Dorian LPG orders three dual-fuel VLGCs from Hanwha Ocean
Dorian LPG has placed an order with Hanwha Ocean for three 90,000-cbm dual-fuel Panamax very large gas carriers (VLGCs), expanding its future fleet with deliveries scheduled for 2030.
The three newbuildings have a combined price of approximately $345 million. Delivery is planned in June, September and December 2030.
The vessels will be equipped with dual-fuel engines capable of operating on LPG as well as conventional low-sulphur fuels. They will also feature shaft generator systems for onboard electricity generation during sea passages.
New VLGCs designed for Panama Canal transit
Dorian LPG said the hull forms and main engines will be optimised to accommodate larger-diameter propellers and energy-saving devices around the propellers.
The Panamax design will also provide charterers with the flexibility to transit the original Panama Canal locks.
John C. Hadjipateras, Chairman, President and Chief Executive Officer of Dorian LPG, said the investment forms part of the company’s approach to fleet renewal.
“These newbuildings reflect our measured approach to fleet renewal coupled with a capital allocation strategy that drives long-term shareholder value creation,” Hadjipateras said.
Dorian LPG also said it had fixed 99% of its fleet’s calendar days for the quarter ending September 30, 2026, at a rate exceeding $88,000 per day, based on its estimates at the time of the announcement.
The estimate excludes any potential demurrage that may be earned from voyages completed during September.
Dorian LPG secures new credit facility
Separately, Dorian LPG entered into a new seven-year $368.4 million credit facility on September 2.
The financing will be used to refinance existing debt under several facilities and consists of a $213.4 million term loan and a $155.1 million revolving credit facility.
The facility carries a margin of 140 basis points over SOFR and includes a $200 million accordion option intended to provide additional capacity for future growth.
Dorian LPG said $193.8 million would be drawn at closing, with Cresques entering the facility at the end of September. A further $16 million will be drawn from the revolving facility to refinance Clermont ahead of the vessel’s delivery to new owners in October.
The lending syndicate is led by Nordea Bank AbP New York Branch and Skandinaviska Enskilda Banken, alongside Crédit Agricole Corporate & Investment Bank, BNP Paribas, Danish Ship Finance, DNB Carnegie, ING Capital and Oversea-Chinese Banking Corporation’s London Branch.
The financing also includes a sustainability-linked feature, with Crédit Agricole Corporate & Investment Bank acting as Sustainability Coordinator.
