Scorpio Tankers Dispose VLGC Newbuild Contracts to Dorian LPG

MarineLink.com
Monday, October 28, 2013
Dorian LPG logo

Dorian LPG Ltd. has entered into an agreement with Scorpio Tankers Inc. whereby Scorpio Tankers will contribute its entire Very Large Gas Carrier ("VLGC") newbuilding contracts, together with a cash contribution of $1.9 million, in exchange for newly issued shares representing 30% of Dorian's pro-forma outstanding shares immediately following the transaction. As of the date of the transaction, Scorpio Tankers will have paid $83.1 million in installment payments for the 11 VLGC contracts.

As part of the transaction, the Company will grant Scorpio Tankers certain protection rights customary for significant shareholders, which will terminate upon Dorian LPG's listing on the NYSE or NASDAQ, which is expected to take place within 2014.

John Hadjipateras, Chairman of the Board of Dorian LPG commented: "We welcome Scorpio Tankers as our major investor and are pleased to have their vote of confidence in contributing to Dorian LPG all of their VLGC newbuilding contracts. The consolidation of these additional, high quality, fuel-efficient, ECO newbuildings further enhances and validates our commitment to be a very high quality owner and operator in this sector of LPG transportation."

The above-mentioned transaction, which is subject to the execution of definitive agreements and satisfaction of customary closing conditions, is expected to close within the fourth quarter of 2013, at which time the Company anticipates to commence a capital raise.
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

Livanos Becomes Euronav Chairman

On 22 July 2014, the Board of Directors of Euronav NV unanimously appointed Peter G. Livanos as Chairman of the Board, with immediate effect in replacement of Marc

MN 100: Scania USA Inc.

121 Interpark Blvd. Ste. 1002 San Antonio, Texas 78216 Tel: (210) 679-3126  Email: smurdock@scaniausainc.com Website: www.scaniausa.com President & CEO:

Contracts

MacGregor Wins Stena RoRo Conversion Job

MacGregor, part of Cargotec, has received a contract from Stena North Sea Ltd. to convert the 29,800gt RoPax ferry Dieppe Seaways to optimize it for its new route

SBI Offshore Negotiating Contract for Rig Builds

SBI Offshore Limited has announced that the Middle East-Chinese consortium, which recently awarded its subsidiary a contract to provide design and engineering services for a jack-up drilling rig,

Brazilian PSVs Get Rolls-Royce Offshore Cranes

Rolls-Royce signed a contract with Detroit Chile SA to supply offshore cranes to nine Platform Supply Vessels (PSVs) presently under construction at Detroit Brasil Ltda.

Shipbuilding

MES-UBI Begins Operations in Vietnam

Mitsui Engineering & Shipbuilding Co., Ltd (MES) and UBI Tower Sole Member Limited (UBI Tower) established the joint venture company named MES-UBI Heavy Industries

Survitec Escape Slide Chosen for Norwegian Ferry

The all-electric Zero Cat ferry, currently under construction at the Fjellstrand yard in Norway, will enter service next year with Norled as the first Norwegian

First N.American Boat Powered by Volvo Penta IPS

Thomas Paine, the new 50-ft. aluminum patrol boat that joined the Massachusetts Environmental Police fleet in July, is the first commercial vessel in North America

Finance

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

EU to Help Italy Cope with Boat Migrants

The European Commission said on Wednesday it would launch an EU version of Italy's sea rescue operation to help it deal with the droves of migrants crossing the

Governors Write Obama for Mississippi River Funding

Governors seek President Obama’s support for upper Mississippi River commercial navigation locks and ecosystem The Governors of the five Upper Mississippi River States of Illinois,

LNG

Seaborne Ethane and Demand for a New Ship Type

Lloyd's Register report looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased U.

Wishful Thinking From Across the Pond

European Shipowners Pursue Softening of the Jones Act Just last month, the Secretary General of the European Community Shipowners’ Association (ECSA) opined that

Pskov Gas Carrier Construction Nears Completion

On August 25, 2014, the naming ceremony for the Pskov high-tech liquefied natural gas (LNG) carrier was held at the South Korean shipyard STX Offshore & Shipbuilding.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1561 sec (6 req/sec)