Lower LPG rates were reflected in Dorian LPG’s third quarter report, which revealed a smaller net profit.
The John Hadjipateras-led company reported net income of $5m for the three months to the end of December, against $54.7m a year earlier.
Including unrealized gains of $24.4m, Dorian posted an adjusted net loss of $19.3m, against earnings of $47.3m in the corresponding quarter of 2015.
John Hadjipateras, chairman of Dorian, said: “Our results for the quarter reflect our consistent chartering, good management of our costs and focus on serving our customers well.
“Spot rates have moved favourably in the wake of OPEC cuts but we remain cautious in our market outlook.”
Dorian’s LPG carriers were earning $17,796 per day from October to December, versus $56,253 a year ago.
At the same time, Dorian saw its vessel operating expenses rise from $8,180 to $8,456 due to more dry dockings.
Its quarterly revenue declined by 61.7% to $35.7m due to the subdued market conditions.
In mid-December, Dorian adopted a poison pill in its bid to protect shareholders from takeover attempts as the LPG sector is rife with merger speculation.
