Dorian LPG Ltd. Announces VLGC Newbuilding Contract, Forward Chartering Estimates and Memorandums of Agreement to Sell Three VLGCs

STAMFORD, Conn.--(BUSINESS WIRE)--Jun 23, 2026--

Dorian LPG Ltd. (NYSE: LPG) (“Dorian”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today announced that it entered into an agreement with HD Hyundai to build one 90,000 cbm VLGC for delivery in July 2029 for a price of approximately $115 million. Dorian also has signed memorandums of agreement to sell the 2014-built Corsair and two 2015-built VLGCs for aggregate proceeds of approximately $256 million. Dorian expects to deliver each of the vessels to their purchasers by the fourth calendar quarter of 2026. There is no guarantee that these transactions will be completed by the fourth calendar quarter of 2026 or at all.

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Dorian also reports the following estimates for its fleet for the quarter ending June 30, 2026, based on the close of business today and estimates that it has fixed 99% of its calendar days at a rate in excess of $68,000 per day. For the month ending July 31, 2026, the Company estimates that it has fixed 34% of its calendar days at a rate in excess of $100,000 per day.

Dorian’s new building will be a dual-fuel Panamax VLGC, allowing the vessel to pass through the less congested “old” Panama Canal locks. Additionally, she is being built with a shaft generator. The integration of a shaft generator allows the vessel to harness mechanical energy from the main propulsion system, optimizing operational power efficiency and reducing the vessel’s overall emissions.

John C. Hadjipateras, Chairman, President, and CEO said, “We are confident in the growth prospects of the LPG transportation market and believe that our disciplined fleet renewal and expansion strategy, commitment to our people, focus on innovation and efficiency, along with a solid balance sheet will enable us to deliver long-term value for our shareholders.”

Dorian undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

About Dorian LPG Ltd.

Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Dorian LPG's fleet of twenty-seven modern VLGCs currently includes six dual-fuel ECO VLGCs, nineteen ECO VLGCs, and two modern VLGCs. Its business is centered around safe, reliable, clean and trouble-free transportation for its customers. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. For more information visit www.dorianlpg.com.

Forward-Looking & Other Cautionary Statements

This press release contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company's current expectations and observations regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company's control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Dorian LPG’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.

The Areion - 2026 built dual-fuel newbuilding VLGC/AC

PARIS (AP) — Millions of people across France woke up drenched in sweat on Tuesday after another night of scorching heat, with most of the population exposed to extreme and exceptional temperatures, while 40 people died from drowning over the past five days in the country.

Temperatures will remain high around the clock as the national weather service, Meteo France, placed 54 departments under a red heat wave alert. That is about half of the country.

French Prime Minister Sebastien Lecornu said after a crisis meeting that the 40 people who died by drowning since last Thursday were mainly young people.

In a country without widespread air conditioning, schools, trains and sporting events remain impacted.

Human-caused climate change is tied to increasingly extreme weather, and U.N. climate agency projections say the next five years should shatter more heat records.

“Sunshine continues to dominate across France, maintaining oppressive and exhausting heat throughout the country,” Meteo France said. Extreme conditions are expected to last at least until the end of the week, with daytime highs above 40 degrees Celsius (104 degrees Fahrenheit) in many towns.

“Further record-breaking temperatures are expected, including some that could surpass all previous records, regardless of the time of year,” Meteo France said.

The heat wave is exceptionally intense, coming very early in the summer, “but with a still uncertain duration,” the weather service said. It has already been compared to the August 2003 heat wave, when the highest temperatures in over half a century caused an estimated 15,000 deaths, many of them among older people in apartments and retirement homes without air conditioning.

France introduced a heat watch warning system after that heat wave.

Europe is the world’s fastest-warming continent, with temperatures increasing twice as fast as the global average since the 1980s, according to the European Union’s Copernicus Climate Change Service.

Over the last four years, more than 200,000 people across Europe died from heat-related causes, and most of those deaths were preventable, the World Health Organization’s Europe office said this month. The above-average temperatures can cause heat exhaustion and life-threatening heat stroke.

Across the English Channel, the Met Office issued a red extreme heat warning for Wednesday and Thursday, with forecasts suggesting June’s all-time daily temperature record could be broken.

Temperatures of around 37°C (98.6 F) are expected in southern England, with up to 35°C (95 F) in southeast Wales. The peak of the heat wave is now forecast for Wednesday and Thursday, when highs could reach at least 39°C (102.2 F). Conditions are expected to ease by Friday, the weather agency said.

The EU monitoring agency found that in Europe and globally, 2024 was the hottest year on record and the continent experienced its second-highest number of “heat stress” days.

Scientists warn that climate change is exacerbating the frequency and intensity of heat and dryness, especially in southeastern Europe, making the region more vulnerable to health impacts and wildfires.

This story corrects the name of the body of water between France and the U.K. to the “English Channel.”

People cool off in a water spray at the Eiffel Tower in Paris, Sunday, June 21, 2026. (AP Photo/Michel Euler)

A family walks through a cooling water spray at the Eiffel Tower in Paris, Sunday, June 21, 2026. (AP Photo/Michel Euler)

A man shields himself from the sun with a scarf as he walks in the garden of the Palace of Versailles, outside Paris, during a heat wave with temperatures soaring above 40 degrees Celsius (104 Fahrenheit), Monday, June 22, 2026. (AP Photo/Thibault Camus)

Tourists with an umbrella take a photo in Paris, as France is enduring a grueling heat wave with temperatures soaring above 40 degrees Celsius (104 Fahrenheit), Monday, June 22, 2026. (AP Photo/Christophe Ena )

A drugstore sign shows the temperature 43 degrees Celsius (109,4 degrees Fahrenheit) in Rennes, western France, Monday, June 22, 2026. (AP Photo/Jeremias Gonzalez)