Dorian LPG Ltd. Announces Strategic Relationship with HNA Logistics Group Co., Ltd. and Delivery of First VLGC in Newbuilding Program

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Jul 25, 2014, 07:39 ET

STAMFORD, Conn., July 25, 2014 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG") a leading owner and manager of modern VLGC's (very large gas carriers), today announced that it has entered into a Memorandum of Understanding ("MOU"), with HNA Logistics Group Co., Ltd. ("HNA Logistics") to explore opportunities in the liquefied petroleum gas ("LPG") logistics market.

John Hadjipateras, Chairman, President and Chief Executive Officer commented, "We are very pleased to form a strategic relationship with HNA Logistics. Their unique presence in the Chinese market creates opportunities to develop energy related transportation, finance, infrastructure and distribution. We will focus our efforts in this important market to forge relationships with Chinese LPG ship charterers and LPG end users."

"The MOU with Dorian LPG presents a significant opportunity for our company to collaborate with a leader in the LPG industry." Director and Vice President of HNA Logistics, Mr. Ximen "Steve" Chen, commented, "We will jointly engage in the development of green energy logistics which includes LPG vessel investment, gas supply chain solutions and infrastructure in the Chinese market, with the ultimate goal of together building an LPG distribution business in China to take advantage of the significant opportunities for growth in the global LPG industry."

Separately, Dorian LPG is pleased to announce that it has today taken delivery of the eco VLGC "Comet" from Hyundai Heavy Industries Co. Ltd in Ulsan, South Korea. The vessel will immediately enter into a 5-year time charter with Shell.

About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGC's. Dorian LPG currently owns and operates three modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG has 19 ECO VLGC newbuildings under construction. Dorian LPG has offices in Connecticut, USA, London, United Kingdom and Piraeus, Greece.

About HNA Logistics Group Co., Ltd.
With the powerful strategic support from HNA Group, HNA Logistics adheres to become the international logistics solution provider and logistics Investor. At present it covers businesses like ocean shipping and marine engineering construction, comprehensive marine transportation, internet financial, logistics finance and specialized logistics. HNA Logistics is optimistic about the energy transport business, and is committed to exploring opportunities in the liquefied petroleum gas (LPG) and liquefied natural gas (LNG) logistics market.

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 registration statements, as amended, under the heading "Risk Factors." The Company does not assume any obligation to update the information contained in this press release.

Dorian Contact Information
Ted Young; Chief Financial Officer: Tel.: +1 (203) 674-9695

HNA Logistics Group Co., Ltd. Contact Information
Captain Li Mingdao, V.P. of Marine Shipping Division, HNA Logistics
Tel: +86 21 6175 7023 Mobile: +86 186 1696 8788

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SOURCE Dorian LPG Ltd.