Dorian LPG announced it has entered into an agreement to build three new dual-fuel Panamax VLGCs for approximately $345 million. The company also secured a new seven-year, $368.4 million credit facility to refinance existing debt. Additionally, Dorian provided strong forward chartering estimates for the third quarter of 2026.
Key Details
- Newbuilding Contract: An agreement was signed with Hanwha Ocean for three 90,000 cbm dual-fuel VLGCs, with deliveries scheduled for June, September, and December of 2030.
- New Credit Facility: The company entered into a new $368.4 million credit facility on September 2, 2026, which includes a $213.4 million term loan and a $155.1 million revolving credit facility. The facility has a seven-year term and an interest margin of 140 basis points over SOFR.
- Forward Chartering Update: For the quarter ending September 30, 2026, the company estimates it has fixed 99% of its available calendar days at a time charter equivalent rate exceeding $88,000 per day.