STAMFORD, Conn., Jan. 25, 2021 /PRNewswire/ -- Dorian LPG Ltd.
(NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and
operator of modern and ECO very large gas carriers ("VLGCs"), today
provided selected preliminary financial and operating data for the
quarter ended December 31, 2020.
The following unaudited financial data for the quarter ended
December 31, 2020 is preliminary and
based on information available to the Company at this time. The
financial data has been prepared by and is the responsibility of
the Company's management and does not present all information
necessary for an understanding of the Company's financial condition
as of December 31, 2020 and its
results of operations for the three months ended December 31, 2020. The Company has not finalized
its financial statement closing process for the quarter ended
December 31, 2020. During the course
of that process, the Company may identify items that would require
it to make adjustments, which may be material to the information
provided below. As a result, the information below constitutes
forward-looking statements and is subject to risks and
uncertainties, including possible adjustments to the preliminary
results disclosed below. The Company is providing this information
on a one-time basis only and does not intend to update this
information prior to the final release for the quarter ending
December 31, 2020. Except as
otherwise provided herein, capitalized terms used herein but not
otherwise defined herein shall have the meanings set forth in the
Company's Annual Report on Form 10-K. Based on information
available to the Company at this time, the Company expects that for
the quarter ending December 31,
2020:
Time Charter
Equivalent (1) revenues to be between
|
$86,725,000
— $88,725,000
|
|
|
Total Vessel
operating expenses (including drydock-related expenses) to be
between
|
$18,200,000 —
$20,200,000
|
|
|
Time Charter-in
expenses to be between
|
$4,200,000 —
$4,600,000
|
|
|
Calendar
Days
|
2,024
|
Available
Days
|
2,156
|
Operating
Days
|
2,074
|
Utilization
Rate
|
96.2%
|
|
|
(1)
|
Time Charter
Equivalent ("TCE") is a non-U.S. GAAP measure. Refer to the
reconciliation of revenues to TCE revenues included in this press
release below.
|
Reconciliation to Non-GAAP Financial Information
Time Charter Equivalent Revenues
TCE revenues are a shipping industry non-U.S. GAAP measure of
the revenue performance of a vessel used primarily to compare
period–to–period changes in a shipping company's performance
despite changes in the mix of charter types (such as time charters,
voyage charters) under which the vessels may be employed between
the periods. The Company's method of calculating TCE revenues is to
subtract voyage expenses from shipping revenues for the relevant
time period, which may not be calculated the same by other
companies.
TCE revenues are not a recognized measure under U.S. GAAP and
should not be regarded as a substitute for revenues. The Company's
presentation of TCE revenues does not imply, and should not be
construed as an inference, that its future results will be
unaffected by unusual or non-recurring items and should not be
considered in isolation or as a substitute for a measure of
performance prepared in accordance with U.S. GAAP.
The following table sets forth a reconciliation of revenues to
TCE revenues (unaudited) for the period presented:
(in U.S.
dollars)
|
|
Three months
ended
|
|
|
December
31, 2020 (2)
|
Revenues
|
|
$
|
88,475,000
|
Voyage
expenses
|
|
|
(750,000)
|
TCE
revenues
|
|
$
|
87,725,000
|
|
|
(2)
|
Based on the midpoint
of the preliminary projection for the third quarter ended December
31, 2020 included herein.
|
The Company will also issue a news release on Tuesday,
February 2, 2021 prior to the market open, announcing its
financial results for the third quarter ended December 31,
2020.
A conference call to discuss the results will be held the same
day at 10:00 a.m. ET. The conference call can be accessed live
by dialing 1-877-407-9716, or for international callers,
1-201-493-6779, and requesting to be joined into the Dorian LPG
call.
A replay will be available at 1:00 p.m. ET the same
day and can be accessed by dialing 1-844-512-2921, or for
international callers, 1-412-317-6671. The passcode for the replay
is 13715100. The replay will be available until February 9,
2020, at 11:59 p.m. ET.
A live webcast of the conference call will also be available
under the investor section at www.dorianlpg.com.
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a
leading owner and operator of modern VLGCs. Dorian LPG's
fleet currently consists of 24 modern VLGCs. Dorian LPG has offices
in Stamford, Connecticut,
USA; London, United Kingdom;
Copenhagen, Denmark; and
Athens, Greece.
Visit our website at www.dorianlpg.com
For further information:
Dorian LPG Ltd.
Ted Young
Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
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SOURCE Dorian LPG Ltd.