DORIAN LPG LTD

Previous wording

We are a Marshall Islands corporation headquartered in the United States and primarily focused on owning and operating VLGCs, each with a cargo-carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. Our founding executives have managed vessels in the LPG shipping market since 2002. Our fleet currently consists of twenty-five VLGC carriers, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; three time chartered-in dual fuel Panamax size VLGCs; and one time chartered-in ECO VLGC. The twenty-five VLGCs in our fleet, including the four time chartered-in vessels, as of October 25, 2024, have an aggregate carrying capacity of approximately 2.1 million cbm and an average age of 7.9 years. On November 24, 2023, we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia and is expected to be delivered from Hanwha Ocean Co. Ltd. in the second calendar quarter of 2026.

Current wording

We are a Marshall Islands corporation headquartered in the United States and primarily focused on owning and operating VLGCs, each with a cargo-carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. Our founding executives have managed vessels in the LPG shipping market since 2002. Our fleet currently consists of twenty-five VLGC carriers, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; three time chartered-in dual fuel Panamax size VLGCs; and one time chartered-in ECO Panamax VLGC. The twenty-five VLGCs in our fleet, including the four time chartered-in vessels, as of January 27, 2025, have an aggregate carrying capacity of approximately 2.1 million cbm and an average age of 8.9 years. On November 24, 2023, we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia and is expected to be delivered from Hanwha Ocean Co. Ltd. in the second calendar quarter of 2026.

Previous wording

On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. The vessels entered into the Helios Pool may operate either in the spot market, pursuant to contracts of affreightment, or COAs, or on time charters of two years' duration or less. As of October 25, 2024, twenty-four of our twenty-five VLGCs were employed in the Helios Pool, including our four time chartered-in VLGCs.

Current wording

On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. The vessels entered into the Helios Pool may operate either in the spot market, pursuant to contracts of affreightment, or COAs, or on time charters of two years' duration or less. As of January 27, 2025, all twenty-five of our VLGCs were employed in the Helios Pool, including our four time chartered-in vessels.

Previous wording

Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, Equinor ASA, Total S.A., and Sunoco LP, commodity traders such as Glencore plc, Itochu Corporation, Bayegan Group, Gunvor Group, and the Vitol Group and importers such as E1 Corp., Indian Oil Corporation, SK Gas Co. Ltd., and Astomos Energy Corporation, or subsidiaries of the foregoing.

Current wording

Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, Equinor ASA, Total S.A., and Energy Transfer Partners, commodity traders such as Glencore plc, Itochu Corporation, Bayegan Group, Gunvor Group, and the Vitol Group and importers such as E1 Corp., Indian Oil Corporation, SK Gas Co. Ltd., and Astomos Energy Corporation, or subsidiaries of the foregoing.

Previous wording

We continue to pursue a balanced chartering strategy by employing our vessels on a mix of multi-year time charters, some of which may include a profit-sharing component, shorter-term time charters, spot market voyages and COAs. Currently, one of our VLGCs is on a fixed-rate time charter outside of the Helios Pool. See “Our Fleet” below for more information and the definition of Pool-TCO.

Current wording

We continue to pursue a balanced chartering strategy by employing our vessels on a mix of multi-year time charters, some of which may include a profit-sharing component, shorter-term time charters, spot market voyages and COAs. See “Our Fleet” below for more information and the definition of Pool-TCO.

Previous wording

On October 24, 2024, we announced that our Board of Directors declared an irregular cash dividend of $1.00 per share of the Company’s common stock totaling $42.8 million. The dividend is payable on or about November 25, 2024 to all shareholders of record as of the close of business on November 5, 2024.

Current wording

On January 24, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.70 per share of the Company’s common stock totaling $30.0 million. The dividend is payable on or about February 27, 2025 to all shareholders of record as of the close of business on February 5, 2025.

Previous wording

Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $82.4 million for the three months ended September 30, 2024, a decrease of $62.3 million, or 43.0%, from $144.7 million for the three months ended September 30, 2023 primarily due to reduced average TCE rates, which declined by $25,836 per available day from $62,846 for the three months ended September 30, 2023 to $37,010 for the three months ended September 30, 2024, primarily due to lower spot rates. 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 $52.049 during the three months ended September 30, 2024 compared to an average of $121.007 during the six months ended September 30, 2023.

Current wording

Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $80.7 million for the three months ended December 31, 2024, a decrease of $82.4 million, or 50.5%, from $163.1 million for the three months ended December 31, 2023 primarily due to reduced average TCE rates, which declined by $35,867 per available day from $71,938 for the three months ended December 31, 2023 to $36,071 for the three months ended December 31, 2024, primarily due to lower spot rates, partially offset by lower bunker prices. 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 $55.717 during the three months ended December 31, 2024 compared to an average of $132.773 during the three months ended December 31, 2023. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $653 during the three months ended December 31, 2023, to $570 during the three months ended December 31, 2024.

Previous wording

Vessel operating expenses were $19.5 million during the three months ended September 30, 2024, or $10,114 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet and decreased by $1.5 million, or 6.9% from $21.0 million for the three months ended September 30, 2023.The decrease of $744 per vessel per calendar day, from $10,858 for the three months ended September 30, 2023 to $10,114 per vessel per calendar day for the three months ended September 30, 2024 was primarily the result of decreases per vessel per calendar day of $301 for spares and stores, $166 for lubricants, $116 for repairs and maintenance and $207 per vessel per calendar day for other vessel operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by $632 from $10,399 for the three months ended September 30, 2023 to $9,767 for the three months ended September 30, 2024.

Current wording

Vessel operating expenses were $21.4 million during the three months ended December 31, 2024, or $11,097 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet and increased by $2.2 million, or 11.7% from $19.2 million for the three months ended December 31, 2023.The increase of $1,161 per vessel per calendar day, from $9,936 for the three months ended December 31, 2023 to $11,097 per vessel per calendar day for the three months ended December 31, 2024 was primarily the result of an increase per vessel per calendar day of non-capitalizable drydock-related operating expenses of $909. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses increased by $252, or 2.5%, from $9,909 for the three months ended December 31, 2023 to $10,161 for the three months ended December 31, 2024 primarily due to a $181 per vessel per calendar day adjustment to an expense estimate in the prior period that did not recur and an $86 per vessel per calendar day increase in vessel communications.

Previous wording

General and administrative expenses were $26.9 million for the six months ended September 30, 2024, an increase of $4.1 million, or 17.9%, from $22.8 million for the six months ended September 30, 2023 and was driven by increases of $2.3 million in stock-based compensation, $1.2 million in cash bonuses, and $0.6 million in other general and administrative expenses.

Current wording

General and administrative expenses were $7.5 million for the three months ended December 31, 2024, a decrease of $0.2 million, or 2.5%, from $7.7 million for the three months ended December 31, 2023 and was driven by a $0.2 million natural disaster relief donation in the prior period that did not recur in the current period along with decreases of $0.1 million in cash bonuses and $0.2 million in other general and administrative expenses, partially offset by an increase of $0.3 million in stock-based compensation.

Previous wording

Interest and finance costs amounted to $19.0 million for the six months ended September 30, 2024, a decrease of $1.7 million, or 8.5%, from $20.7 million for the six months ended September 30, 2023. The decrease of $1.7 million during this period was mainly due to a decrease of $1.8 million in loan interest on our long-term debt, which was driven by a decrease in average indebtedness, excluding deferred financing fees, from $652.4 million for the six months ended September 30, 2023 to $599.9 million for the six months ended September 30, 2024.

Current wording

Interest and finance costs amounted to $8.9 million for the three months ended December 31, 2024, a decrease of $1.2 million, or 11.8%, from $10.1 million for the three months ended December 31, 2023. The decrease of $1.2 million during this period was mainly due to a decrease of $1.2 million in loan interest on our long-term debt, which was driven by a decrease in average indebtedness, excluding deferred financing fees, from $633.2 million for the three months ended December 31, 2023 to $579.9 million for the three months ended December 31, 2024.

Previous wording

Interest income amounted to $4.5 million for the three months ended September 30, 2024, compared to $2.0 million for the three months ended September 30, 2023. The increase of $2.5 million is mainly attributable to higher average cash balances for the three months ended September 30, 2024 when compared to the three months ended September 30, 2023.

Current wording

Interest income amounted to $3.8 million for the three months ended December 31, 2024, compared to $2.9 million for the three months ended December 31, 2023. The increase of $0.9 million is mainly attributable to higher average cash balances for the three months ended December 31, 2024 when compared to the three months ended December 31, 2023.

Previous wording

Unrealized loss on derivatives amounted to $5.6 million for the three months ended September 30, 2024, compared to a gain of $1.6 million for the three months ended September 30, 2023. The $7.2 million unfavorable change is primarily attributable to (1) an unfavorable change of $7.1 million in the fair value of our interest rate swaps caused by changes in forward SOFR yield curves and changes in notional amounts, and (2) an unrealized loss on our FFA positions of less than $0.1 million.

Current wording

Unrealized gain on derivatives amounted to $2.9 million for the three months ended December 31, 2024, compared to a loss of $6.1 million for the three months ended December 31, 2023. The $9.0 million favorable change is primarily attributable to a favorable change in the fair value of our interest rate swaps caused by changes in forward SOFR yield curves and changes in notional amounts.

Previous wording

The following table compares our revenues for the six months ended September 30:

Current wording

The following table compares our revenues for the nine months ended December 31:

Previous wording

Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $196.8 million for the six months ended September 30, 2024, a decrease of $59.5 million, or 23.2%, from $256.3 million for the six months ended September 30, 2023 primarily due to reduced average TCE rates, which declined by $12,892 per available day from $56,597 for the six months ended September 30, 2023 to $43,705 for the six months ended September 30, 2024, primarily due to lower spot rates. 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 $62.118 during the six months ended September 30, 2024 compared to an average of $108.775 during the six months ended September 30, 2023.

Current wording

Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $277.5 million for the nine months ended December 31, 2024, a decrease of $141.8 million, or 33.8%, from $419.3 million for the nine months ended December 31, 2023 primarily due to reduced average TCE rates, which declined by $20,541 per available day from $61,719 for the nine months ended December 31, 2023 to $41,178 for the nine months ended December 31, 2024, primarily due to lower spot rates, partially offset by moderately lower bunker prices. 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 $60.041 during the nine months ended December 31, 2024 compared to an average of $116.860 during the nine months ended December 31, 2023. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $621 during the nine months ended December 31, 2023, to $602 during the nine months ended December 31, 2024.

Previous wording

Vessel operating expenses were $40.0 million during the six months ended September 30, 2024, or $10,414 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet and decreased by $0.8 million, or 2.0% from $40.8 million for the six months ended September 30, 2023. The decrease of $208 per vessel per calendar day, from $10,622 for the six months ended September 30, 2023 to $10,414 per vessel per calendar day for the six months ended September 30, 2024 was primarily the result of a decrease of $151 per vessel per calendar day of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses were relatively flat and slightly decreased by $57 from $10,247 for the six months ended September 30, 2023 to $10,190 for the six months ended September 30, 2024.

Current wording

Vessel operating expenses were $61.5 million during the nine months ended December 31, 2024, or $10,642 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet and increased by $1.5 million, or 2.4% from $60.0 million for the nine months ended December 31, 2023. The increase of $250 per vessel per calendar day, from $10,392 for the nine months ended December 31, 2023 to $10,642 per vessel per calendar day for the nine months ended December 31, 2024 was primarily the result of an increase of $204 per vessel per calendar day of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses were relatively flat and slightly increased by $46 from $10,134 for the nine months ended December 31, 2023 to $10,180 for the nine months ended December 31, 2024.

Previous wording

General and administrative expenses were $16.5 million for the three months ended September 30, 2024, an increase of $2.9 million, or 21.2%, from $13.6 million for the three months ended September 30, 2023 and was driven by increases of $1.8 million in stock-based compensation, $0.7 million in cash bonuses, and $0.4 million in other general and administrative expenses.

Current wording

General and administrative expenses were $34.3 million for the nine months ended December 31, 2024, an increase of $3.8 million, or 12.8%, from $30.5 million for the nine months ended December 31, 2023 and was driven by increases of $2.6 million in stock-based compensation, $1.1 million in cash bonuses, and $0.1 million in other general and administrative expenses.

Previous wording

during this period was mainly due to a decrease of $0.9 million in loan interest on our long-term debt, which was driven by a decrease in average indebtedness, excluding deferred financing fees, from $645.0 million for the three months ended September 30, 2023 to $593.3 million for the three months ended September 30, 2024.

Current wording

Interest and finance costs amounted to $27.8 million for the nine months ended December 31, 2024, a decrease of $3.0 million, or 9.6%, from $30.8 million for the nine months ended December 31, 2023. The decrease of $3.0 million during this period was mainly due to a decrease of $3.0 million in loan interest on our long-term debt, which was driven by a decrease in average indebtedness, excluding deferred financing fees, from $646.5 million for the nine months ended December 31, 2023 to $593.2 million for the nine months ended December 31, 2024.

Previous wording

Interest income amounted to $8.2 million for the six months ended September 30, 2024, compared to $3.7 million for the six months ended September 30, 2023. The increase of $4.5 million is mainly attributable to higher average cash balances for the six months ended September 30, 2024 when compared to the six months ended September 30, 2023.

Current wording

Interest income amounted to $12.0 million for the nine months ended December 31, 2024, compared to $6.6 million for the nine months ended December 31, 2023. The increase of $5.4 million is mainly attributable to higher average cash balances for the nine months ended December 31, 2024 when compared to the nine months ended December 31, 2023.

Previous wording

Unrealized loss on derivatives amounted to $6.0 million for the six months ended September 30, 2024, compared to a gain of $4.4 million for the six months ended September 30, 2023. The $10.4 million unfavorable change is primarily attributable to an unfavorable change in the fair value of our interest rate swaps caused by changes in forward SOFR yield curves and changes in notional amounts.

Current wording

Unrealized loss on derivatives amounted to $3.1 million for the nine months ended December 31, 2024, compared to $1.7 million for the nine months ended December 31, 2023. The $1.4 million unfavorable change is primarily attributable to an unfavorable change in the fair value of our interest rate swaps caused by changes in forward SOFR yield curves and changes in notional amounts.

Previous wording

To supplement our financial statements presented in accordance with U.S.GAAP, we present certain operating statistics and non-GAAP measures to assist in the evaluation of our business performance. These non-GAAP measures include Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and time charter equivalent rate. These non-GAAP measures may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for net income and revenues, which are the most directly comparable measures of performance prepared in accordance with GAAP.

Current wording

To supplement our financial statements presented in accordance with U.S.GAAP, we present certain operating statistics and non-GAAP measures to assist in the evaluation of our business performance. These non-GAAP measures include Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and time charter equivalent rate. These non-GAAP measures may not be comparable to similarly titled measures used by other companies

Previous wording

Our business is capital intensive, and our future success depends on our ability to maintain a high-quality fleet. As of September 30, 2024, we had cash and cash equivalents of $348.6 million and restricted cash of $0.9 million.

Current wording

Our business is capital intensive, and our future success depends on our ability to maintain a high-quality fleet. As of December 31, 2024, we had cash and cash equivalents of $314.5 million and restricted cash of $0.1 million.

Previous wording

Our primary sources of capital during the six months ended September 30, 2024 were (i) the net cash proceeds from the issuance of our common stock in June 2024 amounted to approximately $84.4 million, net of underwriting discounts and commission, and legal and other offering costs, and (ii) $98.6 million in cash generated from operations. As of September 30, 2024, the outstanding balance of our long-term debt, net of deferred financing fees of $4.7 million, was $579.0 million including $53.8 million of principal on our long-term debt scheduled to be repaid within the next twelve months.

Current wording

Our primary sources of capital during the nine months ended December 31, 2024 were (i) $122.8 million in cash generated from operations and (ii) the net cash proceeds from the issuance of our common stock in June 2024 amounted to approximately $84.4 million, net of underwriting discounts and commission, and legal and other offering costs. As of December 31, 2024, the outstanding balance of our long-term debt, net of deferred financing fees of $4.4 million, was $565.9 million including $53.9 million of principal on our long-term debt scheduled to be repaid within the next twelve months.

Previous wording

On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under this authorization, when in force, purchases were and may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interests of our shareholders, and market conditions. As of September 30, 2024, our total purchases under the 2022 Common Share Repurchase Authority totaled 75,000 shares for an aggregate consideration of $1.8 million. No repurchases under the 2022 Common Share Repurchase Authority were made during the six months ended September 30, 2024. We are not obligated to make any common share repurchases.

Current wording

On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under this authorization, when in force, purchases were and may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interests of our shareholders, and market conditions. As of December 31, 2024, our total purchases under the 2022 Common Share Repurchase Authority totaled 75,000 shares for an aggregate consideration of $1.8 million. No repurchases under the 2022 Common Share Repurchase Authority were made during the nine months ended December 31, 2024. We are not obligated to make any common share repurchases.

Previous wording

The following table summarizes our cash and cash equivalents provided by/(used in) operating, financing and investing activities for the six months ended September 30:

Current wording

The following table summarizes our cash and cash equivalents provided by/(used in) operating, financing and investing activities for the nine months ended December 31:

Previous wording

Operating Cash Flows. Net cash provided by operating activities for the six months ended September 30, 2024 was $98.6 million, compared to $163.6 million for the six months ended September 30, 2023. The decrease in cash generated from operations of $65.0 million is primarily related to reduced operating income*.*

Current wording

Operating Cash Flows. Net cash provided by operating activities for the nine months ended December 31, 2024 was $122.8 million, compared to $234.2 million for the nine months ended December 31, 2023. The decrease in cash generated from operations of $111.4 million is primarily related to reduced cash flows from operating profits (refer to Results of Operations – For the nine months ended December 31, 2024 as compared to the nine months ended December 31, 2023, for drivers of changes in revenues and expenses for the applicable periods), partially offset bychanges in working capital, mainly from amounts due from the Helios Pool as distributions from the Helios Pool are impacted by the timing of the completion of voyages, spot market rates and bunker prices.

Previous wording

Investing Cash Flows. Net cash used in investing activities was $1.0 million for the six months ended September 30, 2024 compared with net cash used in investing activities of $9.4 million for the six months ended September 30, 2023. For the six months ended September 30, 2024, net cash used in investing activities was comprised of $2.8 million of payments for vessels under construction and vessel capital expenditures, partially offset by a $1.8 million maturity of available-for-sale debt securities. For the six months ended September 30, 2023, net cash used in investing activities was comprised of $7.3 million of capital expenditure payments for vessel capital expenditures and $2.0 million in purchases of investment securities.

Current wording

Investing Cash Flows. Net cash used in investing activities was $4.1 million for the nine months ended December 31, 2024 compared with net cash used in investing activities of $9.9 million for the nine months ended December 31, 2023. For the nine months ended December 31, 2024, net cash used in investing activities was comprised of $5.7 million of payments for vessel capital expenditures and $0.2 million in purchases of investment securities, partially offset by a $1.8 million maturity of available-for-sale debt securities. For the nine months ended December 31, 2023, net cash used in investing activities was comprised of $8.0 million of payments for vessel capital expenditures and $6.0 million in purchases of investment securities, partially offset by $4.0 million from the sale of investment securities.

Previous wording

Financing Cash Flows. Net cash used in financing activities was $30.6 million for the six months ended September 30, 2024, compared with net cash used in financing activities of $110.8 million for the six months ended September 30, 2023. For the six months ended September 30, 2024, net cash used in financing activities consisted of (i) dividend payments of $84.0 million; (ii) repayments of long-term debt of $26.7 million; and (iii) payments to repurchase common stock of $4.3 million; partially offset by $84.4 million of net proceeds from an issuance of common shares ($89.0 million of gross proceeds less offering costs paid of $4.6 million).

Current wording

Financing Cash Flows. Net cash used in financing activities was $86.6 million for the nine months ended December 31, 2024, compared with net cash used in financing activities of $164.5 million for the nine months ended December 31, 2023. For the nine months ended December 31, 2024, net cash used in financing activities consisted of (i) dividend payments of $126.6 million; (ii) repayments of long-term debt of $40.1 million; and (iii) payments to repurchase common stock of $4.3 million; partially offset by $84.4 million of net proceeds from an issuance of common shares ($89.0 million of gross proceeds less offering costs paid of $4.6 million).

Previous wording

For the six months ended September 30, 2023, net cash used in financing activities primarily consisted of (i) dividend payments of 81.6 million; (ii) repayments of long-term debt of $26.5 million; and (iii) payments to repurchase common stock of $2.7 million.

Current wording

For the nine months ended December 31, 2023, net cash used in financing activities primarily consisted of (i) dividend payments of $121.9 million; (ii) repayments of long-term debt of $39.8 million; and (iii) payments to repurchase common stock of $2.8 million.

Previous wording

Capital Expenditures. LPG transportation is a capital‑intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance.

Current wording

Capital Expenditures. LPG maritime transportation is a capital‑intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance.

Previous wording

As our vessels age and our fleet expands, our drydocking expenses will increase. We estimate the current cash outlay for a VLGC special survey to be approximately $1.2 million per vessel (excluding any capital improvements, such as scrubbers, ballast water management systems, energy saving devices, and performance improvement additions to the vessel that may be made during such drydockings) and the cost of an intermediate survey to be between $150,000 and $250,000 per vessel. Ongoing costs for compliance with environmental regulations are primarily included as part of our drydocking and classification society survey costs. In order to comply with current emissions regulations, we have installed scrubbers on fifteen of our vessels and have one chartered-in scrubber-equipped vessel, which allows us to burn heavy

Current wording

As our vessels age and our fleet expands, our drydocking expenses will increase. We estimate the current cash outlay for a VLGC special survey to be approximately $1.2 million per vessel (excluding any capital improvements, such as scrubbers, ballast water management systems, energy saving devices, and performance improvement additions to the

Previous wording

fuel oil. Our other non-dual fuel vessels currently consume compliant fuels on board (0.5% sulfur), which are readily available globally, but at a significantly higher cost. We have entered into a contract to fabricate a scrubber for installation on our newbuilding VLGC/AC with remaining commitments on this contract totaling $1.0 million as of September 30, 2024. We also have one newbuilding Dual-fuel ECO VLGC and three chartered-in dual-fuel vessels that have the capability to burn LPG as fuel, which we believe may provide an economic benefit over traditional fuel. Please see “Item 1A. Risk Factors—Risks Relating to Our Company—We may incur increasing costs for the drydocking, maintenance or replacement of our vessels as they age, and, as our vessels age, the risks associated with older vessels could adversely affect our ability to obtain profitable charters” in our Annual Report on Form 10-K for the year ended March 31, 2024.

Current wording

vessel that may be made during such drydockings) and the cost of an intermediate survey to be between $150,000 and $250,000 per vessel. Ongoing costs for compliance with environmental regulations are primarily included as part of our drydocking and classification society survey costs. In order to comply with current emissions regulations, we have installed scrubbers on fifteen of our vessels and have one chartered-in scrubber-equipped vessel, which allows us to burn heavy fuel oil. Our other non-dual fuel vessels currently consume compliant fuels on board (0.5% sulfur), which are readily available globally, but at a significantly higher cost. We have entered into a contract to fabricate a scrubber for installation on our newbuilding VLGC/AC with remaining commitments on this contract totaling $1.0 million as of December 31, 2024. We also have one newbuilding Dual-fuel ECO VLGC and three chartered-in dual-fuel vessels that have the capability to burn LPG as fuel, which we believe may provide an economic benefit over traditional fuel. Please see “Item 1A. Risk Factors—Risks Relating to Our Company—We may incur increasing costs for the drydocking, maintenance or replacement of our vessels as they age, and, as our vessels age, the risks associated with older vessels could adversely affect our ability to obtain profitable charters” in our Annual Report on Form 10-K for the year ended March 31, 2024.

Previous wording

On November 24, 2023, we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia, which is expected to be delivered from Hanwha Ocean Co. Ltd. in the second calendar quarter of 2026. As of September 30, 2024 we had approximately $98.4 million of commitments under the newbuilding contracts outstanding that we expect to settle during certain milestones through the expected delivery of the vessel.

Current wording

On November 24, 2023, we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia, which is expected to be delivered from Hanwha Ocean Co. Ltd. in the second calendar quarter of 2026. As of December 31, 2024 we had approximately $98.4 million of commitments under the newbuilding contracts outstanding that we expect to settle during certain milestones through the expected delivery of the vessel. On January 17, 2025, steel cutting was performed on the newbuilding and on January 22, 2025, an installment payment of $11.9 million was made to the shipyard, reducing our remaining commitment to $86.5 million.

Previous wording

As of September 30, 2024, independent appraisals of our technically-managed VLGCs in our fleet had no indications of impairment on any of our VLGCs in accordance with ASC 360 Property, Plant, and Equipment. No impairment charges were recognized for the six months ended September 30, 2024.

Current wording

As of December 31, 2024, independent appraisals of our technically-managed VLGCs in our fleet had no indications of impairment on any of our VLGCs in accordance with ASC 360 Property, Plant, and Equipment. No impairment charges were recognized for the nine months ended December 31, 2024.