Dorian LPG and Phoenix Tankers to set up VLGC pool

Dorian LPG has partnered with Mitsui OSK Lines' division, Phoenix Tankers, to build a very large gas carrier (VLGC) pool, which will run from Singapore and London.

The pool, which is scheduled to begin operations on 1 January 2015, will bring together fleets of both Phoenix and Dorian LPG.

Phoenix currently has a fleet of 11 VLGCs while Dorian LPG operates four vessels that comprise one 84,000m³ and three 82,000m³ VLGCs.

Dorian LPG has recently received a new vessel, ECO VLGC Comet, from South Korea-based Hyundai Heavy Industries. This has been deployed for charter operations in July as part of an agreement with Dutch firm, Shell.

The Comet forms part of the company's order for 18 ECO-design VLGCs. The remaining vessels are due for delivery between this September and January 2016.

Commenting on the development, Dorian LPG chairman, president and CEO John Hadjipateras said: "Dorian LPG welcomes the opportunity to work with Phoenix Tankers, one of the foremost operators in Asia.

"We expect that our jointly operated pool, comprising the world's number one ECO VLGC fleet as well as other modern vessels, will be very well-positioned to provide efficient service to customers in the Eastern and Western Hemispheres."

Dorian LPG said that, on completion of its newbuilding programme, the average age of the VLGC fleet would reach around 1.6 years.