Dorian LPG orders 3 VLGCs, signs $368.4M credit facility

Dorian LPG Ltd. (NYSE: LPG) has signed a contract with Hanwha Ocean to build three 90,000 cbm dual-fuel Panamax very large gas carriers (VLGCs) for a total price of approximately $345 million, with deliveries scheduled for June, September, and December 2030.

The vessels will feature dual-fuel engines capable of running on LPG and conventional low-sulphur fuels, along with a shaft generator system for onboard power generation at sea. The hull forms and main engines are designed to accommodate larger-diameter propellers and energy-saving devices.

The company also reported that for the quarter ending September 30, 2026, it has fixed 99% of its calendar days at a rate in excess of $88,000 per day, excluding potential demurrage from voyages completing during September 2026.

On September 2, 2026, Dorian entered into a seven-year $368.4 million credit facility to refinance existing debt under four prior facilities. The new facility carries a margin of 140 basis points over SOFR and consists of a $213.4 million term loan and a $155.1 million revolving credit facility. At close, $193.8 million will be drawn, with an additional $16 million drawn on the revolving portion. The facility also includes a $200 million accordion feature.

The syndicate is led by Nordea Bank AbP New York Branch as agent, alongside Skandinaviska Enskilda Banken AB, 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. The facility includes a sustainability-linked feature, with Crédit Agricole serving as Sustainability Coordinator.

Dorian currently operates a fleet of 25 VLGCs and has offices in Stamford, Connecticut; Copenhagen, Denmark; and Athens, Greece.

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