Dorian LPG has signed contracts with Hanwha Ocean for three 90,000-cbm dual-fuel Panamax very large gas carriers (VLGCs), with deliveries
Dorian LPG has signed contracts with Hanwha Ocean for three 90,000-cbm dual-fuel Panamax very large gas carriers (VLGCs), with deliveries scheduled for June, September and December 2030.
The vessels have a combined contract value of approximately $345 million. The newbuildings will feature dual-fuel engines capable of operating on LPG and conventional low-sulphur fuel, along with shaft generators for onboard power generation during sea passages. Their hulls and main engines will also be optimized for larger-diameter propellers and energy-saving devices to improve efficiency.
The company also entered into a new seven-year, $368.4 million credit facility on September 2 to refinance existing debt. The facility comprises a $213.4 million term loan and a $155.1 million revolving credit facility, with a margin of 140 basis points over SOFR.
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
… said Ted Young, Chief Financial Officer and Treasurer.
It also includes a $200 million accordion facility to support future growth and fleet renewal.
The financing consolidates four existing facilities and includes a sustainability-linked feature.
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