Dorian LPG Ltd. Announces Closing of Private Placement of Shares, Start of Trading on NOTC

By MarEx 2013-07-31 08:44:00

Photo: Captain Nicholas ML, LPG / C - Gas Carrier - part of Dorian's fleet.

Dorian LPG Ltd. (“Dorian LPG”) is pleased to announce that it has successfully closed the private placement of 68.8 million shares at US $2.44/share raising approximately US $168 million. Arctic Securities ASA, Pareto Securities AS and Fearnley Securities AS acted as joint lead managers of the placement. The shares were admitted for trading on the OSLO OTC market on Tuesday, July 30, 2013, under the ticker DORIAN. Additionally, in the upcoming months, Dorian LPG intends to seek a listing of its shares on the Oslo Stock Exchange. The private placement was placed with international and Norwegian institutional investors. Following the closing of the private placement, Dorian Holdings LLC and SEACOR Holdings Inc. (NYSE:CKH) (“SEACOR”), who combined committed 32.4% of the private placement will together have a 50.1% stake of the total 93,221,621 shares outstanding.

Commenting on the closing of the private placement, Dorian LPG Chairman Mr. John Hadjipateras stated: “The equity issue was well received among high-quality institutional investors. With a good operational track record and modern ships on the water, as well as Eco-newbuildings and with the support of a solid shareholder base, Dorian LPG is well positioned to benefit from the anticipated strong growth in demand for LPG shipping.”

Dorian LPG is a pure-play LPG shipping company, combining the LPG shipping activities of Dorian (Hellas) S.A. (“Dorian”) and SEACOR, and is set to be a leading owner and operator of modern fuel-efficient Very Large Gas Carriers (“VLGCs”). Dorian LPG owns and operates three modern VLGCs
and one pressurized LPG vessel. In addition, Dorian LPG has ordered three fuel-efficient VLGC newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in July and August 2014 and January 2015. Dorian LPG also holds fixed price options for an additional four VLGCs, giving the company opportunity for advantageous growth. Dorian LPG has offices in Connecticut, USA; London, United Kingdom and Piraeus, Greece.

The products and services herein described in this press release are not endorsed by The Maritime Executive.