VERY large gas carrier owner Dorian LPG has posted a reduced profit for the first three months of the year, capping a fiscal 2025 that saw a sharp fall in earnings after a stellar 2024.

“In a volatile geopolitical and economic environment and with a heavy drydocking schedule, we achieved good results in our financial year 2025,” said chief executive John Hadjipateras.

“Though the trade and other important issues that may affect our business are not settled I am confident in the fundamentals of the LPG market and our teams’ readiness to respond constructively,” he added.

The New York Stock Exchange-listed owner of 21 VLGCs and operator of another four on time charters declared an irregular cash dividend of $0.50 per share despite the dip in profits. The payout will amount to about $21.3m

The fleet averaged a daily time charter equivalent rate per vessel of $35,324 for the quarter ended March 31, a 44.3% fall from the year-ago quarter.

Net income, adjusted for a loss on derivative instruments, fell to $10.7m, from $77.6m in the fourth quarter of the 2024 financial year.

For the fiscal year, which includes this year’s calendar first-quarter, average time charter rates dipped by 36% to $39,778 per day.

Adjusted net income came to $96m, compared with $307.4m the previous year.

For the last fiscal year, Dorian LPG has declared and paid a total of $156.2m in irregular dividends.

“Our capital allocation is focused on shareholder returns and preserving the strength of our balance sheet, enabling us to invest in our people and our business, as well as in fleet renewal and expansion when opportunities arise,” said Hadjipateras.