Modern very large gas carrier (VLGC) head owner and operator Dorian LPG Ltd. has announced that it has signed a shipbuilding contract with Hanwha Ocean to order three 90,000 cubic meter Panamax dual-fuel VLGCs, with a total construction price of approximately $345 million. The vessels are scheduled for delivery in June, September, and December 2030, respectively.

The newbuild VLGCs will be equipped with dual-fuel main engines capable of burning both LPG and conventional low-sulfur fuel. They will also feature shaft generator systems, enabling onboard autonomous power generation during voyages. The vessel hull lines and main engines have been optimized to accommodate large-diameter propellers and energy-saving devices around the propeller, further enhancing overall energy efficiency.

John C. Hadjipateras, Chairman, President, and CEO of Dorian LPG, commented: "These new vessels reflect our prudent approach to fleet renewal, aligned with our capital allocation strategy to create long-term value for shareholders."

Beyond offering charterers operational flexibility for transiting the old Panama Canal locks, the newbuilds also continue the company's long-term strategy of investing in technologically advanced vessels, optimizing its business operating structure, and fulfilling its decarbonization .

Dorian LPG also released its fleet operating estimates for the quarter ended September 30, 2026. Based on closing market conditions on that date, the company had already fixed 99% of its operating calendar days under charter, with daily charter rates exceeding $88,000. This estimate does not include potential demurrage income from voyages completed in September 2026.

Separately, on September 2, 2026, Dorian LPG signed a new $368.4 million, seven-year credit facility to refinance existing debt under the 2023 A&R Credit Facility, the Cougar and Cresques Japanese financings, and the BALCAP facility's Commander installment loan. The facility is priced at SOFR plus 140 basis points, with a 22-year vessel age adjustment provision, and consists of a $213.4 million term loan and a $155.1 million revolving credit facility.

As the "Cresques" will be included in this credit facility at the end of September, $193.8 million will be drawn at signing; an additional $16 million will be drawn from the revolving credit facility to finance the "Clermont," which will be delivered to its new owner in October. The facility also includes a $200 million accordion feature to support future business expansion.

Ted Young, Chief Financial Officer and Treasurer of Dorian LPG, stated: "We are very pleased to have completed this financing with our long-standing, high-quality banking group. Upon full drawdown, the facility will consolidate four existing financings into one, achieving an overall reduction in daily interest and principal amortization costs. With the revolving credit facility and accordion feature, this financing provides substantial financial flexibility for our business expansion and fleet renewal efforts."