Dorian LPG Ltd. Announces Delivery of 2023-Built Dual-Fuel VLGC HLS Diamond Under Long-Term Time Charter

Dorian LPG Ltd. (NYSE: LPG) announced the delivery of its 2023-built Dual-Fuel LPG Carrier HLS Diamond on March 23, 2023.

Rhea-AI Summary

Dorian LPG Ltd. (NYSE: LPG) announced the delivery of its 2023-built Dual-Fuel LPG Carrier HLS Diamond on March 23, 2023. This vessel is the second dual-fuel LPG carrier in Dorian LPG's fleet and is chartered out for long-term use, contributing to operational efficiencies.

The HLS Diamond can navigate the older Panama Canal locks, leading to reduced operational costs and delays. Dorian LPG plans to take delivery of two more dual-fuel VLGCs in 2023, enhancing its commitment to environmentally friendly and economically viable shipping solutions.

Positive

• Delivery of HLS Diamond enhances fleet capacity and operational efficiency.
• Ability to transit old Panama Canal locks reduces costs and delays.
• Two additional dual-fuel VLGCs scheduled for delivery in 2023 improve economic and environmental performance.

Negative

• None.

Argus Session date unavailable

-3.86% session move Open Argus

Details

News Market Reaction – LPG

The recorded move for LPG in the trading session of this news was -3.86%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

STAMFORD, Conn., March 23, 2023 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), one of the world's largest owners and operators of modern and ECO very large gas carriers ("VLGCs"), is pleased to announce that it took delivery of the 2023-built Dual-Fuel LPG Carrier HLS Diamond, which is the second dual fuel LPG carrier to join the Dorian LPG fleet, on long-term time charter. She will trade in the Helios LPG Pool which we operate jointly with MOL subsidiary, Phoenix Tankers. HLS Diamond is able to transit the old Panama Canal locks, reducing delays and costs compared to the new Panama Canal. The HLS Diamond is the second of four Dual-Fuel VLGCs that are scheduled for delivery to the Company during calendar 2023, each with improved economics and carbon footprints, consistent with our mission to provide safe, reliable, clean, and trouble-free transportation. 

Forward-Looking & Other Cautionary Statements

This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company's forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company's actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company's financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Dorian LPG's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.

About Dorian LPG Ltd.

Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs.
Dorian LPG's fleet currently consists of twenty-four modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece.

Visit our website at www.dorianlpg.com

For further information:
Dorian LPG Ltd.
Ted Young - Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com

Source: Dorian LPG Ltd.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/dorian-lpg-ltd-announces-delivery-of-2023-built-dual-fuel-vlgc-hls-diamond-under-long-term-time-charter-301780071.html

SOURCE Dorian LPG Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of the HLS Diamond delivery announced by Dorian LPG?

The delivery of HLS Diamond enhances Dorian LPG's fleet and operational efficiency while reducing costs.

When did Dorian LPG announce the delivery of the HLS Diamond?

Dorian LPG announced the delivery of the HLS Diamond on March 23, 2023.

How many dual-fuel VLGCs is Dorian LPG expecting to deliver in 2023?

Dorian LPG is expecting to take delivery of four dual-fuel VLGCs in 2023.

What advantages does the HLS Diamond provide for Dorian LPG?

The HLS Diamond can transit older Panama Canal locks, which reduces operational costs and delays.