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-six 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; four time chartered-in dual-fuel VLGCs; , three of which are Panamax size; and one time chartered-in ECO VLGC. The twenty-six VLGCs in our fleet, including the five time chartered-in vessels, as of July 30, 2025, have an aggregate carrying capacity of approximately 2.2 million cbm and an average age of 8.7 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-seven 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; six time chartered-in VLGCs; four of which are Panamax size dual-fuel VLGCs; one time chartered-in ECO VLGC; and one chartered-in modern VLGC. The twenty-seven VLGCs in our fleet, including the six time chartered-in vessels, as of October 31, 2025, have an aggregate carrying capacity of approximately 2.3 million cbm and an average age of 9.0 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 July 30, 2025, all twenty-six of our VLGCs were employed in the Helios Pool, including our five 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 October 31, 2025, all twenty-seven of our VLGCs were employed in the Helios Pool, including our six time chartered-in vessels.

Previous wording

On August 1, 2025, we announced that our Board of Directors has declared an irregular cash dividend of $0.60 per share of the Company’s common stock totaling approximately $25.6 million. The dividend is payable on or about August 27, 2025 to all shareholders of record as of the close of business on August 12, 2025.

Current wording

On November 5, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.65 per share of the Company’s common stock totaling $27.8 million. The dividend is payable on or about December 2, 2025 to all shareholders of record as of the close of business on November 17, 2025.

Previous wording

Revenues, which represent net pool revenues—related party, time charters and other revenues, net, were $84.2 million for the three months ended June 30, 2025, a decrease of $30.1 million, or 26.4%, from $114.3 million for the three months ended June 30, 2024, primarily due to reduced average TCE rates and available days. TCE rates declined by $10,517 per available day from $50,243 for the three months ended June 30, 2024 to $39,726 for the three months ended June 30, 2025. This reduction was 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 $63.500 during the three months ended ended June 30, 2025 compared to an average of $72.674 during the three months ended ended June 30, 2024. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $625 during the three months ended June 30, 2024, to $511 during the three months ended June 30, 2025. Additionally, available days for our fleet declined from 2,260 the three months ended ended June 30, 2024 to 2,086 for the three months ended June 30, 2025, mainly driven by an increase in the number of vessels drydocked.

Current wording

Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $124.1 million for the three months ended September 30, 2025, an increase of $41.7 million, or 50.5%, from $82.4 million for the three months ended September 30, 2024 primarily due to higher average TCE rates, which rose by $16,715 per available day from $37,010 for the three months ended September 30, 2024 to $53,725 for the three months ended September 30, 2025. The increase in TCE rates wasprimarily due to higher spot rates and 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 $81.320 during the three months ended September 30, 2025 compared to an average of $52.049 during the three months ended September 30, 2024. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $610 during the three months ended September 30, 2024, to $505 during the three months ended September 30, 2025. Additionally, available days for our fleet increased from 2,207 for the three months ended September 30, 2024 to 2,290 for the three months ended September 30, 2025, mainly driven by an increase in the number of vessels in our fleet, partially offset by a modest increase in off-hire days due to drydocking.

Previous wording

Vessel operating expenses were $21.9 million during the three months ended June 30, 2025, or $11,466 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, increased by $1.4 million, or 7.0% from $20.5 million for the three months ended June 30, 2024. The increase of $749 per vessel per calendar day, from $10,717 for the three months ended June 30, 2024 to $11,466 per vessel per calendar day for the three months ended June 30, 2025 was primarily the result of an increase of $1,259 per vessel per calendar day of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by $509 from $10,617 for the three months ended June 30, 2024 to $10,108 for the three months ended June 30, 2025, mainly as a result of decreases in (i) spares and stores and (ii) repairs and maintenance costs.

Current wording

Vessel operating expenses were $20.7 million during the three months ended September 30, 2025, or $10,705 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 $1.2 million, or 5.8% from $19.5 million for the three months ended September 30, 2024. The increase of $591 per vessel per calendar day, from $10,114 for the three months ended September 30, 2024 to $10,705 per vessel per calendar day for the three months ended September 30, 2025 was primarily the result of an increase per vessel per calendar day of non-capitalizable drydock-related operating expenses of $885. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses decreased by $293, or 3.0%, from $9,767 for the three months ended September 30, 2024 to $9,474 for the three months ended September 30, 2025, mainly as a result of decreases in (i) spares and stores and (ii) repairs and maintenance costs.

Previous wording

General and administrative expenses were $16.9 million for the three months ended June 30, 2025, an increase of $6.5 million, or 62.2%, from $10.4 million for the three months ended June 30, 2024, driven by an increase of $5.9 million in cash bonuses resulting from differences in the timing of the approvals of cash bonuses to certain employees, including the named executive officers, in the period ended June 30, 2025 when compared to the period ended June 30, 2024. Additionally, there were increases of $0.5 million in stock-based compensation and $0.1 million in other general and administrative expenses.

Current wording

General and administrative expenses were $12.0 million for the three months ended September 30, 2025, a decrease of $4.5 million, or 27.0%, from $16.5 million for the three months ended September 30, 2024, driven by a decrease of $3.6 million in cash bonuses resulting from differences in the timing of the approvals of cash bonuses to certain employees, including the named executive officers, in the period ended September 30, 2024 when compared to the period ended September 30, 2025. Additionally, stock-based compensation fell by $1.1 million, partially offset by an increase of $0.2 million in other general and administrative expenses.

Previous wording

Interest and finance costs amounted to $7.7 million for the three months ended June 30, 2025, a decrease of $1.8 million, or 18.9%, from $9.5 million for the three months ended June 30, 2024. The decrease of $1.8 million during this period was mainly due to (i) a reduction of $1.2 million in interest on our long-term debt, (ii) an increase of $0.5 million in capitalized interest, and (iii) a decrease of $0.1 million in loan expenses and bank charges. The decrease in interest on our long-term debt was driven by a reduction of average indebtedness, excluding deferred financing fees, from $606.6 million for the three months ended June 30, 2024 to $553.0 million for the three months ended June 30, 2025, as well as a lower SOFR rate on the 2023 A&R Debt Facility during the three months ended June 30, 2025 when compared to the three months ended June 30, 2024.

Current wording

Interest and finance costs amounted to $7.6 million for the three months ended September 30, 2025, a decrease of $1.8 million, or 19.5%, from $9.4 million for the three months ended September 30, 2024. The decrease of $1.8 million during this period was mainly due to (i) a reduction of $1.2 million in interest on our long-term debt and (ii) an increase of $0.6 million in capitalized interest. The decrease of $1.2 million in loan interest on our long-term debt was driven by a reduction of average indebtedness, excluding deferred financing fees, from $593.3 million for the three months ended September 30, 2024, to $539.9 million for the three months ended September 30, 2025, as well as a lower SOFR rate on the 2023 A&R Debt Facility during the three months ended September 30, 2025 when compared to the three months ended September 30, 2024.

Previous wording

Interest income amounted to $2.8 million for the three months ended June 30, 2025, compared to $3.7 million for the three months ended June 30, 2024. The decrease of $0.9 million is mainly attributable to (i) reduced interest rates over the periods presented, and (ii) moderately lower average cash balances for the three months ended June 30, 2025 when compared to the three months ended June 30, 2024.

Current wording

Interest income amounted to $3.0 million for the three months ended September 30, 2025, compared to $4.5 million for the three months ended September 30, 2024. The decrease of $1.5 million is mainly attributable to (i) reduced interest rates over the periods presented, and (ii) moderately lower average cash balances for the three months ended September 30, 2025 when compared to the three months ended September 30, 2024.

Previous wording

Unrealized loss on derivatives amounted to $1.2 million for the three months ended June 30, 2025, compared to $0.4 million for the three months ended June 30, 2024. The $0.8 million difference is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts.

Current wording

Unrealized loss on derivatives amounted to $0.4 million for the three months ended September 30, 2025, compared to a loss of $5.6 million for the three months ended September 30, 2024. The $5.2 million difference is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts.

Previous wording

Realized gain on derivatives was $0.5 million for the three months ended June 30, 2025, compared to $1.7 million for the three months ended June 30, 2024. The unfavorable $1.2 million difference is entirely due to the expiration of three interest rate swaps with a lower fixed rate than the interest rate swap that was in effect for the three months ended June 30, 2025.

Current wording

Realized gain on derivatives amounted to $0.5 million for the three months ended September 30, 2025, compared to $1.7 million for the three months ended September 30, 2024. The unfavorable $1.2 million difference is primarily due to (i) the expiration of three interest rate swaps with a lower fixed rate than the interest rate swap that was in effect for the three months ended September 30, 2025 and (ii) changes in forward SOFR yield curves and notional amounts.

Previous wording

Our business is capital intensive, and our future success depends on our ability to maintain a high-quality fleet. As of June 30, 2025, we had cash and cash equivalents of $277.9 million and non-current restricted cash of $0.1 million.

Current wording

Our business is capital intensive, and our future success depends on our ability to maintain a high-quality fleet. As of September 30, 2025, we had cash and cash equivalents of $268.3 million and restricted cash of $0.1 million.

Previous wording

Our primary source of capital during the three months ended June 30, 2025 was $0.8 million in cash generated from operations. As of June 30, 2025, the outstanding balance of our long-term debt, net of deferred financing fees of $3.8 million, was $539.6 million including $54.1 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 six months ended September 30, 2025 was $47.2 million in cash generated from operations. As of September 30, 2025, the outstanding balance of our long-term debt, net of deferred financing fees of $3.6 million, was $526.4 million including $54.2 million of principal on our long-term debt scheduled to be repaid within the next twelve months.

Previous wording

Operating expenses, including expenses to maintain the quality of our vessels in order to comply with international shipping standards and environmental laws and regulations, the funding of working capital requirements, long-term debt repayments, financing costs, commitments, as described in Note 20 to our unaudited condensed consolidated financial statements, for the building of a VLGC/AC, the fabrication and installation of scrubber, and drydocking represent our short-term, medium-term and long-term liquidity needs as of June 30, 2025. We anticipate satisfying our liquidity needs for at least the next twelve months with cash on hand, cash from operations and, if needed, drawdowns on the revolving credit facility available under the 2023 A&R Debt Facility. We may also seek additional liquidity through alternative sources of debt financings and/or through equity financings by way of private or public offerings. However, if these sources are insufficient to satisfy our short-term liquidity needs, or to satisfy our future medium-term or long-term liquidity needs, we may need to seek alternative sources of financing and/or modifications of

Current wording

Operating expenses, including expenses to maintain the quality of our vessels in order to comply with international shipping standards and environmental laws and regulations, the funding of working capital requirements, long-term debt repayments, financing costs, commitments, as described in Note 16 to our unaudited condensed consolidated financial statements, for the building of a VLGC/AC, the fabrication and installation of scrubber, and drydocking represent our short-term, medium-term and long-term liquidity needs as of September 30, 2025. We anticipate satisfying our liquidity needs for at least the next twelve months with cash on hand, cash from operations and, if needed, drawdowns on the revolving credit facility available under the 2023 A&R Debt Facility. We may also seek additional liquidity through alternative sources of debt financings and/or through equity financings by way of private or public offerings. However, if these sources are insufficient to satisfy our short-term liquidity needs, or to satisfy our future medium-term or long-term liquidity needs, we may need to seek alternative sources of financing and/or modifications of our existing credit facility and financing arrangements. There is no assurance that we will be able to obtain any such financing or modifications to our existing credit facility and financing arrangements on terms acceptable to us, or at all.

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 June 30, 2025, our total purchases under the 2022 Common Share Repurchase Authority totaled 261,500 shares for an aggregate consideration of $5.6 million. This includes 100,000 shares repurchased for $1.8 million during the three months ended June 30, 2025. See “Item 2. Unregistered Sales of Equity Securities and Use of Proceeds – Issuer Purchases of Equity Securities.” 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 September 30, 2025, our total purchases under the 2022 Common Share Repurchase Authority totaled 261,500 shares for an aggregate consideration of $5.6 million. This includes 100,000 shares repurchased for $1.8 million during the six months ended September 30, 2025. See “Item 2. Unregistered Sales of Equity Securities and Use of Proceeds – Issuer Purchases of Equity Securities.” We are not obligated to make any common share repurchases.

Previous wording

On August 1, 2025, we announced that our Board of Directors has declared an irregular cash dividend of $0.60 per share of the Company’s common stock totaling approximately $25.6 million. The dividend is payable on or about August 27, 2025 to all shareholders of record as of the close of business on August 12, 2025.

Current wording

On November 5, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.65 per share of the Company’s common stock totaling $27.8 million. The dividend is payable on or about December 2, 2025 to all shareholders of record as of the close of business on November 17, 2025.

Previous wording

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

Current 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:

Previous wording

Net cash flow from operating activities depends upon our overall profitability, market rates for vessels employed on voyage charters and in the Helios Pool, charter rates agreed to for time charters, the timing and amount of payments for

Current wording

Net cash flow from operating activities depends upon our overall profitability, spot market rates for vessels employed on voyage charters and in the Helios Pool, charter rates agreed to for time charters, the timing and amount of payments for drydocking expenditures and unscheduled repairs and maintenance, fluctuations in working capital balances and bunker costs.

Previous wording

Investing Cash Flows. Net cash used in investing activities was $3.1 million for the three months ended June 30, 2025 compared with net cash used in investing activities of $1.3 million for the three months ended June 30, 2024. For the three months ended June 30, 2025, net cash used in investing activities was comprised of $3.1 million of payments for vessels under construction and vessel capital expenditures. For the three months ended June 30, 2024, net cash used in investing activities was comprised of $1.3 million of capital expenditure payments for vessels under construction and vessel capital expenditures.

Current wording

Investing Cash Flows. Net cash used in investing activities was $16.3 million for the six months ended September 30, 2025 compared with net cash used in investing activities of $1.0 million for the six months ended September 30, 2024. For the six months ended September 30, 2025, net cash used in investing activities was comprised of $16.3 million of payments for vessel under construction and other capital expenditures for vessels.

Previous wording

Financing Cash Flows. Net cash used in financing activities was $37.0 million for the three months ended June 30, 2025, compared with net cash provided by financing activities of $30.8 million for the three months ended June 30, 2024. For the three months ended June 30, 2025, net cash used in financing activities consisted of (i) dividend payments of $21.2 million; (ii) repayments of long-term debt of $14.0 million; and iii) payments to repurchase common stock of $1.8 million.

Current wording

Financing Cash Flows. Net cash used in financing activities was $79.7 million for the six months ended September 30, 2025, compared with net cash used in financing activities of $30.6 million for the six months ended September 30, 2024. For the six months ended September 30, 2025, net cash used in financing activities consisted of (i) dividend payments of $47.6 million; (ii) repayments of long-term debt of $27.4 million; and (iii) payments to repurchase common stock of $4.7 million.

Previous wording

For the three months ended June 30, 2024, net cash provided by financing activities consisted of $89.0 million of gross proceeds from an issuance of common shares, partially offset by (i) dividend payments of $40.4 million; (ii) repayments of long-term debt of $13.3 million; and (iii) equity offering costs paid of $4.5 million.

Current wording

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).

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 $1.3 to $1.4 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 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 $0.8 million as of June 30, 2025. We also have one newbuilding Dual-fuel ECO VLGC and four chartered-in dual-fuel vessels that have the capability to burn LPG as fuel, which we believe provides 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 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, 2025.

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 $1.3 to $1.4 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 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 $0.2 million as of September 30, 2025. We also have one newbuilding Dual-fuel ECO VLGC and four chartered-in dual-fuel vessels that have the capability to burn LPG as fuel, which we believe provides 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 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, 2025.

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 June 30, 2025 we had approximately $86.2 million of contractual commitments outstanding related to the newbuilding 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 September 30, 2025 we had approximately $74.4 million of commitments under the newbuilding contracts outstanding that we expect to settle during certain milestones through the expected delivery of the vessel.

Previous wording

As of June 30, 2025, 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. Accordingly, no undiscounted cash flow tests were required to be performed for any of our vessels, and, as a result, this is not considered a critical accounting estimate and no impairment charges were recognized for each of the three months ended June 30, 2025 and 2024.

Current wording

As of September 30, 2025, 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, 2025 and 2024.