NYSE-listed Dorian LPG Ltd., controlled by the family of Greek shipowner John Hadjipateras, is moving ahead with a fleet renewal programme, combining newbuilding investment with the sale of older vessels.
The company, which specialises in the operation of Very Large Gas Carriers (VLGCs), has signed an agreement with HD Hyundai for the construction of a 90,000-cubic-metre VLGC. The vessel is scheduled for delivery in July 2029 at a contract price of 115 million dollars.
At the same time, Dorian LPG has entered into agreements to sell the 2014-built VLGC Corsair and two additional VLGCs built in 2015 for aggregate proceeds of approximately 256 million dollars.
The company is divesting vessels aged 11 and 12 years at a time when second-hand ship values remain at elevated levels.
Delivery of the three vessels to their buyers is expected to be completed by the fourth quarter of 2026.
Strong LPG Shipping Market
Dorian LPG said market conditions remain robust.
For the quarter ending June 30, 2026, the company estimates that, as of the latest reporting date, it had fixed 99% of its available fleet days at average rates exceeding 68,000 dollars per vessel per day.
Conditions for July appear even stronger, with 34% of the fleet already fixed at rates above 100,000 dollars per vessel per day.
The company currently operates a fleet of 27 eco-design VLGCs.
The new vessel to be built by HD Hyundai will be a dual-fuel Panamax-class VLGC designed to transit the less congested original locks of the Panama Canal.
It will also be equipped with a shaft generator system that utilises mechanical energy from the main propulsion engine to improve operational efficiency and reduce emissions.
Focus on Long-Term Value
Chairman and Chief Executive Officer John Hadjipateras said the company remained confident about the growth prospects of the seaborne LPG transportation market.
“We maintain strong confidence in the growth outlook for the LPG shipping market,” Hadjipateras said.
“We believe that our disciplined fleet renewal and expansion strategy, our commitment to our people, our focus on innovation and efficiency, and our strong balance sheet will enable us to deliver long-term value to our shareholders.”
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