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. Dorian LPG has offices in Connecticut, USA; London, United Kingdom and Piraeus, Greece.
Commenting on the closing of the private placement, Dorian LPG Chairman Mr. John Hadjipateras stated, "The equity issue was well received among high-quality institutional investors. With a good operational track record and modern ships on the water, as well as Eco-newbuildings and with the support of a solid shareholder base, Dorian LPG is well positioned to benefit from the anticipated strong growth in demand for LPG shipping."