In striking a deal with China's HNA Logistics Group, the NYSE-listed Dorian and its new partner will jointly explore opportunities in the LPG market. Hadjipateras, chairman, president and ceo of Dorian said: “We are very pleased to form a strategic relationship with HNA Logistics. Their unique presence in the Chinese market creates opportunities to develop energy related transportation, finance, infrastructure and distribution. We will focus our efforts in this important market to forge relationships with Chinese LPG ship charterers and LPG end users.”
HNA Logistics director and vice president, Ximen “Steve” Chen, said: “The MoU with Dorian LPG presents a significant opportunity for our company to collaborate with a leader in the LPG industry.
“We will jointly engage in the development of green energy logistics which includes LPG vessel investment, gas supply chain solutions and infrastructure in the Chinese market, with the ultimate goal of together building an LPG distribution business in China to take advantage of the significant opportunities for growth in the global LPG industry.”
As this partnership cemented, it was revealed Dorian had joined forces with MOL’s division Phoenix Tankers to establish a VLGC pool. This pool will see Phoenix's 11 VLGCs and Dorian’s trading fleet of four VLGCs combined under management from Singapore and London. Dorian also has 18 ships on order.
Of this development, Hadjipateras, said: "We expect our jointly operated pool, comprising the world's number one eco-VLGC fleet as well as other modern vessels, will be very well positioned to provide efficient service to customers in the Eastern and Western Hemispheres."
In parallel with the announcement, Dorian, disclosed a profit of $2.83m for the second quarter of 2014. This compares to a gain of $4.41m a year ago.
Hadjipateras said: “Growth of the LPG industry represents a significant opportunity for our company, specifically the US export market which has grown rapidly since 2009 and continues to expand at a steady pace.”
Meanwhile, NYSE-listed Dorian, has taken delivery of the 84,000 c um Dorian Comet from Hyundai Heavy Industries, South Korea, which has been fixed to Shell for five years. In all, Dorian boasts a fleet of 23 vessels including the 18 eco-VLGCs under construction.
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