Dorian LPG (LPG) orders new dual-fuel VLGC and agrees to sell three ships
Rhea-AI Filing Summary
Dorian LPG Ltd. signed a contract with HD Hyundai to build one 90,000 cbm dual-fuel Panamax VLGC for delivery in July 2029 at a price of approximately $115 million. The vessel will include a shaft generator to improve power efficiency and reduce emissions.
The company also entered into memorandums of agreement to sell the 2014-built Corsair and two 2015-built VLGCs for aggregate proceeds of approximately $256 million, expecting deliveries to buyers by the fourth calendar quarter of 2026, though completion is not guaranteed. For the quarter ending June 30, 2026, Dorian estimates that it has fixed 99% of its calendar days at rates in excess of $68,000 per day and for the month ending July 31, 2026, about 34% of days at rates above $100,000 per day.
Positive
- Strategic fleet renewal and monetization: Dorian LPG is selling three VLGCs for approximately $256 million while ordering a modern, dual-fuel Panamax VLGC for about $115 million, rebalancing its 27-vessel fleet toward newer, more efficient tonnage.
- Strong charter rate coverage: For the quarter ending June 30, 2026, the company estimates 99% of calendar days fixed above $68,000 per day, with 34% of July 2026 days fixed above $100,000 per day, supporting near-term revenue visibility.
Negative
- None.
Insights
Dorian LPG combines fleet renewal with strong near-term charter coverage.
Dorian LPG is refreshing its fleet while locking in high charter rates. It ordered a 90,000 cbm dual-fuel Panamax VLGC for delivery in July 2029 at approximately $115 million, adding modern, more efficient capacity tailored to Panama Canal constraints.
The company agreed to sell the 2014-built Corsair and two 2015-built VLGCs for aggregate proceeds of about $256 million, with deliveries expected by the fourth calendar quarter of 2026, though the press release notes completion is not guaranteed. This shifts capital from older vessels into a newer, lower-emission ship.
Operationally, Dorian estimates that for the quarter ending June 30, 2026, it has fixed 99% of its calendar days at rates above $68,000 per day, and for the month ending July 31, 2026, about 34% of days above $100,000 per day. These figures indicate substantial near-term revenue visibility, though actual results remain subject to the usual market and execution risks highlighted in its forward-looking statements.
8-K Event Classification
Key Figures
Key Terms
VLGC financial
dual-fuel Panamax VLGC technical
shaft generator technical
memorandums of agreement financial
forward-looking statements regulatory
liquefied petroleum gas technical
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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c/o Dorian LPG (USA) LLC, |
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(Former Name or Former Address, if Changed Since Last Report): None
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Item 7.01 Regulation FD Disclosure
On June 23, 2026, Dorian LPG Ltd. issued a press release (the "Press Release") providing an update on estimates for its fleet for the quarter ending June 30, 2026. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 to Form 8-K, the information under this Item 7.01 and the Press Release shall be deemed to be "furnished" to the Securities and Exchange Commission (the "SEC") and not be deemed to be "filed" with the SEC for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 8.01 Other Events
On June 23, 2026, Dorian LPG Ltd. issued the Press Release announcing a VLGC newbuilding contract and memorandums of agreement to sell three VLGCs. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit Number | | Description |
99.1 | Press Release dated June 23, 2026 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
June 23, 2026 | DORIAN LPG LTD. | |
(registrant) | ||
By: | /s/ Theodore B. Young | |
Theodore B. Young | ||
Exhibit 99.1
Dorian LPG Ltd. Announces VLGC Newbuilding Contract, Forward Chartering Estimates and Memorandums of Agreement to Sell Three VLGCs
STAMFORD, Conn., June 23, 2026 – Dorian LPG Ltd. (NYSE: LPG) (“Dorian”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today announced that it entered into an agreement with HD Hyundai to build one 90,000 cbm VLGC for delivery in July 2029 for a price of approximately $115 million. Dorian also has signed memorandums of agreement to sell the 2014-built Corsair and two 2015-built VLGCs for aggregate proceeds of approximately $256 million. Dorian expects to deliver each of the vessels to their purchasers by the fourth calendar quarter of 2026. There is no guarantee that these transactions will be completed by the fourth calendar quarter of 2026 or at all.
Dorian also reports the following estimates for its fleet for the quarter ending June 30, 2026, based on the close of business today and estimates that it has fixed 99% of its calendar days at a rate in excess of $68,000 per day. For the month ending July 31, 2026, the Company estimates that it has fixed 34% of its calendar days at a rate in excess of $100,000 per day.
Dorian’s new building will be a dual-fuel Panamax VLGC, allowing the vessel to pass through the less congested “old” Panama Canal locks. Additionally, she is being built with a shaft generator. The integration of a shaft generator allows the vessel to harness mechanical energy from the main propulsion system, optimizing operational power efficiency and reducing the vessel’s overall emissions.
John C. Hadjipateras, Chairman, President, and CEO said, “We are confident in the growth prospects of the LPG transportation market and believe that our disciplined fleet renewal and expansion strategy, commitment to our people, focus on innovation and efficiency, along with a solid balance sheet will enable us to deliver long-term value for our shareholders.”
Dorian undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.
About Dorian LPG Ltd.
Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG's fleet of twenty-seven modern VLGCs currently includes six dual-fuel ECO VLGCs, nineteen ECO VLGCs, and two modern VLGCs. Its business is centered around safe, reliable, clean and trouble-free transportation for its customers. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit www.dorianlpg.com.
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.
Investor Contact Information
Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.
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