Middle East supply disruptions and Panama Canal congestion drove VLGC freight rates higher, boosting Dorian LPG’s quarterly earnings.
Dorian LPG reported adjusted EBITDA of $165.4 million for the quarter ended June 30, 2026, a record high, alongside a time-charter equivalent (TCE) revenue of $75,926 per available day. The company declared a $1-per-share dividend, totaling $42.8 million, marking its 20th payout since its IPO.
U.S. LPG exports surged 20% year over year to 20.8 million tons, while Middle East liftings dropped over 70% due to regional disruptions. Longer shipping routes and canal congestion further lifted freight rates, supporting Dorian’s performance. The company’s cash balance rose to nearly $600 million after vessel sales.
Dorian’s cumulative dividends now exceed $810 million, with total shareholder returns surpassing $1 billion. The company also ordered a dual-fuel VLGC for delivery in 2029 as part of fleet renewal efforts.