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.
Forward-looking 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,"
"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.
For further information:
Dorian LPG Ltd.
Ted Young
Chief Financial Officer
(203) 674-9900
IR@dorianlpg.com
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SOURCE Dorian LPG Ltd.