AUGUST 10, 2018 — Stamford, CT, headquartered Dorian LPG Ltd. (NYSE: LPG), which continues to be the subject of a take-over offer from BW Gas, has reported results for the three months ended June 30, 2018 that included a net loss of $20.6 million, or $0.38 per share, for the period compared to a net loss of $6.7 million in the same quarter of last year.
Chairman, President and Chief Executive Officer John C. Hadjipateras commented, “Following a series of transactions finalized during our first fiscal quarter, we have completed our refinancing plan with no debt refinancing requirements until 2022 and limited interest rate exposure. Our consistent focus on low cash break-evens enables us to execute our strategy in all market conditions. With the recent increase in freight rates, our modern fleet of ECO VLGCs should continue to earn a demonstrable premium, which we believe may become more pronounced following the implementation of new regulations to reduce sulfur emissions. With a de-risked balance sheet and a modern, fuel-efficient fleet, we feel well-positioned for any rate environment and the new world of International Maritime Organization regulations beginning in 2020.”
Among the steps Dorian LPG is considering taking to deal with the IMO sulfur cap is switching some ships to dual fuel. It has entered into a memorandum of understanding with Hyundai Global Service Co., Ltd. to research and conduct preliminary engineering studies on ways to upgrade the main engines of up to 10 of its VLGCs to dual fuel technology utilizing LPG as fuel.