Wells Fargo Securities has downgraded shares in Dorian LPG amid the belief the shipowner may perform a U-turn on starting a new dividend policy.
Analyst Mike Webber lowered the New York-listed gasship owner from outperform to market perform today.
Webber says Dorian is likely to build cash and deleverage at a time when supply headwinds await the VLGC market.
The analyst suggests the shipowner is in the wrong place at the wrong time given chaos in the energy markets and 19% fleet growth in its sector this year.
