Dorian LPG orders $115M newbuild, agrees to sell three older VLGCs for $256M

Dorian LPG disclosed a fleet renewal transaction: ordering one modern 90,000 cubic meter VLGC newbuild from HD Hyundai for approximately $115 million (delivery July 2029) while agreeing to sell three older VLGCs built in 2014–2015 for aggregate proceeds of approximately $256 million. The sale vessels are expected to transfer to buyers by Q4 2026, though the company notes no guarantee of completion.

The newbuild will feature dual-fuel propulsion and a shaft generator, improving operational efficiency and reducing emissions relative to the older tonnage being sold. Net proceeds of roughly $141 million ($256M in - $115M out) provide capital flexibility while maintaining fleet capacity with newer, more efficient assets.

The company also disclosed strong near-term charter market conditions: 99% of Q2 2026 calendar days are fixed at rates exceeding $68,000 per day, and 34% of July 2026 days are fixed above $100,000 per day. For retail holders, the transaction represents a routine fleet modernization at favorable asset prices — selling older vessels into a strong secondhand market while locking in a competitively priced newbuild. The net cash inflow and improved fleet efficiency support the company's competitive position without materially altering its operational scale.