Dorian starts with profit

Greek VLGC owner Dorian LPG has posted a profit in its first quarter, a period which included its New York IPO in May.

John Hadjipateras, chief executive of Dorian LPG

The company, established in 2013, said it made $3.66m on a net basis to 30 June, without giving a comparative figure.

Revenues were $15.9m from four ships in the water, while voyage expenses were $2.8m.

It paid $1.1m in management fees to parent Dorian (Hellas).

Looking ahead, it said: “We believe the outlook for LPG seaborne trade remains favourable.

“Spot charter rates reached all-time high levels during the first half of the year, and such rates remain strong, though off the all-time high levels seen earlier in 2014. There can be no guarantee that rates will remain at these levels.”

Dorian has 18 new fuel efficient 84,000-cbm VLGCs being built at Hyundai and Daewoo Shipping and Marine Engineering.

source:tradewindsnews.com