Company: LPG
Filing Date: 2025-05-29
Form Type: 10-K
Source: 0001596993-25-000034
Chunk: 38

Company: DORIAN LPG LTD.
Filing Date: 2025-05-29
Form: 10-K
Item: Item 1A
Chunk 38
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ITEM 1A.  RISK FACTORS 

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The following risks relate principally to us and our business and the industry in which we operate. Other risks relate principally to the securities markets and ownership of our common shares. Any of the risk factors described below could significantly and negatively affect our business, financial condition and results of operations and our ability to pay dividends, and lower the trading price of our common shares.

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Summary of Risk Factors

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The following is a summary of the risk factors you should be aware of before making a decision to invest in our common stock. This summary does not address all the risks we face. Additional discussion of the risks summarized in this risk factor summary, and other risks we face, can be found below in this risk factor section and should be carefully considered, together with other information in this Annual Report and other filings with the Commission, before making an investment decision regarding our common stock.

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Risks Relating to Our Company

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●We, and the Helios Pool, operate exclusively in the VLGC segment of the LPG shipping industry. Due to the general lack of industry diversification, adverse developments in the VLGC segment of the LPG shipping industry may adversely affect our business, financial condition and operating results.

●Seasonal and other fluctuations in respect of spot market charter rates have had in the past and may have in the future a negative effect on our revenues, results of operations and cash flows.

●We and/or our pool managers may not be able to successfully secure employment for our vessels or vessels in the Helios Pool, which could adversely affect our financial condition and results of operations.

●We face substantial competition in trying to expand relationships with existing and new customers. 

●We and the Helios Pool are subject to risks with respect to counterparties which could cause us to suffer losses or negatively impact our results of operations and cash flows.

●We expect to be dependent on a limited number of customers for a material part of our revenues.

●Restrictions on VLGC transits and increased toll charges at the Panama Canal may have an adverse effect on our results of operations.

●Our indebtedness and financial obligations may adversely affect our operational flexibility. 

●Our existing and future debt and financing agreements contain and are expected to contain restrictive covenants that may limit our liquidity and corporate activities. 

●We may be adversely affected by developments and exposed to volatility in the SOFR market.

●We have and may in the future selectively enter into derivative contracts and forward freight agreements, which can result in