Dorian LPG Gets Finance for Scorpio Tankers Deal

MarineLink.com
Tuesday, November 05, 2013

US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended to part pay for Dorian's recent acquistion of Scorpio Tankers' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an option to build two additional VLGCs.

The Private Placement is expected to close on November 14, 2013, subject to satisfaction of certain customary closing conditions and the completion of the Transaction. Upon closing of the Private Placement, the Company will have 213,579,150 shares issued and outstanding.

The Company plans to use the proceeds from the Private Placement to part finance a series of VLGC newbuildings and for general corporate purposes.

Pareto Securities AS acted as Global Coordinator with Arctic Securities ASA, DNB Markets, and Fearnley Securities AS, as Joint Lead Managers.

About Dorian LPG Ltd.
Dorian LPG is a pure-play LPG shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently has three modern VLGCs andone pressurized LPG vessel.

http://www.dorianlpg.com


People & Company News

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Five Minutes with Paul Switzer

Five minutes with Paul Switzer - Manager, Shipbuilding & Offshore, Viega   For readers not familiar with Viega, please give a ‘birds eye’ view, putting the company

Shipbuilding

COSCO Delivers PSV and Two Jack-up Rigs

Cosco (Dalian) Shipyard Co., Ltd., a subsidiary of its 51 percent owned Cosco Shipyard Group Co., Ltd., has delivered two jackups to the Foresight Group of companies

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

ACE Winches Bags Order from Vard

Deck machinery specialist ACE Winches said it has been awarded a spooling contract with Vard Group AS for Norway’s largest construction vessel.   The scope of work includes the spooling of two 3,

Tanker Trends

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

Big Tankers' Need for Retrofit Slows Use of New Panama Canal

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected

Pressure Mounting on VLGCs Rates - Drewry

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.

Finance

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

UASC's Dismal Performance

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

LNG

Höegh LNG Speeds up FSRU Conversion

Höegh LNG Holdings Ltd. today announced that it has signed agreements with Wärtsila Oil and Gas (EPCIC regas) and Moss Maritime (engineering) for its first FSRU conversion project,

China Receives First American LNG Cargo

The first cargo of US liquefied natural gas (LNG) to target the world’s largest energy consumer arrived Monday at the Chinese port of Yantian in Shenzhen near Hong Kong.

Pakistan Mulls Second LNG Import Terminal

BW Group (BW) has signed a 15-year agreement with Pakistan GasPort Limited (PGPL) to provide LNG regasification services utilizing a new-build Floating Storage

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1083 sec (9 req/sec)