Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers ("VLGCs"), announced that it has 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, at a total price of approximately $345 million, equating to roughly $115 million per vessel.

The new VLGCs will be equipped with dual-fuel engines capable of running on LPG and conventional low-sulphur fuels, along with 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 each vessel's overall energy efficiency. LPG as a marine fuel produces lower CO2 emissions per unit of energy than conventional fuel oil and virtually no sulphur oxides, which is why dual-fuel VLGC newbuildings have become the dominant choice among gas shipowners as the shipping industry works toward the IMO's decarbonization targets.

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."

Beyond providing charterers with the commercial flexibility to transit "the old" Panama Canal locks, the newbuildings are consistent with Dorian's long-term approach of investing in technologically advanced ships that enhance its trading profile and support its commitment to decarbonization. The Panamax dimensions are significant because the old Panama Canal locks impose beam restrictions that larger, fully loaded VLGCs cannot transit, so ships of this size retain access to US Gulf-to-Asia routing alternatives through the Canal, one of the main arteries of the global LPG trade.

Forward Chartering Estimates

Dorian also reported estimates for its fleet for the quarter ending September 30, 2026, based on the close of business today. The company estimates that it has fixed 99% of its calendar days at a rate in excess of $88,000 per day. This figure does not include any potential demurrage that may be earned for voyages completing during September 2026. The high coverage at a rate above $88,000 per day gives the company substantial revenue visibility into the quarter, with VLGC earnings having fluctuated widely in recent years as LPG export volumes from the US Gulf and Middle East have shaped fleet utilization.

New $368.4 Million Credit Facility

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, the Cougar and Cresques Japanese Financings, and the Commander tranche of the BALCAP Facility. The new facility carries a margin of 140 basis points over SOFR with an age-adjusted profile of 22 years and comprises 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 includes a $200 million accordion feature to support the company's future growth. The consolidation of four separate financings into a single facility, paired with a revolving tranche and accordion capacity, comes as many shipowners have sought to simplify capital structures to preserve flexibility for fleet renewal programs.

The syndicate is led by coordinating bookrunners Nordea Bank AbP New York Branch, which also serves as agent, coordinator, and security agent, and Skandinaviska Enskilda Banken AB (Publ). Bookrunners and mandated lead arrangers are 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 includes a sustainability-linked feature, a structure under which loan pricing can be tied to the borrower's performance against environmental targets.

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."

Dorian undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise, except as required by law. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this press release might not occur, and the company's actual results could differ materially from those anticipated in these forward-looking statements.

Source: Dorian LPG Ltd. via Hellenic Shipping News (05/09/2026).