
Dual-Fuel LPG and Ammonia Gas Carrier &#34;Areion&#34; to Join Helios Pool


Dorian LPG Ltd. (NYSE:LPG) (the &#34;Company&#34; or &#34;Dorian LPG&#34;), a leading owner and operator of very large gas carriers (&#34;VLGCs&#34;),

<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<b xmlns="http://www.w3.org/1999/xhtml">Dual-Fuel LPG and Ammonia Gas Carrier "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" to Join Helios Pool</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dorian LPG Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LPG">LPG</a>) (the &#34;Company&#34; or &#34;Dorian LPG&#34;), a leading owner and operator of very large gas carriers ("VLGCs"), announced today the delivery of its 93,000 cubic meter (cbm) dual-fuel newbuilding named "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" an LPG and ammonia very large gas carrier (VLGC/AC) from Hanwha Ocean Heavy Industries Co., Ltd. at the Okpo Shipyard in South Korea. The "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" will commence employment on charter under the Helios LPG Pool, an entity jointly controlled by Dorian LPG Ltd and MOL Energia Pte Ltd., with offices in Copenhagen and Singapore. "Areion", in Greek Mythology, is the name given to a black-maned horse known for its extraordinary speed, spoken wisdom, and significant powers.

</p><p xmlns="http://www.w3.org/1999/xhtml" id="news-body-cta">This press release features multimedia. View the full release here: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260320545443/en/" rel="nofollow">https://www.businesswire.com/news/home/20260320545443/en/</a></p><div xmlns="http://www.w3.org/1999/xhtml" id="bwbodyimg" style="width: 480px; float:left; padding-left:0px; padding-right:20px; padding-top:0px; padding-bottom:0px;"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mms.businesswire.com/media/20260320545443/en/2752863/4/Areion_1200x899.jpg" alt="The Areion - dual-fuel newbuilding VLGC/AC"></img><p xmlns="http://www.w3.org/1999/xhtml" style="font-size:85%;">The Areion - dual-fuel newbuilding VLGC/AC</p></div><p xmlns="http://www.w3.org/1999/xhtml">
This is the second wholly owned LPG dual-fuel ship being added to Dorian's fleet along with the four chartered-in LPG dual-fuel ships raising the percentage of low emissions alternative fuel ships to over 20% of its fleet.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" is a dual-fuel ship that can run on LPG and fuel oil. It is equipped with a hybrid scrubber, which can operate in closed loop in ports or ECAs where emissions and effluent must either be very low or prohibited. This scrubber is designed to emit lower levels of sulphur oxides, particulate matter and black carbon than the very low sulphur fuels oils (VLSFO) widely used currently in the marine fuel markets. The ship's main engine also operates on LPG as fuel which reduces CO2 emissions by approximately 20%, sulphur oxides, particulate matter (PM), and other pollutants.

</p><p xmlns="http://www.w3.org/1999/xhtml">
John C. Hadjipateras, President and Chief Executive Officer of the Company, commented, "The addition of "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" to our fleet underscores Dorian's commitment to the study and adoption of advanced marine technologies. The new ship will enhance Dorian's superior emissions profile which has been achieved by the use of hybrid scrubbers, dual-fuel LPG engined ships, energy saving devices and performance optimization systems deployed collaboratively by our on board and shore side teams. Scrubbers and LPG dual fuel engines offer the potential to enhance earnings by optimizing the fuel choice, as does "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>"'s<i xmlns="http://www.w3.org/1999/xhtml"> </i>ability to transport full cargoes of LPG and ammonia."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" is fitted with Alternative Marine Power (AMP) equipment and can carry out all port operations exclusively with shore power in any port where cold ironing is available. This feature aspires to promote emission free port operations. The ship is Battery Energy Storage System (BESS) ready-fitted for hybrid battery power management system operation. BESS enables optimization of onboard power generation systems eradicating blackouts while providing continuous peak shaving of energy requirements onboard.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Concurrently with the delivery, Dorian LPG borrowed $62.9 million from Citibank NA, (Hong Kong branch) ("Citi"), supported by export insurance provided by the Korea Trade Insurance Corporation ("K-sure"), and Nordea Abp (New York branch) ("Nordea") to finance the final delivery payment and other fees and expenses associated with the delivery. The facility has a $20.7 million commercial tranche, solely underwritten by Nordea with a 7-year tenor and margin of 1.80% over SOFR, while Citi has provided a $42.2 million facility, guaranteed by K-Sure as to payment of principal and interest, with a 12-year tenor and a margin of 1.00% over SOFR. The facility contains customary covenants and granting of security interests.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Dorian LPG Ltd.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG&#39;s fleet of twenty-eight modern VLGCs currently includes six dual-fuel ECO VLGCs, twenty ECO VLGCs, and two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.dorianlpg.com&amp;esheet=54456966&amp;newsitemid=20260320545443&amp;lan=en-US&amp;anchor=www.dorianlpg.com&amp;index=1&amp;md5=3ee44bdf825173e3bf5dee75a8c8636f" shape="rect">www.dorianlpg.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Source: Dorian LPG Ltd.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260320545443r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260320545443/en/" rel="nofollow">https://www.businesswire.com/news/home/20260320545443/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Investor Contact Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Ted Young
<br xmlns="http://www.w3.org/1999/xhtml"></br>Chief Financial Officer
<br xmlns="http://www.w3.org/1999/xhtml"></br>+1 (203) 674-9900
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:IR@dorianlpg.com" shape="rect">IR@dorianlpg.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Melissa Daly
<br xmlns="http://www.w3.org/1999/xhtml"></br>MFD Communications
<br xmlns="http://www.w3.org/1999/xhtml"></br>+1 (646) 322-9192
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:melissa@mfdcommunications.com" shape="rect">melissa@mfdcommunications.com</a>

</p>

Dorian LPG Ltd. Takes Delivery of Dual-Fuel 93,000 Cubic Meter Newbuilding

Dorian LPG's New Dual-Fuel Vessel Enhances Emissions Profile and Fleet Efficiency

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Dual-Fuel LPG and Ammonia Gas Carrier &amp;#34;Areion&amp;#34; to Join Helios Pool


Dorian LPG Ltd. (NYSE:LPG) (the &amp;#34;Company&amp;#34; or &amp;#34;Dorian LPG&amp;#34;), a leading owner and operator of very large gas carriers (&amp;#34;VLGCs&amp;#34;),</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Dorian LPG has taken delivery of the &#039;Areion&#039;, a dual-fuel VLGC aimed at improving emissions standards and fleet efficiency. This addition is expected to significantly enhance the company&#039;s operational capabilities while meeting regulatory demands, ultimately impacting profitability positively.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Dorian LPG delivers dual-fuel vessel &#039;Areion&#039;, enhancing low-emission capabilities.</li><li>The &#039;Areion&#039; can carry LPG and ammonia, increasing fleet efficiency.</li><li>LPG dual-fuel ships now comprise over 20% of Dorian&#039;s fleet.</li><li>$62.9 million borrowed for &#039;Areion&#039;s&#039; financing; supports operational expansion.</li><li>This investment underscores Dorian&#039;s commitment to advanced marine technologies.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Dorian LPG Ltd. (LPG)</strong>: The company&#039;s commitment to low-emission technology could enhance its competitiveness.</li><li><strong>Hanwha Ocean Heavy Industries Co., Ltd.</strong>: Shipbuilder contributing to cleaner maritime operations with dual-fuel technology.</li><li><strong>Citibank NA</strong>: Provided a significant loan for &#039;Areion&#039;s&#039; financing, indicating trust in Dorian&#039;s management.</li><li><strong>Nordea Abp</strong>: Involved in financing &#039;Areion&#039;, showcasing confidence in Dorian&#039;s growth strategy.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news fits under &#039;Corporate Developments&#039; as it highlights Dorian LPG&#039;s strategic investment in eco-friendly technology. This investment aligns with industry trends towards sustainability, enhancing the company&#039;s competitive positioning.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Dorian&#039;s fleet now over 20% dual-fuel, attracting eco-conscious charter clients.</li><li>The successful delivery and operation of &#039;Areion&#039; could increase overall fleet efficiency.</li><li>Enhanced emissions profile may lead to better regulatory compliance and lower costs.</li><li>Future contracts for LPG transport could increase, driving revenue growth for Dorian.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>&#039;Areion&#039; has a cargo capacity of 93,000 cbm.</li><li>Ship delivery completed at Hanwha Ocean Heavy Industries in South Korea.</li><li>Financed through $62.9 million borrowing from Citibank and Nordea.</li><li>Dorian currently operates 28 modern VLGCs, including six dual-fuel ships.</li><li>&#039;Areion&#039; utilizes hybrid scrubbers for decreased emissions and enhanced efficiency.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Buy LPG as &#039;Areion&#039; strengthens low-emission credentials, enhancing revenue potential over the next year.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<b xmlns="http://www.w3.org/1999/xhtml">Dual-Fuel LPG and Ammonia Gas Carrier "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" to Join Helios Pool</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dorian LPG Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LPG">LPG</a>) (the &#34;Company&#34; or &#34;Dorian LPG&#34;), a leading owner and operator of very large gas carriers ("VLGCs"), announced today the delivery of its 93,000 cubic meter (cbm) dual-fuel newbuilding named "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" an LPG and ammonia very large gas carrier (VLGC/AC) from Hanwha Ocean Heavy Industries Co., Ltd. at the Okpo Shipyard in South Korea. The "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" will commence employment on charter under the Helios LPG Pool, an entity jointly controlled by Dorian LPG Ltd and MOL Energia Pte Ltd., with offices in Copenhagen and Singapore. "Areion", in Greek Mythology, is the name given to a black-maned horse known for its extraordinary speed, spoken wisdom, and significant powers.

</p><p xmlns="http://www.w3.org/1999/xhtml" id="news-body-cta">This press release features multimedia. View the full release here: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260320545443/en/" rel="nofollow">https://www.businesswire.com/news/home/20260320545443/en/</a></p><div xmlns="http://www.w3.org/1999/xhtml" id="bwbodyimg" style="width: 480px; float:left; padding-left:0px; padding-right:20px; padding-top:0px; padding-bottom:0px;"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mms.businesswire.com/media/20260320545443/en/2752863/4/Areion_1200x899.jpg" alt="The Areion - dual-fuel newbuilding VLGC/AC"></img><p xmlns="http://www.w3.org/1999/xhtml" style="font-size:85%;">The Areion - dual-fuel newbuilding VLGC/AC</p></div><p xmlns="http://www.w3.org/1999/xhtml">
This is the second wholly owned LPG dual-fuel ship being added to Dorian's fleet along with the four chartered-in LPG dual-fuel ships raising the percentage of low emissions alternative fuel ships to over 20% of its fleet.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" is a dual-fuel ship that can run on LPG and fuel oil. It is equipped with a hybrid scrubber, which can operate in closed loop in ports or ECAs where emissions and effluent must either be very low or prohibited. This scrubber is designed to emit lower levels of sulphur oxides, particulate matter and black carbon than the very low sulphur fuels oils (VLSFO) widely used currently in the marine fuel markets. The ship's main engine also operates on LPG as fuel which reduces CO2 emissions by approximately 20%, sulphur oxides, particulate matter (PM), and other pollutants.

</p><p xmlns="http://www.w3.org/1999/xhtml">
John C. Hadjipateras, President and Chief Executive Officer of the Company, commented, "The addition of "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" to our fleet underscores Dorian's commitment to the study and adoption of advanced marine technologies. The new ship will enhance Dorian's superior emissions profile which has been achieved by the use of hybrid scrubbers, dual-fuel LPG engined ships, energy saving devices and performance optimization systems deployed collaboratively by our on board and shore side teams. Scrubbers and LPG dual fuel engines offer the potential to enhance earnings by optimizing the fuel choice, as does "<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>"'s<i xmlns="http://www.w3.org/1999/xhtml"> </i>ability to transport full cargoes of LPG and ammonia."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"<i xmlns="http://www.w3.org/1999/xhtml">Areion</i>" is fitted with Alternative Marine Power (AMP) equipment and can carry out all port operations exclusively with shore power in any port where cold ironing is available. This feature aspires to promote emission free port operations. The ship is Battery Energy Storage System (BESS) ready-fitted for hybrid battery power management system operation. BESS enables optimization of onboard power generation systems eradicating blackouts while providing continuous peak shaving of energy requirements onboard.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Concurrently with the delivery, Dorian LPG borrowed $62.9 million from Citibank NA, (Hong Kong branch) ("Citi"), supported by export insurance provided by the Korea Trade Insurance Corporation ("K-sure"), and Nordea Abp (New York branch) ("Nordea") to finance the final delivery payment and other fees and expenses associated with the delivery. The facility has a $20.7 million commercial tranche, solely underwritten by Nordea with a 7-year tenor and margin of 1.80% over SOFR, while Citi has provided a $42.2 million facility, guaranteed by K-Sure as to payment of principal and interest, with a 12-year tenor and a margin of 1.00% over SOFR. The facility contains customary covenants and granting of security interests.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Dorian LPG Ltd.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG&#39;s fleet of twenty-eight modern VLGCs currently includes six dual-fuel ECO VLGCs, twenty ECO VLGCs, and two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.dorianlpg.com&amp;esheet=54456966&amp;newsitemid=20260320545443&amp;lan=en-US&amp;anchor=www.dorianlpg.com&amp;index=1&amp;md5=3ee44bdf825173e3bf5dee75a8c8636f" shape="rect">www.dorianlpg.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Source: Dorian LPG Ltd.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260320545443r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260320545443/en/" rel="nofollow">https://www.businesswire.com/news/home/20260320545443/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Investor Contact Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Ted Young
<br xmlns="http://www.w3.org/1999/xhtml"></br>Chief Financial Officer
<br xmlns="http://www.w3.org/1999/xhtml"></br>+1 (203) 674-9900
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:IR@dorianlpg.com" shape="rect">IR@dorianlpg.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Melissa Daly
<br xmlns="http://www.w3.org/1999/xhtml"></br>MFD Communications
<br xmlns="http://www.w3.org/1999/xhtml"></br>+1 (646) 322-9192
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:melissa@mfdcommunications.com" shape="rect">melissa@mfdcommunications.com</a>

</p>

Dorian LPG has taken delivery of the 'Areion', a dual-fuel VLGC aimed at improving emissions standards and fleet efficiency. This addition is expected to significantly enhance the company's operational capabilities while meeting regulatory demands, ultimately impacting profitability positively.

Dorian LPG Ltd. Takes Delivery of Dual-Fuel 93,000 Cubic Meter Newbuilding

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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