STAMFORD — Dorian LPG, a liquefied petroleum gas transporter, announced this week that it would join the S&P SmallCap 600 stock index on Jan. 15.
With the new listing, the Stamford-based Dorian will become a member of a prominent group of about 600 companies that together provide a representative sample of the performance of public firms with smaller market values. Based on its stock value, Dorian’s market capitalization totaled about $855 million on Wednesday.
Dorian will replace SRC Energy in the SmallCap 600. SRC is being acquired by another SmallCap 600 member, PDC Energy, which will remain in the index.
The SmallCap 600’s parent company, S&P Dow Jones Indices, also runs the S&P 500 and Dow Jones Industrial Average.
For the past quarter, Dorian recorded revenues of about $92 million, compared with $41 million a year ago — a surge that reflected rising daily returns for its vessels.
Aligning with the revenue doubling, the bottom line swung to a $41 million profit, from an approximately $8 million loss a year ago.
“Expansion of U.S. export capacity and increasing demand in Asia from both the domestic and (petrochemical) sectors continue to have a positive impact on freight rates, and our market outlook remains positive,” Dorian CEO, President and Chairman John Hadjipateras said in a statement about the results.
The quarterly results showed Dorian’s sustained ability to grow as an independent company after Singapore-based BW LPG made several billion-dollar offers in 2018. The deal was abandoned after both companies’ executives complained about their counterparts’ negotiating tactics.
On its own, Dorian owns and operates 22 very-large gas carriers, according to its website.
email@example.com; 203-964-2236; twitter: @paulschott