Dorian LPG orders three dual-fuel Panamax VLGCs from Hanwha Ocean

Dorian LPG has placed an order with Hanwha Ocean, a South Korean shipbuilder, for the construction of three dual-fuel Panamax very large gas carriers (VLGCs). The total price for these three ships is approximately $345 million (Won463.5 billion). The vessels will be delivered in June, September, and December of 2030. Each Panamax VLGC is equipped with dual-fuel engines, capable of burning liquefied petroleum gas (LPG) or low-sulfur conventional fuels.

The ships are designed with a shaft generator system, enabling power generation onboard during sea voyages. The hull form and main engines have been tailored for larger-diameter propellers and energy-saving devices, which enhance overall energy efficiency. Dorian LPG believes these newbuilds provide commercial flexibility to charterers, as the Panamax dimensions allow transit through the old Panama Canal locks.

The company's chairman, president, and CEO, John Hadjipateras, stated that the newbuilds align with the fleet renewal strategy and aim to reduce emissions. Additionally, Dorian LPG reported favorable forward chartering estimates for the quarter ending September 30, 2026, with 99% of calendar days fixed at a rate exceeding $88,000 per day.

The company also secured a new seven-year, $368.4 million credit facility, refinancing existing debts and providing financial flexibility for growth and fleet renewal.