Dorian LPG Ltd. Announces Completion of Japanese Financing Transactions for 2 2015-built VLGCs and Sale of its 2008-built VLGC Captain Nicholas ML

March 24, 2022

STAMFORD, Conn., March 24, 2022 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern and ECO very large gas carriers ("VLGCs"), today announced that on March 18, 2022, it completed two $70 million sale and bareboat charter arrangements with the same counterparty for its 2015-built VLGCs Cratis and Copernicus. The Japanese financing transactions resulted in cash proceeds totaling $100 million, of which $50.6 million was used to prepay a portion of the 2015 AR Facility (as defined in the Company's most recently filed Form 10-Q), and the balance of which will be used for general corporate purposes.  Each Japanese financing has a nine (9) 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 to the Company's classification of the Captain Nicholas ML, a 2008-built, debt-free VLGC, as a vessel held-for-sale at December 31, 2021, the sale of the vessel has been completed, resulting in cash proceeds of $48.1 million.

Forward-Looking & Other Cautionary Statements

This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company's forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company's actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company's financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Dorian LPG's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.

About Dorian LPG Ltd.

Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs.  Dorian LPG's fleet currently consists of 22 modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece.

Visit our website at www.dorianlpg.com

For further information:

Dorian LPG Ltd.
Ted Young
Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com
Source: Dorian LPG Ltd.

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SOURCE Dorian LPG Ltd.