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Dorian LPG secures another Japanese sale and leaseback

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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