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Scorpio in share deal to merge VLGC fleet with Dorian LPGScorpio in share deal to merge VLGC fleet with Dorian LPG

Expansionist shipowner Scorpio Tankers is combining its fleet of VLGCs in a newbuildings with Dorian LPG in exchange for a 30% in the latter company.

Marcus Hand, Editor

October 28, 2013

1 Min Read
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Scorpio Tankers is selling its 11 VLGC newbuilding contracts, plus a $1.9m cash consideration, to Dorian LPG for new shares representing a 30% stake in Dorian LPG, creating a new gas carrier giant.

Scorpio Tankers has so far paid $83.1m in downpayments on its newbuildings. Dorian LPG is targeting for an initial public offering in 2014.

"We are pleased with this investment in Dorian LPG on several fronts. We are participating in significant consolidation in the VLGC sector, creating - in Dorian - a preeminent owner/ operator of modern fuel efficient assets,” said Emanuele Lauro, chairman and ceo of Scorpio Tankers.

Dorian LPG has a fleet comprising three VLGCs and one pressurised LPG vessel, and has further three VLGCs on order for delivery in 2014 and 2015.

Scorpio Tankers announced its move into the VLGC sector in early July this year with an order for up to 10 VLGCs for $740m

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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