Dorian LPG Orders Three Dual-Fuel Panamax VLGCs From Hanwha Ocean
Dorian LPG has ordered three dual-fuel very large gas carriers (VLGCs) from South Korean shipbuilder Hanwha Ocean. The vessels, each with a capacity of 90,000m³ and equipped to run on liquefied petroleum gas or low-sulphur fuel, are scheduled for delivery in June, September, and December 2030. These ships aim to enhance energy efficiency through advanced design features such as larger-diameter propellers and shaft generator systems. The order aligns with Dorian LPG's strategy of investing in modern vessels that support its trading goals while reducing emissions. The company also announced a new $368.4 million credit facility, refinancing existing debt and providing financial flexibility for future growth through a term loan, revolving credit line, and an accordion feature. Dorian LPG reported strong chartering performance, with 99% of its calendar days fixed at rates above $88,000 per day. The company operates a fleet of 25 modern VLGCs across the US, Denmark, and Greece.
Tickers: $LPG
Topics: capital allocation fleet renewal LPG carriers shipping