Company Announcements

Improving Efficiency and Lowering Emissions Together with Hempel

STAMFORD, Conn.--(BUSINESS WIRE)--Sep. 5, 2024-- Dorian LPG Ltd. (NYSE: LPG) (the “Company”, “Dorian LPG”, “we”, “us” and “our”), a leading owner and operator of 25 modern fuel efficient Very Large Gas Carriers (VLGCs), announced today that it is positioning itself as a leader in the maritime industry’s shift toward greener practices as it makes significant strides in enhancing its operational efficiency as part of its broader green shipping initiatives.

Peter Hadjipateras, Chief Information, Security, and Sustainability Officer at Dorian LPG, notes “At Dorian LPG, our mission is to provide safe, reliable, clean and trouble-free transportation to our customers. In our efforts to deliver the “clean” element to our customers, our Fleet Performance team has been proactive in reducing the emissions of our ships. These efforts are comprised of three elements: operational optimizations, technical enhancements and in the longer term, new technology and alternative fuels for the maritime industry. Today, we are pleased to share our progress on one of the technical enhancements our team has applied; silicone paint. After a rigorous research and selection process, we have applied Hempel’s X7 silicone paint on five of our vessels and have seen increased fuel savings and return on investment and are pleased to share this with our partners and investors.”

Dorian LPG’s sustainability strategy is anchored around three key pillars:

1. Technical Improvements on Vessels: Dorian LPG is implementing a series of technical upgrades aimed at enhancing the hydrodynamic efficiency of its vessels. These upgrades include hydrodynamic enhancing fins or Mewis ducts, meticulous docking and blasting procedures and the application of high-quality coatings that are specifically designed to minimize drag and reduce fuel consumption. The company’s partnership with Hempel is central to this effort, as Hempel’s Hempaguard line of silicone-based products has proven to be highly effective in reducing fuel consumption and emissions. By investing in these technical improvements, Dorian LPG seeks to operate its fleet at optimal performance levels, leading to significant reductions in operational emissions.
2. Operational Enhancements: In addition to technical upgrades, Dorian LPG is focused on optimizing day-to-day operations to further improve efficiency and reduce emissions. This involves adopting best practices such as weather routing, which optimizes travel routes based on real-time weather conditions, and just-in-time arrival, which minimizes idle time at ports. Dorian LPG also prioritizes crew training to ensure that equipment is handled with precision and that every aspect of vessel operation is fine-tuned for maximum efficiency. These operational enhancements are designed to complement the technical upgrades and contribute to the overall sustainability of the fleet.
3. Long-Term Innovations: Looking to the future, Dorian LPG is committed to exploring alternative fuels, carbon capture and pioneering new technologies that will be essential in the long-term decarbonization of the maritime industry. Dorian LPG recognizes that the transition to alternative fuels, such as hydrogen or ammonia, and the development of new propulsion technologies will play a critical role in achieving its long-term sustainability goals. By staying at the forefront of innovation, Dorian LPG aims to ensure that its fleet remains resilient and sustainable amid evolving environmental challenges.

Dorian leveraging Silicone Paint with Hempel:

In a recent video announcing its collaboration with Hempel, a global leader in marine coatings, Dorian LPG’s Fleet Performance and Decarbonization Manager, Asit Dalai, emphasized Dorian LPG’s commitment to operating its vessels at peak performance and with reduced emissions.

Watch video here: https://www.video.hempel.com/video/101936183/watch-how-dorian-lpg-benefits-from

“As a company, we are committed to the industry shift towards decarbonization. For us, doing what we can to lower emissions is simply the right thing to do. The long track record of Hempel’s Hempaguard gave us the confidence to choose this solution. The silicone line-up from Hempel, the Hempaguard products, was quite well suited for us because we have a high sailing profile, and we also do quite high speeds, so that means we could reap the most out of those silicone paints,” states Asit Dasai, Dorian LPG’s Fleet Performance & Decarbonization Manager.

Dorian LPG has benefited from significant operational emissions reductions and enhanced efficiency. By embracing innovative approaches to sustainability, Dorian LPG is setting an example for the next generation of industry leaders. Dorian LPG is committed to a proactive stance on environmental responsibility, which goes beyond regulatory compliance to embody a genuine commitment to reducing the company’s ecological footprint. This commitment is reflected in the company’s ongoing efforts to implement cutting-edge technologies, foster industry partnerships, and cultivate a culture that prioritizes ship safety and efficiency coupled with environmental stewardship.

About Dorian LPG Ltd.
Dorian LPG is a leading owner and operator of modern Very Large Gas Carriers (“VLGCs”) that transport liquefied petroleum gas globally. Our fleet currently consists of twenty-five modern VLGCs, including twenty ECO VLGCs and four dual-fuel ECO VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece.

Forward-Looking Statements
Matters discussed in this press release, including in the attached video, may constitute “forward-looking statements”. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. 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 SEC. In addition, the release and the attached video only express the Company’s own experience with Hempel products and does not express any views as to the efficacy or quality of their paints for any other operator or application. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240905170342/en/

Ted Young
Chief Financial Officer
+1 (203) 674-9900
IR@dorianlpg.com

Source: Dorian LPG Ltd.