Dorian LPG Declares $1.00 Dividend Per Share

By Tamara Parker • Thursday, October 24 10:34 • Permanent Link

Dorian LPG Ltd. has released its financial and operational outlook for the quarter ended September 30, 2024, and made several significant announcements. The company declared an irregular cash dividend of $1.00 per share, amounting to a total return of $42.8 million to shareholders. This dividend is payable on or about November 25, 2024, to shareholders of record as of the close of business on November 5, 2024.

Additionally, the board of directors authorized an increase in its size to eight directors and appointed Mr. Mark Ross to fill the vacancy, effective immediately.

The unaudited financial data for the quarter ended September 30, 2024, indicates the following preliminary figures: Time charter equivalent revenues are expected to be between $80,700,000 and $82,700,000 Vessel operating expenses (including drydock-related expenses) are projected to be between $18,500,000 and $20,500,000 Charter hire expenses are estimated to be between $8,900,000 and $10,900,000 General and administrative expenses, excluding stock-based compensation and certain cash bonuses, are expected to range from $5,300,000 to $7,300,000 Stock-based compensation and certain cash bonuses are anticipated to be between $9,900,000 and $10,300,000 The company reported 1,932 calendar days, 340 time chartered-in days, and 2,207 available days Cash and cash equivalents are projected to be between $347,600,000 and $349,600,000 Long-term debt obligations are expected to range from $582,700,000 to $584,700,000 before the effect of deferred financing fees.

The company plans to release its unaudited financial results for the quarter and year ended September 30, 2024, on Thursday, October 31, 2024, and will host an earnings conference call on the same day at 10:00 a.m. ET.

Investors and stakeholders can access a live webcast of the conference call and a replay will be available until November 7, 2024, at 11:59 p.m. ET.

It's important to note that the company has not finalized its financial statement closing process for the second quarter ended September 30, 2024, and may identify items that require adjustments, which could be material to the information provided. Today the company's shares have moved 1.9% to a price of $30.78. Check out the company's full 8-K submission here.

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