John Hadjipateras News

Liquefied petroleum gas (LPG) shipping company Dorian LPG announced it has taken delivery of the newly built very large gas carrier (VLGC) Captain Markos from Japanese shipbuilder Kawasaki Heavy Industries.The 84,000 cubic meter capacity VLGC is a dual-fuel vessel capable of running on on LPG and low-sulfur fuel oil.The ship  is owned by a Japanese owner will be operated by Dorian LPG under a 13-year bareboat charter, trading in the Helios LPG Pool which Dorian LPG jointly operates with Phoenix Tankers Pte. Ltd., a wholly-owned subsidiary of Mitsui OSK Lines Ltd.

A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…

Dorian LPG confirmed that Oslo-based BW LPG BW LPG  has submitted the names of three director candidates to stand for election at Dorian's 2018 Annual General Meeting of Shareholders. Dorian LPG, is a fully-integrated liquefied petroleum gas shipping company and the owner and operator of a large fleet of 22 modern very large gas carriers, has previously received a revised unsolicited proposal from BW LPG to combine with Dorian.Dorian's Board of Directors will review all of BW LPG's actions and respond as appropriate in due course. Dorian shareholders are not required to take any action at this time.John Hadjipateras, Dorian Chairman and CEO…

Ship owner Dorian LPG Ltd. said it will look to upgrade the main engines of up to 10 of its very large gas carriers (VLGCs) to dual fuel technology utilizing liquefied petroleum gas (LPG) as fuel.The ship owner has entered into a memorandum of understanding (MoU) with marine service provider Hyundai Global Service Co., Ltd (HGS) to undertake research and preliminary engineering studies for the project.The initiative follows the conclusion of a study announced in September 2017…

ABS said it has been selected by Dorian LPG to provide an in-depth techno-economic analysis, laying out compliance options for impending global sulfur cap requirements. Dorian LPG owns and operates a fleet of very large gas carriers (VLGCs), transporting liquefied petroleum gas around the world. “It is important for owners and operators to assess their fleets and evaluate their options so that they can develop the most efficient compliance strategies as new requirements come into place,” said ABS Chairman, President and CEO Christopher J. Wiernicki.

The Board of Directors of Dorian LPG Ltd. (NYSE: LPG) today adopted a shareholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of Company common stock (each, a "Right"). The shareholder rights plan will replace the Company's existing rights plan that is due to expire pursuant to its terms on December 20, 2016. John Hadjipateras, Chairman and Chief Executive Officer of the Company, stated: "The Board's decision to adopt the rights plan underscores its commitment to the equitable treatment of all the Company's shareholders. The Rights are intended to enable all Company shareholders to realize the long-term value of their investment in the Company.

Dorian LPG Ltd.  reported today that it took delivery of the ECO VLGC Caravelle from Hyundai Samho Heavy Industries.  The Caravelle is Dorian LPG's 19th and final scheduled newbuilding delivery. The Caravelle will trade in the Helios LPG Pool. In addition, Dorian LPG announced that it recently completed the sale of the Grendon, its 5,000 cubic meter pressurized gas carrier, to unrelated Asian interests. CEO and Chairman John Hadjipateras commented, "With the delivery of the Caravelle and the sale of the Grendon, our fleet is comprised solely of VLGCs and firmly positions us as a leading operator of modern Eco VLGCs focused on providing safe, reliable and trouble-free transportation."

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers, today reported its financial results for the three months ended December 31, 2015. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "The third quarter was an extremely busy period for Dorian as we took the delivery of seven new Eco-design VLGCs. Our cash flow generated from operations has allowed us to repurchase an additional 480,231 shares of our common stock for $5.8 million over the quarter under the board's previously announced authorization to repurchase up to $100 million on or before December 31, 2016. Going forward, we anticipate higher profits and cash generated from operations as a result of our larger fleet, assuming continued favorable market conditions.

Dorian LPG Ltd took delivery of five vessels under our ECO-design VLGC newbuilding program, the Continental, the Constitution, the Commodore, the Cresques and the Constellation. "We continue to find prompt employment out of the yard for our newbuildings, which highlights the underlying strength of the VLGC freight market and the success of the Helios LPG pool. The strong rate environment and our young, quickly-growing fleet have allowed us to generate results ahead of our expectations," John added. It has also reported fiscal second-quarter profit of $41.2 million. The liquified petroleum gas shipping company posted revenue of $74.9 million in the period.

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers today reported its financial results for the three months ended September 30, 2015. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "We took the delivery of five new Eco-design VLGCs this past quarter and are nearing the completion of the build-out of our fleet. We continue to find prompt employment out of the yard for our newbuildings, which highlights the underlying strength of the VLGC freight market and the success of the Helios LPG pool. The strong rate environment and our young, quickly-growing fleet have allowed us to generate results ahead of our expectations.

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015. Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte. Ltd., a 100% subsidiary of Mitsui OSK Lines Ltd. Helios LPG will be operated out of offices in London and Singapore. Tim Hansen, Chartering Manager of Dorian LPG (UK) Ltd., will serve as the Managing Director of the London office and Harpal Cheema, General Manager of Phoenix Tankers' LPG division, will serve as the Managing Director of the Singapore office. John Hadjipateras, CEO of Dorian LPG, has been named Chairman of the Board. Tetsuro Ishiura, Phoenix Tankers Managing Director…

Dorian LPG Ltd. today reported its financial results for the three months ended September 30, 2014. Took delivery of the second vessel under our VLGC newbuilding program, the Corsair, from Hyundai Heavy Industries Co. Ltd. ("Hyundai"), on September 26, 2014 - which is trading in the spot market. Captain John NP recorded time charter equivalent ("TCE") rate of $71,355 for the three months ended September 30, 2014. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "We made progress in Q2 2015, as we continued to build out our fleet with the delivery of the Corsair in late September. We currently own and manage a modern fleet of 5 VLGCs and one pressurized LPG carrier.

Dorian LPG Ltd. a leading owner and manager of modern VLGC's (very large gas carriers), today announced that it has entered into a Memorandum of Understanding ("MOU"), with HNA Logistics Group Co., Ltd. to explore opportunities in the liquefied petroleum gas logistics market. John Hadjipateras, Chairman, President and Chief Executive Officer commented, "We are very pleased to form a strategic relationship with HNA Logistics. Their unique presence in the Chinese market creates opportunities to develop energy related transportation, finance, infrastructure and distribution. "The MOU with Dorian LPG presents a significant opportunity for our company to collaborate with a leader in the LPG industry." Director and Vice President of HNA Logistics, Mr.

Dorian LPG announce that Tim Truels Hansen will join the Company as Chartering Manager, with effect from September 1st, 2014. Dorian explians that Hansen comes to them from AP Moeller Maersk where he began his career at sea, rising to the rank of captain of various sized LPG carriers. He came ashore in 1999, joining the Maersk team with responsibilities in several sectors. In 2002 he began to focus on the LPG sector and from 2004 until Maersk's exit from the LPG sector in 2013 was Senior Charterer responsible for the daily employment of a large fleet of LPG carriers worldwide. He will be moving to London from Denmark and report to Nigel Grey-Turner, the Managing Director of Dorian LPG (UK) Ltd.

Dorian LPG Ltd. opened the New York Stock Exchange (NYSE) on Friday, May 9, 2014. The company’s senior management members and directors stood on the NYSE balcony as Dorian CEO, John Hadjipateras rang the bell. The bell ceremony followed the company’s New York Stock Exchange pricing on Wednesday and first day of trading Thursday. Dorian LPG is a liquefied petroleum gas shipping company and an owner and operator of modern VLGCs. Dorian LPG currently owns and operates three modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG now has 19 ECO VLGC newbuildings under construction.

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.

Dorian LPG Ltd. has successfully closed the private placement of 68.8 million shares at US $2.44/share raising approximately US $168 million. Dorian LPG is a pure-play LPG shipping company, combining the LPG shipping activities of Dorian (Hellas) S.A. ("Dorian") and SEACOR, and is set to be a leading owner and operator of modern fuel-efficient Very Large Gas Carriers ("VLGCs"). The compamy owns and operates three modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG has ordered three fuel-efficient VLGC newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in July and August 2014 and January 2015. Dorian LPG also holds fixed price options for an additional four VLGCs, giving the company opportunity for advantageous growth.