Dorian LPG Secures New Financing for Fleet Development

Dorian LPG has finalised a new seven-year financing package totalling $368.4 million. This arrangement consolidates four existing financing facilities, streamlining the company's financial structure.

The new financing comprises a $213.4 million term loan and a $155.1 million revolving facility. Both components are priced at 140 basis points over SOFR, reflecting current market conditions for such credit.

At the initial closing, Dorian LPG will draw $193.8 million from the facility. This capital is designated to refinance existing debt, enhancing the company's financial flexibility and long-term planning.

The company is also progressing with its fleet development strategy. This includes the confirmed acquisition of three Very Large Gas Carriers (VLGCs) from Hanwha Ocean, previously known as Daewoo Shipbuilding & Marine Engineering.

These new vessels are designed to incorporate advanced propulsion technology, specifically dual-fuel LPG engines. This technological integration aims to improve operational efficiency and reduce environmental impact, aligning with evolving industry standards.

The introduction of these modern VLGCs is expected to support the company's capacity in the global gas transportation market. The strategic investment in new tonnage reflects a commitment to maintaining a competitive and technologically advanced fleet.