Dorian LPG takes delivery of dual-fuel VLGC Captain Markos under 13-year bareboat charter

DORIAN LPG LTD.

Captain Markos delivered March 31, 2023 from Kawasaki Heavy Industries; third of four dual-fuel VLGCs due in 2023.
Company paid $25M cash and entered into $56M bareboat financing; debt at SOFR + 2.5898% (including spread and margin).
Financing has fixed monthly principal payments, balloon of $19.4M, and early buyout options from March 31, 2028.
Vessel will trade in the Helios LPG Pool operated jointly with Phoenix Tankers Pte. Ltd. (Mitsui OSK Lines).
This is the first technically managed dual-fuel LPG VLGC for Dorian LPG; improves economics and carbon footprint.

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