World News
Dorian LPG Completes Acquisition of Scorpio VLGC Fleet
Dorian LPG Ltd. has completed its acquisition of very large gas carrier (VLGC) newbuilding contracts from Scorpio Tankers Inc. [NYSE:STNG] (Scorpio Tankers), the company announced Tuesday.
In return for the vessels, associated deposits of $83.1 million, and $1.9 million in cash, Scorpio Tankers received 39.9 million newly issued shares of Dorian LPG stock, representing 30 percent of its pro-forma outstanding shares.
Dorian LPG also closed a subscription for a private placement of 80.4 million shares to Norwegian and international institutional investors, making about $250 million in gross proceeds.
The company also declared two options acquired from Scorpio Tankers in the deal, bringing its fleet to 16 ECO VLGCs ordered from Hyundai Heavy Industries Group (HHI) and Daewoo Shipping and Marine Engineering Ltd. (DSME).
Scorpio Tankers first announced plans for the deal in October, saying it would support consolidation in the VLGC sector and allow its shareholders to profit from the expected growth in demand for seaborne liquefied petroleum gas (LPG).
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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