundial de GLP
• Semana Marítima Américas
• Semana Marítima de Cingapura

Plataforma on -line para reserva e rastreamento de carga

A empresa opera uma plataforma digital proprietária com as seguintes especificações:

Métrica da plataforma	Valor
Transações anuais da plataforma	1,284
Contas de usuário da plataforma	342
Investimento anual da plataforma	US $ 1,2 milhão

Redes de corretagem marinha

A Dorian LPG colabora com 18 redes de corretagem marítima em todo o mundo, cobrindo as principais rotas e mercados de remessa.

Tipo de rede	Número de redes	Propagação geográfica
Corretores de remessa globais	8	Mundialmente
Redes marítimas regionais	10	Regiões específicas

Plataformas de comunicação digital

A empresa utiliza vários canais de comunicação digital para o envolvimento do cliente e a disseminação de informações.

• LinkedIn: 4.287 seguidores
• Site da empresa: 42.000 visitantes mensais
• Boletins da indústria marítima: 6 publicações trimestrais
• Portal de relações com investidores dedicados

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

Empresas internacionais de comércio de energia

A Dorian GLP atende às principais empresas internacionais de comércio de energia com requisitos específicos de transporte de GLP.

Principais clientes de comércio de energia	Volume anual de GLP (toneladas métricas)
Grupo Vitol	1,250,000
Grupo Trafigura	975,000
Grupo Gunvor	825,000

Fabricantes petroquímicos

Segmento crítico de clientes que exigem serviços de transporte de GLP consistentes.

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

Importadores e exportadores globais de GLP

Principais segmentos de mercado com extensa distribuição geográfica.

Região	Volume anual de importação/exportação
Ásia-Pacífico	42,5 milhões de toneladas
Médio Oriente	28,3 milhões de toneladas métricas
Europa	22,7 milhões de toneladas métricas

Consumidores de gás industrial

Segmento de clientes significativo com diversas aplicações industriais.

• Fabricação automotiva
• Processamento de metal
• Processamento de alimentos
• Equipamento agrícola

Equipes de compras de logística marítima

Segmento de clientes especializado que exige logística precisa de remessa.

Provedor de logística	Contratos de transporte anuais
Linha Maersk	47 contratos de longo prazo
Companhia de transporte Mediterrâneo	35 contratos de longo prazo
Grupo CMA CGM	28 contratos de longo prazo

Dorian LPG Ltd. (GLP) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de embarcações

A partir de 2023, a Dorian LPG Ltd. opera uma frota de 22 portadores de gás muito grandes (VLGCs). O custo médio de um novo VLGC varia entre US $ 85 milhões e US $ 95 milhões por navio.

Composição da frota	Número de embarcações	Custo estimado de manutenção por embarcação
Frota VLGC moderna	22	US $ 2,5 milhões - US $ 3,5 milhões anualmente

Salários e treinamento da tripulação

Despesas anuais relacionadas à tripulação para as operações marítimas da empresa:

• Salário médio mensal do mar do mar: US $ 4.500 - US $ 6.500
• Salários anuais totais da tripulação: aproximadamente US $ 15,6 milhões
• Custos de treinamento e certificação: US $ 750.000 - US $ 1,2 milhão anualmente

Custos de combustível e operacional

Combustível marinho (óleo combustível de enxofre muito baixo) Considerações de custo:

Tipo de combustível	Preço médio	Estimativa de consumo anual
Vlsfo	$ 600 - US $ 700 por tonelada	120.000 - 150.000 toneladas métricas

Despesas de seguros e conformidade

Custos abrangentes de seguro marítimo e conformidade regulatória:

• Seguro anual de casco e máquinas: US $ 2,1 milhões - US $ 2,7 milhões
• Seguro de proteção e indenização: US $ 1,8 milhão - US $ 2,4 milhões
• Despesas de conformidade regulatória: US $ 1,5 milhão anualmente

Investimentos de tecnologia e infraestrutura

Alocação de tecnologia e infraestrutura digital:

Categoria de tecnologia	Investimento anual
Sistemas de navegação	US $ 750.000 - US $ 1,2 milhão
Segurança cibernética	$500,000 - $850,000
Software de gerenciamento de frota	$350,000 - $600,000

Dorian LPG Ltd. (GLP) - Modelo de negócios: fluxos de receita

Contratos de charter de tempo

A partir do terceiro trimestre de 2023, a Dorian LPG Ltd. opera uma frota de 22 portadores de gás muito grandes (VLGCs). A taxa média diária de fretamento de tempo para VLGCs em 2023 foi de US $ 35.200 por dia.

Segmento de frota	Número de embarcações	Taxa de fretamento diário médio	Potencial anual de receita
Frota VLGC	22 navios	$35,200	$283,296,000

Transporte de carga do mercado spot

Em 2023, a receita do mercado à vista de Dorian LPG contribuiu com aproximadamente 40% da receita marítima total, com cerca de US $ 112 milhões gerados a partir do transporte de carga do mercado à vista.

• As taxas de mercado spot flutuam entre US $ 25.000 e US $ 45.000 por dia
• Volumes de transporte de carga: 8,5 milhões de toneladas de GLP anualmente

Acordos de serviço de longo prazo

Os contratos de longo prazo representaram 55% da receita da Dorian LPG em 2023, com acordos contratuais com média de 3-5 anos de duração.

Tipo de contrato	Duração	Porcentagem de receita	Valor anual estimado
Acordos de serviço de longo prazo	3-5 anos	55%	US $ 165 milhões

Serviços de leasing e fretamento de embarcações

O leasing de embarcações gerou US $ 78,4 milhões em receita para 2023, com uma taxa média de arrendamento de US $ 40.000 por embarcação por dia.

• Total de embarcações arrendadas: 12 VLGCs
• Duração média do arrendamento: 2,5 anos

Consultoria de logística marítima

Os serviços de consultoria de logística marítima contribuíram com aproximadamente US $ 12,5 milhões para os fluxos de receita auxiliares da Dorian LPG em 2023.

Serviço de consultoria	Receita anual	Segmentos de clientes primários
Aviso de logística marítima	US $ 12,5 milhões	Empresas de energia, empresas de transporte

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.