STAMFORD, Conn., Aug. 7, 2019 /PRNewswire/ -- Dorian LPG Ltd.
(NYSE: LPG) (the "Company," "Dorian LPG," "we," and "our"), a
leading owner and operator of modern very large gas carriers
("VLGCs"), today reported its financial results for the three
months ended June 30, 2019.
Highlights for the First Quarter Fiscal Year 2020
- Revenues of $61.2 million and
Daily Time Charter Equivalent ("TCE")(1) rate for our
fleet of $29,671 for the three months
ended June 30, 2019, compared to revenues of $27.6 million and TCE rate of $16,553 for the three months ended
June 30, 2018.
- Net income of $6.1 million, or
$0.11 earnings per basic and diluted
share ("EPS"), and adjusted net income(1) of
$12.1 million, or $0.22 adjusted diluted earnings per share
("adjusted EPS"),(1) for the three months ended
June 30, 2019.
- Adjusted EBITDA(1) of $38.4
million for the three months ended
June 30, 2019.
(1) TCE, adjusted
net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP
measures. Refer to the reconciliation of revenues to TCE, net
income to adjusted net income, EPS to adjusted EPS and net income
to adjusted EBITDA included in this press release.
Repurchase Program
- On August 5, 2019, our Board of
Directors authorized the repurchase of up to $50 million of our common stock through the
period ended December 31, 2020.
John C. Hadjipateras, Chairman,
President and Chief Executive Officer of the Company, commented,
"Our EBITDA is up over sevenfold from last year's quarter, and our
realized TCE nearly doubled compared to the same time period last
year. Since the majority of the voyages booked during the quarter
are typically performed in the following quarter, we
expect the current quarter's results to show an even
greater improvement, assuming no significant market change during
the quarter. On the back of the strong market, our board authorized
a $50 million stock repurchase
program, underscoring our commitment to a sensible capital
allocation program. We believe that positive market fundamentals
and the continued success of our people to contain costs and
optimize operating efficiencies will enable us to generate good
returns to our shareholders."
First Quarter Fiscal Year 2020 Results Summary
Net income amounted to $6.1
million, or $0.11 per share,
for the three months ended June 30, 2019, compared to a
net loss of $(20.6) million, or
$(0.38) per share, for the three
months ended June 30, 2018.
Adjusted net income amounted to $12.1
million, or $0.22 per share,
for the three months ended June 30, 2019, compared to an
adjusted net loss of $(22.3) million,
or $(0.41) per share, for the three
months ended June 30, 2018. Net income for the three
months ended June 30, 2019 is adjusted to exclude an
unrealized loss on derivative instruments of $6.1 million. Please refer to the reconciliation
of net income/(loss) to adjusted net income/(loss), which appears
later in this press release.
The $34.4 million favorable change
in adjusted net income/(loss) for the three months ended
June 30, 2019, compared to the three months ended
June 30, 2018, is primarily attributable (i) to an
increase of $33.5 million in
revenues, (ii) decreases of $1.2
million in general and administrative expenses, $0.7 million in interest and finance costs, and
$0.6 million in vessel operating
expenses, (iii) professional and legal fees related to the BW
Proposal (defined below) of $0.5
million that did not recur, and (iv) a favorable change of
$0.2 million in realized gain on
derivatives, partially offset by (v) increases of $2.1 million in charter hire expenses and
$0.2 million in voyage
expenses.
The TCE rate for our fleet was $29,671 for the three months ended
June 30, 2019, a 79.2% increase from a TCE rate of
$16,553 from the same period in the
prior year, primarily driven by increased spot market rates along
with a reduction of bunker prices. Please see footnote 6 to the
table in "Financial Information" below for information related to
how we calculate TCE. Total fleet utilization (including the
utilization of our vessels deployed in the Helios Pool) increased
from 83.6% in the quarter ended June 30, 2018 to 98.4% in
the quarter ended June 30, 2019.
Vessel operating expenses per day decreased to $8,052 in the three months ended
June 30, 2019 from $8,334
in the same period in the prior year. Please see "Vessel Operating
Expenses" below for more information.
Revenues
Revenues, which represent net pool revenues—related party, time
charters, voyage charters and other revenues earned by our vessels,
were $61.2 million for the three
months ended June 30, 2019, an
increase of $33.6 million, or 121.3%,
from $27.6 million for the three
months ended June 30, 2018. The
increase is primarily attributable to an increase in average TCE
rates and fleet utilization. Average TCE rates increased from
$16,553 for the three months ended
June 30, 2018 to $29,671 for the three months ended June 30, 2019, primarily as a result of higher
spot market rates during the three months ended June 30, 2019 as compared to the three months
ended June 30, 2018 along with a
reduction in 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 $62.337 during the three months ended
June 30, 2019 compared to an average
of $26.390 for the three months ended
June 30, 2018. The average price of
heavy fuel oil (expressed as U.S. dollars per metric tonnes) from
Singapore and Fujairah decreased from $433 during the three months ended June 30, 2018 to $414 during the three months ended June 30, 2019. Our fleet utilization increased
from 83.6% during the three months ended June 30, 2018 to 98.4% during the three months
ended June 30, 2019.
Charter Hire Expenses
Charter hire expenses for the vessel that we charter in from a
third party were $2.1 million for the
three months ended June 30, 2019. No
such costs were incurred during the three months ended June 30, 2018.
Vessel Operating Expenses
Vessel operating expenses were $16.1
million during the three months ended June 30, 2019, or $8,052 per vessel per calendar day, which is
calculated by dividing vessel operating expenses by calendar days
for the relevant time-period for the vessels that were in our
fleet. This was a decrease of $0.6
million, or 3.4%, from $16.7
million for the three months ended June 30, 2018. Vessel operating expenses per
vessel per calendar day decreased by $282 from $8,334
for the three months ended June 30,
2018 to $8,052 for the three
months ended June 30, 2019. The
decrease in vessel operating expenses for the three months ended
June 30, 2019, when compared with the
three months ended June 30, 2018, was
primarily the result of a $0.5
million, or $255 per vessel
per calendar day, decrease in repairs and maintenance costs.
General and Administrative Expenses
General and administrative expenses were $6.7 million for the three months ended
June 30, 2019, a decrease of
$1.2 million, or 15.0%, from
$7.9 million for the three months
ended June 30, 2018. The decrease was
due to reductions of $0.8 million in
cash bonuses to certain employees, $0.3
million in stock-based compensation, and $0.1 million in other general and administrative
expenses. The reduction in cash bonuses to certain employees was
due to a shift in the timing of approvals during the three months
ended June 30, 2019 compared to the
prior year period.
Professional and Legal Fees Related to the BW
Proposal
In 2018, BW LPG Limited and its affiliates ("BW") made an
unsolicited proposal to acquire all of our outstanding common stock
and, along with its affiliates, commenced a proxy contest to
replace three members of our board of directors with nominees
proposed by BW. BW's unsolicited proposal and proxy contest were
subsequently withdrawn on October 8,
2018 (the "BW Proposal"). Professional (including investment
banking fees) and legal fees related to the BW Proposal were
$0.5 million for the three months
ended June 30, 2018. No such costs
were incurred during the three months ended June 30, 2019.
Interest and Finance Costs
Interest and finance costs amounted to $9.7 million for the three months ended
June 30, 2019, a decrease of
$0.7 million, or 6.5%, from
$10.4 million for the three months
ended June 30, 2018. The decrease of
$0.7 million during this period was
due to a decrease of $0.6 million in
interest incurred on our long-term debt, primarily resulting from a
decrease in average indebtedness, and a reduction of $0.1 million in amortization of deferred
financing fees. Average indebtedness, excluding deferred financing
fees, decreased from $768.8 million
for the three months ended June 30,
2018 to $707.9 million for the
three months ended June 30, 2019. As
of June 30, 2019, the outstanding
balance of our long-term debt, net of deferred financing fees of
$13.3 million, was $680.8 million.
Unrealized Gain/(Loss) on Derivatives
Unrealized loss on derivatives was approximately $6.1 million for the three months ended
June 30, 2019, compared to an
unrealized gain of $1.7 million for
the three months ended June 30, 2018.
The unfavorable $7.8 million change
is attributable to changes in the fair value of our interest rate
swaps caused by changes in forward LIBOR yield curves and
reductions in notional amounts.
Realized Gain/(Loss) on Derivatives
Realized gain on derivatives was approximately $1.0 million for the three months ended
June 30, 2019, compared to
$0.8 million for the three months
ended June 30, 2018. The favorable
$0.2 million change is attributable
to increases in floating LIBOR resulting in realized gains on
interest rate swaps related to the $758
million debt financing facility that we entered into in
March 2015 (as amended) with a group
of banks and financial institutions.
Fleet
The following table sets forth certain information regarding our
fleet as of August 1, 2019.
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Capacity
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Sister
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ECO
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Charter
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(Cbm)
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Shipyard
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Ships
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Year Built
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Vessel(1)
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Employment
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Expiration(2)
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Dorian
VLGCs
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Captain Markos
NL(3)
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82,000
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Hyundai
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A
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2006
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—
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Time
Charter(5)
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Q4 2019
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Captain John
NP(3)
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82,000
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Hyundai
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A
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2007
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—
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Pool-TCO(6)
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Q1 2020
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Captain Nicholas
ML(3)
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82,000
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Hyundai
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A
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2008
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—
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Pool(7)
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—
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Comet
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84,000
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Hyundai
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B
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2014
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X
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Time
Charter(8)
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Q3 2019
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Corsair(3)
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84,000
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Hyundai
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B
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2014
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X
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Pool(7)
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—
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Corvette(3)(4)
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Cougar
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Concorde(3)(4)
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84,000
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Hyundai
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B
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2015
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X
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Time
Charter(9)
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Q1 2022
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Cobra
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Continental
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Constitution
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Commodore
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Cresques
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84,000
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Daewoo
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C
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2015
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X
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Pool(7)
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—
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Constellation
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Cheyenne
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Clermont
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84,000
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Hyundai
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B
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2015
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X
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Pool(7)
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—
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Cratis
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84,000
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Daewoo
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C
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2015
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X
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Pool(7)
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—
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Chaparral
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84,000
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Hyundai
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B
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2015
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X
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Pool-TCO(6)
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Q4 2019
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Copernicus
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84,000
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Daewoo
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C
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2015
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X
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Pool(7)
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—
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Commander
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84,000
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Hyundai
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B
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2015
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X
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Time
Charter(10)
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Q4 2020
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Challenger
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84,000
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Hyundai
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B
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2015
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X
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Pool-TCO(6)
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Q4 2020
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Caravelle
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84,000
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Hyundai
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B
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2016
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X
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Pool(7)
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—
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Total
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1,842,000
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Time chartered-in
VLGC
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Laurel
Prime(11)
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83,305
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Mitsubishi
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2018
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X
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Pool(7)
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—
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(1)
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Represents vessels
with very low revolutions per minute, long‑stroke, electronically
controlled engines, larger propellers, advanced hull design, and
low friction paint.
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(2)
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Represents calendar
year quarters.
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(3)
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Operated pursuant to
a bareboat chartering agreement.
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(4)
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VLGC fitted with
scrubber.
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(5)
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Currently on time
charter with an oil major that began in December 2014.
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(6)
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"Pool-TCO" indicates
that the vessel is operated in the Helios Pool on a time charter
out to a third party and receives as charter hire a portion of the
net revenues of the pool calculated according to a formula based on
the vessel's pro rata performance in the pool.
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(7)
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"Pool" indicates that
the vessel operates in the Helios Pool on a voyage charter with a
third party and receives as charter hire a portion of the net
revenues of the pool calculated according to a formula based on the
vessel's pro rata performance in the pool.
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(8)
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Currently on time
charter with an oil major that began in July 2014.
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(9)
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Currently on time
charter with a major oil company that began in March
2019.
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(10)
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Currently on a time
charter with a major oil company that began in November
2015.
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(11)
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Currently time
chartered-in with an expiration during the first calendar quarter
of 2020
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Market Outlook & Update
For the second calendar quarter of 2019, the Baltic Index
averaged $62 per metric ton, compared
to an average of $30 per metric ton
in the first calendar quarter. The Baltic VLGC Index began the
quarter at $41 per metric ton,
increasing to $78 per metric ton at
quarter end. For the third calendar quarter of 2019 to date, the
Baltic Index has averaged $75 per
metric ton.
Year-to-date through July, U.S. LPG exports have grown
year-over-year by 22% to 22.5 million tons and Middle East exports have grown on the same
basis 3.5% to 22.6 million tons. For the first time, U.S. and
Middle East volumes were equal.
Our expectation is that the U.S. exports will grow faster than
those from the Middle East. U.S.
propane inventories continue to push towards the higher-end of
their 5-year range, having reached 80 million barrels on
July 26th, 21.4% higher
than last year, which was almost equal to the percentage increase
in exports.
North American export capacity continues to expand, further
supporting global LPG trade. Altagas' new Ridley Island terminal on the west coast of
Canada is now exporting two
cargoes per month, while Enterprise expects its LPG Marine Terminal
expansion to be ready by the end of September 2019 followed by an even more
substantial expansion by the third calendar quarter of 2020. Targa
Resources announced an expansion project of 200 million barrels per
day by next year, while Energy Transfer Partners announced
scheduling changes for this summer to facilitate vessel loadings
and increased refrigeration capacity for their Nederland terminal
by September 2020. Sunoco's
Marcus Hook terminal has maintained
a strong loading schedule, exporting 9 VLGC cargoes in April, 10 in
May, and 9 in June.
In April 2019, European and Asian
benchmark propane prices climbed, while Mont Belvieu prices fell.
Throughout the quarter, prices continued to fall in all three major
regions, dropping below 50% of Brent in Northwestern Europe and the Far East.
Despite a fall in crude prices and naphtha, propane remained a key
feedstock for the petrochemical industry in the West as the
propane-naphtha spread averaged around $130 per metric ton over the quarter.
In China, several new PDH
plants are anticipated to start up in the second half of 2019 with
potential LPG demand of 700,000 tons per annum per facility. In
South Korea several steam crackers
were down for maintenance at the beginning of the second calendar
quarter of 2019, limiting import demand. However, with several
cracker expansions, propane consumption in Korean steam crackers is
similarly expected to rise in the latter half of the year.
With ballast water treatment regulations coming into effect this
September and the IMO 2020 regulations at the beginning of 2020,
the global fleet will be evolving with major equipment
retrofitting. The global fleet currently contains 35 VLGCs that are
20 years of age or older, with a similar number of vessels in the
orderbook. Given the significant investments required for
compliance, we believe that owners of older tonnage may not find
the investment proposition attractive and thus may consider
scrapping. With a stable orderbook of approximately 12% of the
global fleet, we believe that the market should remain relatively
balanced.
The above summary is based on data derived from industry
sources, and there can be no assurances that such trends will
continue or that anticipated developments in freight rates, export
volumes, the VLGC orderbook or other market indicators will
materialize.
Seasonality
Liquefied gases are primarily used for industrial and domestic
heating, as a chemical and refinery feedstock, as a transportation
fuel and in agriculture. The LPG shipping market historically has
been stronger in the spring and summer months in anticipation of
increased consumption of propane and butane for heating during the
winter months. In addition, unpredictable weather patterns in these
months tend to disrupt vessel scheduling and the supply of certain
commodities. Demand for our vessels therefore may be stronger in
the quarters ending June 30 and
September 30 and relatively weaker
during the quarters ending December
31 and March 31, although
12-month time charter rates tend to smooth these short-term
fluctuations and recent LPG shipping market activity has not
yielded the expected seasonal results. To the extent any of our
time charters expire during the typically weaker fiscal quarters
ending December 31 and March 31, it may not be possible to re-charter
our vessels at similar rates. As a result, we may have to accept
lower rates or experience off-hire time for our vessels, which may
adversely impact our business, financial condition and operating
results.
Financial Information
The following table presents our selected financial data and
other information for the periods presented:
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Three months
ended
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(in U.S. dollars, except fleet data)
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June 30, 2019
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June 30, 2018
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Statement of
Operations Data
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Revenues
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$
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61,165,546
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$
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27,644,282
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Expenses
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Voyage
expenses
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|
339,114
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100,173
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Charter hire
expenses
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|
2,055,000
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—
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Vessel operating
expenses
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16,119,953
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16,685,457
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Depreciation and
amortization
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16,266,421
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16,265,056
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General and
administrative expenses
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6,735,835
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7,920,286
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Professional and legal
fees related to the BW Proposal
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—
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483,000
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Total
expenses
|
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41,516,323
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41,453,972
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Other income—related
parties
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623,283
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|
|
644,517
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Operating
income/(loss)
|
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|
20,272,506
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(13,165,173)
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Other
income/(expenses)
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|
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|
|
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Interest and finance
costs
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|
|
(9,697,282)
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|
(10,374,281)
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Interest
income
|
|
|
362,036
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|
|
460,973
|
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Unrealized
gain/(loss) on derivatives
|
|
|
(6,070,789)
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|
|
1,707,616
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Realized gain/(loss)
on derivatives
|
|
|
1,032,995
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|
|
782,565
|
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Other gain/(loss),
net
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175,593
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|
(8,258)
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Total other
income/(expenses), net
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|
(14,197,447)
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|
|
(7,431,385)
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Net
income/(loss)
|
|
$
|
6,075,059
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|
$
|
(20,596,558)
|
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Earnings/(loss) per
common share—basic
|
|
|
0.11
|
|
|
(0.38)
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Earnings/(loss) per
common share—diluted
|
|
$
|
0.11
|
|
$
|
(0.38)
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Other Financial
Data
|
|
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Adjusted
EBITDA(1)
|
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$
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38,382,383
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$
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5,185,136
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Fleet
Data
|
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Calendar
days(2)
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2,002
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2,002
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Time chartered-in
days(3)
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91
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—
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Available
days(4)
|
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|
2,083
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|
1,991
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Operating
days(5)(8)
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|
2,050
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|
1,664
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Fleet
utilization(6)(8)
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98.4
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%
|
|
83.6
|
%
|
Average Daily
Results
|
|
|
|
|
|
|
|
Time charter
equivalent rate(7)(8)
|
|
$
|
29,671
|
|
$
|
16,553
|
|
Daily vessel
operating expenses(9)
|
|
$
|
8,052
|
|
$
|
8,334
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
As of
|
|
(in U.S. dollars)
|
|
June 30, 2019
|
|
March 31, 2019
|
|
Balance Sheet
Data
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
21,717,046
|
|
$
|
30,838,684
|
|
Restricted
cash—non-current
|
|
|
35,633,962
|
|
|
35,633,962
|
|
Total
assets
|
|
|
1,619,105,623
|
|
|
1,625,370,017
|
|
Total debt including
current portion—net of deferred financing
fees of $13.3.0 million and $14 million as of
June 30, 2019
and March 31, 2019, respectively.
|
|
|
680,842,955
|
|
|
696,090,786
|
|
Total
liabilities
|
|
|
700,025,761
|
|
|
712,687,459
|
|
Total shareholders'
equity
|
|
$
|
919,079,862
|
|
$
|
912,682,558
|
|
(1)
|
Adjusted EBITDA is a
non-U.S. GAAP financial measure and represents net income/(loss)
before interest and finance costs, unrealized (gain)/loss on
derivatives, realized loss on derivatives, gain on early
extinguishment of debt, stock-based compensation expense,
impairment, and depreciation and amortization and is used as a
supplemental financial 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. This
increased comparability is achieved by excluding the potentially
disparate effects between periods of derivatives, interest and
finance costs, gain on early extinguishment of debt, 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/(loss), 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/(loss) to Adjusted EBITDA
(unaudited) for the periods presented:
|
|
|
Three months
ended
|
|
(in U.S. dollars)
|
|
June 30, 2019
|
|
June 30, 2018
|
|
Net
income/(loss)
|
|
$
|
6,075,059
|
|
$
|
(20,596,558)
|
|
Interest and finance
costs
|
|
|
9,697,282
|
|
|
10,374,281
|
|
Unrealized
(gain)/loss on derivatives
|
|
|
6,070,789
|
|
|
(1,707,616)
|
|
Realized (gain)/loss
on derivatives
|
|
|
(1,032,995)
|
|
|
(782,565)
|
|
Stock-based
compensation expense
|
|
|
1,305,827
|
|
|
1,632,538
|
|
Depreciation and
amortization
|
|
|
16,266,421
|
|
|
16,265,056
|
|
Adjusted
EBITDA
|
|
$
|
38,382,383
|
|
$
|
5,185,136
|
|
(2)
|
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 expenses that are recorded during that period.
|
|
|
(3)
|
We define time
chartered-in days as the aggregate number of days in a period
during which we time chartered-in vessels.
|
|
|
(4)
|
We define available
days as the sum of calendar days and time chartered-in days
(collectively representing our commercially-managed vessels) less
aggregate off hire days associated with 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.
|
|
|
(5)
|
We define operating
days as available days less the aggregate number of days that the
commercially-managed vessels in our fleet are off‑hire for any
reason other than scheduled maintenance. We use operating days to
measure the number of days in a period that our operating vessels
are on hire (refer to 8 below).
|
|
|
(6)
|
We calculate fleet
utilization by dividing the number of operating days during a
period by the number of available days during that period. An
increase in non-scheduled off hire days would reduce our operating
days, and, therefore, our fleet utilization. We use fleet
utilization to measure our ability to efficiently find suitable
employment for our vessels.
|
|
|
(7)
|
Time charter
equivalent rate, or TCE rate, is a non-U.S. GAAP 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. Our method of calculating TCE rate is to divide
revenue net of voyage expenses by operating 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 periods presented:
|
|
|
Three months
ended
|
|
(in U.S. dollars,
except operating days)
|
|
June 30, 2019
|
|
June 30, 2018
|
|
Numerator:
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
61,165,546
|
|
$
|
27,644,282
|
|
Voyage
expenses
|
|
|
(339,114)
|
|
|
(100,173)
|
|
Time charter
equivalent
|
|
$
|
60,826,432
|
|
$
|
27,544,109
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
Operating
days
|
|
|
2,050
|
|
|
1,664
|
|
TCE
rate:
|
|
|
|
|
|
|
|
Time charter
equivalent rate
|
|
$
|
29,671
|
|
$
|
16,553
|
|
(8)
|
We determine
operating days for each vessel based on the underlying vessel
employment, including our vessels in the Helios Pool (the "Company
Methodology"). If we were to calculate operating days for each
vessel within the Helios Pool as a variable rate time charter (the
"Alternate Methodology"), our operating days and fleet utilization
would be increased with a corresponding reduction to our TCE rate.
Operating data using both methodologies is as follows:
|
|
Three months
ended
|
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
Company
Methodology:
|
|
|
|
|
|
|
|
|
Operating
Days
|
|
2,050
|
|
|
|
1,664
|
|
|
Fleet
Utilization
|
|
98.4
|
%
|
|
|
83.6
|
%
|
|
Time charter
equivalent
|
$
|
29,671
|
|
|
$
|
16,553
|
|
|
|
|
|
|
|
|
|
|
|
Alternate
Methodology:
|
|
|
|
|
|
|
|
|
Operating
Days
|
|
2,083
|
|
|
|
1,990
|
|
|
Fleet
Utilization
|
|
100.0
|
%
|
|
|
99.9
|
%
|
|
Time charter
equivalent
|
$
|
29,201
|
|
|
$
|
13,841
|
|
|
|
We believe that the
Company Methodology using the underlying vessel employment provides
more meaningful insight into market conditions and the performance
of our vessels.
|
|
|
(9)
|
Daily vessel
operating expenses are calculated by dividing vessel operating
expenses by calendar days for the relevant time period.
|
|
|
|
In addition to the
results of operations presented in accordance with U.S. GAAP, we
provide adjusted net income/(loss) and adjusted EPS. We believe
that adjusted net oncome/(loss) and adjusted EPS are useful to
investors in understanding our underlying performance and business
trends. Adjusted net income/(loss) and adjusted EPS are not a
measurement of financial performance or liquidity under U.S. GAAP;
therefore, these non-U.S. GAAP financial measures should not be
considered as an alternative or substitute for U.S. GAAP. The
following table reconciles net income/(loss) and EPS to adjusted
net income/(loss) and adjusted EPS, respectively, for the periods
presented:
|
|
|
Three months
ended
|
|
(in U.S. dollars,
except share data)
|
|
June 30, 2019
|
|
June 30, 2018
|
|
Net
income/(loss)
|
|
$
|
6,075,059
|
|
$
|
(20,596,558)
|
|
Unrealized
(gain)/loss on derivatives
|
|
|
6,070,789
|
|
|
(1,707,616)
|
|
Adjusted net
income/(loss)
|
|
$
|
12,145,848
|
|
$
|
(22,304,174)
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
common share—diluted
|
|
$
|
0.11
|
|
$
|
(0.38)
|
|
Unrealized
(gain)/loss on derivatives
|
|
|
0.11
|
|
|
(0.03)
|
|
Adjusted
earnings/(loss) per common share—diluted
|
|
$
|
0.22
|
|
$
|
(0.41)
|
|
Conference Call
A conference call to discuss the results will be held today,
August 7, 2019 at 10:00 a.m. EDT. The conference call can be
accessed live by dialing 1-877-407-9716, or for international
callers, 1-201-493-6779, and requesting to be joined into the
Dorian LPG call. A replay will be available at 1:00 p.m. EDT the same day and can be accessed by
dialing 1-844-512-2921, or for international callers,
1-412-317-6671. The pass code for the replay is 13693282. The
replay will be available until August 14,
2019, at 11:59 p.m. EDT.
A live webcast of the conference call will also be available
under the investor relations section at www.dorianlpg.com.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a
leading owner and operator of modern VLGCs. Dorian LPG's fleet
currently consists of twenty-three modern VLGCs. Dorian LPG has
offices in Stamford, Connecticut,
USA; London, United Kingdom;
Copenhagen, Denmark; and
Athens, Greece.
Forward-Looking Statements
This press release contains "forward-looking statements."
Statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," "projects," "forecasts," "may," "will," "should" and
similar expressions are forward-looking statements. These
statements are not historical facts but instead represent only the
Company's belief regarding future results, many of which, by their
nature are inherently uncertain and outside of the Company's
control. Actual results may differ, possibly materially, from those
anticipated in these forward-looking statements. For more
information about risks and uncertainties associated with Dorian
LPG's business, please refer to the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of Dorian LPG's SEC filings, including, but
not limited to, its annual report on Form 10-K and quarterly
reports on Form 10-Q. The Company does not assume any obligation to
update the information contained in this press release.
Contact Information
Ted Young; Chief Financial
Officer: Tel.: +1 (203) 674-9900 or IR@dorianlpg.com
Source: Dorian LPG Ltd.
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SOURCE Dorian LPG Ltd.