Dorian LPG, Thenamaris boost VLGC/VLAC newbuilding momentum with Korea and China deals

John C Hadjipateras-led Dorian LPG disclosed on 23 June that it had ordered a 90,000-m³ very large gas carrier (VLGC) at HD Hyundai, with delivery scheduled for July 2029. The dual-fuel Panamax vessel is priced at approximately US$115M.

The US-listed owner said the vessel will be capable of transiting the less congested "old" Panama Canal locks and will be equipped with a shaft generator.

Dorian LPG chief operating officer Alex Hadjipateras told Riviera ahead of Posidonia that the company intends to selectively renew its fleet.

As part of this strategy, Dorian has signed memorandums of agreement to sell 2014-built Corsair and two 2015-built VLGCs for aggregate proceeds of approximately US$256M.

The owner has also sold 84,000-m³ Cobra, built in 2015, generating net proceeds of US$81.9M after commissions and fees.

Dorian LPG chairman, president and chief executive John Hadjipateras said the latest investment reflects the company’s confidence in the long-term prospects of the LPG carrier market and is consistent with its disciplined fleet renewal and expansion strategy.

The owner took delivery of dual-fuel VLGC/VLAC Areion from South Korea’s Hanwha Ocean in March. Dorian LPG now operates a fleet of 27 VLGCs with an average age of 10 years.

Thenamaris expands VLAC presence

Separately, Nikolas Martinos-led Thenamaris has added a third 90,000-m³ very large ammonia carrier (VLAC) to its orderbook at CSSC’s Jiangnan Shipyard.

Riviera first reported in April that the owner had entered the VLAC market through an order for two vessels at the Chinese shipyard, with deliveries scheduled for 2029. According to shipbroking and market sources, the third vessel, also slated for delivery in 2029, stems from an option attached to the original contract.

The vessels are expected to be equipped with shaft generators and two fully pressurised deck tanks, while also featuring LPG dual-fuel propulsion.

Thenamaris is already active in the gas carrier segment, operating a fleet of six LPG carriers and seven LNG carriers. Its LPG vessels are all of 38,000 m³ capacity.

With the latest addition, Thenamaris’ orderbook now stands at 15 vessels, following the launch of a newbuilding programme that has focused primarily on tankers.