Dorian LPG sees quarterly revenues rise
STAMFORD — Dorian LPG, a liquefied petroleum gas transporter that was the subject of an attempted acquisition last year, on Monday reported rising returns for the past quarter.
In the past three months, Dorian’s revenues increased 24 percent year-over-year, to about $55 million. A quarterly loss of $6.2 million compared with a profit of $1.7 million in the same period in 2017.
Those results came during a period when “wild movements” in oil prices affected trade in liquefied petroleum gas, Dorian’s CEO, President and Chairman John Hadjipateras said in a statement Monday.
Dorian is carrying on as an independent company after Singapore-based BW LPG abandoned its pursuit of the company, after making several billion-dollar offers last year. The deal foundered after both companies’ executives complained about their counterparts’ negotiating tactics.
BW’s bidding started last May, when it announced it wanted to combine with Dorian in an all-stock deal worth $1.1 billion, to create a company with 73 vessels.
On its own, Dorian owns and operates 22 very-large gas carriers, according to its website.
With a merger off the table, Dorian officials have said they were encouraged by capacity for U.S. exports and growing demand in Asia.
They have also cited a recently completed refinancing plan and the company’s preparations for new regulations on shipping sulfur emissions set to be implemented in the next two years. The company plans to outfit 12 of its ships with exhaust-gas cleaning systems.
“We believe this will enhance the competitive advantage we have as the owners and operators of the most modern ‘ECO’ fleet amongst our peers,” Hadjipateras said.
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