ASC - Wired News - Dorian LPG Signs Memorandum Of Understanding with Hyundai Global Service for Vessel Upgrades
Stock Monitor: Ardmore Shipping Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 08, 2018 / If you want access to our free research report on Dorian LPG Ltd (NYSE: LPG), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LPG as the Company's latest news hit the wire. On May 04, 2018, the Company, which is a liquefied petroleum gas shipping organization and a leading owner and operator of modern very large gas carriers (VLGCs), declared that it has entered into a memorandum of understanding (MOU) with Hyundai Global Service Co. Ltd ("HSG") to cooperate for vessel upgrades in Houston. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Scope of the MOU
As per the MOU, HSG would be required to undertake research and preliminary engineering studies to upgrade the main engines of about 10 of Dorian LPG's VLGCs to dual fuel technology, utilizing liquefied petroleum gas (LPG) as fuel. This will help the Company to comply with upcoming environmental regulations for reducing sulphur emissions.
LPG As An Alternative Fuel
On September 20, 2017, Dorian LPG declared that it had engaged the American Bureau of Shipping to evaluate the use of LPG as a marine fuel, with regards to the International Maritime Organization (IMO)'s mandate to reduce sulfur emissions by approximately 85%, effective January 01, 2020. Dorian LPG's MOU with HSG follows the conclusion of this study.
Dorian LPG trusts the viability of LPG as an attractive and cost-effective alternative fuel. In fact, LPG has various advantages over other potential sources, such as LNG, methanol, and marine gas oil. LPG is inherently compliant with the IMO mandate. Besides, it is widely available due to the shale exploration boom, the existing global distribution network, and the onshore and floating storage infrastructure for LPG.
Therefore, the Company is proactively ensuring that enhancements in its VLGC vessels design permit the option of using LPG as a marine fuel in all of its recent building programs.
Deal to Offer Significant Competitive Advantage to Dorian LPG
John Hadjipateras, Chairman and Chief Executive Officer (CEO) of Dorian LPG, shared that through this initiative, Dorian LPG is taking up the role of a responsible corporate citizen, and, at the same time, is achieving a significant competitive advantage that would benefit its customers and shareholders. The cargo transported by the Company's vessels is an energy source with well-documented environmental benefits compared to other fuels.
Ki Sun Chung and Kwang Hean An, Co-CEOs and Presidents of HGS, expressed their pleasure on partnering with Dorian LPG. Both Companies have had a long-standing relationship and are working towards developing superior technology and alternatives for the global shipping industry in order to achieve compliance with important environmental mandates.
Stock Performance Snapshot
May 07, 2018 - At Monday's closing bell, Dorian LPG's stock slightly climbed 0.56%, ending the trading session at $7.15.
Volume traded for the day: 163.96 thousand shares.
After yesterday's close, Dorian LPG's market cap was at $402.83 million.
The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 0.5% at the end of the session.
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