In a corporate fleet renewal move, Dorian LPG secured a $368.4 million financing package and confirmed orders for three very large gas carriers from Hanwha Ocean. The combined ship order is worth about $345 million.
The seven year facility includes a $213.4 million term loan and a $155.1 million revolving line, priced at 140 basis points over the Secured Overnight Financing Rate. Dorian plans to draw $193.8 million at closing, while a further $16 million will refinance Clermont before the vessel passes to its new owner in October. A $200 million accordion gives the company room for later investment.
Hanwha Ocean will deliver the three 90,000 cubic metre ships in June, September and December 2030. Each vessel can burn liquefied petroleum gas or conventional low sulphur fuel. A separate $115 million order at HD Hyundai, due in July 2029, brings Dorian's announced new vessel investment this summer to about $460 million.
Dorian has sold four vessels built in 2014 and 2015 for more than $340 million as secondhand values remain firm. Those proceeds cover much of the cost of the Hanwha order and shift the 25 ship fleet toward newer tonnage. The financing links that asset sale programme to deliveries scheduled through 2030.