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Dorian LPG - ein börsennotiertes Neubauprogramm



Begriffe und/oder Benutzer

 

...mit 5 Schiffen auf dem Wasser und 17 NB bis 2016;

nach IPO im Sommer nun fast halbiert.

Testposi gekauft
Dorian LPG Ltd. Announces Second Quarter 2015 Financial Results
STAMFORD, Conn., Nov. 6, 2014 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended September 30, 2014.


Highlights – Second Quarter

*Took delivery of the second vessel under our VLGC newbuilding program, the Corsair, from Hyundai Heavy Industries Co. Ltd. ("Hyundai"), on September 26, 2014 - which is trading in the spot market.

*Captain John NP recorded time charter equivalent ("TCE") rate of $71,355 for the three months ended September 30, 2014.


John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "We made progress in Q2 2015, as we continued to build out our fleet with the delivery of the Corsair in late September. We currently own and manage a modern fleet of 5 VLGCs and one pressurized LPG carrier. With the delivery of the Corsair, we now have newbuilding contracts for the construction of 17 new fuel-efficient ECO-design VLGCs with scheduled deliveries between January 2015 and January 2016. As the U.S. continues to play a significant role in the LPG industry, we believe we are well positioned to take advantage of this future opportunity."


Second Quarter 2015 Results Summary
Revenues of $20.4 million for the three months ended September 30, 2014 represent charter hire and voyage charters earned for our five VLGC vessels and our pressurized 5,000 cbm vessel. Two of our VLGCs operated in the spot market and earned $13.6 million in voyage charter revenues, including a VLGC that ended its time charter on July 27, 2014. The Corsair, which is operating in the spot market, was delivered on September 26, 2014 and earned no revenues for the three months ended September 30, 2014. Three of our VLGCs earned time charter hire revenues amounting to $6.4 million. Time charter revenues included $2.2 million of profit sharing. For the three months ended September 30, 2014, the Grendon, which ended its time charter at the end of May 2014, earned $0.2 million of revenues, had 14 operating days and was in drydock for 10 days.

Voyage expenses were approximately $4.4 million during the three months ended September 30, 2014. Voyage expenses mainly related to bunkers of $3.4 million, port charges of $0.4 million, brokers' commissions of $0.3 million, security costs of $0.2 million and other voyage expenses of $0.1 million. Vessel operating expenses are influenced by the age and size of the vessel, the condition of the vessel and other factors. Vessel operating expenses were approximately $5.2 million during the three months ended September 30, 2014, or $11,764 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period. This included approximately $0.7 million relating to training of additional crew on our operating VLGC fleet in anticipation of newbuilding deliveries as well as $0.3 million of pre-delivery expenses related to the Comet and Corsair. The Grendon, which ended its time charter at the end of May 2014, had 14 operating days for the three months ended September 30, 2014 and $1.0 million of vessel operating expenses, inclusive of $0.3 million of expenses related to repairs and maintenance.

Depreciation and amortization was approximately $3.0 million for the three months ended September 30, 2014 and mainly relates to depreciation expense for our operating vessels.

General and administrative expenses were approximately $4.3 million for the three months ended September 30, 2014 and were comprised of $2.0 million of salaries, wages and benefits, $0.8 million of stock-based compensation, $0.6 million for professional, legal, audit and accounting fees, and $0.9 million of other general and administrative expenses.

Interest and finance costs amounted to less than $0.1 million for the three months ended September 30, 2014. The interest and finance costs consisted of interest incurred on our long-term debt of $0.6 million and amortization of financing costs of $0.2 million, less capitalized interest of $0.8 million. The average indebtedness during the three months ended September 30, 2014 was $125.8 million and the outstanding balance of our long‑term debt as of September 30, 2014 was $123.9 million.

Gain/(loss) on derivatives, net, amounted to a net gain of approximately $0.3 million for three months ended September 30, 2014. The net gain on derivatives was primarily comprised of an unrealized gain of $1.7 million from the changes in the fair value of the interest rate swaps, partially offset by a realized loss of $1.4 million.


Market Outlook Update
Overall, LPG exports this year are on track to exceed 13 million metric tons, which is roughly a 50% increase over 2013. This growth, which has been supported by export terminal expansions in the Gulf, has continued to drive high global fleet utilization and strong spot rates for VLGCs. There can be no guarantee that rates will remain at these levels.

The recent decline in oil prices has not had any noticeable effect on demand for LPG shipping. Based on the significant investments that have already been committed in export capacity in the Gulf, we have no expectations for any change in US export growth. We further believe that the fundamentals that have propelled recent growth in global LPG demand remain largely unchanged as its attractive price levels and favorable environmental characteristics make it a preferred energy source for many sectors of the economy.


Seasonality
Liquefied gases are primarily used for industrial and domestic heating, as a chemical and refinery feedstock, as a transportation fuel and in agriculture. The liquefied gas carrier market is typically stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities.

As a result, demand for our vessels may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12‑month time charter rates tend to smooth these short‑term fluctuations. To the extent any of our time charters expires during the relatively weaker quarters ending December 31 and March 31, it may not be possible to re‑charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off‑hire time for our vessels, which may adversely impact our business, financial condition and operating results.


Fleet
Our operating fleet currently consists of six LPG carriers, including two fuel-efficient 84,000 cbm ECO-design VLGCs, three modern 82,000 cbm VLGCs and one pressurized 5,000 cbm vessel. In addition, we have newbuilding contracts for the construction of seventeen new fuel‑efficient 84,000 cbm ECO-design VLGCs at Hyundai and Daewoo Shipping and Marine Engineering, Ltd., both of which are based in South Korea, with scheduled deliveries between January 2015 and January 2016.

Each of our newbuildings will be an ECO‑design vessel incorporating advanced fuel efficiency and emission‑reducing technologies. Upon completion of our VLGC Newbuilding Program in January 2016, 100% of our VLGC fleet will be operated as sister ships and the average age of our VLGC fleet will be approximately 1.6 years, while the average age of the current worldwide VLGC fleet is approximately 10.6 years.
Dorian LPG secures financing for VLGC newbuildings
Dorian LPG informed that is has received commitments for up to $761 million of debt financing for its VLGC newbuilding program.

ABN AMRO Capital is acting as Global Coordinator, and Citibank is acting as Export Credit Agency Coordinator.

Dorian’s Chairman, John Hadjipateras, stated, “These commitments represent a key strategic milestone for our organization as this financing will complete the funding for our newbuilding program with no need to raise any additional debt or equity to take delivery of our fleet of new ECO VLGCs.”

The financing has four separate tranches. $250 million of commercial debt financing is being provided by ABN AMRO; ING Bank; DVB Bank; Citibank; and Commonwealth Bank ofAustralia. $205 million of financing is being provided directly by The Export Import Bank of Korea. The remaining $306 million of financing is being provided under tranches guaranteed by KEXIM ($203 million) and insured by the Korea Trade Insurance Corporation ($103 million). Financing under the KEXIM guaranteed and K-sure insured tranches will be provided by certain Commercial Lenders; Deutsche Bank AG and Santander Bank.

Pursuant to the commitments received by the company, the debt financing will be secured by, among other things, 18 of the company’s VLGC newbuildings, and will represent a loan-to-contract cost ratio of approximately 55%. The company expects to close the transaction in February.
in Q3 haben sie 55 MUSD verdient...
Auszug aus der News dazu:

Market Outlook Update
Global liquefied petroleum gas ("LPG") export volumes for the calendar 2015 reached 80 million metric tons, an 11% increase over the previous year. U.S. LPG exports alone reached a record of nearly 21 million metric tons, which is a 50% increase over the previous year. The U.S. became the largest LPG exporter in the world, accounting for 25% of the global seaborne export volumes, which were shipped to Central and South America, Asia, and Europe and the Mediterranean at about 43%, 29% and 26%, respectively. The strong LPG export volumes from the U.S. Gulf and in particular large cargo movements (on VLGC vessels) from West to East have increased ton-miles for the segment Dorian LPG has focused on and has supported shipping demand for VLGC vessels. Other LPG exporting regions have shown export growth in 2015 and have generally contributed to a generally stronger Baltic rate market resulting in strong utilization and freight rates seen by VLGC vessels.

Propane and Butane prices have followed crude oil prices downward, making LPG attractive not only to the retail domestic markets, but also to the petrochemical industries around the world. The continuing U.S. LPG export capacity growth is evident with the recent Enterprise expansion, the expected Marcus Hook Mariner East export terminal (commencement in February 2016), the Petrogas terminal (expected capacity increase of 0.35 million tons during 2016), and the Phillips 66 terminal at Freeport, Texas (4.4 million tons annual capacity expected to open in the fourth quarter of 2016). We therefore expect that U.S. LPG export volumes may reach higher levels in 2016, which would support additional ship supply and a reasonably robust freight rate market environment for the sector.

While these factors continue to support strong fundamental demand for LPG and LPG shipping, there can be no assurances that such trends will continue or that anticipated future freight rates, export capacity, or export volumes will materialize.

Seasonality
Liquefied gases are primarily used for industrial and domestic heating, as a chemical and refinery feedstock, as a transportation fuel and in agriculture. The liquefied gas carrier market is typically stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities. As a result, demand for our vessels may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12‑month time charter rates tend to smooth these short‑term fluctuations. To the extent any of our time charters expires during the relatively weaker quarters ending December 31 and March 31, it may not be possible to re‑charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off‑hire time for our vessels, which may adversely impact our business, financial condition and operating results.

Fleet
Each of our newbuildings is an ECO-design vessel incorporating advanced fuel efficiency and emission-reducing technologies. Upon completion of our VLGC Newbuilding Program with the final VLGC scheduled to be delivered to us in February 2016, 100% of our VLGC fleet will be operated as sister ships and the average age of our VLGC fleet will be approximately 1.6 years, while the average age of the current worldwide VLGC fleet is approximately 10.2 years.
Sehr ordentliche Geschäftszahlen läuft gut bei Dorian LPG


Dorian LPG announces Q3 fiscal 2016 financial results

Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended December 31, 2015.

Highlights – Third Quarter Fiscal 2016
Revenues of $93.3 million
Net Income of $54.7 million; Diluted Earnings Per Share of $0.97
Adjusted EBITDA of $68.7 million*
Took delivery of seven vessels under our ECO-design VLGC newbuilding program, the Clermont, the Cheyenne, the Cratis, the Commander, the Chaparral, the Copernicus, and the Challenger
Repurchased 480,231 shares of our common stock for $5.8 million

John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "The third quarter was an extremely busy period for Dorian as we took the delivery of seven new Eco-design VLGCs. Our cash flow generated from operations has allowed us to repurchase an additional 480,231 shares of our common stock for $5.8 million over the quarter under the board's previously announced authorization to repurchase up to $100 million on or before December 31, 2016. Going forward, we anticipate higher profits and cash generated from operations as a result of our larger fleet, assuming continued favorable market conditions. We will continue to evaluate ways to best return that cash to our investors, underscoring the commitment of both the board and management to increasing shareholder value."
Die Geschäfte von Dorian LPG werden diesen Sommer hoffentlich gut laufen. Aber die shipping Rates pro Tag sind momentan echt nicht besonders gut ....


Stürzen die Preise immer im Winter so extrem ab?
Helios LPG Pool LLC Enters into an Agreement to Operate Eight VLGCs from Oriental Energy Co. Ltd.

STAMFORD, Conn., March. 14, 2016 /PRNewswire/ --

Dorian LPG Ltd. (NYSE:  LPG) ("Dorian LPG") announced today that Helios LPG Pool LLC ("Helios LPG"), an LPG vessel pool jointly operated by Dorian LPG and Phoenix Tankers Pte Ltd., has reached an agreement with Oriental Energy Company Ltd., (SSE: stock code 002221) ("Oriental Energy"), one of the largest propane dehydrogenation plant (PDH) operators and importers in China, whereby Helios LPG will operate eight VLGC's for Oriental Energy. In addition, Helios LPG has entered into a COA with Oriental Energy covering their shipments from the United States Gulf.

CEO and Chairman John Hadjipateras commented, ""The Helios Pool will increase its market presence by a substantial number of ships and operate a significant cargo system for one of the largest PDH operators and importers of LPG to China. I am a strong believer in the potential of LPG as a fuel which can provide efficient clean energy and am very happy to have contracted with one of the most substantial and significant companies in the field of LPG."
Hier nochmal was zum lesen die Schiffe von Dorian LPG , Avance Gas sollte gut gebucht sein....

Asia's record LPG shortfall to attract increasing U.S. exports


Asia looks to U.S. to fill supply void

* Total Asian demand to reach 113 mln T this year - IHS

* U.S. 2016 exports to Asia to rise to fresh record at 300,000 bpd - JBC Energy

By Seng Li Peng

SINGAPORE, March 31 Asia's supply shortfall of liquefied petroleum gas (LPG) will rise to record highs for at least the next two years, drawing ever more U.S. exports to fill the void.

The deficit between what Asia can supply and demand for LPG will rise to a record of 1.42 million barrels per day (bpd) in 2016, surpassing last year's 1.3 million bpd, said David Wech, managing director of consultancy firm JBC Energy.

This deficit will increase to 1.5 million bpd by 2017, he added. As a result, the region may draw almost 300,000 bpd of LPG from the United States in 2016 and 340,000 bpd in 2017, said Wech.

U.S. exports to Japan, South Korea, Singapore and China, the world's largest LPG consumer, already hit a record in 2015, averaging 248,000 bpd, data from the U.S. Energy Information Administration showed.

Importers of U.S. LPG include Japan's Astomos Energy Corp and Eneos Globe Corp, South Korea's E1 and China's Unipec.

"Since 2009, every year has seen a new all-time high in Asia's LPG deficit due to strong LPG demand growth," said Wech.

U.S.-based Enterprise Products Partners and Phillips 66 are poised to fill Asia's demand as they have either recently expanded their export capabilities or, in the case of Phillips, will be opening a new terminal later this year.

"In the case of South Korea, around 80 to 85 percent of the LPG imports are from the Middle East (Asia's key supplier) and 15 to 20 percent from the U.S, which will likely increase its share from this year. It will be an interesting market," said a LPG consumer.

The U.S. holds a price advantage over Middle Eastern suppliers with propane at the Mont Belvieu, Texas, hub at 43 cents per gallon, or about $230 a tonne, although that does not include freight for the voyage to Asia. That compares to the current contract price from Saudi Aramco at $283.

LPG is a mixture of two gases, butane and propane. Asian consumers primarily use the fuel for cooking and heating but the gas also powers cars and is used as a petrochemical feedstock.

Asia's growing dependence on U.S. LPG may mean higher propane and butane prices for American consumers as exports pull supply away, analysts at Barclays Capital said in a March 28 note.

"As supply and demand fundamentals continue to improve due to increased export levels and domestic (U.S.) demand, we believe ethane and propane are well positioned," said Barclays.

PETROCHEMICALS DRIVE ASIAN DEMAND

Asia's demand needs will steer the market direction.

The region's total LPG consumption, including the Indian subcontinent, is projected to reach 113 million tonnes in 2016, or about 3.6 million bpd, said Yanyu He, director of Natural Gas Liquids Research at IHS, adding that the region has the most acute supply shortages in the world.

This is up from 105 million tonnes in 2015 and it will grow to 121 million tonnes next year, said He.

Residential and commercial users accounted for about 65 percent of the Asian LPG market in 2015 though this will ease to about 64 percent in 2017, said He.

The petrochemical industry will drive Asian LPG demand growth to meet the increasing need for plastics, especially as a packaging material to feed the e-commerce sector.

Petrochemical consumption will account for 15 percent of total Asian LPG usage by 2017, said IHS's He, up from 11 percent in 2015.

New specialised propane dehydrogenation (PDH) plants that use LPG to produce propylene, a precursor to plastics, that have been built recently in South Korea and China are driving that growth.

Additional petrochemical demand occurs when LPG prices drop to at least $50 a tonne lower than naphtha, a light oil product also consumed by the industry. Currently the gap is about $35.

Naphtha crackers can replace up to 15 percent of their naphtha with LPG when the economics work. An average of about 750,000 tonnes of LPG a month could be used this way, said He.

LPG can be extracted from gas fields and during the crude refining process. Typically, a crude oil grade will yield less than five percent LPG when run through a distillation unit.

With a large number of natural gas fields and extensive crude distillation capacity, the Middle East has traditionally supplied Asian LPG needs.

The Middle East's LPG surplus after meeting domestic consumption, most of which will go to Asia, will tick up to 1.25 million bpd this year from 1.23 million bpd in 2015 and reach 1.26 million bpd in 2017, said Wech.


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