STAMFORD, CT – Dorian LPG (NYSE:LPG) Ltd., a company specializing in deep-sea freight transportation, announced the results of its annual shareholder meeting held on September 20, 2024. The company, which is listed on the New York Stock Exchange under the ticker NYSE:LPG, disclosed the outcomes in a recent SEC filing.
At the meeting, shareholders re-elected three Class II directors: Øivind Lorentzen, Ted Kalborg, and John Lycouris, who will serve until the annual meeting for the fiscal year ending March 31, 2027. Lorentzen received 27,480,852 votes for and 697,577 withheld, Kalborg had 27,538,318 votes for and 640,111 withheld, and Lycouris garnered 26,278,329 votes for with 1,900,100 votes withheld. There were also 5,284,596 broker non-votes for each director.
Additionally, the appointment of Deloitte Certified Public Accountants S.A. as the company's independent auditor for the next fiscal year was ratified with a substantial majority, receiving 33,014,649 votes for, 409,106 against, and 39,270 abstentions.
The compensation of the company's named executive officers was approved on an advisory, non-binding basis, with 25,563,426 votes for, 2,503,804 against, and 111,199 abstentions. There were also 5,284,596 broker non-votes on this matter.
The total number of shares eligible to vote was 42,619,448, with 33,463,025 shares represented at the meeting in person or by proxy. The report, filed on September 23, 2024, confirms that all proposals presented at the annual meeting were approved by the company's shareholders.
In other recent news, Dorian LPG Ltd. reported a strong financial performance in the first quarter of 2025, with a net income of $51.3 million. The company has declared a $1 dividend per share and has returned over $777 million to shareholders since its IPO.
Despite challenges such as Panama Canal congestion and weather events, Dorian LPG remains optimistic about future growth, supported by robust demand for very large gas carriers (VLGC) and a focus on sustainability and operational efficiency.
The company is investing in retrofits for ammonia carriage and has one VLGC/VLAC ship on order. Dorian LPG's first quarter chartering results showed a total utilization of 90.4% and a daily TCE of $55,228. The company plans to expand its fleet in the coming years to capitalize on the growth in LPG trade and aims to reduce emissions and operating costs, enhancing the energy efficiency of their fleet.
Despite current market challenges, Dorian LPG sees medium to long-term business prospects as positive. The company's financial flexibility and comfortable cash cost per day forecast ($26,000) indicate a healthy financial state.
InvestingPro Insights
Dorian LPG Ltd. (NYSE:LPG) continues to navigate the deep-sea freight transportation market with a steady hand, as reflected in recent data from InvestingPro. With a market capitalization of $1.47 billion and a compelling price-to-earnings (P/E) ratio of 4.53, the company presents an interesting valuation picture. Adjusted for the last twelve months as of Q1 2025, the P/E ratio sits slightly higher at 4.81, still signaling potential value to investors.
InvestingPro Tips highlight that Dorian LPG pays a significant dividend to shareholders, with a dividend yield of 11.56% as of the previous year, a figure that showcases the company's commitment to returning value to its investors. Additionally, the company's stock is noted for its low price volatility, which might appeal to investors looking for stability in their portfolio.
With analysts predicting profitability for the year and a track record of profitability over the last twelve months, Dorian LPG appears financially robust. The company's liquid assets surpassing short-term obligations further solidifies its financial health. For investors seeking deeper insights, there are additional InvestingPro Tips available, offering a comprehensive analysis of Dorian LPG's financial outlook (https://www.investing.com/pro/LPG).
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