Liquified Petroleum Gas Shipping News

The Stamford, Connecticut-based Dorian LPG  has reached a sale and bareboat charter arrangement for its 84,000 cbm carrier Concorde. The liquified petroleum gas shipping company entered into the USD 70 million deal that closed on January 31, 2018, resulting in net cash proceeds of USD 56 million. "We have entered into a sale and bareboat charter arrangement that closed on January 31, 2018 for the Concorde, which was previously financed under the 2015 Debt Facility. The net proceeds from the transaction amounted to $56.0 million, of which we repaid approximately $35.1 million under the 2015 Debt Facility," said a statement from the company.

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.