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Dorian LPG Orders Very Large Gas Carrier From HD Hyundai

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Dorian LPG (LPG) has struck a deal with HD Hyundai under which the latter will build one 90,000 cbm very large gas carrier for about $115 million, with a July 2029 delivery date, Dorian said on Tuesday.

The vessel will be a dual-fuel Panamax VLGC capable of passing through the "old" Panama Canal locks and it will feature a shaft generator that boosts efficiency and cuts emissions.

The company has also signed memorandums of agreement to sell three other VLGCs, the Corsair built in 2014 and two other vessels built in 2015, for a total of $256 million.

Dorian will deliver the vessels to the buyers in Q4, but stressed that there was no guarantee the sales would be completed by then or that they were certain to go ahead.

The company said that in Q2, it estimates that it fixed 99% of calendar days at rates in excess of $68,000 and for the month of July, it estimates 34% of days will be fixed at a rate above $100,000 per day.

This may refer to the leasing of ships, but it did not explain further.

Dorian has a total fleet of 27 VLGCs, it said.

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