Dorian LPG has moved to renew its fleet with a $115m order for a 90,000-cbm VLGC at HD Hyundai while lining up the sale of three older gas carriers for about $256m, according to Dorian LPG’s Exhibit 99.1 to its Form 8-K filing with the US Securities and Exchange Commission.
The newbuilding is scheduled for delivery in July 2029. It will be a dual-fuel Panamax VLGC capable of transiting the old Panama Canal locks and will be fitted with a shaft generator to improve power efficiency and reduce emissions.
The order comes with memorandums of agreement to sell the 2014-built Corsair and two unnamed 2015-built VLGCs. Dorian LPG expects the three vessels to be delivered to their buyers by the fourth quarter of 2026, although completion of the sales is not guaranteed.
The owner also pointed to a firm near-term chartering position.
For the quarter ending 30 June 2026, Dorian LPG estimated that 99% of its fleet calendar days had been fixed at rates above $68,000 per day. For July, it estimated that 34% of fleet calendar days had been fixed at more than $100,000 per day.
Dorian LPG Ltd is a Republic of the Marshall Islands company with offices in Stamford, Connecticut, Copenhagen and Athens. Its business is focused on owning and operating VLGCs in the LPG shipping market.
