US-based owner and operator of very large gas carriers (VLGCs) Dorian LPG ended the third quarter of fiscal year 2017 with a net income of USD 5 million, much lower from the net income of USD 54.7 million reported in the third quarter a year earlier.
Revenues dropped to USD 35.7 million in the quarter from USD 93.3 million seen in the same period in the previous year.
The Time Charter Equivalent (TCE) rate for the company’s fleet was USD 17,796 for the three months ended December 31, 2016, representing a 68.4% decrease from the USD 56,253 TCE rate recorded in the prior year, reflecting more subdued market conditions.
Total fleet utilization, including the vessels deployed in the Helios Pool, increased from 92.8% to 98.4% in the respective quarters.
“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 favorably in the wake of OPEC cuts, but we remain cautious in our market outlook,” John Hadjipateras, Chairman, President and Chief Executive Officer, said.
“I am confident in the abilities of our very experienced operational, commercial and financial management teams to ensure the company retains its leadership place amongst its peers and is best positioned to benefit its shareholders,” he added.
For the first nine months of the fiscal year, Dorian LPG reported a net loss of USD 3.4 million, compared to a net income of USD 109.5 million seen a year earlier, while revenues plunged to USD 119.8 million from USD 203.8 million in the respective periods.