292025-05-022025-05-162025-05-302025-08-012025-08-122025-08-272025-11-052025-11-172025-12-02http://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrent2026-01-302026-02-242026-02-09DORIAN LPG LTD.0001596993--03-312026Q3false0001596993us-gaap:TreasuryStockCommonMember2025-10-012025-12-310001596993us-gaap:TreasuryStockCommonMember2025-07-012025-09-300001596993us-gaap:TreasuryStockCommonMember2025-04-012025-06-300001596993us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001596993us-gaap:CommonStockMember2025-07-012025-09-300001596993us-gaap:CommonStockMember2024-07-012024-09-300001596993us-gaap:CommonStockMember2024-04-012024-06-300001596993us-gaap:TreasuryStockCommonMember2025-12-310001596993us-gaap:RetainedEarningsMember2025-12-310001596993us-gaap:AdditionalPaidInCapitalMember2025-12-310001596993us-gaap:TreasuryStockCommonMember2025-09-300001596993us-gaap:RetainedEarningsMember2025-09-300001596993us-gaap:AdditionalPaidInCapitalMember2025-09-300001596993us-gaap:TreasuryStockCommonMember2025-06-300001596993us-gaap:RetainedEarningsMember2025-06-300001596993us-gaap:AdditionalPaidInCapitalMember2025-06-3000015969932025-06-300001596993us-gaap:TreasuryStockCommonMember2025-03-310001596993us-gaap:RetainedEarningsMember2025-03-310001596993us-gaap:AdditionalPaidInCapitalMember2025-03-310001596993us-gaap:TreasuryStockCommonMember2024-12-310001596993us-gaap:RetainedEarningsMember2024-12-310001596993us-gaap:AdditionalPaidInCapitalMember2024-12-310001596993us-gaap:TreasuryStockCommonMember2024-09-300001596993us-gaap:RetainedEarningsMember2024-09-300001596993us-gaap:AdditionalPaidInCapitalMember2024-09-3000015969932024-09-300001596993us-gaap:TreasuryStockCommonMember2024-06-300001596993us-gaap:RetainedEarningsMember2024-06-300001596993us-gaap:AdditionalPaidInCapitalMember2024-06-3000015969932024-06-300001596993us-gaap:TreasuryStockCommonMember2024-03-310001596993us-gaap:RetainedEarningsMember2024-03-310001596993us-gaap:AdditionalPaidInCapitalMember2024-03-310001596993us-gaap:CommonStockMember2025-12-310001596993us-gaap:CommonStockMember2025-09-300001596993us-gaap:CommonStockMember2025-06-300001596993us-gaap:CommonStockMember2025-03-310001596993us-gaap:CommonStockMember2024-12-310001596993us-gaap:CommonStockMember2024-09-300001596993us-gaap:CommonStockMember2024-06-300001596993us-gaap:CommonStockMember2024-03-310001596993us-gaap:RestrictedStockUnitsRSUMember2025-12-310001596993us-gaap:RestrictedStockUnitsRSUMember2025-03-310001596993us-gaap:RestrictedStockUnitsRSUMember2025-04-012025-12-310001596993srt:SubsidiariesMember2025-04-012025-12-310001596993srt:PartnershipInterestMember2025-04-012025-12-310001596993us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-04-012025-12-310001596993us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-02-022025-12-310001596993lpg:DorianLpgUsaLlcAndSubsidiariesMembersrt:AffiliatedEntityMember2025-12-310001596993lpg:DorianLpgUsaLlcAndSubsidiariesMembersrt:AffiliatedEntityMember2025-03-310001596993lpg:NewbuildingCommitmentsMember2025-04-012025-12-310001596993lpg:CommitmentsForTimeCharterInContractsMember2025-04-012025-12-310001596993lpg:CommitmentsForScrubbersPurchasesMember2025-04-012025-12-310001596993lpg:CommitmentsForOperatingLeasesMember2025-04-012025-12-310001596993us-gaap:TransportationEquipmentMember2025-12-310001596993us-gaap:BuildingMember2025-12-310001596993us-gaap:TransportationEquipmentMember2025-03-310001596993us-gaap:BuildingMember2025-03-310001596993srt:MinimumMember2025-12-310001596993srt:MaximumMember2025-12-310001596993us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-10-012025-12-310001596993us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-04-012025-12-310001596993us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2024-10-012024-12-310001596993us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2024-04-012024-12-310001596993us-gaap:GeneralAndAdministrativeExpenseMember2025-10-012025-12-310001596993us-gaap:GeneralAndAdministrativeExpenseMember2025-04-012025-12-310001596993us-gaap:GeneralAndAdministrativeExpenseMember2024-10-012024-12-310001596993us-gaap:GeneralAndAdministrativeExpenseMember2024-04-012024-12-310001596993lpg:S2025Q3DividendsMember2025-12-310001596993lpg:S2025Q2DividendsMember2025-09-300001596993lpg:S2025Q1DividendsMember2025-06-300001596993lpg:ForwardFreightShippingAgreementsMemberus-gaap:FairValueInputsLevel2Member2024-10-012024-12-310001596993lpg:ForwardFreightShippingAgreementsMemberus-gaap:FairValueInputsLevel2Member2024-04-012024-12-310001596993us-gaap:FairValueInputsLevel2Member2025-10-012025-12-310001596993us-gaap:FairValueInputsLevel2Member2025-04-012025-12-310001596993us-gaap:FairValueInputsLevel2Member2024-10-012024-12-310001596993us-gaap:FairValueInputsLevel2Member2024-04-012024-12-310001596993lpg:IngBankN.V.Memberlpg:AmendedAndRestatedDebtFacility2023Memberlpg:InterestRateSwapsExpiringInJuly2029Member2025-12-310001596993us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993us-gaap:MaritimeEquipmentMember2025-04-012025-12-310001596993us-gaap:CapitalAdditionsMember2025-12-310001596993us-gaap:CapitalAdditionsMember2025-03-310001596993us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-10-012025-12-310001596993us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-04-012025-12-310001596993us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-10-012024-12-310001596993us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-04-012024-12-310001596993lpg:CresquesJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:CratisJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:CougarJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:CorsairJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:CopernicusJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:ChaparralJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:CaravelleJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:CaptainMarkosJapaneseFinancingMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:BalcapTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2025-12-310001596993lpg:CresquesJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:CratisJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:CougarJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:CorsairJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:CopernicusJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:ChaparralJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:CaravelleJapaneseFinancingAgreementMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:CaptainMarkosJapaneseFinancingMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:BalcapTermLoanFacilityMemberus-gaap:FairValueInputsLevel2Member2025-03-310001596993lpg:AmendedAndRestatedDebtFacility2023Member2023-12-220001596993lpg:TermLoanFacilityBalcapMember2021-12-290001596993lpg:JapaneseFinancingAgreementsMember2025-12-310001596993lpg:DebtFacility2022AndAr2023Member2025-12-310001596993lpg:CresquesJapaneseFinancingAgreementMember2025-12-310001596993lpg:CratisJapaneseFinancingAgreementMember2025-12-310001596993lpg:CougarJapaneseFinancingAgreementMember2025-12-310001596993lpg:CorsairJapaneseFinancingAgreementMember2025-12-310001596993lpg:CopernicusJapaneseFinancingAgreementMember2025-12-310001596993lpg:ChaparralJapaneseFinancingAgreementMember2025-12-310001596993lpg:CaravelleJapaneseFinancingAgreementMember2025-12-310001596993lpg:CaptainMarkosJapaneseFinancingMember2025-12-310001596993lpg:BalcapTermLoanFacilityMember2025-12-310001596993lpg:JapaneseFinancingAgreementsMember2025-03-310001596993lpg:DebtFacility2022AndAr2023Member2025-03-310001596993lpg:CresquesJapaneseFinancingAgreementMember2025-03-310001596993lpg:CratisJapaneseFinancingAgreementMember2025-03-310001596993lpg:CougarJapaneseFinancingAgreementMember2025-03-310001596993lpg:CorsairJapaneseFinancingAgreementMember2025-03-310001596993lpg:CopernicusJapaneseFinancingAgreementMember2025-03-310001596993lpg:ChaparralJapaneseFinancingAgreementMember2025-03-310001596993lpg:CaravelleJapaneseFinancingAgreementMember2025-03-310001596993lpg:CaptainMarkosJapaneseFinancingMember2025-03-310001596993lpg:BalcapTermLoanFacilityMember2025-03-310001596993us-gaap:TransportationEquipmentMember2025-10-012025-12-310001596993us-gaap:TransportationEquipmentMember2025-04-012025-12-310001596993us-gaap:TransportationEquipmentMember2024-10-012024-12-310001596993us-gaap:TransportationEquipmentMember2024-04-012024-12-3100015969932025-09-300001596993lpg:S2025Q4DividendsMemberus-gaap:SubsequentEventMember2026-01-302026-01-300001596993lpg:S2025Q3DividendsMember2025-10-012025-12-310001596993lpg:S2025Q2DividendsMember2025-07-012025-09-300001596993lpg:S2025Q1DividendsMember2025-04-012025-06-3000015969932024-03-3100015969932024-12-310001596993us-gaap:RestrictedStockMember2025-10-012025-12-310001596993us-gaap:RestrictedStockMember2025-04-012025-12-310001596993us-gaap:RestrictedStockMember2024-10-012024-12-310001596993us-gaap:RestrictedStockMember2024-04-012024-12-310001596993us-gaap:AdditionalPaidInCapitalMember2025-10-012025-12-310001596993us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001596993us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001596993us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310001596993us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001596993us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001596993us-gaap:MaritimeEquipmentMember2025-12-310001596993us-gaap:MaritimeEquipmentMember2025-03-310001596993us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2022-02-020001596993us-gaap:CommonClassAMemberlpg:PublicOfferingMember2024-06-070001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2025-12-310001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2025-03-310001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2025-10-012025-12-310001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2024-10-012024-12-310001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2024-04-012024-12-310001596993lpg:DorianLpgUsaLlcAndSubsidiariesMembersrt:MaximumMembersrt:AffiliatedEntityMember2025-10-012025-12-310001596993lpg:DorianLpgUsaLlcAndSubsidiariesMembersrt:MaximumMembersrt:AffiliatedEntityMember2025-04-012025-12-310001596993lpg:DorianLpgUsaLlcAndSubsidiariesMembersrt:MaximumMembersrt:AffiliatedEntityMember2024-10-012024-12-310001596993lpg:DorianLpgUsaLlcAndSubsidiariesMembersrt:MaximumMembersrt:AffiliatedEntityMember2024-04-012024-12-310001596993lpg:IngBankN.V.Memberlpg:AmendedAndRestatedDebtFacility2023Memberlpg:InterestRateSwapsExpiringInJuly2029Member2025-04-012025-12-310001596993us-gaap:CorporateJointVentureMember2025-10-012025-12-310001596993us-gaap:CorporateJointVentureMember2025-04-012025-12-310001596993us-gaap:CorporateJointVentureMember2024-10-012024-12-310001596993us-gaap:CorporateJointVentureMember2024-04-012024-12-310001596993lpg:EagleOceanTransportIncMembersrt:ChiefExecutiveOfficerMember2025-12-310001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2015-04-010001596993us-gaap:CommonClassAMemberlpg:PublicOfferingMember2024-06-072024-06-070001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2025-04-012025-12-310001596993us-gaap:RetainedEarningsMember2025-10-012025-12-310001596993us-gaap:RetainedEarningsMember2025-07-012025-09-3000015969932025-07-012025-09-300001596993us-gaap:RetainedEarningsMember2025-04-012025-06-3000015969932025-04-012025-06-300001596993us-gaap:RetainedEarningsMember2024-10-012024-12-310001596993us-gaap:RetainedEarningsMember2024-07-012024-09-3000015969932024-07-012024-09-300001596993us-gaap:RetainedEarningsMember2024-04-012024-06-3000015969932024-04-012024-06-3000015969932025-03-3100015969932024-10-012024-12-3100015969932025-08-052025-08-050001596993us-gaap:AssetUnderConstructionMember2025-04-012025-12-3100015969932024-04-012024-12-310001596993lpg:DorianUlsanLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianTokyoLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianShanghaiLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianSaoPauloLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianSakuraLPGTransportLLCMemberlpg:TwoThousandTwentyThreeMember2025-12-310001596993lpg:DorianMonacoLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianLpgAmmoniaTransportLlcHull2373Memberlpg:TwoThousandAndTwentySixMember2025-12-310001596993lpg:DorianHoustonLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianGenevaLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianExporterLPGTransportLLCMemberlpg:TwoThousandSixteenMember2025-12-310001596993lpg:DorianExplorerLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianDubaiLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianCapeTownLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianBarcelonaLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:DorianAmsterdamLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:CorvetteLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:CorsairLPGTransportLLCMemberlpg:TwoThousandFourteenMember2025-12-310001596993lpg:ConstellationLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:ConcordeLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:CommanderLPGTransportLLCMemberlpg:TwoThousandFifteenMember2025-12-310001596993lpg:CometLPGTransportLLCMemberlpg:TwoThousandFourteenMember2025-12-310001596993lpg:CJNPLPGTransportLLCMemberlpg:TwoThousandSevenMember2025-12-3100015969932025-12-310001596993us-gaap:AssetUnderConstructionMember2023-11-240001596993lpg:MolEnergiaMemberus-gaap:CorporateJointVentureMember2015-04-012015-04-010001596993us-gaap:AssetUnderConstructionMember2025-12-310001596993us-gaap:AssetUnderConstructionMember2025-03-310001596993us-gaap:CapitalAdditionsMember2025-04-012025-12-3100015969932025-10-012025-12-3100015969932026-01-3100015969932025-04-012025-12-31xbrli:sharesiso4217:USDlpg:itemutr:m3xbrli:pureiso4217:USDxbrli:shareslpg:segment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-36437

Dorian LPG Ltd.

(Exact name of registrant as specified in its charter)


Marshall Islands		66-0818228
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
c/o Dorian LPG (USA) LLC
27 Signal Road, Stamford, CT		06902
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (203) 674-9900

Former name, former address and former fiscal year, if changed since last report: Not Applicable

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common stock, par value $0.01 per share	LPG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐
Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of January 31, 2026, there were 42,744,103 shares of the registrant’s common stock outstanding.

Table of Contents

FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), including analyses and other information based on forecasts of future results and estimates of amounts not yet determinable and statements relating to our future prospects, developments and business strategies. We intend for these forward-looking statements to be covered by the safe harbor provided for under the sections referenced in the immediately preceding sentence and the PSLRA. Forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “might,” “pending,” “plan,” “possible,” “potential,” “predict,” “project,” “seeks,” “should,” “targets,” “will,” “would,” and similar expressions, terms and phrases, including references to assumptions. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual future activities and results of operations to differ materially from future results expressed, projected, or implied by those forward-looking statements in this quarterly report.

These risks include the risks that are identified in the “Risk Factors” section of this quarterly report and of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and also include, among others, risks associated with the following:

●

our future operating or financial results;

●

our business strategies, including with respect to acquisitions and chartering, and expected capital spending or operating expenses, as well as any difficulty we may have in managing planned growth properly;

●

the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers, including software failures, unforeseeable security breaches, or incidents stemming from the misuse or intentional or unintentional misapplication of artificial intelligence in our business;

●

the strength of world economies;

●

general domestic and international geopolitical conditions, including political uncertainty in Venezuela as a result of U.S. intervention and the corresponding impact on the oil and natural gas markets, and increasing global tensions due to the stated desire by the U.S. to control Greenland;

●

recent and potential future trade policy matters, such as increased trade protectionism, the imposition of tariffs and other import restrictions, including those impacting the maritime shipping industry, such as the potential escalation of trade tensions between China and the U.S.;

●

shipping trends, including changes in charter rates applicable to alternative propulsion technologies, exhaust gas cleaning system (commonly referred to as “scrubbers”) equipped and non-scrubber equipped vessels, scrapping rates and vessel and other asset values;

●

changes in trading patterns that impact tonnage requirements, including without limitation, tariffs that have been or may be imposed by various countries including without limitation the United Sates and China, changes resulting from the ongoing conflicts in Ukraine and the Middle East;

●

compliance with laws, treaties, rules, regulations and policies (including amendments or other changes thereto) applicable to the liquefied petroleum gas, or LPG, shipping industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries, as well as the impact and costs of our compliance with, and the potential of liability under, such laws, treaties, rules, regulations and policies;

Table of Contents

●

investors’, banks’, counterparties’ and other stakeholders’ increasing emphasis on environmental and safety concerns and increasing scrutiny and changing expectations with respect to public company Environmental, Social and Governance (“ESG”) policies and costs related to compliance with ESG measures;

●

general economic conditions and specific economic conditions in the oil and natural gas industry and the countries and regions where LPG is produced and consumed, including the impact of central bank policies, intended to combat inflation and rising interest rates, on the demand for LPG;

●

completion of infrastructure projects to support marine transportation of LPG, including export terminals and pipelines;

●

factors affecting supply of and demand for LPG including propane, butane, isobutane, propylene and mixtures of these gases, LPG shipping, and LPG vessels, including, among other things: the production levels, price and worldwide consumption and storage of oil, refined petroleum products and natural gas, including production from United States shale fields; any oversupply of or limited demand for LPG vessels comparable to ours or higher specification vessels; trade conflicts and the imposition of tariffs or otherwise on LPG resulting from domestic and international political and geopolitical conditions or events, including “trade wars”, the ongoing conflict between Russia and Ukraine and developments in the Middle East (including without limitation the Israel – Iran conflict); and shifts in consumer demand from LPG towards other energy sources;

●

any decrease in the value of the charter-free market values of our vessels or reduction in our charter hire rates and profitability associated with such vessels as a result of increase in the supply of or decrease in the demand for LPG, LPG shipping or LPG vessels including an increase in available tonnage due to Very Large Ethane Carriers transporting LPG;

●

business disruptions, including supply chain issues, due to damage to storage or receiving facilities, or natural disasters;

●

greater than anticipated levels of LPG vessel newbuilding orders or lower than anticipated rates of LPG vessel scrapping;

●

the aging of the Company’s fleet which could result in increased operating costs, impairment or loss of hire;

●

our ability to profitably employ our vessels, including vessels participating in the Helios Pool (defined below);

●

unavailability of spot charters and the volatility of prevailing spot market charter rates, which may affect our ability to realize the expected benefits from our time chartered-in vessels, including those in the Helios Pool;

●

failure of our charterers or other counterparties to meet their obligations under our charter agreements;

●

shareholders’ reliance on us to enforce our rights against contract counterparties;

●

competition in the LPG shipping industry, including our ability to compete successfully for future chartering opportunities and newbuilding opportunities (if any);

●

future purchase prices of newbuildings and secondhand vessels and timely deliveries of such vessels (if any) and, relatedly, the risks associated with the purchase of second-hand vessels;

Table of Contents

●

the performance of the Helios Pool, including the failure of its significant customers to perform their obligations and the loss or reduction in business from its significant customers (or if the same were to occur with respect to our significant customers);

●

the availability of and our ability to obtain such financing and capital to refinance existing indebtedness and to fund capital expenditures, acquisitions and other general corporate purposes, the terms of such financing or capital and our ability to comply with the restrictions and other covenants set forth in our existing and future debt agreements and financing arrangements (and our ability to repay or refinance our existing debt and settling of interest rate swaps, if any);

●

our costs, including crew wages, insurance, provisions, repairs and maintenance, general and administrative expenses, drydocking, and bunker prices, as applicable;

●

any inability to retain and recruit qualified key executives, key employees, key consultants or skilled workers and, relatedly, our dependence on key personnel and the availability of skilled workers, and the related labor costs, including as a result of the ongoing conflict between Russia and Ukraine;

●

the potential difference in interests between or among certain of our directors, officers, key executives and shareholders;

●

quality and efficiency requirements from customers and applicable laws and regulations and developments regarding the technologies relating to the LPG sector and the effects of and our ability to implement new products and new technology available in our industry, including with respect to equipment propulsion and overall vessel efficiency, including the reduction of traditional emissions;

●

operating hazards in the maritime transportation industry, and catastrophic events, including accidents, political events, public health threats (including the outbreak of communicable diseases), international hostilities and instability, armed conflict, piracy, attacks on vessels or other petroleum-related infrastructures and acts by terrorists, which may cause potential disruption of shipping routes;

●

the length and severity of epidemics and other public health concerns, including any impact on the demand for commercial seaborne transportation of LPG, supply chain disruptions and the condition of financial markets and the potential associated impacts to our global operations;

●

business disruptions due to natural disasters or adverse weather outside of our control;

●

the adequacy of our insurance coverage in the event of a catastrophic event;

●

the failure to protect our information systems against security breaches, or the failure or unavailability of these systems for a significant period;

●

the arresting or attachment of one or more of our vessels by maritime claimants;

●

compliance with and changes to governmental, tax, environmental and safety laws and regulations, which may add to our costs or the costs of our customers;

●

fluctuations in currencies, foreign exchange rates, and interest rates including, but not limited to, the Secured Overnight Financing Rate (“SOFR”);

●

compliance with the United States Foreign Corrupt Practices Act of 1977, the United Kingdom Bribery Act 2010, or other applicable regulations relating to bribery;

Table of Contents

●

the volatility of the price of shares of our common stock, par value $0.01 per share, (our “common shares”) and future sales of our common shares;

●

if we will or will be able to pay dividends (irregular or otherwise) in the future, and any change or elimination of the Company’s dividend at any time at the discretion of our Board of Directors;

●

our incorporation under the laws of the Republic of the Marshall Islands and the different rights to relief that may be available compared to other countries, including the United States;

●

congestion at or blockages of ports or canals, including drought conditions at the Panama Canal;

●

any developments in the existing Panama Canal transportation structure as a result of either the potential tender to be conducted by the Panama Canal Authority for the development of a new pipeline or a the study announced by the Panamanian government and Energy Transfer LP in 2021 to analyze the prospects of building an LPG pipeline, potentially running beside the existing Panama Canal and linking the Atlantic Ocean with the Pacific Ocean;

●

if we are required to pay tax on U.S. source income;

●

if we are treated as a “passive foreign investment company”; and

●

other factors detailed in this report and from time to time in our periodic reports.

Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or is not realized. You should thoroughly read this report with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this report include additional factors that could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of the forward-looking statements by these cautionary statements.

We caution readers of this report not to place undue reliance on forward-looking statements. Any forward-looking statements contained herein are made only as of the date of this report, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The cash dividends referenced in this report are irregular dividends. All declarations of dividends are subject to the determination and discretion of our 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 our Board of Directors may deem relevant. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time.

As used in this quarterly report and unless otherwise indicated, references to “Dorian,” the “Company,” “we,” “our,” “us,” or similar terms refer to Dorian LPG Ltd. and its subsidiaries.

Table of Contents

Dorian LPG Ltd.

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION

ITEM 1.		FINANCIAL STATEMENTS
		Unaudited Condensed Consolidated Balance Sheets as of December 31, 2025 and March 31, 2025	1
		Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2025 and December 31, 2024	2
		Unaudited Condensed Consolidated Statements of Shareholders' Equity for the nine months ended December 31, 2025 and December 31, 2024	3
		Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2025 and December 31, 2024	4
		Notes to Unaudited Condensed Consolidated Financial Statements	5

ITEM 2.		MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	19
ITEM 3.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	29
ITEM 4.		CONTROLS AND PROCEDURES	29


PART II.	OTHER INFORMATION

ITEM 1.		LEGAL PROCEEDINGS	31
ITEM 1A.		RISK FACTORS	31
ITEM 2.		UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	32
ITEM 5.		OTHER INFORMATION	32
ITEM 6.		EXHIBITS	32

EXHIBIT INDEX			33
SIGNATURES			34

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Dorian LPG Ltd.

Unaudited Condensed Consolidated Balance Sheets

(Expressed in United States Dollars, except for share data)


		As of			As of
		December 31, 2025			March 31, 2025
Assets
Current assets
Cash and cash equivalents		$	294,492,379		$	316,877,584
Trade receivables, net and accrued revenues			1,634,228			1,356,827
Due from related parties			71,715,752			48,090,301
Inventories			2,250,656			2,508,684
Prepaid expenses and other current assets			22,193,053			13,523,008
Total current assets			392,286,068			382,356,404
Fixed assets
Vessels, net			1,102,793,855			1,149,806,782
Vessel under construction			64,805,270			37,274,863
Total fixed assets			1,167,599,125			1,187,081,645
Other non-current assets
Deferred charges, net			25,098,842			17,237,662
Derivative instruments			1,761,090			3,497,493
Due from related parties—non-current			27,500,000			26,400,000
Restricted cash—non-current			81,418			76,028
Operating lease right-of-use assets			160,430,695			159,212,010
Other non-current assets			2,982,095			2,799,038
Total assets		$	1,777,739,333		$	1,778,660,280
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable		$	6,690,725		$	11,549,950
Accrued expenses			8,933,011			5,387,465
Due to related parties			240,732			39,339
Deferred income			501,203			679,257
Current portion of long-term operating lease liabilities			47,812,434			34,808,203
Current portion of long-term debt			97,746,233			54,504,778
Dividends payable			537,458			915,150
Total current liabilities			162,461,796			107,884,142
Long-term liabilities
Long-term debt—net of current portion and deferred financing fees			415,437,178			498,773,969
Long-term operating lease liabilities			112,630,566			124,419,545
Other long-term liabilities			1,580,355			1,476,439
Total long-term liabilities			529,648,099			624,669,953
Total liabilities			692,109,895			732,554,095
Commitments and contingencies			—			—
Shareholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding			—			—
Common stock, $0.01 par value, 450,000,000 shares authorized, 54,609,290 and 54,324,437 shares issued, 42,744,103 and 42,747,720 shares outstanding (net of treasury stock), as of December 31, 2025 and March 31, 2025, respectively			546,093			543,244
Additional paid-in-capital			876,275,164			867,524,073
Treasury stock, at cost; 11,865,187 and 11,576,717 shares as of December 31, 2025 and March 31, 2025, respectively			(140,116,177)			(133,103,957)
Retained earnings			348,924,358			311,142,825
Total shareholders’ equity			1,085,629,438			1,046,106,185
Total liabilities and shareholders’ equity		$	1,777,739,333		$	1,778,660,280

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

Dorian LPG Ltd.

Unaudited Condensed Consolidated Statements of Operations

(Expressed in United States Dollars)


		Three months ended						Nine months ended
		December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Revenues
Net pool revenues—related party		$	118,415,858		$	78,022,488		$	322,885,696		$	267,307,186
Time charter revenues			—			2,433,411			—			8,280,751
Other revenues, net			1,548,429			210,880			5,354,838			1,865,364
Total revenues			119,964,287			80,666,779			328,240,534			277,453,301
Expenses
Voyage expenses			1,732,701			950,842			4,109,374			2,508,379
Charter hire expenses			18,186,009			10,586,115			42,622,036			31,082,323
Profit sharing expenses			659,346			—			659,346			—
Vessel operating expenses			19,851,216			21,439,514			62,445,778			61,459,709
Depreciation and amortization			18,129,336			17,497,383			54,430,352			52,039,031
General and administrative expenses			10,779,733			7,464,856			39,701,876			34,347,576
Total expenses			69,338,341			57,938,710			203,968,762			181,437,018
Other income—related parties			685,009			655,365			1,975,737			1,936,762
Operating income			51,310,955			23,383,434			126,247,509			97,953,045
Other income/(expenses)
Interest and finance costs			(7,066,278)			(8,884,499)			(22,380,183)			(27,841,202)
Interest income			2,737,490			3,797,264			8,577,713			11,986,945
Unrealized gain/(loss) on derivatives			(170,904)			2,865,617			(1,736,403)			(3,139,248)
Realized gain on derivatives			407,391			838,906			1,474,915			4,210,274
Other gain/(loss), net			(29,756)			(638,894)			469,484			(1,091,241)
Total other expenses, net			(4,122,057)			(2,021,606)			(13,594,474)			(15,874,472)
Net income		$	47,188,898		$	21,361,828		$	112,653,035		$	82,078,573

Weighted average shares outstanding:
Basic			42,598,873			42,574,256			42,521,062			41,995,129
Diluted			42,598,873			42,595,323			42,671,107			42,114,087

Earnings per common share—basic		$	1.11		$	0.50		$	2.65		$	1.95
Earnings per common share—diluted		$	1.11		$	0.50		$	2.64		$	1.95

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

Dorian LPG Ltd.

Unaudited Condensed Consolidated Statements of Shareholders’ Equity

(Expressed in United States Dollars, except for number of shares)


		Number of								Additional
		common		Common			Treasury			paid-in			Retained
		shares		stock			stock			capital			Earnings			Total
Balance, April 1, 2024		51,995,027		$	519,950		$	(126,837,239)		$	772,714,486		$	377,135,886		$	1,023,533,083
Net income for the period		—			—			—			—			51,288,140			51,288,140
Common share issuance		2,000,000			20,000			—			84,367,701			—			84,387,701
Dividend ($1.00 per common share)		—			—			—			—			(40,619,448)			(40,619,448)
Stock-based compensation		—			—			—			1,275,459			—			1,275,459
Balance, June 30, 2024		53,995,027		$	539,950		$	(126,837,239)		$	858,357,646		$	387,804,578		$	1,119,864,935
Net income for the period		—			—			—			—			9,428,605			9,428,605
Common share issuance		—			—			—			21,660			—			21,660
Restricted share award issuances		299,669			2,997			—			(2,997)			—			—
Dividend ($1.00 per common share)		—			—			—			—			(42,804,479)			(42,804,479)
Stock-based compensation		—			—			—			5,998,722			—			5,998,722
Purchase of treasury stock		—			—			(4,259,668)			—			—			(4,259,668)
Balance, September 30, 2024		54,294,696		$	542,947		$	(131,096,907)		$	864,375,031		$	354,428,704		$	1,088,249,775
Net income for the period		—			—			—			—			21,361,828			21,361,828
Dividend ($1.00 per common share)		—			—			—			—			(42,804,479)			(42,804,479)
Stock-based compensation		—			—			—			1,701,724			—			1,701,724
Balance, December 31, 2024		54,294,696		$	542,947		$	(131,096,907)		$	866,076,755		$	332,986,053		$	1,068,508,848


		Number of								Additional
		common		Common			Treasury			paid-in			Retained
		shares		stock			stock			capital			Earnings			Total
Balance, April 1, 2025		54,324,437		$	543,244		$	(133,103,957)		$	867,524,073		$	311,142,825		$	1,046,106,185
Net income for the period		—			—			—			—			10,082,101			10,082,101
Dividend ($0.50 per common share)		—			—			—			—			(21,323,860)			(21,323,860)
Stock-based compensation		—			—			—			1,757,879			—			1,757,879
Purchase of treasury stock		—			—			(1,822,780)			—			—			(1,822,780)
Balance, June 30, 2025		54,324,437		$	543,244		$	(134,926,737)		$	869,281,952		$	299,901,066		$	1,034,799,525
Net income for the period		—			—			—			—			55,382,036			55,382,036
Restricted share award issuances		284,853			2,849			—			(2,849)			—			—
Dividend ($0.60 per common share)		—			—			—			—			(25,702,868)			(25,702,868)
Stock-based compensation		—			—			—			4,961,896			—			4,961,896
Purchase of treasury stock		—			—			(2,907,988)			—			—			(2,907,988)
Balance, September 30, 2025		54,609,290		$	546,093		$	(137,834,725)		$	874,240,999		$	329,580,234		$	1,066,532,601
Net income for the period		—			—			—			—			47,188,898			47,188,898
Dividend ($0.65 per common share)		—			—			—			—			(27,844,774)			(27,844,774)
Stock-based compensation		—			—			—			2,034,165			—			2,034,165
Purchase of treasury stock		—			—			(2,281,452)			—			—			(2,281,452)
Balance, December 31, 2025		54,609,290		$	546,093		$	(140,116,177)		$	876,275,164		$	348,924,358		$	1,085,629,438

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

Dorian LPG Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in United States Dollars)



	Nine months ended
	December 31, 2025		December 31, 2024
Cash flows from operating activities:
Net income	$	112,653,035	$	82,078,573
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		54,430,352		52,039,031
Non-cash lease expense		28,761,884		24,099,375
Amortization of financing costs		867,362		934,640
Unrealized loss on derivatives		1,736,403		3,139,248
Stock-based compensation expense		8,753,940		8,975,905
Unrealized foreign currency (gain)/loss, net		(182,198)		111,686
Other non-cash items, net		(421,713)		953,768
Changes in operating assets and liabilities
Trade receivables, inventories, prepaid expenses, and other current and non-current assets		(8,333,362)		229,943
Due from related parties		(24,725,451)		(22,362,577)
Operating lease liabilities—current and long-term		(28,718,707)		(24,099,934)
Trade accounts payable		(3,177,508)		(17,466)
Accrued expenses and other liabilities		743,591		(466,208)
Due to related parties		201,393		2,283,789
Payments for drydocking costs		(14,593,102)		(5,082,075)
Net cash provided by operating activities		127,995,919		122,817,698
Cash flows from investing activities:
Payments for vessel under construction and other capital expenditures for vessels		(29,665,295)		(5,672,793)
Purchase of investment securities		—		(213,592)
Proceeds from maturity of available-for-sale debt securities		—		1,800,000
Net cash used in investing activities		(29,665,295)		(4,086,385)
Cash flows from financing activities:
Repayment of long-term debt borrowings		(40,962,698)		(40,115,911)
Repurchase of common stock		(4,728,002)		(4,259,668)
Dividends paid		(75,249,194)		(126,620,555)
Proceeds from common share issuances		—		89,000,000
Equity offering costs paid		—		(4,590,638)
Net cash used in financing activities		(120,939,894)		(86,586,772)
Effects of exchange rates on cash and cash equivalents		229,455		(122,672)
Net increase/(decrease) in cash, cash equivalents, and restricted cash		(22,379,815)		32,021,869
Cash, cash equivalents, and restricted cash at the beginning of the period		316,953,612		282,583,769
Cash, cash equivalents, and restricted cash at the end of the period	$	294,573,797	$	314,605,638

Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	$	21,049,354	$	25,927,772
Cash paid for operating lease liabilities		35,296,274		31,885,110
Capitalized drydocking costs included in liabilities		1,772,182		1,191,865
Vessel-related capital expenditures included in liabilities		494,063		194,185
Unpaid dividends included in liabilities		537,458		757,516
Financing costs included in liabilities		663,600		663,600

Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:
Cash and cash equivalents	$	294,492,379	$	314,532,172
Restricted cash—non-current		81,418		73,466
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$	294,573,797	$	314,605,638

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

Dorian LPG Ltd.

Notes to Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

1. Basis of Presentation and General Information

Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States, and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2025, our fleet consists of twenty-seven VLGCs, 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; of which four are duel-fuel Panamax size VLGCs, one is ECO-design VLGC and one is modern VLGC. On November 24, 2023, we entered into a shipbuilding contract for a newbuilding Very Large Gas Carrier / Ammonia Carrier (“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. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from MOL Energia (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool.

Sixteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions and, as of December 31, 2025, 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. 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 Pte. Ltd. (“MOL Energia”), formerly known as Phoenix Tankers Pte. Ltd., began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 4 below for further description of the Helios Pool.

The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2025 included in our Annual Report on Form 10-K filed with the SEC on May 30, 2025.

Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year.

Table of Contents

Our subsidiaries as of December 31, 2025, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below.

Vessel Subsidiaries


		Type of
Subsidiary		vessel		Vessel’s name		Built		CBM⁽¹⁾
CJNP LPG Transport LLC		VLGC		Captain John NP		2007		82,000
Comet LPG Transport LLC		VLGC		Comet		2014		84,000
Corsair LPG Transport LLC		VLGC		Corsair⁽²⁾		2014		84,000
Corvette LPG Transport LLC		VLGC		Corvette		2015		84,000
Dorian Shanghai LPG Transport LLC		VLGC		Cougar⁽²⁾		2015		84,000
Concorde LPG Transport LLC		VLGC		Concorde		2015		84,000
Dorian Houston LPG Transport LLC		VLGC		Cobra		2015		84,000
Dorian Sao Paulo LPG Transport LLC		VLGC		Continental		2015		84,000
Dorian Ulsan LPG Transport LLC		VLGC		Constitution		2015		84,000
Dorian Amsterdam LPG Transport LLC		VLGC		Commodore		2015		84,000
Dorian Dubai LPG Transport LLC		VLGC		Cresques⁽²⁾		2015		84,000
Constellation LPG Transport LLC		VLGC		Constellation		2015		84,000
Dorian Monaco LPG Transport LLC		VLGC		Cheyenne		2015		84,000
Dorian Barcelona LPG Transport LLC		VLGC		Clermont		2015		84,000
Dorian Geneva LPG Transport LLC		VLGC		Cratis⁽²⁾		2015		84,000
Dorian Cape Town LPG Transport LLC		VLGC		Chaparral⁽²⁾		2015		84,000
Dorian Tokyo LPG Transport LLC		VLGC		Copernicus⁽²⁾		2015		84,000
Commander LPG Transport LLC		VLGC		Commander		2015		84,000
Dorian Explorer LPG Transport LLC		VLGC		Challenger		2015		84,000
Dorian Exporter LPG Transport LLC		VLGC		Caravelle⁽²⁾		2016		84,000
Dorian Sakura LPG Transport LLC		VLGC		Captain Markos⁽²⁾		2023		84,000
Dorian LPG Ammonia Transport LLC		VLGC/AC		Hull No. 2373		2026⁽³⁾		93,000

Management and Other Subsidiaries



Subsidiary
Dorian LPG Management Corp.
Dorian LPG (USA) LLC (incorporated in USA)
Dorian LPG (UK) Ltd. (incorporated in UK)
Dorian LPG Finance LLC
Occident River Trading Limited (incorporated in UK)
Dorian LPG (DK) ApS (incorporated in Denmark)
Dorian LPG Chartering LLC
Dorian LPG FFAS LLC
Dorian LPG US Lease Finance LLC
Dorian LPG Nippon Lease LLC

(1)	CBM: Cubic meters, a standard measure for LPG tanker capacity

(2)	Operated pursuant to a bareboat charter agreement as of December 31, 2025. Refer to Note 8 below for further information.

(3)	The vessel is expected to be delivered in the first calendar quarter of 2026.

2. Significant Accounting Policies

The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2025 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025).

Recently Issued Accounting Pronouncements Not Yet Adopted:

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements with the objective to address longstanding requests from investors to provide more detailed information about expenses presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and

Table of Contents

interim periods within the fiscal years beginning after December 15, 2027 with early adoption permitted. The amendments are to be applied either prospectively to financial statements issued for the reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of the adoption of ASU 2024-03 on our consolidated financial statements and related disclosures.

We have considered all other recent accounting pronouncements issued and believe that none will have a material effect on our financial statements.

3. Segment Reporting

Our Company operates in the international transportation of liquid petroleum gas with its fleet of vessels, each of which has the same type of customer, similar operations and maintenance requirements, operates in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that our Company operates in one reportable segment.

The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and evaluates performance based on net income and operating income.

The following is a summary of information for our single reportable segment:


	Three months ended				Nine months ended
(in U.S. dollars)	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Total Revenues	$	119,964,287	$	80,666,779	$	328,240,534	$	277,453,301

Less:
Voyage expenses		1,732,701		950,842		4,109,374		2,508,379
Charter hire expenses		18,186,009		10,586,115		42,622,036		31,082,323
Profit sharing expenses		659,346		—		659,346		—
Vessel operating expenses		19,851,216		21,439,514		62,445,778		61,459,709
Other segment items ⁽¹⁾		28,224,060		24,306,874		92,156,491		84,449,845
Operating income		51,310,955		23,383,434		126,247,509		97,953,045
Nonoperating loss⁽²⁾		(4,122,057)		(2,021,606)		(13,594,474)		(15,874,472)
Net income	$	47,188,898	$	21,361,828	$	112,653,035	$	82,078,573

(1)

Other segment items include depreciation and amortization, general and administrative expenses, and other operating income and expenses.

(2)

Nonoperating loss includes interest and finance costs, interest income, gains and losses on derivatives, and other gains and losses.

4. Transactions with Related Parties

Dorian (Hellas), S.A.

Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer.

Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling less than $0.1 million for both the three months ended December 31, 2025 and 2024 and less than $0.1 million for the nine months ended December 31, 2025 and 2024.

As of December 31, 2025 and March 31, 2025, there was nothing due from DHSA.

Table of Contents

Helios LPG Pool LLC

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 variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with MOL Energia and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points (see below for description of pool points) assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and MOL Energia are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool or has a controlling financial interest. As of December 31, 2025, the Helios Pool operated twenty-nine VLGCs, including twenty-seven vessels from our fleet (including six vessels time chartered-in from unrelated parties) and two MOL Energia vessels.

As of December 31, 2025, we had net receivables from the Helios Pool of $99.0 million (net of amounts due to Helios Pool of $0.2 million which are reflected under “Due to related Parties”), including $27.5 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2025, we had net receivables from the Helios Pool of $74.4 million (net of an amount due to Helios Pool of $0.1 million which are reflected under “Due to related Parties”), including $26.4 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of December 31, 2025 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (DK) ApS and MOL Energia and has appointed both as the exclusive commercial managers of pool vessels. Fees for such services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.6 million for both the three months ended December 31, 2025, and 2024, respectively, and $1.8 million for both the nine months ended December 31, 2025, and 2024, respectively. Additionally, we receive reimbursement of expenses such as costs for security guards, war risk insurance, and certain other voyage costs for vessels operating in the Helios Pool, for which we earned $0.5 million and $0.1 million for the three months ended December 31, 2025, and 2024, respectively, and $1.1 million and $0.9 million for the nine months ended December 31, 2025, and 2024, respectively and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations.

Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2025 and 2024. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, available days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel efficiency, fuel-type consumed, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. In accordance with the pool participation agreements, pool points are finalized in arrears every six months ending September 30 and March 31 and pool profits are reallocated based on the actual recorded speed and consumption performance for each vessel operating in the Helios Pool during the preceding six-month period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the

Table of Contents

period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 13.

5. Deferred Charges, Net

The analysis and movement of deferred charges is presented in the table below:


		Drydocking
		costs
Balance, April 1, 2025		$	17,237,662
Additions			13,652,686
Amortization			(5,791,506)
Balance, December 31, 2025		$	25,098,842

6. Vessels, Net


					Accumulated
		Cost			depreciation			Net book Value
Balance, April 1, 2025		$	1,738,676,244		$	(588,869,462)		$	1,149,806,782
Other additions			1,625,919			—			1,625,919
Depreciation			—			(48,638,846)			(48,638,846)
Balance, December 31, 2025		$	1,740,302,163		$	(637,508,308)		$	1,102,793,855

Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2025. Our vessels, with a total carrying value of $1,075.4 million and $1,120.0 million as of December 31, 2025 and March 31, 2025, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). Captain John NP is our only VLGC that is not first-priority mortgaged as collateral for our long-term debt as of December 31, 2025 and March 31, 2025. As of December 31, 2025, we obtained independent appraisals of the technically managed VLGCs in our fleet and concluded that there were no indicators of impairment in accordance with ASC 360 Property, Plant, and Equipment. No impairment charges were recognized for the nine months ended December 31, 2025 and 2024.

7. Vessel Under Construction

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, which is expected to be delivered from Hanwha Ocean Co. Ltd. in the first calendar quarter of 2026.

The analysis and movement of vessel under construction is presented in the table below:


	Net book Value
Balance, April 1, 2025	$	37,274,863
Installment payments		23,800,740
Other capitalized expenditures		1,942,381
Capitalized interest		1,787,286
Balance, December 31, 2025	$	64,805,270

8. Long-term Debt

2023 A&R Debt Facility

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the $240.0 million amended and restated debt financing facility that we entered into on December 22, 2023 with Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Skandinaviska Enskilda Banken AB (publ), BNP Paribas, and Danish Ship Finance A/S (the “2023 A&R Debt Facility”).

Table of Contents

We were in compliance with all financial covenants as of December 31, 2025.

BALCAP Facility

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on our $83.4 million debt financing facility that we entered into on December 29, 2021 with Banc of America Leasing & Capital, LLC and other financial institutions (the “BALCAP Facility”).

We were in compliance with all financial covenants as of December 31, 2025.

Corsair Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2014-built VLGC, Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”).

Cresques Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cresques Japanese Financing”).

Cratis Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Cratis, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cratis Japanese Financing”).

Copernicus Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Copernicus, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Copernicus Japanese Financing”).

Chaparral Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Chaparral, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Chaparral Japanese Financing”).

Caravelle Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2016-built VLGC, Caravelle, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Caravelle Japanese Financing”).

Cougar Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2016-built VLGC, Cougar, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cougar Japanese Financing”).

Table of Contents

Captain Markos Dual-Fuel Japanese Financing

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the financing of our 2023-built Dual-fuel VLGC, Captain Markos, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Captain Markos Japanese Financing”).

Debt Obligations

The table below presents our debt obligations:


		December 31, 2025			March 31, 2025
2023 A&R Debt Facility		$	170,000,000		$	185,000,000

Japanese Financings
Corsair Japanese Financing		$	25,458,333		$	27,895,834
Cresques Japanese Financing			22,513,900			23,840,367
Cratis Japanese Financing			34,360,000			37,420,000
Copernicus Japanese Financing			34,360,000			37,420,000
Chaparral Japanese Financing			55,288,563			57,316,129
Caravelle Japanese Financing			36,200,000			39,200,000
Cougar Japanese Financing			37,400,000			40,100,000
Captain Markos Dual-Fuel Japanese Financing			48,860,000			50,960,000
Total Japanese Financings		$	294,440,796		$	314,152,330

BALCAP Facility		$	52,014,948		$	58,266,112

Total debt obligations		$	516,455,744		$	557,418,442
Less: deferred financing fees			3,272,333			4,139,695
Debt obligations—net of deferred financing fees		$	513,183,411		$	553,278,747

Presented as follows:
Current portion of long-term debt		$	97,746,233		$	54,504,778
Long-term debt—net of current portion and deferred financing fees			415,437,178			498,773,969
Total		$	513,183,411		$	553,278,747

Deferred Financing Fees

The analysis and movement of deferred financing fees is presented in the table below:


		Financing
		costs
Balance, April 1, 2025		$	4,139,695
Amortization			(867,362)
Balance, December 31, 2025		$	3,272,333

9. Leases

Time charter-in contracts

During the nine months ended December 31, 2025, we time chartered-in one VLGC for a period of 31 months. We recognized the applicable right-of-use asset and lease liability at an initial amount of $29.9 million on our balance sheet. During this period, we also time chartered-in one VLGC for a period of 12 months that was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheet.

As of December 31, 2025, right-of-use assets and lease liabilities related to all of our time charter-in VLGCs totaled $159.9 million and were recognized on our balance sheet. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $27.7 million and $14.5 million for the three months ended December 31, 2025 and 2024, respectively and $67.2 million and $45.6 million for the nine months ended December 31, 2025 and 2024, respectively.

Table of Contents

Charter hire expenses for the VLGCs time chartered in were as follows:


	Three months ended				Nine months ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Charter hire expenses	$	18,186,009	$	10,586,115	$	42,622,036	$	31,082,323

Office leases

We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited interim condensed consolidated statements of operations. We did not enter into any new office leases and did not renew any office leases during the nine months ended December 31, 2025.

Operating lease rent expense related to our office leases was as follows:


	Three months ended				Nine months ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Operating lease rent expense	$	162,115	$	142,743	$	433,581	$	404,604

For our office leases and time charter-in agreements, the discount rate used ranged from 5.17% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.73%. The weighted average remaining lease term of our office leases and time chartered-in vessels as of December 31, 2025 is 45.2 months.

Our operating lease right-of-use asset and lease liabilities as of December 31, 2025 and March 31, 2025 were as follows:


Description	Location on Balance Sheet	December 31, 2025		March 31, 2025
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	490,265	$	749,451
Time charter-in VLGCs	Operating lease right-of-use assets	$	159,940,430	$	158,462,559

Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	419,887	$	380,127
Time charter-in VLGCs	Current portion of long-term operating leases	$	47,392,547	$	34,428,076

Long-term
Office Leases	Long-term operating leases	$	82,683	$	385,062
Time charter-in VLGCs	Long-term operating leases	$	112,547,883	$	124,034,483

Maturities of operating lease liabilities as of December 31, 2025 were as follows:


Less than one year	$	55,533,928
One to three years		81,433,489
Three to five years		41,174,389
More than five years		—
Total undiscounted lease payments		178,141,806
Less: imputed interest		(17,698,806)
Carrying value of operating lease liabilities	$	160,443,000

Framework agreement

During the nine months ended December 31, 2025, we entered into an arrangement with MOL Energia Pte., our partner in the Helios Pool, to equally share the income or losses on BW Tokyo, one of our time chartered-in vessels. The net result reflected in this line item represents 50% of the vessel’s revenues for the period less 50% of the vessel’s charter hire-in expenses for the period and is reflected as “Profit sharing expenses” in the unaudited interim condensed

Table of Contents

consolidated statements of operations. The line items net pool revenues–related party and charter-hire expense reflect 100% of the revenues and expenses, respectively, related to this vessel.

10. Common Stock

On June 7, 2024, we issued 2 million shares to the public at a price of $44.50 per share with proceeds totaling $89.0 million, less (i) $2.225 per share, or $4.5 million, of underwriting discounts and commissions, and (ii) $0.1 million of legal and other offering costs.

On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (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 interests of our shareholders, and market conditions. As of December 31, 2025, our total purchases under the 2022 Common Share Repurchase Authority totaled 355,511 shares for an aggregate consideration of $7.9 million. This amount includes 194,011 shares repurchased for $4.1 million during the nine months ended December 31, 2025. We are not obligated to make any common share repurchases.

11. Dividends

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.

These were irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including our results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in our debt agreements, restrictions under applicable law, our business prospects and other factors that our Board of Directors may deem relevant.

12. Stock-Based Compensation Plans

Our stock-based compensation expense is included within general and administrative expenses in the unaudited condensed consolidated statements of operations and was $2.0 million and $1.7 million for the three months ended December 31, 2025 and 2024 and $8.8 and $9.0 for the nine months ended December 31, 2025 and 2024, respectively. Unrecognized compensation cost was $6.9 million as of December 31, 2025 and will be recognized over a remaining weighted average life of 1.30 years. For more information on our equity incentive plan, refer to Note 14 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025.

Table of Contents

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2025 and changes during the nine months ended December 31, 2025, is as follows:


		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2025	272,996	$	36.06
Granted	295,544		30.76
Vested	(277,319)		33.82
Unvested as of December 31, 2025	291,221	$	32.81

The total fair value of restricted shares that vested during the nine months ended December 31, 2025 totaled $8.5 million, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

13. Revenues

Revenues comprise the following:


		Three months ended						Nine months ended
		December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Net pool revenues—related party		$	118,415,858		$	78,022,488		$	322,885,696		$	267,307,186
Time charter revenues			—			2,433,411			—			8,280,751
Other revenues, net			1,548,429			210,880			5,354,838			1,865,364
Total revenues		$	119,964,287		$	80,666,779		$	328,240,534		$	277,453,301

Net pool revenues—related party depend upon the net results of the Helios Pool, and the available days and pool points for each vessel, including 100% of net pool revenues—related party for our chartered-in vessel that is part of a framework agreement as described in Note 9 above. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025.

Other revenues, net mainly represent claim reimbursements and income from charterers relating to reimbursement of voyage expenses, such as costs for war risk insurance and security guards.

14. Financial Instruments and Fair Value Disclosures

Our principal financial assets consist of cash and cash equivalents, investment securities, amounts due from related parties, derivative instruments, trade accounts receivable, prepaid expenses and other current assets. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, and accrued liabilities.

(a)

Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, and cash and cash equivalents. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions and directly or indirectly highly liquid, short term highly rated debt obligations.

(b)

Interest rate risk: Our 2023 A&R Debt Facility is based on SOFR and hence we are exposed to movements thereto. We had entered into various interest rate swap agreements, with one such swap currently in effect as of December 31, 2025, in order to hedge a majority of our variable interest rate exposure related to this facility. The notional value of this interest rate swap over its remaining life decreases at a rate to maintain a constant 80% ratio between the debt outstanding under the 2023 A&R Debt Facility and the notional amount of the swap. This interest rate swap carries a fixed interest rate of 2.8525%. We have no exposure to floating rate movements on any of our other debt financings.

Table of Contents

(c)

Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market‑based SOFR swap yield rates. SOFR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements.

Additionally, we have, at times, taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of December 31, 2025.

The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives, all of which are considered Level 2 items in accordance with the fair value hierarchy as of:

December 31, 2025

March 31, 2025

Other non-current assets

Long-term liabilities

Other non-current assets

Long-term liabilities

Derivatives not designated as hedging instruments

Derivative instruments

 

Derivative instruments

Interest rate swap agreements

1,761,090

—

3,497,493

—

The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows:


				Three months ended
Derivatives not designated as hedging instruments		Location of gain/(loss) recognized		December 31, 2025			December 31, 2024
Forward freight agreements—change in fair value		Unrealized gain on derivatives		$	—		$	46,220
Interest rate swaps—change in fair value		Unrealized (loss)/gain on derivatives			(170,904)			2,819,397
Forward freight agreements—realized loss		Realized loss on derivatives			—			(498,392)
Interest rate swaps—realized gain		Realized gain on derivatives			407,391			1,337,298
Gain/(loss) on derivatives, net				$	236,487		$	3,704,523


				Nine months ended
Derivatives not designated as hedging instruments		Location of gain/(loss) recognized		December 31, 2025			December 31, 2024
Interest rate swaps—change in fair value		Unrealized loss on derivatives		$	(1,736,403)		$	(3,139,248)
Forward freight agreements—realized loss		Realized loss on derivatives			—			(512,082)
Interest rate swaps—realized gain		Realized gain on derivatives			1,474,915			4,722,356
Gain/(loss) on derivatives, net				$	(261,488)		$	1,071,026

As of December 31, 2025 and March 31, 2025, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of Level 1 items cash and cash equivalents, restricted cash, and investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and nine months ended December 31, 2025 and 2024.

(d)

Book values and fair values of financial instruments: In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above) we have investment securities that are recorded at fair value and included in other current assets in our balance sheet. We have other financial instruments that are carried at historical cost including trade accounts receivable, equity securities, at cost, amounts due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties

Table of Contents

and accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments.

The summary of gains and losses on our investment securities included in other gain/(loss), net as stated in our unaudited interim condensed consolidated statements of operations for the periods presented is as follows:


		Three months ended
		December 31, 2025			December 31, 2024
Unrealized loss on investment securities		$	(36,200)		$	(758,519)

		Nine months ended
		December 31, 2025			December 31, 2024
Unrealized gain/(loss) on investment securities		$	519,559		$	(1,085,422)

We have long-term bank debt, the 2023 A&R Debt Facility, for which we believe the carrying value approximates fair value as the facility bears interest at variable interest rates based on SOFR at December 31, 2025 and 2024, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as a Level 2 item in accordance with the fair value hierarchy. We have long-term debt related to the Corsair Japanese Financing, Cresques Japanese Financing, Cratis Japanese Financing, Copernicus Japanese Financing, Chaparral Japanese Financing, Cougar Japanese Financing, Caravelle Japanese Financing, and Captain Markos Dual-Fuel Japanese Financing, (collectively, the “Japanese Financings”) that incur interest at a fixed rate. We have long-term debt related to the BALCAP Facility that incurs interest at a fixed rate. The Japanese Financings and BALCAP Facility are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of our fixed rate debt obligations as of:


		December 31, 2025						March 31, 2025
		Carrying Value			Fair Value			Carrying Value			Fair Value
Corsair Japanese Financing		$	25,458,333		$	25,341,265		$	27,895,834		$	27,449,194
Cresques Japanese Financing			22,513,900			23,873,098			23,840,367			25,079,649
Cratis Japanese Financing			34,360,000			33,269,985			37,420,000			35,683,595
Copernicus Japanese Financing			34,360,000			33,269,985			37,420,000			35,683,595
Chaparral Japanese Financing			55,288,563			55,522,758			57,316,129			56,960,711
Caravelle Japanese Financing			36,200,000			34,996,486			39,200,000			37,313,039
Cougar Japanese Financing			37,400,000			40,325,460			40,100,000			41,274,707
Captain Markos Dual-Fuel Japanese Financing			48,860,000			52,316,907			50,960,000			54,060,280
BALCAP Facility			52,014,948			51,177,547			58,266,112			56,498,815

15. Earnings Per Share (“EPS”)

Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

Table of Contents

The calculations of basic and diluted EPS for the periods presented are as follows:


	Three months ended				Nine months ended
(In U.S. dollars except share data)	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Numerator:
Net income	$	47,188,898	$	21,361,828	$	112,653,035	$	82,078,573
Denominator:
Basic weighted average number of common shares outstanding		42,598,873		42,574,256		42,521,062		41,995,129
Effect of dilutive restricted stock and restricted stock units		—		21,067		150,045		118,958
Diluted weighted average number of common shares outstanding		42,598,873		42,595,323		42,671,107		42,114,087
EPS:
Basic	$	1.11	$	0.50	$	2.65	$	1.95
Diluted	$	1.11	$	0.50	$	2.64	$	1.95

There were 291,221 and 188,233 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the three month period ended December 31, 2025 and 2024. There were no shares of unvested restricted stock excluded from the calculation of diluted EPS the nine months ended December 31, 2025 and December 31, 2024 because the effect of their inclusion would be anti-dilutive.

16. Commitments and Contingencies

Commitments under Newbuilding Contracts

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, which is expected to be delivered from Hanwha Ocean Co. Ltd. in the first calendar quarter of 2026. As of December 31, 2025, we had the following commitments related to the construction of the newbuilding:


	December 31, 2025
Less than one year	$	62,253,371

Commitments under Contracts for Scrubbers and Other Vessel Upgrades

As of December 31, 2025, we had contractual commitments to fabricate scrubbers to reduce sulfur emissions and other vessel upgrades as follows:


	December 31, 2025
Less than one year	$	187,780

Time Charter-in

During the nine months ended December 31, 2025, we chartered-in a VLGC for one year that was delivered to us in June 2025. As of December 31, 2025, we had the following time charter-in commitments relating to VLGCs:


	December 31, 2025
Less than one year	$	6,791,662

Table of Contents

Operating Leases

As of December 31, 2025, we had the following commitments as a lessee under operating leases relating to our Denmark office:


	December 31, 2025
Less than one year	$	64,531

Other

From time to time, we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the unaudited interim condensed consolidated financial statements. Also, if applicable, we record undiscounted receivables for probable loss recoveries from insurance or other parties. We are not aware of any material claim that is reasonably possible and should be disclosed in the unaudited interim condensed consolidated financial statements.

17. Subsequent Events

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.

Table of Contents

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.

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.

Table of Contents

Recent Developments

Dividend

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

Pool⁽⁴⁾

—

Corsair⁽³⁾

84,000

Hyundai

2014

Pool⁽⁴⁾

—

Corvette

84,000

Hyundai

2015

Pool⁽⁴⁾

—

Cougar⁽³⁾

84,000

Hyundai

2015

—

Pool⁽⁴⁾

Concorde

84,000

Hyundai

2015

Pool⁽⁴⁾

—

Cobra

84,000

Hyundai

2015

—

Pool⁽⁴⁾

—

Continental

84,000

Hyundai

2015

Pool⁽⁴⁾

—

Constitution

84,000

Hyundai

2015

Pool⁽⁴⁾

—

Commodore

84,000

Hyundai

2015

—

Pool-TCO⁽⁵⁾

Q3 2027

Cresques⁽³⁾

84,000

Hanwha Ocean

2015

Pool⁽⁴⁾

—

Constellation

84,000

Hyundai

2015

Pool⁽⁴⁾

—

Cheyenne

84,000

Hyundai

2015

Pool⁽⁴⁾

—

Clermont

84,000

Hyundai

2015

Pool⁽⁴⁾

—

Cratis⁽³⁾

84,000

Hanwha Ocean

2015

Pool⁽⁴⁾

—

Chaparral⁽³⁾

84,000

Hyundai

2015

—

Pool^-TCO⁽⁵⁾

Q3 2027

Copernicus⁽³⁾

84,000

Hanwha Ocean

2015

Pool⁽⁴⁾

—

Commander

84,000

Hyundai

2015

Pool⁽⁴⁾

—

DORIAN LPG LTD. 10-Q