Gas carrier operator Dorian LPG has entered into a $70m sale and bareboat charter arrangement for 2015-built VLGC Corvette.
It is the third VLGC sale and leaseback deal the company has done in Japan, the last deal was for the VLGC Concorde in February.
This latest deal results in net cash proceeds of $56m, $33.7m of which was used to repay a portion of a 2015 debt facility.
The financing has a mandatory buyout in 2031 with early purchase options from March 16, 2021.
Dorian LPG currently owns and operates 22 modern VLGCs.