Dorian LPG Ltd (LPG)

Debt-to-equity ratio

		Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Long-term debt	US$ in thousands	551,549	564,686	578,167	591,227	604,257	577,202	589,961	605,107	590,687	506,738	500,392	527,318	539,652	552,103	564,343	594,246	581,919	586,305	601,577	616,875
Total stockholders’ equity	US$ in thousands	1,023,530	984,058	923,309	885,609	873,846	837,327	825,369	844,349	920,151	924,191	906,949	938,548	946,825	1,015,770	989,591	989,953	977,052	982,025	954,372	919,080
Debt-to-equity ratio		0.54	0.57	0.63	0.67	0.69	0.69	0.71	0.72	0.64	0.55	0.55	0.56	0.57	0.54	0.57	0.60	0.60	0.60	0.63	0.67

March 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $551,549K ÷ $1,023,530K
= 0.54

The debt-to-equity ratio of Dorian LPG Ltd has shown some fluctuations over the past several quarters. The ratio has ranged from a low of 0.54 in Dec 31, 2020, to a high of 0.72 in Jun 30, 2022. Generally, the trend has been increasing with occasional dips. This indicates that the company has been relying more on debt financing relative to equity financing over time. It is important to note that a higher debt-to-equity ratio can indicate higher financial risk due to higher levels of debt, which may lead to increased interest payments and financial obligations. It would be advisable for stakeholders to closely monitor this ratio to ensure the company's debt levels are sustainable and within acceptable limits.