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

Rhea-AI Summary

Dorian LPG Ltd. (NYSE: LPG) announced the delivery of the HLS Citrine, a 2023-built Dual-Fuel LPG Carrier, under a long-term Time Charter. This marks the introduction of the first Dual-Fuel VLGC to Dorian's fleet, aimed at enhancing operational efficiency. The HLS Citrine can navigate the older Panama Canal locks, reducing transit delays and associated costs. It is part of a broader initiative, with four Dual-Fuel VLGCs expected to join the fleet in 2023, focusing on improved economics and environmental sustainability.

Positive

• Delivery of the first Dual-Fuel LPG Carrier enhances fleet capabilities.
• Operational efficiencies achieved through the ability to transit older Panama Canal locks.
• Part of a strategic expansion with four additional Dual-Fuel VLGCs scheduled for delivery in 2023.

Negative

• None.

STAMFORD, Conn., Feb. 13, 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 on long-term Time Charter of the 2023-built Dual-Fuel LPG Carrier HLS Citrine. This is the first Dual-Fuel LPG VLGC to join our fleet. She will trade in the Helios LPG Pool which we operate jointly with MOL subsidiary, Phoenix Tankers. HLS Citrine is able to transit the old Panama Canal locks, reducing delays and costs compared to NeoPanama transits. She is the first 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 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.

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SOURCE Dorian LPG Ltd.

FAQ

What is the significance of Dorian LPG's announcement on February 13, 2023?

Dorian LPG announced the delivery of the HLS Citrine, the first Dual-Fuel LPG Carrier in its fleet, which will enhance operational efficiency.

How does the <i>HLS Citrine</i> impact Dorian LPG's operations?

The HLS Citrine can transit the old Panama Canal locks, reducing delays and costs compared to NeoPanama transits.

What is Dorian LPG's strategy with the new Dual-Fuel VLGCs?

Dorian LPG's strategy includes the delivery of four Dual-Fuel VLGCs in 2023, aimed at improving economics and carbon footprints.