Dorian LPG linked to VLGC sale to new market entrant

European shipbrokers said this week that 2015-built, 84,000-m³ Cobra was sold for between US$83-84M to undisclosed interests.

Shipbroking sources have linked Hong Kong-based Yinghao Group to the acquisition.

Both Dorian LPG and Yinghao have been approached for comment.

Yinghao has also been named as the new owner of 2016-built, 82,478-m³ Pacific Dongying, which was offered for sale via an online bidding process last month. Shipbrokers noted that the vessel changed hands for a price close to US$84M.

With these reported acquisitions, Yinghao appears to have entered the LPG carrier segment. The group was previously said to have owned crude tankers, although shipping databases currently do not list any vessels under its name.

Dorian LPG oversees a fleet of 28 modern VLGCs, according to information provided on its website.

Growing investment interest

The LPG carrier market has attracted increased investment interest in both the secondhand and newbuilding sectors over the past month.

Riviera has previously reported on European Navigation Group’s expansion into the segment with a 2003-built VLGC. Meanwhile, Oceangold Tankers and JP Morgan-backed interests have placed VLGC orders at South Korean shipyards.

Another notable investment move came from Thenamaris, which ordered two very large ammonia carriers at CSSC’s Jiangnan Shipyard.