Dorian LPG has officially expanded its fleet with the delivery of the Areion, a 93,000 cubic meter (cbm) dual fuel very large gas carrier (VLGC).
Built by Hanwha Ocean Heavy Industries at the Okpo Shipyard in South Korea, the newbuilding is fully capable of transporting both LPG and ammonia.
The Areion will immediately begin its charter employment under the Helios LPG Pool, an entity jointly controlled by Dorian LPG and MOL Energia, operating out of Copenhagen and Singapore.
This latest delivery marks the second wholly owned dual fuel LPG ship to join Dorian’s fleet. Combined with four chartered in dual fuel vessels, this pushes the percentage of low emission alternative fuel ships in Dorian’s active fleet above the 20% mark.
To meet tightening global environmental standards, the Areion is equipped with a suite of advanced maritime technologies:
- Hybrid Scrubber System: Designed to operate in closed loop mode within ports or Emission Control Areas (ECAs), this system significantly cuts down on sulfur oxides, particulate matter, and black carbon compared to standard marine fuels.
- LPG Propulsion: The main engine can run directly on LPG fuel, reducing CO2 emissions by approximately 20%.
- Alternative Marine Power (AMP): The vessel is fitted for cold ironing, allowing it to perform all port operations using shore power to achieve zero emission port stays where infrastructure allows.
- Battery Energy Storage System (BESS) Ready: The ship is prepped for hybrid battery power management to optimize onboard power generation, perform peak shaving, and prevent blackouts.
John C. Hadjipateras, President and CEO of Dorian LPG, emphasized that the new vessel underscores the company’s commitment to advanced marine technology. “Scrubbers and LPG dual fuel engines offer the potential to enhance earnings by optimizing the fuel choice, as does Areion’s ability to transport full cargoes of LPG and ammonia,” he stated.
To finance the final delivery payment, Dorian LPG secured $62.9 million in borrowing. This includes a $42.2 million facility from Citibank (Hong Kong branch), guaranteed by the Korea Trade Insurance Corporation (K-Sure) with a 12 year tenor. The remaining $20.7 million commercial tranche was solely underwritten by Nordea (New York branch) with a 7 year tenor.