Robin Energy agrees to acquire LPG carrier from AI OKTO

Robin Energy Ltd. has entered into an agreement to acquire the LPG carrier Dream Arrax from AI OKTO CORP. for US$18 million, in a transaction involving two Nasdaq-listed companies under common executive control.

The acquisition, arranged through a wholly owned subsidiary of Robin Energy, concerns a 5,000 cubic metre LPG carrier built in 2015. The company expects to finance the purchase using existing cash resources, with vessel delivery anticipated during the fourth quarter of 2026.

The transaction remains subject to customary closing conditions and has not yet been completed.

Related-party transaction receives board approval

AI OKTO is controlled by Petros Panagiotidis, who serves as Chairman and Chief Executive Officer of Robin Energy. The transaction therefore involves companies with common executive control.

According to Robin Energy, the terms were negotiated and recommended by special committees comprising independent and disinterested directors from both companies.

Following this process, the boards of Robin Energy and AI OKTO approved the agreed purchase terms.

The company did not announce any additional financing arrangements, indicating that the acquisition is expected to be funded through cash on hand.

LPG fleet set to expand

Upon completion of the acquisition, Robin Energy’s fleet will comprise three LPG carriers engaged in the transportation of petrochemical gases worldwide.

The addition of Dream Arrax would expand the company’s fleet in the specialised gas transportation segment, subject to the vessel’s successful delivery.

For AI OKTO, the agreed sale would reduce its fleet to one LPG carrier, according to the seller’s separate announcement.

The transaction is expected to conclude during the fourth quarter of 2026, provided that the applicable closing conditions are satisfied.