Dorian LPG orders $345M ships, secures $368M loan
Dorian LPG commits to $345 million in new VLGCs and refinances $368.4 million of debt while locking in strong near-term charter rates.
Rhea-AI Filing Summary
DORIAN LPG LTD. (LPG) disclosed that it has agreed to build three 90,000 cbm dual-fuel Panamax VLGCs with Hanwha Ocean for delivery in June, September, and December 2030 at a total price of approximately $345 million, supporting long-term fleet renewal and decarbonization goals. For the quarter ending September 30, 2026, the company estimates it has fixed about 99% of its fleet calendar days at rates in excess of $88,000 per day, excluding any demurrage. Dorian also entered into a new seven-year $368.4 million credit facility to refinance multiple existing facilities, comprising a $213.4 million term loan and a $155.1 million revolving credit facility, with a margin of 140 basis points over SOFR, an age-adjusted profile of 22 years, and a $200 million accordion feature to support future growth.
Positive
- $345 million order for three modern dual-fuel VLGCs supports long-term fleet renewal and decarbonization-focused operations.
- New $368.4 million seven-year credit facility consolidates four financings and is expected to lower interest and principal amortization per day.
- For the quarter ending September 30, 2026, about 99% of fleet calendar days are fixed at rates above $88,000 per day, indicating strong near-term earnings visibility.
- The new facility includes a $200 million accordion and a revolving credit component, providing additional financial flexibility for growth and fleet renewal.
Negative
- The three VLGC newbuildings represent a sizeable capital commitment of approximately $345 million, increasing long-dated investment and funding needs.
- A new $368.4 million credit facility, though refinancing existing debt, maintains a substantial level of financial leverage on the balance sheet.
Filing Explained
The September 2 refinancing was entered into for
8-K Event Classification
Key Figures
Key Terms
VLGC technical
dual-fuel technical
revolving credit facility financial
accordion facility financial
SOFR financial
demurrage financial
FAQ
What new vessel investments did DORIAN LPG LTD. (LPG) announce in this 8-K?
What are the key terms of DORIAN LPG (LPG)'s new credit facility?
How much charter coverage did DORIAN LPG (LPG) report for the September 30, 2026 quarter?
How will the new credit facility affect DORIAN LPG (LPG)'s existing debt structure?
What initial drawings under the new DORIAN LPG (LPG) credit facility are planned?
What is the size and composition of DORIAN LPG (LPG)'s fleet after these announcements?
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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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Republic of the | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification no.) |
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c/o Dorian LPG (USA) LLC, |
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(Address of principal executive offices) |
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(Registrant’s telephone number, including area code): (
(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):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Introductory Note
The information contained in this Current Report on Form 8-K is hereby incorporated by reference into the registration statement on Form S-3 (File No. 333-287752) of Dorian LPG Ltd. (the “Company”), filed with the Commission on June 3, 2025.
Item 1.01 Entry into a Material Definitive Agreement
The information provided in Item 2.03 below is incorporated herein by reference, as applicable.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On September 2, 2026, the Company entered into a new seven year $368.4 million credit facility to refinance existing indebtedness under (i) the amended and restated debt financing facility with Crédit Agricole Corporate and Investment Bank (“Credit Agricole”), ING Bank N.V. (“ING”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), BNP Paribas (“BNP”), and Danish Ship Finance A/S dated December 22, 2024 (the “2023 A&R Debt Facility”), (ii) Cougar and Cresques Japanese Financings, and (iii) the Commander tranche of the BALCAP Facility (the “2026 Credit Facility”).
The syndicate is led by coordinating bookrunners Nordea Bank AbP New York Branch, which is also agent, coordinator, and security agent; and Skandinaviska Enskilda Banken AB (Publ) and bookrunners and mandated lead arrangers Crédit Agricole Corporate & Investment Bank, BNP Paribas, Danish Ship Finance A/S, DNB Carnegie, Inc., ING Capital LLC; and Oversea-Chinese Banking Corporation, London Branch. Crédit Agricole Corporate & Investment Bank will also serve as Sustainability Coordinator, as the facility also has a sustainability linked feature.
Item 7.01 Regulation FD Disclosure
On September 4, 2026, the Company issued a press release (the "Press Release") providing forward chartering estimates. 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 September 4, 2026, Dorian LPG Ltd. issued the Press Release announcing a VLGC newbuilding contract. 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 September 4, 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.
September 4, 2026 | DORIAN LPG LTD. | |
(registrant) | ||
By: | /s/ Theodore B. Young | |
Theodore B. Young | ||
Exhibit 99.1
Dorian LPG Ltd. Announces VLGC Newbuilding Contracts, Forward Chartering Estimates, and New Credit Facility
STAMFORD, Conn., September 4, 2026 – Dorian LPG Ltd. (NYSE: LPG) (“Dorian” or the “Company”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today announced that it entered into an agreement with Hanwha Ocean to build three 90,000 cbm dual-fuel Panamax VLGCs for delivery in June, September, and December of 2030 for a total price of approximately $345 million.
The new VLGCs feature dual-fuel engines capable of operating on LPG and conventional low-sulphur fuels, as well as a Shaft Generator system that enables onboard power generation during sea passages. Their hull forms and main engines are optimized to accommodate larger-diameter propellers and energy-saving devices around the propellers, enhancing the vessel’s overall energy efficiency.
John C. Hadjipateras, Chairman, President, and CEO said, “These newbuildings reflect our measured approach to fleet renewal coupled with a capital allocation strategy that drives long-term shareholder value creation.”
In addition to providing our charterers the commercial flexibility to transit “the old” Panama Canal locks these new buildings will be built consistent with our long-term approach of investing in technologically advanced ships that enhance our trading profile and support our commitment to decarbonization.
Dorian also reports the following estimates for its fleet for the quarter ending September 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 $88,000 per day. This amount does not include any potential demurrage that may be earned for voyages completing during September 2026.
Finally, on September 2, 2026, Dorian entered into a new seven year $368.4 million credit facility to refinance existing indebtedness under the 2023 A&R Facility, Cougar and Cresques Japanese Financings, and the Commander tranche of the BALCAP Facility. The new facility has a margin of 140 basis points over SOFR with an age-adjusted profile of 22 years and is comprised of a $213.4 million term loan and a $155.1 million revolving credit facility. As the Cresques will enter the credit facility at the end of September, $193.8 million will be drawn at close, and $16 million will be drawn on the revolving credit facility to refinance the Clermont, prior to her delivery to new owners in October. The facility also has a $200 million accordion facility to support the Company’s future growth.
The syndicate is led by coordinating bookrunners Nordea Bank AbP New York Branch, which is also agent, coordinator, and security agent; and Skandinaviska Enskilda Banken AB (Publ) and bookrunners and mandated lead arrangers Crédit Agricole Corporate & Investment Bank, BNP Paribas, Danish Ship Finance A/S, DNB Carnegie, Inc., ING Capital LLC; and Oversea-Chinese Banking Corporation, London Branch. Crédit Agricole Corporate & Investment Bank will also serve as Sustainability Coordinator, as the facility also has a sustainability linked feature.
Ted Young, Chief Financial Officer and Treasurer, said “We are pleased to conclude this new facility with a highly regarded group of banks with whom we have worked for many years. The facility, when fully drawn, will consolidate four facilities into one and generate overall savings in interest and principal amortization per day. The facility provides ample financial flexibility for growth and fleet renewal with its revolving credit and accordion features.”
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-five modern VLGCs currently includes six dual-fuel ECO VLGCs, seventeen 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.
Contact Information
Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.