Dorian LPG rated Strong Buy as TCE rates exceed expectations, signaling strong earnings and potential 65-75% upside.

Dorian LPG is rated Strong Buy due to realized Time Charter Equivalent (TCE) rates surpassing previous bullish estimates, indicating significant upside potential. The company has secured 99% of its current quarter days at rates above $58,000 per day, providing strong earnings visibility and cash flow. With vessel margins up 35% to $31,000 per day, fair value estimates suggest a 65-75% price increase from current levels. The yield could reach 10-13% if these rates continue, and concerns about rate sustainability appear overstated given structural and geopolitical factors supporting the market.