VLGC owner Dorian LPG continues to generate cash from strong markets, and shareholders are likely to see the benefit.

In a trading update for its fourth quarter ended 31 March, the US-listed company said cash and cash equivalents would come in between $281m and $285m, up from $208m at the end of 2023.

Long-term debt should be in the $609m to $613m range.

The company said last month it would hand out an “irregular” cash dividend of $1 per share on 30 May, equating to $40.6m. This was one of an ongoing series of payouts as freight rates stayed high.

Time charter equivalent revenue for January to March will be between $140m and $142m, it added.

In Dorian LPG’s third quarter ended 31 December, revenue was $163m, with net profit at $100m.

Vessel operating expenses should come in between $19.4m and $21.4m, with charter hire costs expected to be between $12.5m and $12.9m.

The shipowner said it will have paid out $1.8m to $2.2m in stock-based compensation and cash bonuses.

The fleet had 364 of 2,228 available days covered by time charters in the first three months and a utilisation rate of 87.7%.

Promotions at top table

Last week, the company revealed a couple of key promotions in its management team.

The next generation of the Hadjipateras family is stepping up, with Alex Hadjipateras taking on the new job of chief operating officer.

He is the son of chief executive John Hadjipateras.

The new COO has been senior executive vice president at Dorian LPG (USA) and managing director of Dorian LPG Management Corp (Athens) since July 2022, having joined the owner in 2013.

The board also created the role of head of energy transition, to be filled by John Lycouris.

He will continue as a director of the Stamford-based company.