Dorian LPG has completed two $70m sale and bareboat charter arrangements with the same counterparty for its 2015-built very large gas carriers (VLGCs) Cratis and Copernicus.
The New York-listed VLGC owner said the Japanese financing transactions resulted in cash proceeds of $100m, of which $50.6m was used to prepay a portion of the 2015 accounts receivable (AR) credit facility, and the balance will be used for general corporate purposes.
Each financing has a nine-year term with purchase options beginning on March 18, 2025, amortizes principal of $340,000 per month, and carries a fixed interest rate of 4.1%.
Further, the company has completed the sale of the 2008-built Captain Nicholas ML, renamed Green Sarita, to MOL’s subsidiary in India, Sakura Energy Transport, resulting in cash proceeds of $48.1m. The Stamford-headquartered firm currently has a fleet of 22 VLGCs.