09/05/2024 | Press release | Distributed by Public on 09/05/2024 04:02
Improving Efficiency and Lowering Emissions Together with Hempel
STAMFORD, Conn.--(BUSINESS WIRE)-- 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:
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.
Ted Young
Chief Financial Officer
+1 (203) 674-9900
[email protected]