Dorian Completes Acquisition of Scorpio VLGC Fleet

MarineLink.com
Wednesday, November 27, 2013

Dorian LPG Ltd. announced that it has  concluded its agreement with Scorpio Tankers Inc. to acquire its Very Large Gas Carrier (VLGC) newbuilding contracts, associated deposits of $83.1 million, and a cash contribution of $1.9 million in exchange for 39.9 million newly issued Dorian LPG shares representing 30% of the Company's pro-forma outstanding shares.

Concurrent with the completion of the transaction between Dorian LPG and Scorpio Tankers, Dorian LPG has also closed its subscription for its private placement of 80,405,405 shares to Norwegian and international institutional investors at a price of NOK 18.50 which represents approximately $250 million in gross proceeds. The Company now has 213,579,150 shares issued and outstanding.

Dorian LPG also declared the two options that were acquired from Scorpio Tankers thereby increasing its fleet to 16 ECO VLGC with deliveries in 2014 and 2015 from Hyundai Heavy Industries Group (HHI) and Daewoo Shipping and Marine Engineering Ltd.

 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

GTT to Exhibit at Euromaritime

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), will exhibit at Euromaritime,

WCI to Honor Sens. Alexander and Vitter

Waterways Council, Inc. (WCI) to honor Senator Lamar Alexander and Senator David Vitter with Leadership Service Awards; Washington Meetings and Waterways Seminar

Crowley Awards Scholarships to SUNY Maritime Students

Crowley Maritime Corporation’s 2014 Thomas B. Crowley Sr. Memorial Scholarships have helped to further educational opportunities for three students of State University

Shipbuilding

Damen Delivers Workboat to Multraship

Towage and salvage operator Multraship has taken delivery of the first of two customized Damen Stan Launch 804s vessels for its line handling and boatmen service companies in Terneuzen,

NewLead Holdings Acquire 5 Vessels

NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less

Greek Shipping Fears Syriza Tax Plan

Will the new government in Greece led by radical-left party Syriza levy higher taxes that the shipping industry can’t afford? A report in WSJ says that several

Tanker Trends

Bomb Threat Cut Lithuania LNG Terminal Output

Gas supply from Lithuania's liquefied natural gas (LNG) import terminal was interrupted on Wednesday due to a bomb threat that later turned out to be a hoax, the

NewLead Holdings Acquire 5 Vessels

NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less

AsiaBio Buys Two Shipping Firms

Asia Bioenergy Technologies Bhd's (AsiaBio) has signed a heads of agreement (HOA) with Hoe Leong Corp Ltd (HCL), Sumatec and Reachmont Logistics Sdn Bhd (RLSB)

News

Damen Delivers Workboat to Multraship

Towage and salvage operator Multraship has taken delivery of the first of two customized Damen Stan Launch 804s vessels for its line handling and boatmen service companies in Terneuzen,

WCI to Honor Sens. Alexander and Vitter

Waterways Council, Inc. (WCI) to honor Senator Lamar Alexander and Senator David Vitter with Leadership Service Awards; Washington Meetings and Waterways Seminar

Denmark's Budget Gap May Flirt with EU Limit if Oil Stays at $50

Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3458 sec (3 req/sec)