Dorian LPG Ltd. and ABS to Conduct Economic Feasibility Study of LPG as Marine Fuel
STAMFORD, Conn., Sept. 20, 2017 /PRNewswire/ — Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”) today announced it has engaged American Bureau of Shipping (“ABS”) to evaluate the use of liquefied petroleum gas (“LPG”) as a marine fuel, among other options, in advance of the International Maritime Organization’s (“IMO”) mandate to reduce sulfur emissions by approximately 85%. ABS will provide an in-depth engineering and economic analysis to assess the costs and benefits for Dorian LPG’s fleet of very large gas carriers (“VLGCs”) of using LPG to meet the new global emissions standards. If the economic viability of LPG as a bunker fuel is established, the Company believes that it could represent a significantly more attractive and cost effective alternative to the current methods available to comply with the coming emissions regime for environmental control areas. ABS’ work will consider the environmental, operational and financial impact of LPG as a marine fuel and deliver its findings in the coming months.
As part of its newbuilding program, Dorian LPG proactively made certain enhancements to its VLGC design to allow it to have the option to use LPG as a marine fuel in the future. LPG as a fuel source has a significant advantage over other potential sources given the over 1,000 ports around the world that already have LPG storage facilities.
John Hadjipateras, Chairman and Chief Executive Officer of the Company, stated: We believe that the relevant technologies are sufficiently advanced to allow a meaningful analysis of this environmentally friendly and cost effective fuel. If the study proves the commercial viability of LPG for marine fuel use, the Company will be at the forefront of this innovation. Our customers and shareholders will be well positioned to reap the long-term benefits.”
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently owns and operates twenty-two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece.
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,” “should” and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company’s belief regarding future results, many of which, by their nature are inherently uncertain and outside of the Company’s control. Actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 10-K, under the heading “Risk Factors.” The Company does not assume any obligation to update the information contained in this press release.
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Dorian LPG Ltd.
Chief Financial Officer
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SOURCE Dorian LPG Ltd.