Dorian LPG has added more liquidity through another in a series of sale-and-leaseback deals.
The US-listed Connecticut owner said it has completed a deal for the 84,000-cbm Cougar (built 2015) at a price of $70m.
The transaction generated $50m in net proceeds, of which $20.1m was used to pay off a 2015 loan tied to the ship.
The rest will be available for general corporate purposes.
The lease financing has a 10-year term, with purchase options beginning in May 2025.
Interest is 2.45% above the three-month secured overnight financing rate.
VesselsValue rates the gas carrier as worth $70.6m.
In March, Dorian LPG said the 84,000-cbm VLGCs Cratis and Copernicus (both built 2015) were sold to a Japanese financier for $70m each and chartered back on a bareboat basis.
Brokers list the buyer as Yamamaru Kisen.
Cash proceeds from the deals totalled $100m, of which $50.6m was used to retire debt.
These charters have a nine-year term at interest of 4.1%.
Revenue ahead of forecasts
Dorian also completed the disposal of the 82,000-cbm Captain Nicholas ML (built 2008) in March.
Brokers said the VLGC went to Sakura Energy Transport, which has been set up by Japan’s Mitsui OSK Lines to meet growing Indian demand.
The vessel has been renamed Green Sarita.
Two other VLGCs were reported sold in leaseback deals in February.
Dorian has also revealed revenue guidance of $78.5m for the first quarter ahead of its results next week.
Fearnley Securities said this equates to a time charter equivalent rate of about $39,000 per day, a little above analysts’ expectations.
This should bring in Ebitda of between $46m and $51m, against current consensus of $47m and Fearnley’s estimate of $45m.
