Dorian LPG has entered into an agreement with Hanwha Ocean to construct three 90,000 cbm dual-fuel Panamax very large gas carriers for approximately $345 million.
Deliveries of the vessels, which can operate on liquefied petroleum gas and conventional low-sulphur fuels, are scheduled for June, September, and December of 2030.
The vessels will feature shaft generator systems alongside hull forms and main engines configured for energy-saving devices and larger-diameter propellers.
“These newbuildings reflect our measured approach to fleet renewal coupled with a capital allocation strategy that drives long-term shareholder value creation,” said Chairman, President, and Chief Executive Officer John C. Hadjipateras.
Turning to commercial operations, the company estimated that it has fixed 99 per cent of its calendar days for the quarter ending September 30 at a rate exceeding $88,000 per day. This projection does not include any potential demurrage that may be earned for voyages completing during September.
Separately, Dorian LPG entered into a seven-year $368.4 million credit facility to refinance debt across four existing arrangements.
Carrying a margin of 140 basis points over SOFR with an age-adjusted profile of 22 years, the structure comprises a $213.4 million term loan, a $155.1 million revolving credit facility, and a $200 million accordion feature.
The company will draw $193.8 million at closing, alongside $16 million from the revolving facility to refinance Clermont prior to its delivery to new owners in October. Refinancing for Cresques will enter the facility at the end of September, alongside existing obligations linked to Cougar and the Commander tranche.
