Dorian LPG said it has ordered three new 90,000-cbm dual-fuel Panamax very large gas carriers from Hanwha Ocean for a combined price of about $345 million, with deliveries scheduled for June, September and December 2030.
The company said the ships are designed with dual-fuel engines that can run on LPG and low-sulfur fuels, plus shaft generators for power production during sea passages. Dorian said the hulls and main engines are optimized for larger-diameter propellers and energy-saving devices, aimed at improving efficiency.
On its fleet utilization, Dorian said it had fixed 99% of calendar days for the quarter ending Sept. 30, 2026, at rates above $88,000 per day. That figure excludes any demurrage from voyages finishing in September.
Dorian also signed a new seven-year, $368.4 million credit facility on Sept. 2, 2026, to refinance several existing borrowings, including the 2023 A&R facility, Cougar and Cresques Japanese financings, and the Commander tranche of the Balcap facility. The new package includes a $213.4 million term loan and a $155.1 million revolving credit facility, with a margin of 140 basis points over SOFR.
At closing, $193.8 million will be drawn, and another $16 million will be drawn on the revolver to refinance Clermont before it is delivered to new owners in October. The facility also includes a $200 million accordion feature.
Dorian said the new financing will consolidate four facilities into one and reduce interest and principal amortization costs per day when fully drawn. As a result of these announcements, the company's shares have moved 1.75% on the market, and are now trading at a price of $54.505. Check out the company's full 8-K submission here.
