Watson Farley & Williams (“WFW”) advised Dorian LPG (“Dorian”) on a US$62.9m ECA-backed term loan facility for the financing of the newbuild dual-fuel LPG and ammonia very large gas carrier (VLGC) Areion, delivered by South Korean Hanwha Ocean Heavy Industries (“Hanwha Ocean”).
Founded in 2013 and headquartered in Stamford, CT, USA and with additional offices in Copenhagen and Athens, Dorian is a leading owner-operator of modern VLGCs transporting LPG globally. It provides full in‑house commercial and technical management across its fleet, ensuring safe, reliable and environmentally responsible transportation with a commitment to delivering the highest standards of customer care.
Hanwha Ocean is a leading South Korean shipbuilding and offshore engineering company acquired by Hanwha Group in 2023. It specialises in high‑value vessels such as LNG carriers, submarines, destroyers and offshore units including FPSOs and FLNGs, as well as expanding its capabilities in eco‑friendly marine technology and US naval maintenance.
The cross-border WFW Maritime team that advised Dorian was led by Athens Assets & Structured Finance Partner Marsila Karpida, supported by New York Counsel Maxi Adamski-de Visser and Paralegal Vasso Kanellopoulou.
Marsila commented: “We’re delighted to have assisted on the financing for this landmark project for Dorian. This exceptional transaction represents an important step forward in the development of green fuels and the reduction of carbon emissions, supporting more sustainable and innovative industry practices. WFW continues to be at the forefront of shipping finance, offering full-service capabilities for sustainable shipping practices and serving as a trusted partner for our clients seeking innovative and future‑focussed solutions”.
