Dorian LPG entered a seven-year $368.4 million Credit Facility and agreed to build three dual-fuel VLGCs for approximately $345 million. The financing includes a $200 million accordion and revolving capacity, while the ships are scheduled for 2030 delivery, giving investors the stated flexibility for growth and fleet renewal.

Key Highlights

  • Dorian LPG estimates that 99% of its calendar days are fixed at rates exceeding $88,000 per day for the quarter ending September 30, 2026.
  • Dorian LPG agreed to spend approximately $345 million on three new VLGCs.
  • The new credit facility totals $368.4 million.

DORIAN LPG LTD. (NYSE: LPG) entered a seven-year $368.4 million credit facility and agreed to spend approximately $345 million on three new VLGCs. The vessels are scheduled for delivery in 2030, while the financing includes revolving capacity and an accordion facility intended to support growth and fleet renewal.

$345 Million VLGC Contract and New Financing

Their engines can use LPG or conventional low-sulphur fuels, and each vessel will include a shaft generator for onboard power during sea passages. Dorian entered the facility on September 2 to refinance existing indebtedness, with $193.8 million drawn at close and $16 million drawn on the revolving facility to refinance the Clermont. Nordea Bank Abp New York Branch is agent, coordinator and security agent, while Crédit Agricole Corporate & Investment Bank will act as sustainability coordinator. The financing also contains a $200 million accordion facility.

Charter Coverage and Fleet Renewal Flexibility

The estimate excludes potential demurrage from voyages completing during September 2026. Management said the revolving and accordion features provide financial flexibility for growth and fleet renewal, while the newbuildings reflect its stated approach to technologically advanced ships and decarbonization.