Dorian LPG Ltd., a pure-play LPG shipping company based in Stamford, Connecticut has entered into an agreement with Scorpio Tankers (NYSE: STNG) to acquire all eleven of Scorpio’s Very Large Gas Carrier (VLGC) newbuilding contracts plus a cash contribution of $1.9 million. In exchange, Dorian will sign over a 30 percent ownership stake in their company.
According to a statement on Dorian LPGs website, Scorpio Tankers has already paid $83.1 million in installment payments for the 11 VLGC newbuild contracts at Hyundai Samho Heavy Industries (HSHI) and Daewoo Shipbuilding and Marine Engineering (DSME).
Dorian LPG notes that their company plans to file for IPO on either the NYSE or NASDAQ in 2014. Their current fleet consists of three modern VLGCs and one pressurized LPG vessel. Dorian LPG previously ordered three fuel-efficient VLGC newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in July and August 2014 and January 2015, and holds options for an additional three newbuildings with 2015 deliveries.
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