US-based owner and operator of VLGCs Dorian LPG finished the first quarter of the fiscal year 2018, ended June 30, with a net loss of USD 6.7 million compared to a net loss of USD 1.3 million seen in the same quarter in 2016.
Revenues for the period stood at USD 41 million dropping by 18.8% from USD 50.5 million reported in the same three-month period of 2016.
The decrease is primarily attributable to a 13.9% decrease in average Time Charter Equivalent (TCE) rates to USD 22,735 from USD 26,398 seen a year earlier, primarily driven by increased bunker costs. The company informed that spot market rates were relatively flat when comparing the three months ended June 30, 2017 with the three months ended June 30, 2016.
Vessel operating expenses per day increased to USD 8,434 from USD 8,040 in the same period in the prior year.
“In our first quarter we took steps to strengthen our balance sheet and increase our financial flexibility. Our focus continues to be on our financial and commercial activities and our goal to create shareholder value by leveraging the high quality of our fleet and operation. LPG trade fundamentals are developing favorably with increased trade gradually absorbing the 50% increase in the world fleet since 2014,” John Hadjipateras, Chairman, President and Chief Executive Officer, said.