Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers (“VLGCs”), today announced that it entered into an agreement with Hanwha Ocean to build three 90,000 cbm dual-fuel Panamax VLGCs for delivery in June, September, and December of 2030 for a total price of approximately $345 million.
The new VLGCs feature dual-fuel engines capable of operating on LPG and conventional low-sulphur fuels, as well as a Shaft Generator system that enables onboard power generation during sea passages. Their hull forms and main engines are optimized to accommodate larger-diameter propellers and energy-saving devices around the propellers, enhancing the vessel’s overall energy efficiency.
John C. Hadjipateras, Chairman, President, and CEO said, “These newbuildings reflect our measured approach to fleet renewal coupled with a capital allocation strategy that drives long-term shareholder value creation.”
In addition to providing our charterers the commercial flexibility to transit “the old” Panama Canal locks these new buildings will be built consistent with our long-term approach of investing in technologically advanced ships that enhance our trading profile and support our commitment to decarbonization.
Dorian also reports the following estimates for its fleet for the quarter ending September 30, 2026, based on the close of business today and estimates that it has fixed 99% of its calendar days at a rate in excess of $88,000 per day. This amount does not include any potential demurrage that may be earned for voyages completing during September 2026.
Finally, on September 2, 2026, Dorian entered into a new seven year $368.4 million credit facility to refinance existing indebtedness under the 2023 A&R Facility, Cougar and Cresques Japanese Financings, and the Commander tranche of the BALCAP Facility. The new facility has a margin of 140 basis points over SOFR with an age-adjusted profile of 22 years and is comprised of a $213.4 million term loan and a $155.1 million revolving credit facility. As the Cresques will enter the credit facility at the end of September, $193.8 million will be drawn at close, and $16 million will be drawn on the revolving credit facility to refinance the Clermont, prior to her delivery to new owners in October. The facility also has a $200 million accordion facility to support the Company’s future growth.
The syndicate is led by coordinating bookrunners Nordea Bank AbP New York Branch, which is also agent, coordinator, and security agent; and Skandinaviska Enskilda Banken AB (Publ) and bookrunners and mandated lead arrangers Crédit Agricole Corporate & Investment Bank, BNP Paribas, Danish Ship Finance A/S, DNB Carnegie, Inc., ING Capital LLC; and Oversea-Chinese Banking Corporation, London Branch. Crédit Agricole Corporate & Investment Bank will also serve as Sustainability Coordinator, as the facility also has a sustainability linked feature.
Ted Young, Chief Financial Officer and Treasurer, said, “We are pleased to conclude this new facility with a highly regarded group of banks with whom we have worked for many years. The facility, when fully drawn, will consolidate four facilities into one and generate overall savings in interest and principal amortization per day. The facility provides ample financial flexibility for growth and fleet renewal with its revolving credit and accordion features.”
Source: Dorian LPG Ltd.
