Photo credit: Dorian LPG

Dorian LPG, led-by the Greek John Hadjipateras who has been actively involved in the management of shipping companies since 1972, an owner and operator of modern very large gas carriers, took delivery of the dual-fuel LPG carrier “HLS Citrine” built in 2023, on long-term time charter.

The newly built vessel is the first dual-fuel LPG VLGC to join the company´s fleet. The vessel is a Panamax design enabling transits via the old locks for reducing delays, and costs compared to NeoPanama transits, improving the company´s delivery of “trouble free transportation”, as it is mentioned today by Dorian LPG.

“HLS Citrine is able to transit the old Panama Canal locks, reducing delays and costs compared to NeoPanama transits,” the company says.

The vessel will trade in the Helios LPG Pool, which the company operate jointly with MOL subsidiary, Phoenix Tankers, and is the first of four dual-fuel very large gas carriers (VLGCs), that are scheduled for delivery to the company during 2023.

Dorian LPG with offices in Stamford, Connecticut in USA, Copenhagen in Denmark, and Athens in Greece, expects four additional VLGCs to join the company´s fleet during the year 2023, and additional earnings capacity following scrubber installations on three additional vessels.

As the Chairman, President and Chief Executive Officer of Dorian LPG, John C. Hadjipateras, said in the previous week on the company´s overall financial performance: “We were pleased to deliver results for the quarter led by strong TCEs. Our chartering performance drove good cash generation and solid forward bookings, which enabled us to pay a dividend of $1.00 per share, increasing our total dividends declared in the last twelve months to $5.50 per share and cumulative cash returns to shareholders of over $535 million since our IPO. We remain positive on our core business and look forward to four additional VLGCs joining our fleet during calendar year 2023 and additional earnings capacity following scrubber installations on three additional vessels.”