DORIAN LPG LTD. (LPG)
SIC breadcrumb: Transportation, Communications, Electric, Gas, And Sanitary Services > SIC Major Group 44 > SIC 4412 Deep Sea Foreign Transportation of Freight
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1596993. Latest filing source: 0001596993-26-000025.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 481,511,242 | USD | 2026 | 2026-05-27 |
| Net income | 193,665,933 | USD | 2026 | 2026-05-27 |
| Assets | 1,871,692,717 | USD | 2026 | 2026-05-27 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001596993.json. Derived margins are computed from the extracted annual SEC facts.
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 167,447,171 | 159,334,760 | 158,032,485 | 333,429,998 | 315,938,812 | 274,221,448 | 389,749,215 | 560,717,436 | 353,341,476 | 481,511,242 |
| Net income | 71,935,018 | 172,443,930 | 307,446,913 | 90,170,480 | 193,665,933 | |||||
| Operating income | 13,993,322 | 3,841,385 | -7,962,036 | 161,068,831 | 116,099,692 | 92,398,973 | 198,360,468 | 328,830,235 | 112,644,832 | 210,175,509 |
| Diluted EPS | -0.03 | -0.38 | -0.93 | 2.07 | 1.86 | 1.78 | 4.29 | 7.60 | 2.14 | 4.54 |
| Assets | 1,746,234,880 | 1,736,110,156 | 1,625,370,017 | 1,671,959,843 | 1,581,614,845 | 1,607,362,093 | 1,708,913,529 | 1,837,650,165 | 1,778,660,280 | 1,871,692,717 |
| Liabilities | 770,233,162 | 776,696,794 | 712,687,459 | 694,907,645 | 634,789,515 | 687,210,678 | 835,067,207 | 814,117,082 | 732,554,095 | 732,696,339 |
| Stockholders' equity | 976,001,718 | 959,413,362 | 912,682,558 | 977,052,198 | 946,825,330 | 920,151,415 | 873,846,322 | 1,023,533,083 | 1,046,106,185 | 1,138,996,378 |
| Cash and cash equivalents | 17,018,552 | 103,505,676 | 30,838,684 | 48,389,688 | 79,330,007 | 236,758,927 | 148,797,232 | 282,507,971 | 316,877,584 | 327,409,120 |
| Net margin | 26.23% | 44.24% | 54.83% | 25.52% | 40.22% | |||||
| Operating margin | 8.36% | 2.41% | -5.04% | 48.31% | 36.75% | 33.70% | 50.89% | 58.64% | 31.88% | 43.65% |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001596993.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2021-Q1 | 2020-06-30 | 12,168,005 | reported discrete quarter | ||
| 2021-Q4 | 2021-03-31 | 44,033,434 | derived Q4 = FY annual - nine-month YTD | ||
| 2022-Q1 | 2021-06-30 | 5,869,100 | reported discrete quarter | ||
| 2022-Q4 | 2022-03-31 | 35,383,230 | derived Q4 = FY annual - nine-month YTD | ||
| 2022-Q3 | 2022-06-30 | 24,847,720 | 0.62 | reported discrete quarter | |
| 2023-Q2 | 2022-09-30 | 0.51 | reported discrete quarter | ||
| 2023-Q3 | 2022-12-31 | 1.27 | reported discrete quarter | ||
| 2023-Q4 | 2023-03-31 | 76,021,035 | derived Q4 = FY annual - nine-month YTD | ||
| 2024-Q1 | 2023-06-30 | 111,562,907 | 51,721,137 | 1.28 | reported discrete quarter |
| 2024-Q2 | 2023-09-30 | 144,698,462 | 1.89 | reported discrete quarter | |
| 2024-Q3 | 2023-12-31 | 163,064,503 | 2.47 | reported discrete quarter | |
| 2024-Q4 | 2024-03-31 | 141,391,564 | 79,240,198 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2024-06-30 | 114,353,042 | 51,288,140 | 1.25 | reported discrete quarter |
| 2025-Q2 | 2024-09-30 | 82,433,480 | 0.22 | reported discrete quarter | |
| 2025-Q3 | 2024-12-31 | 80,666,779 | 0.50 | reported discrete quarter | |
| 2025-Q4 | 2025-03-31 | 75,888,175 | 8,091,907 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2025-06-30 | 84,211,966 | 10,082,101 | 0.24 | reported discrete quarter |
| 2026-Q2 | 2025-09-30 | 124,064,281 | 1.30 | reported discrete quarter | |
| 2026-Q3 | 2025-12-31 | 119,964,287 | 1.11 | reported discrete quarter | |
| 2026-Q4 | 2026-03-31 | 153,270,708 | 81,012,898 | derived Q4 = FY annual - nine-month YTD |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0001596993-26-000007.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under “Item 1A. Risk Factors” herein and in our Annual Report on Form 10-K for the year ended March 31, 2025, our actual results may differ materially from those anticipated in these forward-looking statements. Please also see the section entitled “Forward-Looking Statements” included in this quarterly report. Overview We are a Marshall Islands corporation headquartered in the United States and primarily focused on owning and operating VLGCs, each with a cargo-carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. Our founding executives have managed vessels in the LPG shipping market since 2002. Our fleet currently consists of twenty-seven VLGC carriers, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; six time chartered-in VLGCs; four of which are Panamax size dual-fuel VLGCs; one time chartered-in ECO VLGC; and one chartered-in modern VLGC. The twenty-seven VLGCs in our fleet, including the six time chartered-in vessels, as of January 31, 2026, have an aggregate carrying capacity of approximately 2.3 million cbm and an average age of 10.0 years. On November 24, 2023, we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia and is expected to be delivered from Hanwha Ocean Co. Ltd. in the first calendar quarter of 2026. Currently, sixteen of our ECO VLGCs, including one of our time chartered-in ECO-VLGCs, are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. We have a contractual commitment to fabricate a scrubber for our newbuilding VLGC/AC, with installation expected to be completed during the first calendar quarter of 2026. Vessels fitted with scrubbers allow us to reduce our emissions and to burn less refined fuel, which is frequently cheaper than more refined, lower sulfur grades. When the cost of more refined fuel exceeds that of less refined fuel, we are typically able to earn a higher TCE for spot voyages and to potentially contract time charters at higher rates compared to vessels without scrubbers. Additionally, one of the chartered-in dual-fuel Panamax size VLGCs is equipped with a shaft generator, which generates additional electricity that can be used to reduce fuel consumption and carbon emissions. On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. The vessels entered into the Helios Pool may operate either in the spot market, pursuant to contracts of affreightment, or COAs, or on time charters of two years' duration or less. As of January 31, 2026, all twenty-seven of our VLGCs were employed in the Helios Pool, including our six time chartered-in vessels. Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, Equinor ASA, Total S.A., and Sunoco LP, commodity traders such as Glencore plc, Itochu Corporation, Bayegan Group, Gunvor Group, and the Vitol Group and importers such as E1 Corp., Indian Oil Corporation, SK Gas Co. Ltd., and Astomos Energy Corporation, or subsidiaries of the foregoing. We continue to pursue a balanced chartering strategy by employing our vessels on a mix of multi-year time charters, some of which may include a profit-sharing component, shorter-term time charters, spot market voyages and COAs. See “Our Fleet” below for more information and the definition of Pool-TCO. 19 Table of Contents Recent Developments Dividend On January 30, 2026, we announced that our Board of Directors declared an irregular cash dividend of $0.70 per share of the Company’s common stock totaling $29.9 million. The dividend is payable on or about February 24, 2026 to all shareholders of record as of the close of business on February 9, 2026. Our Fleet The following table sets forth certain information regarding our fleet as of January 31, 2026: Scrubber Time Capacity ECO Equipped Charter-Out (Cbm) Shipyard Year Built Vessel(1) or Dual-Fuel Employment Expiration(2) Dorian VLGCs Captain John NP 82,000 Hyundai 2007 — — Pool(4) — Comet 84,000 Hyundai 2014 X S Pool(4) — Corsair(3) 84,000 Hyundai 2014 X S Pool(4) — Corvette 84,000 Hyundai 2015 X S Pool(4) — Cougar(3) 84,000 Hyundai 2015 X — Pool(4) Concorde 84,000 Hyundai 2015 X S Pool(4) — Cobra 84,000 Hyundai 2015 X — Pool(4) — Continental 84,000 Hyundai 2015 X S Pool(4) — Constitution 84,000 Hyundai 2015 X S Pool(4) — Commodore 84,000 Hyundai 2015 X — Pool-TCO(5) Q3 2027 Cresques(3) 84,000 Hanwha Ocean 2015 X S Pool(4) — Constellation 84,000 Hyundai 2015 X S Pool(4) — Cheyenne 84,000 Hyundai 2015 X S Pool(4) — Clermont 84,000 Hyundai 2015 X S Pool(4) — Cratis(3) 84,000 Hanwha Ocean 2015 X S Pool(4) — Chaparral(3) 84,000 Hyundai 2015 X — Pool-TCO(5) Q3 2027 Copernicus(3) 84,000 Hanwha Ocean 2015 X S Pool(4) — Commander 84,000 Hyundai 2015 X S Pool(4) — Challenger 84,000 Hyundai 2015 X S Pool-TCO(5) Q3 2026 Caravelle(3) 84,000 Hyundai 2016 X S Pool(4) — Captain Markos(3) 84,000 Kawasaki 2023 X DF Pool(4) — Total 1,762,000 Time chartered-in VLGCs Future Diamond(6) 80,876 Hyundai 2020 X S Pool(4) — HLS Citrine(7) 86,090 Hyundai 2023 X DF Pool(4) — HLS Diamond(8) 86,090 Hyundai 2023 X DF Pool(4) — Cristobal(9) 86,980 Hyundai 2023 X DF Pool(4) — Crystal Asteria(10) 84,229 Kawasaki 2021 X DF Pool(4) — BW Tokyo(11) 83,271 Mitsubishi 2009 — — Pool(4) — (1) Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint. (2) Represents calendar year quarters. (3) Operated pursuant to a bareboat chartering agreement. See Note 8 to our unaudited interim condensed consolidated financial statements. (4) “Pool” indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. (5) “Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. (6) Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2027. (7) Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. (8) Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. 20 Table of Contents (9) Vessel has a Panamax beam and shaft generator and is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2030 and purchase options beginning in year seven. (10) Vessel is currently time chartered-in to our fleet with an expiration during the second calendar quarter of 2026. (11) Vessel is currently time chartered-in to our fleet with an expiration during the second calendar quarter of 2028. Vessel operates under a framework agreement in which the vessel’s revenues and charter hire-in expenses are split equally with an unrelated third party. Results of Operations – For the three months ended December 31, 2025 as compared to the three months ended December 31, 2024 Revenues The following table compares our revenues for the three months ended December 31: Increase / Percent 2025 2024 (Decrease) Change Net pool revenues—related party $ 118,415,858 $ 78,022,488 $ 40,393,370 51.8 % Time charter revenues — 2,433,411 (2,433,411) (100.0) % Other revenues, net 1,548,429 210,880 1,337,549 634.3 % Total $ 119,964,287 $ 80,666,779 $ 39,297,508 48.7 % Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $120.0 million for the three months ended December 31, 2025, an increase of $39.3 million, or 48.7%, from $80.7 million for the three months ended December 31, 2024 primarily due to higher average TCE rates and increased available days. TCE rates rose by $14,262 per available day from $36,071 for the three months ended December 31, 2024 to $50,333 for the three months ended December 31, 2025. The increase in TCE rates was primarily due to higher spot rates and lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $67.767 during the three months ended December 31, 2025 compared to an average of $55.717 during the three months ended December 31, 2024. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $570 during the three months ended December 31, 2024, to $452 during the three months ended December 31, 2025. Available days for our fleet increased from 2,210 for the three months ended December 31, 2024 to 2,349 for the three months ended December 31, 2025, mainly driven by an increase in the number of vessels in our fleet, partially offset by a modest increase in off-hire days due to drydocking. Vessel Operating Expenses Vessel operating expenses were $19.9 million during the three months ended December 31, 2025, or $10,275 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet and decreased by $1.5 million, or 7.4% from $21.4 million for the three months ended December 31, 2024. The decrease of $822 per vessel per calendar day, from $11,097 for the three months ended December 31, 2024 to $10,275 per vessel per calendar day for the three months ended December 31, 2025 was partially due to a decrease of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by $603, or 5.9%, from $10,161 for the three months ended December 31, 2024 to $9,558 for the th [Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included herein. Among other things, those financial statements include more detailed information regarding the basis of presentation for the following information. The financial statements have been prepared in accordance with U.S. GAAP and are presented in U.S. dollars unless otherwise indicated. The following discussion contains forward‑looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under "Item 1A—Risk Factors," "Forward-Looking Statements" and elsewhere in this report, our actual results may differ materially from those anticipated in these forward‑looking statements. Overview We are a Marshall Islands corporation, headquartered in the United States, focused on owning and operating VLGCs. As of May 22, 2026, our fleet consists of twenty-seven VLGCs, including one dual-fuel ECO-design Very Large Gas Carrier / Ammonia Carrier (“VLGC/AC”), one dual-fuel ECO-design VLGC; eighteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC/AC; four time chartered-in dual fuel Panamax size VLGCs; one time chartered-in ECO Panamax VLGC, and one time chartered-in modern VLGC. On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. The vessels entered into the Helios Pool may operate either in the spot market, pursuant to COAs or on time charters of two years' duration or less (unless agreed otherwise). As of May 22, 2026, all twenty-seven of our VLGCs, including the six time chartered-in vessels, were deployed in the Helios Pool. Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, Equinor ASA, Total S.A., and Sunoco LP, commodity traders such as Glencore plc, Itochu Corporation, Bayegan Group, Gunvor Group, and the Vitol Group and importers such as E1 Corp., Indian Oil Corporation, SK Gas Co. Ltd., and Astomos Energy Corporation, or subsidiaries of the foregoing. For the year ended March 31, 2026, the Helios Pool accounted for 99% of our total revenues. No other individual charterer accounted for more than 10% of our total revenues. Within the Helios Pool, no individual charterer represented more than 10% of net pool revenues—related party. For the year ended March 31, 2025, the Helios Pool accounted for 97% of our total revenues. No other individual charterer accounted for more than 10% of our total revenues. Within the Helios Pool, one charterer represented more than 10% of net pool revenues—related party. For the year ended March 31, 2024, the Helios Pool accounted for 95% of our total revenues. No other individual charterer accounted for more than 10% of our total revenues. Within the Helios Pool, two charterers each represented more than 10% of net pool revenues—related party. See “Item 1A. Risk Factors—We operate exclusively in the LPG shipping industry. Due to the general lack of industry diversification, adverse developments in the LPG shipping industry may adversely affect our business, financial condition and operating results” and “Item 1A. Risk Factors—We expect to be dependent on a limited number of customers for a material part of our revenues, and failure of such customers to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.” We continue to pursue a balanced chartering strategy by employing our vessels on a mix of multi-year time charters, some of which may include a profit-sharing component, shorter-term time charters, spot market voyages and COAs. None of our vessels is currently on a fixed time charter outside of the Helios Pool. See “Item 1. Business—Our Fleet” above for more information. 67 Table of Contents Recent Developments Appointment of Director On April 29, 2026, our Board of Directors, on the recommendation of its Nominating and Corporate Governance Committee, unanimously authorized the increase in the size of the Board of Directors from eight to nine directors, and, to fill the resulting vacancy, appointed Christopher Wiernicki to serve as a Class I director, effective immediately. Prepayment of Debt and Sale of VLGC On April 20, 2026, we prepaid $16.5 million of the 2023 A&R Debt Facility, a proportion related to the 2015-built VLGC Cobra. On May, 6, 2026, we completed the sale of this vessel, receiving proceeds net of commission and fees of $81.9 million. Dividend On May 7, 2026, we announced that our Board of Directors has declared an irregular cash dividend of $1.00 per share of the Company’s common stock totaling $42.8 million. The dividend is payable on or about May 28, 2026 to all shareholders of record as of the close of business on May 18, 2026. Vessel Deployment—Spot Voyages, Time Charters, COAs, and Pooling Arrangements We seek to employ our vessels in a manner that maximizes fleet availability and earnings upside through our chartering strategy in line with our goal of maximizing shareholder value and returning capital to shareholders when appropriate, taking into account fluctuations in freight rates in the market and our own views on the direction of those rates in the future. As of May 22, 2026, all twenty-seven of our VLGCs, including the six time chartered-in vessels, were employed in the Helios Pool, which includes time charters with a term of less than two years unless otherwise agreed. A spot market voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed upon freight per ton of cargo or a specified total amount. Under spot market voyage charters, we pay voyage expenses such as port and fuel costs. A time charter is generally a contract to charter a vessel for a fixed period of time at a set daily or monthly rate. Under time charters, the charterer pays voyage expenses such as port and fuel costs. Vessels operating on time charters provide more predictable cash flows, but can yield lower profits than vessels operating in the spot market during periods characterized by favorable market conditions. Vessels operating in the spot market generate revenues that are less predictable but may enable us to capture increased profits during periods of improvements in the freight market although we are exposed to the risk of a decline in the freight market and lower vessel availability. Pools generally consist of a number of vessels which may be owned by a number of different ship owners which operate as a single marketing entity in an effort to produce freight efficiencies. Pools typically employ experienced commercial charterers and operators who have close working relationships with customers and brokers while technical management is typically the responsibility of each ship owner. Under pool arrangements, vessels typically enter the pool under a time charter agreement whereby the cost of bunkers and port expenses are borne by the charterer (i.e., the pool) and operating costs, including crews, maintenance and insurance are typically paid by the owner of the vessel. Pools, in return, typically negotiate charters with customers primarily in the spot market. Since the members of a pool typically share in the revenue generated by the entire group of vessels in the pool, and since pools operate primarily in the spot market, including the pool in which we participate, the revenue earned by vessels placed in spot market related pools is subject to the fluctuations of the spot market and the ability of the pool manager to effectively employ its fleet. We believe that vessel pools can provide cost-effective commercial management activities for a group of similar class vessels and potentially result in lower waiting times and higher earnings. Contracts of Affreightment relate to the carriage of multiple cargoes over the same or several routes at pre-agreed terms, volumes and periods and enables the COA holder to nominate and lift cargoes, without controlling tonnage themselves or having their own vessel in position. COAs are usually based on voyage terms, where all of the vessel's operating, voyage and capital costs are borne by the ship owner. 68 Table of Contents On April 1, 2015, Dorian and MOL Energia began operation of the Helios Pool, which is a pool of VLGC vessels. We believe that the operation of certain of our VLGCs in this pool allows us to achieve better market coverage. Vessels entered into the Helios Pool are commercially managed jointly by Dorian LPG (DK) ApS, our wholly-owned subsidiary, and MOL Energia. The members of the Helios Pool share in the net pool revenues generated by the entire group of vessels in the pool, weighted according to certain technical vessel characteristics, and net pool revenues (see Note 2 to our consolidated financial statements included herein) are distributed as variable rate time charter hire to each participant. The vessels entered into the Helios Pool may operate either in the spot market, COAs, or on time charters of two years' duration or less. As of May 22, 2026, the Helios Pool operated thirty-one VLGCs, including all twenty-seven vessels from our fleet, two MOL Energia vessels, and two vessels from another pool participants. For further description of our business, please see “Item 1. Business” above. Important Financial and Operational Terms and Concepts We use a variety of financial and operational terms and concepts in the evaluation of our business and operations including the following: Vessel Revenues. Our revenues are driven primarily by the number of vessels in our fleet, the number of days during which our vessels operate and the daily rates that our vessels earn under our charters, which, in turn, are affected by a number of factors, including levels of demand and supply in the LPG shipping industry; the age, condition and specifications of our vessels; the duration of our charters; the timing of when any profit-sharing arrangements are earned; the amount of time that we spend positioning our vessels; the availability of our vessels, which is related to the amount of time that our vessels spend in drydock undergoing repairs and the amount of time required to perform necessary maintenance or upgrade work; and other factors affecting rates for LPG vessels. We generate revenue by providing seaborne transportation services to customers pursuant to the following types of contractual relationships: Pooling Arrangements. As from April 1, 2015, we began operation of the Helios Pool. Net pool revenues—related party for each vessel is determined in accordance with the profit-sharing terms specified within the pool agreement for the Helios Pool. In particular, the pool manager aggregates the revenues and voyage expenses of all of the pool participants and Helios Pool general and administrative expenses and distributes the net earnings to participants based on: ● pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and ● number of days the vessel was on-hire in the Helios Pool in the period. For the years ended March 31, 2026, 2025, and 2024, 99%, 97% and 95% of our revenue, respectively, was generated through the Helios Pool as net pool revenues—related party. Voyage Charters. A voyage charter, or spot charter, is a contract for transportation of a specified cargo between two or more designated ports. This type of charter is priced at a current or "spot" market rate, typically on a price per ton of product carried. Under voyage charters, we are responsible for all of the voyage expenses in addition to providing the crewing and other vessel operating services. Revenues for voyage charters are more volatile as they are typically tied to prevailing market rates at the time of the voyage. Our gross revenue under voyage charters is generally higher than under comparable time charters so as to compensate us for our bearing all voyage expenses. As a result, our revenue and voyage expenses may vary significantly depending on our mix of time charters and voyage charters. None of our revenue was generated pursuant to voyage charters from our VLGCs outside of the Helios Pool for the years ended March 31, 2026, 2025, and 2024. Time Charters. A time charter is a contract under which a vessel is chartered for a defined period of time at a fixed daily or monthly rate. Under time charters, we are responsible for providing crewing and other vessel 69 Table of Contents operating services, the cost of which is intended to be covered by the fixed rate, while the customer is responsible for substantially all of the voyage expenses, including bunker fuel consumption, port expenses and canal tolls. LPG is frequently transported under a time charter arrangement, with terms ranging from one to seven years. In addition, we may also have profit-sharing arrangements with some of our customers that provide for additional payments above a floor monthly rate (usually up to an agreed ceiling) based on the actual, average daily rate quoted by the Baltic Exchange for VLGCs on one or more of the benchmark routes over an agreed time period converted to a TCE monthly rate. For the years ended March 31, 2025 and 2024, approximately 2.3% and 4.6%, respectively, of our revenue was generated pursuant to time charters from our vessels not in the Helios Pool. For the year ended March 31, 2026, none of our revenue was generated pursuant to time charters outside the Helios Pool. Other Revenues, net. Other revenues, net represent income from charterers, including the Helios Pool, relating to reimbursement of expenses such as costs for security guards and war risk insurance for voyages operating in high-risk areas. For the years ended March 31, 2026, 2025, and 2024, approximately 1.4%, 1.0% and 0.3%, respectively, of our revenue was generated pursuant to other revenues, net. Of these revenue streams, revenue generated from voyage charter agreements is further described in our revenue recognition policy as described in Note 2 to our consolidated financial statements. Revenue generated from pools and time charters is accounted for as revenue earned under the requirements of financial accounting and reporting for lessees and lessors as described in Note 2 to our consolidated financial statements. Calendar Days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of vessel operating expenses that are recorded during that period. Time Chartered-in Days. We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period. Available Days. We define available days as the sum of calendar days and time chartered-in days (including waiting time) collectively representing our commercially-managed vessels, less aggregate off hire days associated with both unscheduled and scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues. Drydocking. We must periodically drydock each of our vessels in accordance with classification society requirements, and for any major modification, repairs and/or maintenance as well as governmental and maritime industry requirements which cannot be performed while the vessels are operating. Classification societies require every vessel to be drydocked every 60 months for inspection of the underwater parts. For vessels over 15 years of age, the drydock requirement is every 30 months. We capitalize costs directly associated with the drydockings that extend the life of the vessel and amortize these costs on a straight-line basis over the period through the date the next survey is scheduled to become due under the "Deferral" method permitted under U.S. GAAP. Costs incurred during the drydocking period which relate to routine repairs and maintenance are expensed as incurred. The number of drydockings undertaken in a given period and the nature of the work performed determine the level of drydocking expenditures. Time Charter Equivalent Rate. TCE rate is a non-GAAP financial measure of the average daily revenue performance of a vessel. TCE rate is a shipping industry performance measure used primarily to compare period‑to‑period changes in a shipping company’s performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods and is a factor in management’s business decisions and is useful to investors in understanding our underlying performance and business trends. Our method of calculating TCE rate is to divide total revenue (including net pool revenues-related party which is calculated as Dorian’s portion of the net of a) Helios Pool gross revenues b) less voyage expenses of all the pool vessels and c) less the general and 70 Table of Contents administrative expenses of the pool) by available days for the relevant time period, which may not be calculated the same by other companies. Voyage Expenses. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel consumption, port expenses, canal fees, charter hire commissions, war risk insurance and security costs. Voyage expenses are typically paid by us under voyage charters and when travelling to or from drydocking. We generally bear all voyage expenses under voyage charters and, as such, voyage expenses are generally greater under voyage charters than time charters. As a result, our voyage expenses may vary significantly depending on our mix of time charters and voyage charters. Charter Hire Expenses. We time charter hire certain vessels from third-party owners or operators for a contracted period and rate in order to charter the vessels to our customers. Charter hire expenses include vessel operating lease expense incurred to charter-in these vessels. Vessel Operating Expenses. Vessel operating expenses are expenses that are not unique to a specific voyage. Vessel operating expenses are paid by us under each of our charter types. Vessel operating expenses include crew wages and related costs, the costs for lubricants, insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Our vessel operating expenses will increase with the expansion of our fleet and are subject to change because of higher crew costs, higher insurance premiums, unexpected repair expenses and general inflation. Furthermore, we expect maintenance costs will increase as our vessels age and during periods of drydock. Daily Vessel Operating Expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period. Depreciation and Amortization. We depreciate our vessels on a straight‑line basis using an estimated useful life of 25 years from initial delivery from the shipyard and after considering estimated salvage values. We amortize the cost of deferred drydocking expenditures on a straight‑line basis over the period through the date the next drydocking/special survey is scheduled to become due. General and Administrative Expenses. General and administrative expenses principally consist of the costs incurred in the corporate administration of the vessel and non‑vessel owning subsidiaries. We have granted restricted stock awards to certain of our officers, directors and employees that vest over various periods (see Note 14 to our consolidated financial statements included herein). Granting restricted stock or units results in an increase in expenses. Stock-based compensation expense for officers, directors and employees is measured at the grant date stock price (or, if a market condition is attached to the award, at the estimated fair value of the award on grant date) and is recognized over the vesting period. Critical Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our financial statements because they inherently involve significant judgments and uncertainties. For a description of our significant accounting policies, see Note 2 to our consolidated financial statements included herein. Vessel Depreciation. The cost of our vessels less their estimated residual value is depreciated on a straight‑line basis over the vessels' estimated useful lives. We estimate the useful life of each of our vessels to be 25 years from the date the vessel was originally delivered from the shipyard. Based on the current market and the types of vessels we have 71 Table of Contents in our fleet, the residual values of our vessels are based upon a value of approximately $400 per lightweight ton. An increase in the useful life of our vessels or in their residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. An increase in the useful life of a vessel may occur as a result of superior vessel maintenance performed, favorable ocean going and weather conditions the vessel is subjected to, superior quality of the shipbuilding or yard, or high freight market rates, which result in owners scrapping the vessels later due to the attractive cash flows. A decrease in the useful life of our vessels or in their residual value would have the effect of increasing the annual depreciation charge and possibly result in an impairment charge. A decrease in the useful life of a vessel may occur as a result of poor vessel maintenance performed, harsh ocean going and weather conditions the vessel is subjected to, or poor quality of the shipbuilding or yard. If regulations place limitations over the ability of a vessel to trade on a worldwide basis, we will adjust the vessel's useful life to end at the date such regulations preclude such vessel's further commercial use. Impairment of vessels. We review our vessels for impairment when events or circumstances indicate the carrying amount of the vessel may not be recoverable. In addition, we compare independent appraisals to our carrying value for indicators of impairment to our vessels. When such indicators are present, a vessel is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount. An impairment charge is recognized if the carrying value is in excess of the estimated future undiscounted net operating cash flows. The impairment loss is measured based on the excess of the carrying amount over the fair market value of the asset. The new lower cost basis would result in a lower annual depreciation than before the impairment. Our estimates of fair market value assume that our vessels are all in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind. Our estimates are based on information available from various industry sources, including: ● reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values; ● news and industry reports of similar vessel sales; ● approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated; ● offers that we may have received from potential purchasers of our vessels; and ● vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers. As we obtain information from various industry and other sources, our estimates of fair market value are inherently uncertain. In addition, vessel values are highly volatile; as such, our estimates may not be indicative of the current or future fair market value of our vessels or prices that we could achieve if we were to sell them. As of March 31, 2026, 2025 and 2024, independent appraisals of the commercially and technically managed vessels in our fleet resulted in indications of impairment on one vessel in our fleet and, in accordance with ASC 360 Property, Plant, and Equipment an undiscounted cash flow test was performed on that vessel. We determined estimated net operating cash flows for this vessel by applying various assumptions regarding future time charter equivalent revenues net of commissions, operating expenses, scheduled drydockings, expected offhire and scrap values and concluded that no impairment charge was necessary because we believe the vessel carrying value is recoverable, and, as a result, no impairment charges were recognized for each years ended March 31, 2026, 2025 and 2024. In addition, we performed a sensitivity analysis as of March 31, 2026 to determine the effect on recoverability of changes in daily TCE rates. The sensitivity analysis suggests that we would not incur an impairment charge on the vessel with an indicator of impairment if daily TCE rates based on the 10-year historical average spot market rates were reduced 72 Table of Contents by 20%. An impairment charge of approximately $10.5 million this vessel would be triggered by a reduction of 25% in the 10-year historical average spot market rates. The amount, if any, and timing of any impairment charges we may recognize in the future will depend upon the then current and expected future charter rates and vessel values, which may differ materially from those used in our estimates as of March 31, 2026, 2025 and 2024. The table set forth below indicates the carrying value of each commercially and technically managed vessel in our fleet as of March 31, 2026 and 2025 at which times none of the vessels listed in the table below was being held for sale: Date of Capacity Year Acquisition/ Purchase Price/ Carrying value at Carrying value at Vessels (Cbm) Built Delivery Original Cost March 31, 2026(1) March 31, 2025(2) Captain John NP 82,000 2007 7/29/2013 64,955,636 26,937,167 30,885,062 Comet 84,000 2014 7/25/2014 75,276,432 48,793,970 52,106,715 Corsair 84,000 2014 9/26/2014 80,906,292 51,080,463 54,489,492 Corvette 84,000 2015 1/2/2015 84,262,500 53,127,304 56,625,716 Cougar 84,000 2015 6/15/2015 80,427,640 50,583,247 52,314,984 Concorde 84,000 2015 6/24/2015 81,168,031 51,197,599 53,778,905 Cobra 84,000 2015 6/26/2015 80,467,667 50,754,767 52,494,623 Continental 84,000 2015 7/23/2015 80,487,197 53,463,424 56,873,496 Constitution 84,000 2015 8/20/2015 80,517,226 53,380,782 56,736,780 Commodore 84,000 2015 8/28/2015 80,468,889 51,344,476 52,729,135 Cresques 84,000 2015 9/1/2015 82,960,176 55,056,553 57,056,704 Constellation 84,000 2015 9/30/2015 78,649,026 52,788,353 55,841,679 Clermont 84,000 2015 10/13/2015 80,530,199 54,342,404 56,343,369 Cheyenne 84,000 2015 10/22/2015 80,503,271 54,120,155 55,845,284 Cratis 84,000 2015 10/30/2015 83,186,333 55,220,648 58,650,621 Commander 84,000 2015 11/5/2015 78,056,729 53,793,034 55,103,550 Chaparral 84,000 2015 11/20/2015 80,516,187 55,926,571 54,772,889 Copernicus 84,000 2015 11/25/2015 83,333,085 52,153,107 57,938,003 Challenger 84,000 2015 12/11/2015 80,576,863 55,590,249 58,480,228 Caravelle 84,000 2016 2/25/2016 81,119,450 56,464,753 59,199,672 Captain Markos 84,000 2023 3/31/2023 84,830,545 75,706,361 78,777,537 Areion(3) 93,000 2026 3/20/2026 129,241,584 129,095,561 — 1,855,000 $ 1,812,440,958 $ 1,240,920,948 $ 1,167,044,444 (1) Carrying value for purposes of evaluating our vessels for impairment includes the carrying value of the vessel and unamortized deferred charges related to drydocking of the vessel. Refer to our accounting policies in Note 2 to our consolidated financial statements for vessels carrying values and deferred drydocking costs. As of March 31, 2026, the carrying value and unamortized deferred charges related to drydocking of one of our vessels exceeded their estimated market value. On an aggregate fleet basis, the estimated market value of our vessels was higher than their carrying value and unamortized deferred charges related to drydocking as of March 31, 2026 by $607.6 million. No impairment was recorded during the year ended March 31, 2026 as we believed that the carrying value of our vessels was fully recoverable. (2) Carrying value for purposes of evaluating our vessels for impairment includes the carrying value of the vessel and unamortized deferred charges related to drydocking of the vessel. Refer to our accounting policies in Note 2 to our consolidated financial statements for vessels carrying values and deferred drydocking costs. As of March 31, 2025, the carrying value and unamortized deferred charges related to drydocking of none of our vessels exceeded their estimated market value. On an aggregate fleet basis, the estimated market value of our vessels was higher than their carrying value and unamortized deferred charges related to drydocking as of March 31, 2025 by $589.5 million. There were no indications of impairment on any of our vessels and no impairment was recorded during the year ended March 31, 2025 as we believed that the carrying value of our vessels was fully recoverable. (3) On one of our vessels, the estimated fair value is lower than its carrying value as of March 31, 2026. However, the estimated undiscounted net operating cash flows for this vessel were higher than the carrying amount and consequently, no impairment loss was recognized. 73 Table of Contents Results of Operations For The Year Ended March 31, 2026 As Compared To The Year Ended March 31, 2025 Revenues The following table compares revenues for the years ended March 31: Increase / Percent 2026 2025 (Decrease) Change Net pool revenues—related party $ 474,888,842 $ 341,418,480 $ 133,470,362 39.1 % Time charter revenues — 8,252,182 (8,252,182) (100.0) % Other revenues, net 6,622,400 3,670,814 2,951,586 80.4 % Total $ 481,511,242 $ 353,341,476 $ 128,169,766 36.3 % Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were $481.5 million for the year ended March 31, 2026, an increase of $128.2 million, or 36.3%, from $353.3 million for the year ended March 31, 2025, primarily due to higher average TCE rates and increased available days for our fleet. TCE rates rose by $12,460 per available day from $39,778 for the year ended March 31, 2025 to $52,238 for the year ended March 31, 2026, primarily due to higher spot rates and lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $57.951 during the year ended March 31, 2025 compared to an average of $74.940 for the year ended March 31, 2026. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $591 during the year ended March 31, 2025, to $523 during the year ended March 31, 2026. Additionally, available days for our fleet increased from 8,776 for the year ended March 31, 2025 to 9,113 for the year ended March 31, 2026, mainly driven by an increase in the number of vessels in our fleet, partially offset by higher off-hire days due to drydocking. Charter Hire Expenses Charter hire expenses for the vessels chartered in from third parties were $61.0 million for the year ended March 31, 2026 compared to $41.4 million for the year ended March 31, 2025. The increase of $19.6 million, or 47.4%, was mainly caused by an increase in time chartered-in days from 1,460 for the year ended March 31, 2025 to 1,923 for the year ended March 31, 2026 as our chartered-in fleet expanded from four to six vessels and an increase in the average rate per time chartered-in day. Vessel Operating Expenses Vessel operating expenses were $81.0 million during the year ended March 31, 2026, or $10,557 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period for the technically managed vessels that were in our fleet and decreased by $4.4 million, or 5.1%, from $85.4 million, or $11,143 per vessel per calendar day, for the year ended March 31, 2025. The decrease of $586 per vessel per calendar day, from $11,143 for the year ended March 31, 2025 to $10,557 per vessel per calendar day for the year ended March 31, 2026 was mainly as a result of decreases in (i) spares and stores and (ii) repairs and maintenance costs, partially offset by an increase in non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by $712 from $10,383 for the year ended March 31, 2025 to $9,671 for the year ended March 31, 2026, mainly as a result of decreases in (i) spares and stores and (ii) repairs and maintenance costs. General and Administrative Expenses General and administrative expenses were $53.0 million for the year ended March 31, 2026, an increase of $10.4 million, or 24.4%, from $42.6 million for the year ended March 31, 2025. The increase was primarily driven by increases of (i) $7.7 million in cash bonuses, including $5.4 million in accrued expenses under our Annual Cash Incentive Plan, (ii) $1.4 million in employee related costs and benefits, (iii) $0.6 million in stock-based compensation expense, (iv) $0.4 million in other general and administrative expenses, and (v) $0.3 million in non-capitalizable vessel pre-delivery expenses. During the year ended March 31, 2026, the Compensation Committee implemented the Annual Cash Incentive Plan for named executive officers to transition to a metrics-driven structure. 74 Table of Contents Interest and Finance Costs Interest and finance costs amounted to $29.2 million for the year ended March 31, 2026, a decrease of $6.6 million from $35.8 million for the year ended March 31, 2025. The decrease of $6.6 million during the year ended March 31, 2026 was mainly due to (i) a reduction of $4.4 million in interest incurred on our long-term debt , (ii) an increase of $2.1 million in capitalized interest and (iii) a decrease of $0.1 million in amortization of deferred financing fees. The decrease in interest on our long-term debt was driven by a reduction of average indebtedness, excluding deferred financing fees, from $586.6 million for the year ended March 31, 2025 to $535.5 million for the year ended March 31, 2026, as well as a lower average annual SOFR rate on the 2023 A&R Debt Facility during the year ended March 31, 2026 when compared to the year ended March 31, 2025. As of March 31, 2026, the outstanding balance of our long-term debt, excluding deferred financing fees, was $565.8 million. Interest Income Interest income amounted to $11.1 million for the year ended March 31, 2026, compared to $15.2 million for the year ended March 31, 2025. The decrease of $4.1 million is mainly attributable to (i) reduced interest rates over the periods presented, and (ii) lower average cash balances for the year ended March 31, 2026 when compared to the year ended March 31, 2025. Unrealized Loss on Derivatives Unrealized loss on derivatives amounted to $1.2 million for the year ended March 31, 2026 compared to a loss of $5.8 million for the year ended March 31, 2025. The $4.6 million difference is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts. Realized Gain on Derivatives Realized gain on derivatives was $1.8 million for the year ended March 31, 2026, compared to $5.3 million for the year ended March 31, 2025. The unfavorable $3.5 million change is primarily attributable to a $4.0 million reduction of realized gains on our interest rate swaps, partially offset by reduced realized losses on our FFAs of $0.5 million. Results of Operations For The Year Ended March 31, 2025 As Compared To The Year Ended March 31, 2024 For a discussion of the year ended March 31, 2025 compared to the year ended March 31, 2024, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” incorporated by reference to the Company’s Annual Report on Form 10-K filed with the Commission on May 29, 2025. Operating Statistics and Reconciliation of GAAP to non-GAAP Financial Measures To supplement our financial statements presented in accordance with U.S. GAAP, we present certain operating statistics and non-GAAP financial measures to assist in the evaluation of our business performance. These non-GAAP financial measures include Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and time charter equivalent rate. These non-GAAP financial measures may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for net income and revenues, which are the most directly comparable measures of performance prepared in accordance with U.S. GAAP. We use these non-GAAP financial measures in assessing the performance of our ongoing operations and in planning and forecasting future periods. These adjusted measures provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance. We believe that these adjusted measures, when considered together with the corresponding U.S. GAAP financial measures and the 75 Table of Contents reconciliations to those measures, provide meaningful supplemental information to assist investors and analysts in understanding our business results and assessing our prospects for future performance. Year ended Year ended Year ended (in U.S. dollars, except fleet data) March 31, 2026 March 31, 2025 March 31, 2024 Financial Data Adjusted EBITDA $ 305,088,174 $ 205,969,159 $ 417,429,321 Fleet Data Calendar days(1) 7,676 7,665 7,686 Time chartered-in days(1) 1,923 1,460 1,512 Available days(1) 9,113 8,776 8,982 Average Daily Results Time charter equivalent rate(1) $ 52,238 $ 39,778 $ 62,129 Daily vessel operating expenses (1) $ 10,557 $ 11,143 $ 10,469 (1) Refer to “Important Financial and Operational Terms and Concepts” above for definitions of calendar days, time chartered-in days, available days, time charter equivalent rate and daily vessel operating expenses. Adjusted EBITDA Adjusted EBITDA is an unaudited non-GAAP financial measure and represents net income/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, stock-based compensation expense, impairment, and depreciation and amortization and is used as a supplemental measure by management to assess our financial and operating performance. We believe that Adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period and management makes business and resource-allocation decisions based on such comparisons. This increased comparability is achieved by excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization expense, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income/(loss) between periods. We believe that including Adjusted EBITDA as a financial and operating measure benefits investors in selecting between investing in us and other investment alternatives. Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income/(loss). Adjusted EBITDA as presented below may not be computed consistently with similarly titled measures of other companies and, therefore, might not be comparable with other companies. The following table sets forth a reconciliation of net income to Adjusted EBITDA (unaudited) for the periods presented: Year ended (in U.S. dollars) March 31, 2026 March 31, 2025 March 31, 2024 Net income $ 193,665,933 $ 90,170,480 $ 307,446,913 Interest and finance costs 29,249,142 35,812,923 40,480,428 Unrealized (gain) / loss on derivatives 1,160,068 5,786,717 (5,665) Realized gain on interest rate swaps (1,759,508) (5,824,074) (7,493,246) Stock-based compensation expense 11,028,854 10,423,520 8,334,838 Depreciation and amortization 71,743,685 69,599,593 68,666,053 Adjusted EBITDA $ 305,088,174 $ 205,969,159 $ 417,429,321 Time charter equivalent rate Time charter equivalent rate, or TCE rate, is a non-GAAP financial measure of the average daily revenue performance of a vessel. TCE rate is a shipping industry performance measure used primarily to compare period‑to‑period changes in a shipping company’s performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods and is a factor in management’s business decisions and is useful to investors in understanding our underlying performance and business trends. Our method of calculating TCE rate is to divide total revenue (including net pool revenues-related party which is calculated as Dorian’s portion of the net of a) Helios Pool gross revenues b) less voyage expenses of all the pool vessels and c) less the general and 76 Table of Contents administrative expenses of the pool) net of voyage expenses by available days for the relevant time period, which may not be calculated the same by other companies. The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the years presented: (in U.S. dollars, except available days) Year ended Year ended Year ended Numerator: March 31, 2026 March 31, 2025 March 31, 2024 Revenues $ 481,511,242 $ 353,341,476 $ 560,717,436 Voyage expenses (5,467,468) (4,252,035) (2,674,179) Time charter equivalent $ 476,043,774 $ 349,089,441 $ 558,043,257 Pool adjustment* 895,366 (2,050) 1,416,187 Time charter equivalent excluding pool adjustment* $ 476,939,140 $ 349,087,391 $ 559,459,444 Denominator: Available days 9,113 8,776 8,982 TCE rate: Time charter equivalent rate $ 52,238 $ 39,778 $ 62,129 TCE rate excluding pool adjustment* $ 52,336 $ 39,778 $ 62,287 * Adjusted for the effects of reallocations of pool profits in accordance with the pool participation agreements primarily resulting from the actual speed and consumption performance of the vessels operating in the Helios Pool exceeding the originally estimated speed and consumption levels. Liquidity and Capital Resources LPG transportation is a capital intensive business, and our future success depends on our ability to maintain a high‑quality fleet. As of March 31, 2026, we had cash and cash equivalents of $327.4 million and non-current restricted cash of $0.1 million. Our primary sources of capital during the year ended March 31, 2026 were (i) $210.1 million in cash generated from operations and (ii) cash proceeds of $62.9 million from the Areion Facility. As of March 31, 2026, the outstanding balance of our long-term debt, net of deferred financing fees of $5.4 million, was $560.4 million including $100.2 million of principal on our long-term debt scheduled to be repaid during the year ending March 31, 2027. Operating expenses, including expenses to maintain the quality of our vessels in order to comply with international shipping standards and environmental laws and regulations, the funding of working capital requirements, long-term debt repayments, financing costs, commitments, as described in Note 20 to our consolidated financial statements, represent our short-term, medium-term and long-term liquidity needs as of March 31, 2026. We anticipate satisfying our liquidity needs for at least the next twelve months with cash on hand, cash from operations and, if needed, drawdowns on the revolving credit facility available under the 2023 A&R Debt Facility. We may also seek additional liquidity through alternative sources of debt financings and/or through equity financings by way of private or public offerings. However, if these sources are insufficient to satisfy our short-term liquidity needs, or to satisfy our future medium-term or long-term liquidity needs, we may need to seek alternative sources of financing and/or modifications of our existing credit facility and financing arrangements. There is no assurance that we will be able to obtain any such financing or modifications to our existing credit facility and financing arrangements on terms acceptable to us, or at all. On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares under the 2022 Common Share Repurchase Authority. Under this authorization, when in force, purchases were and may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. As of March 31, 2026, our total purchases under the 2022 Common Share Repurchase Authority totaled 355,511 shares for an aggregate consideration of $7.9 million. We are not obligated to make any common share repurchases. See Note 12 to our consolidated financial statements included herein for a discussion of our 2022 Common Share Repurchase Authority. 77 Table of Contents On May 2, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.50 per share of our common stock to all shareholders of record as of the close of business on May 16, 2025, totaling $21.3 million. We paid $21.2 million on May 30, 2025, with the remaining $0.1 million deferred until certain shares of restricted stock vest. On August 1, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.60 per share to all shareholders of record as of the close of business on August 12, 2025, totaling $25.7 million. We paid $25.6 million on August 27, 2025, with the remaining $0.1 million deferred until certain shares of restricted stock vest. On August 5, 2025, we paid $0.8 million of dividends that had been deferred until the vesting of certain restricted stock. On November 5, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.65 per share to all shareholders of record as of the close of business on November 17, 2025, totaling $27.8 million. We paid $27.7 million on December 2, 2025, with the remaining $0.1 million deferred until certain shares of restricted stock vest. On January 30, 2026, we announced that our Board of Directors declared an irregular cash dividend of $0.70 per share to all shareholders of record as of the close of business on February 9, 2026, totaling $29.9 million. We paid $29.8 million on February 24, 2026, with the remaining $0.1 million deferred until certain shares of restricted stock vest. On May 7, 2026, we announced that our Board of Directors has declared an irregular cash dividend of $1.00 per share of the Company’s common stock totaling $42.8 million. The dividend is payable on or about May 28, 2026 to all shareholders of record as of the close of business on May 18, 2026. These were irregular dividends. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Company’s Board of Directors may deem relevant. Our dividend policy will also impact our future liquidity position. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent by the payment of such a dividend. During the last 2 fiscal years, we made the following payments under the shipbuilding contract for the VLGC/AC Areion to Hanwha Ocean Ltd.: ● January 16, 2024 - $23.8 million ● January 22, 2025 - $11.9 million ● September 22, 2025 - $11.9 million ● December 8, 2025 - $11.9 million ● March 20, 2026 - $61.9 million Concurrently with the delivery of Areion on March 20, 2026, we borrowed $62.9 million from Citibank N.A., (Hong Kong branch) (“Citi”), supported by export insurance provided by the Korea Trade Insurance Corporation (“K-sure”), and Nordea Bank Abp (New York branch) (“Nordea”) to finance the final delivery payment and other fees and expenses associated with the delivery. The facility has a $20.7 million commercial tranche, solely underwritten by Nordea with a 7-year tenor and margin of 1.80% over SOFR, while Citi has provided a $42.2 million facility, guaranteed by K-Sure as to payment of principal and interest, with a 12-year tenor and a margin of 1.00% over SOFR. The facility contains customary covenants and granting of security interests. For more information regarding our Areion Facility, see Note 10 to our consolidated financial statements. On April 20, 2026, we prepaid $16.5 million of the 2023 A&R Debt Facility, a proportion related to the 2015-built VLGC Cobra. On May 6, 2026, we completed the sale of this vessel, receiving proceeds net of commission and fees of $81.9 million. 78 Table of Contents As part of our growth strategy, we will continue to consider strategic opportunities, including the acquisition or charter-in of additional vessels. We may choose to pursue such opportunities through internal growth, joint ventures, business acquisitions, or other transactions. We expect to finance the purchase price of any future acquisitions either through internally generated funds, public or private debt financings, public or private issuances of additional equity securities or a combination of these forms of financing. Cash Flows The following table summarizes our cash and cash equivalents provided by/(used in) operating, financing and investing activities for the periods presented: March 31, 2026 March 31, 2025 March 31, 2024 Net cash provided by operating activities $ 210,143,612 $ 173,013,491 $ 388,446,808 Net cash used in investing activities (93,843,962) (7,362,396) (34,801,539) Net cash used in financing activities (105,900,182) (131,288,727) (219,719,362) Net increase in cash, cash equivalents, and restricted cash $ 10,535,343 $ 34,369,843 $ 133,710,119 Operating Cash Flows. Net cash provided by operating activities for the year ended March 31, 2026 was $210.1 million compared with $173.0 million for the year ended March 31, 2025. The increase in cash generated from operations of $37.1 million is primarily related to increased cash flows from operating profits (refer to Results of Operations – For the year ended March 31, 2026 as compared to the year ended March 31, 2025, for drivers of changes in revenues and expenses for the applicable periods), partially offset by changes in working capital, mainly from amounts due from the Helios Pool as distributions from the Helios Pool are impacted by the timing of the completion of voyages, spot market rates and bunker prices. For a discussion of the year ended March 31, 2025 compared to the year ended March 31, 2024, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended March 31, 2025. Net cash flow from operating activities depends upon our overall profitability, market rates for vessels employed on voyage charters, charter rates agreed to for time charters, the timing and amount of payments for drydocking expenditures and unscheduled repairs and maintenance, fluctuations in working capital balances and bunker costs. Investing Cash Flows. Net cash used in investing activities was $93.8 million for the year ended March 31, 2026, compared with net cash used in investing activities of $7.4 million for the year ended March 31, 2025. For the year ended March 31, 2026, net cash used in investing activities was comprised of $93.8 million of payments for vessel under construction and other capital expenditures for vessels, including vessel upgrades. For the year ended March 31, 2025, net cash used in investing activities was mainly comprised of $18.9 million in payments for a vessel under construction and vessel capital expenditures, partially offset by $11.8 million in proceeds from maturity of available-for-sale debt securities. Financing Cash Flows. Net cash used in financing activities was $105.9 million for the year ended March 31, 2026, compared with net cash used in financing activities of $131.3 million for the year ended March 31, 2025. For the year ended March 31, 2026, net cash used in financing activities consisted of (i) dividend payments of $105.0 million, (ii) repayments of long-term debt of $54.5 million, (iii) repurchases of common stock of $7.0 million, and (iv) financing costs paid of $2.3 million; partially offset by $62.9 million of proceeds from the Areion Facility. For the year ended March 31, 2025, net cash used in financing activities consisted of (i) dividend payments of $156.4 million, (ii) repayments of long-term debt of $53.0 million, and (iii) repurchases of common stock of $6.3 million, offset by $84.4 million of net proceeds from an issuance of common shares ($89.0 million of gross proceeds less offering costs paid of $4.6 million). For a discussion of the year ended March 31, 2025 compared to the year ended March 31, 2024, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Liquidity and Capital Resources” in our Annual Report on Form 10-K for the year ended March 31, 2025. Capital Expenditures. LPG transportation is a capital‑intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance. 79 Table of Contents We are generally required to complete a special survey for a vessel once every five years. Drydocking of vessels occurs every five years unless an extension is granted by the classification society to seven and one-half years and the vessel is not older than 15 years of age. Intermediate surveys are performed every two and one-half years after every special survey. Drydocking each vessel takes approximately 20 to 35 days. We spend significant amounts for scheduled drydocking (including the cost of classification society surveys) for each of our vessels. As our vessels age and our fleet expands, our drydocking expenses will increase. We estimate the current cash outlay for a VLGC drydocking and special survey to be approximately $2.1 million to $2.3 million per vessel (excluding any capital improvements, such as scrubbers, ballast water management systems, ammonia upgrades, energy saving devices, and performance improvement additions to the vessel that may be made during such drydockings) and the cost of an intermediate survey to be between $150,000 and $250,000 per vessel. Ongoing costs for compliance with environmental regulations are primarily included as part of our drydocking and classification society survey costs. To comply with current emissions regulations, we have installed scrubbers on sixteen of our vessels and have one chartered-in scrubber-equipped vessel, which allows us to burn heavy fuel oil. Our other non-dual fuel vessels currently consume compliant fuels on board (0.5% sulfur), which are readily available globally, but at a significantly higher cost. We also have one Dual-fuel ECO VLGC/AC, one Dual-fuel ECO VLGC and four chartered-in dual-fuel vessels that have the capability to burn LPG as fuel, which we believe provides an economic benefit over traditional fuel. Please see "Item 1A. Risk Factors—Risks Relating to Our Company—We may incur increasing costs for the drydocking, maintenance or replacement of our vessels as they age, and, as our vessels age, the risks associated with older vessels could adversely affect our ability to obtain profitable charters.” Description of Our Debt Obligations See Note 10 to our consolidated financial statements included herein for a description of our debt obligations. Recent Accounting Pronouncements Refer to Note 2 of our consolidated financial statements included herein.