Dorian LPG led-by the Greek John Hadjipateras has confirmed a newbuild deal for a very large ammonia carrier as its revenues stood at $163.1m.

The New York-listed owner of very large gas carriers (VLGCs) said it had made an agreement for a newbuilding very large gas carrier / ammonia carrier to be delivered in the third quarter of 2026.

The shipowner made already the first $23.8m installment payment in January 2024.

The chairman of the company John C. Hadjipateras, in a short statement, revealed that Dorian LPG placed an order to build a new VLGC/AC, as the company believes in the long-term fundamentals in the LPG market and the potential for ammonia transportation.

The owner also confirmed that it added $100m of financial firepower through a new loan. Specifically, the company added a new, uncommitted accordion term loan facility, in an aggregate principal amount of up to $100.0m.

Dorian also announced its recent financial results in a new report. As informed, its net income amounted to $100m for the three months ended December 31, 2023, compared to $51.3m for the same period in 2022.

Meanwhile it reported revenues of $163.1m for the three months, an increase of $59.8m, or 57.8%, from $103.3m for the same period in 2022, primarily due to an increase in average TCE rates and fleet size, partially offset by a reduction of fleet utilization.

The shipowner has currently a fleet which consists of twenty-five modern VLGCs, including four dual-fuel LPG vessels.

John C. Hadjipateras, chairman, president and chief executive, commented, “We are reporting strong financial results, reflecting an extremely favorable market and great teamwork. The dividend declared last week was our tenth, bringing our cumulative dividend payments to over $463 million.”