# 8-K exhibit

- Source: edgar · Published: 2026-08-05 · Kind: other
- Original: https://www.sec.gov/Archives/edgar/data/1596993/000159699326000038/lpg-20260805xex99d1.htm
- Local copy: `data/documents/LPG/2026-08-05_lpg-20260805xex99d1.html`

**TL;DR —** Dorian LPG reported record Q1 FY27 earnings driven by geopolitical disruptions and strong TCE rates, while strategically divesting older vessels and ordering a new dual-fuel VLGC.

## Takeaways
- **Record Financial Performance:** Q1 FY27 saw record revenues of $187.9M (+123.1% YoY) and net income of $138.3M ($3.24 EPS), significantly up from $10.1M ($0.24 EPS) in Q1 FY26, primarily due to increased transportation demand from geopolitical disruptions.
- **Soaring TCE Rates:** The Time Charter Equivalent (TCE) rate per available day for the fleet surged to $75,926, a 91.1% increase from $39,726 in the prior year, driven by higher spot rates and increased ton-mile demand due to vessel rerouting.
- **Strategic Fleet Management:** Dorian LPG sold three older VLGCs (Cobra, Corsair, Constellation) for a total of $248.3M net of commission, recognizing a $30.1M gain on the Cobra sale, and prepaid $40.4M in debt related to these vessels.
- **Fleet Modernization and Expansion:** The company ordered one newbuilding dual-fuel Panamax VLGC for delivery in Q3 2029, aligning with its strategy to modernize its fleet with ECO and dual-fuel vessels.
- **Consistent Shareholder Returns:** Dorian LPG declared its 19th consecutive irregular cash dividend, totaling $42.8M ($1.00 per share), reflecting strong cash generation and commitment to shareholder returns.

*Generated 2026-09-15 via google/gemini-2.5-flash*