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.
US liquified petroleum gas shipping firm Dorian VLGC has secured its third sale and leaseback deal in Japan, with a $70m sale and bareboat charter agreement for a LPG built in 2015. The agreement includes a net cash proceed of $56m and a mandatory buyout in 2031, with the option for an early purchase. Some of the net proceeds will be used by Dorian VLGC to pay down debt. In February, the company agreed a deal for the LPG Concorde for the same price.