Dorian LPG announced on Tuesday its first standard sale-and-purchase deal to offload a VLGC on the secondhand market.
The 82,000-cbm Captain Markos NL (built 2006) — the oldest ship in the organisation's fleet of 23 owned or chartered-in VLGCs — fetched between $42m and $43m, the company said in a press release.
The John Hadjipateras-led outfit had so far only sold ships in sale-and-leaseback deals, without actually parting with them.
However, earlier this month, the company classified the Captain Markos NL as “held for sale” as part of a “commitment to realise value from our asset base”.
Market sources told TradeWinds that the move to sell the Hyundai Heavy Industries-built vessel is probably opportunistic amid high values and liquid markets for such vessels.
In another deal reported by brokers recently, Japan’s Doun Kisen is said to have sold the 78,900-cbm Yuricosmos (built 2010) at an undisclosed price.
Viewed against this background, the sale of the Captain Markos NL is not connected with Dorian’s recent announcement to start paying dividends to shareholders.
New York-listed Dorian LPG said it expects to deliver the Captain Markos NL to its unidentified buyer by the end of August.
Hadjipateras told analysts earlier this month that he may sell more of the company's older VLGCs as Dorian moves towards fleet renewal.
Earlier this year, the company ordered a single, dual-fuel, 84,000-cbm shallow-draught newbuilding at Kawasaki Heavy Industries, which is due for delivery in March 2023.
"So while we're at a big discount and it is a natural thing to look at the sales of the older ships, I wouldn't be, you shouldn't be, surprised if we do more," he said.
The sale of the Captain Markos NL leaves the 82,000-cbm Captain John NP (built 2007) and Captain Nicholas ML (built 2008) as the oldest ships in the company’s fleet.
Dorian operates both of these vessels under a bareboat chartering agreement after refinancing them in sale-and-leaseback arrangements.
Dorian's next oldest ships were built in 2014.
