Dorian doubles revenue on significant rate surge

Gas ship operator Dorian doubled its revenue in the latest quarter due to a 79.2 percent rate increase in LPG and fleet utilization that almost hit the highest level.

Photo: Dorian LPG / PR

LPG market rates have boomed during 2019, and this has a clear impact on Dorian LPG, which has doubled its revenue and landed a profit in its first quarter, shows the tanker operator's staggered first quarter running from April to June.

Specifically, Dorian's TCE rates came to USD 29,671 during the period, corresponding to a 79.9 percent surge compared to the same quarter of 2018. The rate hike is attributed to improved spot rates and lower bunker prices, Dorian writes.

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