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Dorian LPG Ltd. Announces Second Quarter Fiscal Year 2018 Financial Results and Financing Transaction for Corsair

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PR Newswire

STAMFORD, Conn., Nov. 3, 2017

STAMFORD, Conn., Nov. 3, 2017 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended September 30, 2017.

Highlights for the Second Quarter Fiscal Year 2018

Revenues of $34.7 million and Daily Time Charter Equivalent ("TCE")⁽¹⁾rate for our fleet of $18,015 for the three months ended September 30, 2017.

Net loss of $(11.9) million, or $(0.22) earnings/(loss) per basic and diluted share ("EPS"), and adjusted net income/(loss)⁽¹⁾ of $(12.6) million, or $(0.23) adjusted diluted earnings/(loss) per share ("adjusted EPS")⁽¹⁾, for the three months ended September 30, 2017.

Adjusted EBITDA⁽¹⁾ of $14.1 million for the three months ended September 30, 2017.

Increased vessel operating days to 1,857 in the three months ended September 30, 2017 from 1,732 for the three months ended September 30, 2016, along with increased fleet utilization from 85.7% to 91.8% for these periods.

⁽¹⁾

TCE, adjusted net income/(loss), adjusted EPS and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of revenues to TCE, net income/(loss) to adjusted net income/(loss), EPS to adjusted EPS and net income/(loss) to adjusted EBITDA included in this press release.

Key Recent Development

Entered into a sale for $65.0 million and bareboat charter arrangement for the Corsair that is expected to close during November 2017 and result in net cash proceeds of $52.0 million, $30.1 million of which will be used to repay a portion of the previously announced bridge loan agreement with DNB Capital LLC.

John Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, "Despite near term market headwinds, we continue to focus on our financial and commercial activities. The latter is reflected in our improving fleet utilization rate and the operating performance of our vessels relative to benchmarks. We have also taken further steps to enhance our financial profile through a sale and bareboat charter arrangement that improves our liquidity and has also been structured to provide us optionality to a market recovery."

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Second Quarter Fiscal Year 2018 Results Summary

Our net loss amounted to $(11.9) million, or $(0.22) per share, for the three months ended September 30, 2017, compared to a net loss of $(7.1) million, or $(0.13) per share, for the three months ended September 30, 2016.

Our adjusted net loss amounted to $(12.6) million, or $(0.23) per share for the three months ended September 30, 2017, compared to adjusted net loss of $(13.7) million, or $(0.25) per share for the three months ended September 30, 2016. We have adjusted our net loss for the three months ended September 30, 2017 for an unrealized loss on derivative instruments of $0.7 million. Please refer to the reconciliation of net income/(loss) to adjusted net income/(loss), which appears later in this press release.

The favorable change of $1.1 million in adjusted net loss for the three months ended September 30, 2017 compared to the three months ended September 30, 2016 is primarily attributable to increased revenues of $1.1 million, a $1.9 million decrease in realized loss on derivatives and a $0.6 million decrease in vessel operating expenses, partially offset by increases of $1.4 million in interest and finance costs, $0.8 million in voyage expenses, and $0.4 million in general and administrative expenses.

The TCE rate for our fleet was $18,015 for the three months ended September 30, 2017, a 5.9% decrease from a TCE rate of $19,137 from the same period in the prior year, primarily driven by increased bunker costs. Please see footnote 6 to the table in "—Financial Information" below for information related to how we calculate TCE. Total fleet utilization (including the utilization of our vessels deployed in the Helios Pool) increased from 85.7% in the quarter ended September 30, 2016 to 91.8% in the quarter ended September 30, 2017.

Vessel operating expenses per day decreased to $7,777 in the three months ended September 30, 2017 from $8,073 in the same period in the prior year. Please see "Vessel Operating Expenses" below for more information.

Revenues

Revenues, which represent net pool revenues—related party, time charters, voyage charters and other revenues earned by our vessels, were $34.7 million for the three months ended September 30, 2017, an increase of $1.1 million, or 3.3%, from $33.6 million for the three months ended September 30, 2016. The increase is primarily attributable to increased utilization of our vessels from 85.7% during the three months ended September 30, 2016 to 91.8% during the three months ended September 30, 2017. The increase from higher utilization was partially offset by a reduction in average TCE rates from $19,137 for the three months ended September 30, 2016 to $18,015 for the three months ended September 30, 2017. Spot market rates were slightly higher when comparing the three months ended September 30, 2017 with the three months ended September 30, 2016. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura Chiba route (expressed as U.S. dollars per metric ton), averaged $22.171 during the three months ended September 30, 2017 compared to an average of $21.368 for the three months ended September 30, 2016. Therefore, increased bunker costs, which are deducted from gross revenues when calculating TCE rates, drove the decline in TCE rates. Voyage expenses, including bunkers, are typically paid by the charterer under time charters, including our vessels chartered to the Helios Pool. Net pool revenues—related party are calculated on a net basis using gross revenues of the pool vessels less voyage expenses of the pool vessels and general and administrative expenses of the pool.

Voyage Expenses

Voyage expenses were $1.3 million during the three months ended September 30, 2017, an increase of $0.8 million, or 173.6%, from $0.5 million for the three months ended September 30, 2016. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel consumption, port expenses, canal fees, charter hire commissions, war risk insurance and security costs. Voyage expenses are typically paid by us under voyage charters and by the charterer under time charters, including our vessels chartered to the Helios Pool. Accordingly, we mainly incur voyage expenses for voyage charters or during repositioning voyages between time charters for which no cargo is available or traveling to or from drydocking. The increase for the three months ended September 30, 2017, when compared with the three months ended September 30, 2016, was mainly attributable to one of our VLGCs operating on a voyage charter outside of the Helios Pool during the three months ended September 30, 2017, partially offset by a reduction of port charges and other related expenses along with decreases in war risk insurance and security costs due to a reduction of transits in high-risk areas.

Vessel Operating Expenses

Vessel operating expenses were $15.7 million during the three months ended September 30, 2017, or $7,777 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period for the vessels that were in our fleet. This was a decrease of $0.6 million, or 3.7%, from $16.3 million for the three months ended September 30, 2016. Vessel operating expenses per vessel per calendar day decreased $296 from $8,073 for the three months ended September 30, 2016 to $7,777 for the three months ended September 30, 2017. The decrease in vessel operating expenses was primarily the result of a reduction in insurance costs, reflecting a reduction in premiums, along with reductions in spares, stores, and repairs and maintenance costs for the three months ended September 30, 2017 when compared with the three months ended September 30, 2016. These reductions were partially offset by an increase in non-voyage related port costs.

General and Administrative Expenses

General and administrative expenses were $5.4 million for the three months ended September 30, 2017, an increase of $0.2 million, or 4.2%, from $5.2 million for the three months ended September 30, 2016. The increase was mainly due to an increase of $0.2 million in salaries, wages and benefits and an increase of $0.1 million in stock-based compensation, partially offset by a decrease of $0.1 million for professional fees. Other general and administrative expenses remained relatively constant for the three months ended September 30, 2017 when compared to September 30, 2016.

Interest and Finance Costs

Interest and finance costs amounted to $8.6 million for the three months ended September 30, 2017, an increase of $1.4 million, or 20.1%, from $7.2 million for the three months ended September 30, 2016. The increase of $1.4 million during this period was due to an increase of $0.8 million in amortization of deferred financing fees along with an increase in interest incurred on our long-term debt of $0.6 million primarily resulting from an increase in LIBOR, partially offset by a decrease in average indebtedness. Average indebtedness, excluding deferred financing fees, decreased from $818.5 million for the three months ended September 30, 2016 to $742.3 million for the three months ended September 30, 2017. The outstanding balance of our long-term debt, net of deferred financing fees of $20.3 million, as of September 30, 2017 was $718.8 million.

Unrealized Gain/(Loss) on Derivatives

Unrealized gain/(loss) on derivatives amounted to a gain of approximately $0.7 million for the three months ended September 30, 2017, compared to a gain of $6.5 million for the three months ended September 30, 2016. The $5.8 million change is primarily attributable to changes in the fair value of our interest rate swaps due to changes in forward LIBOR yield curves and reductions in notional amounts.

Realized Loss on Derivatives

Realized loss on derivatives amounted to a loss of approximately $0.4 million for the three months ended September 30, 2017, a decrease of $1.9 million, or 81.3%, from a loss of $2.3 million for the three months ended September 30, 2016. The decrease is attributable to (i) $1.0 million in realized loss on interest rate swaps related to our term loans with the Royal Bank of Scotland (the "RBS Loan Facility") during the three months ended September 30, 2016 that did not recur during the three months ended September 30, 2017 as the interest rate swaps related to the RBS Loan Facility were terminated subsequent to the three months ended September 30, 2016 and (ii) a decrease of $0.9 million on interest rate swaps related to the 2015 Debt Facility primarily resulting from increases in floating LIBOR.

Subsequent Event

We have entered into a sale and bareboat charter arrangement that we expect to close during November 2017 for the Corsair, which was previously financed under the bridge loan agreement with DNB Capital LLC. The net proceeds from the transaction will amount to $52.0 million, of which we will repay approximately $30.1 million of the $97.0 million outstanding under the bridge loan agreement. Under this arrangement, the Corsair will be delivered to the buyer upon completion of the transaction and, on the same day, we will enter into a 12-year bareboat charter for the vessel. We have a purchase option to re-acquire the Corsair from the second anniversary of the commencement of the bareboat charter through the end of the bareboat charter. We will continue to technically manage, commercially charter, and operate the vessel. The bareboat charter carries a 4.9% fixed interest rate for the duration of the contract.

Fleet

The following table sets forth certain information regarding our fleet as of November 1, 2017.

Capacity

Sister

ECO

Charter

(Cbm)

Shipyard

Ships

Year Built

Vessel(1)

Employment

Expiration(2)

VLGCs

Captain Markos NL

82,000

Hyundai

2006

—

Time Charter(3)

Q4 2019

Captain John NP

82,000

Hyundai

2007

—

Pool-TCO(4)

Q3 2018

Captain Nicholas ML

82,000

Hyundai

2008

—

Pool-TCO(4)

Q2 2018

Comet

84,000

Hyundai

2014

Time Charter(5)

Q3 2019

Corsair

84,000

Hyundai

2014

Time Charter(6)

Q3 2018

Corvette

84,000

Hyundai

2015

Pool(7)

—

Cougar

84,000

Hyundai

2015

Pool(7)

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