Dorian LPG - ein börsennotiertes Neubauprogramm - Älteste Beiträge zuerst (Seite 4)
eröffnet am 05.12.14 16:02:39 von
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Beiträge: 59
ID: 1.203.755
ID: 1.203.755
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ISIN: MHY2106R1100 · WKN: A1135G · Symbol: 0DA
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Letzter Kurs 24.05.24 Tradegate
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| TitelBeiträge |
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22.05.24 · Business Wire (engl.)  |
15.05.24 · Business Wire (engl.) |
09.05.24 · Business Wire (engl.) |
25.04.24 · Business Wire (engl.) |
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| 7,3500 | +28,27 | |
| 4,6753 | +26,36 | |
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Feedback
Hallo Leute hier sind die neusten Zahlen von Dorian LPG wie findet ihr die Zahlen und was denkt ihr zu den Zukunftsaussichten der Branche?
http://www.dorianlpg.com/news-and-media/press-release-detail…
http://www.dorianlpg.com/news-and-media/press-release-detail…
Hier etwas zum LPG Indien gibt mächtig Gas was LPG angeht
http://www.hellenicshippingnews.com/feature-indias-lpg-impor…
http://www.hellenicshippingnews.com/feature-indias-lpg-impor…
Antwort auf Beitrag Nr.: 57.872.073 von R-BgO am 30.05.18 22:55:31
zum Ausblick sagen sie:
"Market Outlook Update
Growth in seaborne LPG volumes has extended from the beginning of 2018 to date. U.S. export volumes in 2018 have been hampered by poor arbitrage economics and a series of weather-related closures of the Houston ship channel, which constrained exports in February 2018. The year-on-year decrease in export supply from the U.S., however, has been offset by robust exports from the Middle East, which exported approximately 1.5 million metric tons of LPG in the first calendar quarter of 2018.
Further supply growth is anticipated in the second half of the year as incremental production in the U.S. reaches the export market. According to the U.S. Energy Information Administration, the U.S. averaged approximately 1.95 million barrels per day of LPG production in the first quarter of 2018 while total gas plant production in the U.S. is expected to grow by approximately 9% in 2018 versus the previous year. Additional LPG supply is also expected from Australia in the second half of the year as the Ichthys and Prelude LNG projects exit their respective commissioning phases.
Demand in the East continues to ramp up due to increased consumption from both the retail and petrochemical markets. Chinese imports totaled roughly 4.7 million metric tons in the first three months of 2018, 20% higher than in the same period last year, while imports into Japan were flat. India recorded import growth of approximately 4% in the first quarter while full year 2018 imports are conservatively estimated to grow by approximately 1 million metric tons as new infrastructure comes onstream. Further demand growth is also expected to emerge from Southeast Asian countries such as Indonesia and the Philippines.
In northwest Europe, the petrochemical market has driven increased demand for LPG in 2018 as cracking margins for LPG remain strong relative to naphtha. Propane's spread to naphtha has favored propane by $114 per metric ton in 2018 to date versus $45 per metric ton in 2017.
At the Panama Canal, LPG vessels remain frequent visitors at both the old and new locks with VLGCs traveling from the U.S. Gulf to the Far East boasting the highest transit numbers. The LPG segment represents around 25% of all traffic through the new locks.
The VLGC orderbook stands at 12.5% of the current fleet with another three ships scheduled for delivery this year. A further 30 VLGCs, equivalent to approximately 2.5 million cbm of carrying capacity, will be added to the fleet by year end 2020.
In 2018, there has been an increase in both the demolition and second-hand resale markets. Three VLGCs are reported to have been scrapped between January and April this year, partly reflective of higher scrap values. However, the global fleet has an average age of approximately nine years, and it is unlikely that scrapping levels will be sufficient to offset supply growth. In the sale and purchase market, five VLGCs have changed hands as buyers in Asia emerge with appetite for older tonnage."
Heute kamen die Jahreszahlen
KEIN Wort zum BW-Angebot...zum Ausblick sagen sie:
"Market Outlook Update
Growth in seaborne LPG volumes has extended from the beginning of 2018 to date. U.S. export volumes in 2018 have been hampered by poor arbitrage economics and a series of weather-related closures of the Houston ship channel, which constrained exports in February 2018. The year-on-year decrease in export supply from the U.S., however, has been offset by robust exports from the Middle East, which exported approximately 1.5 million metric tons of LPG in the first calendar quarter of 2018.
Further supply growth is anticipated in the second half of the year as incremental production in the U.S. reaches the export market. According to the U.S. Energy Information Administration, the U.S. averaged approximately 1.95 million barrels per day of LPG production in the first quarter of 2018 while total gas plant production in the U.S. is expected to grow by approximately 9% in 2018 versus the previous year. Additional LPG supply is also expected from Australia in the second half of the year as the Ichthys and Prelude LNG projects exit their respective commissioning phases.
Demand in the East continues to ramp up due to increased consumption from both the retail and petrochemical markets. Chinese imports totaled roughly 4.7 million metric tons in the first three months of 2018, 20% higher than in the same period last year, while imports into Japan were flat. India recorded import growth of approximately 4% in the first quarter while full year 2018 imports are conservatively estimated to grow by approximately 1 million metric tons as new infrastructure comes onstream. Further demand growth is also expected to emerge from Southeast Asian countries such as Indonesia and the Philippines.
In northwest Europe, the petrochemical market has driven increased demand for LPG in 2018 as cracking margins for LPG remain strong relative to naphtha. Propane's spread to naphtha has favored propane by $114 per metric ton in 2018 to date versus $45 per metric ton in 2017.
At the Panama Canal, LPG vessels remain frequent visitors at both the old and new locks with VLGCs traveling from the U.S. Gulf to the Far East boasting the highest transit numbers. The LPG segment represents around 25% of all traffic through the new locks.
The VLGC orderbook stands at 12.5% of the current fleet with another three ships scheduled for delivery this year. A further 30 VLGCs, equivalent to approximately 2.5 million cbm of carrying capacity, will be added to the fleet by year end 2020.
In 2018, there has been an increase in both the demolition and second-hand resale markets. Three VLGCs are reported to have been scrapped between January and April this year, partly reflective of higher scrap values. However, the global fleet has an average age of approximately nine years, and it is unlikely that scrapping levels will be sufficient to offset supply growth. In the sale and purchase market, five VLGCs have changed hands as buyers in Asia emerge with appetite for older tonnage."
Trading Spotlight
Antwort auf Beitrag Nr.: 57.994.917 von R-BgO am 15.06.18 15:03:13
Dorian LPG Board Declines BW LPG'S Unsolicited Proposal
Board Cites Dorian's Younger, More Fuel-Efficient Ships; Superior Commercial Performance; Less Leveraged Balance Sheet; and Lack of Shareholder Benefit From Proposed Dual Listing
STAMFORD, Conn., June 15, 2018 /PRNewswire/ --
Dorian LPG Ltd. (NYSE: LPG) ("Dorian" or the "Company") today announced that its Board of Directors has unanimously declined an unsolicited, conditional proposal from BW LPG Ltd. (OB: BWLPG) ("BW LPG") to combine with Dorian in a stock-for-stock transaction.
After a thorough review, conducted in consultation with its financial and legal advisors, the Board of Directors unanimously concluded that the proposal is not in the best interests of Dorian and its shareholders. The Board noted that:
BW LPG's proposal undervalues Dorian on both an absolute- and relative-value basis;
Fails to recognize the value of Dorian's younger, more fuel-efficient ships;
Fails to recognize Dorian's superior commercial performance;
Forces shareholders to accept equity in a more highly-leveraged combined company; and
Proposes a dual listing that is unlikely to benefit Dorian shareholders.
The Board believes that Dorian's current strategy is working and that Dorian's younger, more fuel-efficient fleet with lower leverage protects the Company at the bottom of the industry cycle and positions it best for long-term growth and success.
Dorian has retained Evercore as financial advisor and Wachtell, Lipton, Rosen & Katz and Seward & Kissel LLP as legal advisors, in connection with the proposal.
Below is the text of a letter that was sent today by John Hadjipateras, Chairman, President and Chief Executive Officer of Dorian, to Andreas Sohmen-Pao, Chairman of the Board of Directors of BW LPG.
June 15, 2018
Dear Andreas,
This letter is in response to your May 29, 2018 letter indicating BW LPG's interest in combining with Dorian LPG.
Thank you for your kind words about Dorian's fleet, management and operating principles.
Since receiving your letter, our Board of Directors, consistent with its fiduciary obligation to our shareholders and in consultation with our outside advisors, has worked diligently to evaluate your unsolicited and conditional proposal. In this regard, we have carefully considered the strategic, financial and commercial merits of the proposal and whether it accelerates our efforts to build shareholder value by enhancing our company's market position, strengthening our financial position or advancing strategic initiatives.
After these deliberations, the Board unanimously decided to decline your proposal.
The Dorian Board has taken this action for many reasons, including:
Dorian's Fleet: Younger, More Fuel Efficient, and better prepared for Environmental Regulations.
Your proposal undervalues Dorian on both an absolute- and relative value basis by failing to account for the true value of Dorian's substantially younger, more fuel-efficient ships as well as Dorian's superior commercial performance.
BW LPG's indication of interest fails to recognize the value of Dorian's 19 ECO-ships, comprising 86% of Dorian's fleet of 22 ships. By contrast, only about 40% of BW LPG's 51-ship fleet consists of ECO-ships, and BW LPG's owned and operated fleet is considerably older than Dorian's.
Dorian has already invested substantial capital to comply with regulation-driven ship modifications. Our understanding is that the BW LPG fleet will require significant additional capital investment to modernize and comply with regulatory requirements.
Dorian shareholders should not be asked to subsidize BW LPG's fleet renewal, upgrade, and regulatory compliance costs.
Dorian's Commercial Performance is Superior
Based on the exchange ratio proposed, BW LPG would benefit from the acquisition of our ships with higher earnings power without paying a price that reflects the value differential in our assets and our commercial platform. Over the past four quarters, Dorian has consistently outperformed BW LPG on key metrics such as EBITDA per vessel and TCE (time charter equivalent) per day.
Dorian's Balance Sheet is Less Leveraged
A combination of BW LPG and Dorian would improve financial flexibility for BW LPG, but would have the opposite effect for Dorian. BW LPG's balance sheet is more leveraged, with older assets on average, while Dorian's balance sheet has considerably lower leverage – Dorian's net debt to total capitalization (34.6%) vs BW LPG's (51.7%) -, in addition to having a younger fleet. Our growth trajectory, credit profile, and cash flow accretion would be burdened by a combination with BW LPG, not enhanced.
A Dual Listing is Not a Benefit to Dorian Shareholders
You suggest that the combined company's stock would have an enhanced trading liquidity due to its larger market capitalization, and propose a dual listing of the shares on the New York Stock Exchange and the Oslo Stock Exchange. We believe the promise of increased liquidity is illusory, as there is limited investor overlap and little reason to believe BW LPG's existing shareholders would change their currency trading preferences.
Notwithstanding declining your proposal, our Board is willing to discuss acquiring or consolidating some or all of your 17 ECO-ships into our commercial platform. We believe that such a proposal would allow for a more transparent relative valuation and could be concluded relatively expeditiously.
If your Board is interested in this type of consolidation, we would be prepared to enter into discussions about its potential merits.
Thank you and your Board for your interest in Dorian, which clearly recognizes the exceptional business we have created and its long-term potential.
That said, I hope that you understand why the Dorian Board cannot pursue a transaction that is by all relevant measures not in the best interests of our shareholders.
Sincerely,
John Hadjipateras
Chairman, President and Chief Executive Officer
Ablehnung kam als separate Pressemitteilung:
...Dorian LPG Board Declines BW LPG'S Unsolicited Proposal
Board Cites Dorian's Younger, More Fuel-Efficient Ships; Superior Commercial Performance; Less Leveraged Balance Sheet; and Lack of Shareholder Benefit From Proposed Dual Listing
STAMFORD, Conn., June 15, 2018 /PRNewswire/ --
Dorian LPG Ltd. (NYSE: LPG) ("Dorian" or the "Company") today announced that its Board of Directors has unanimously declined an unsolicited, conditional proposal from BW LPG Ltd. (OB: BWLPG) ("BW LPG") to combine with Dorian in a stock-for-stock transaction.
After a thorough review, conducted in consultation with its financial and legal advisors, the Board of Directors unanimously concluded that the proposal is not in the best interests of Dorian and its shareholders. The Board noted that:
BW LPG's proposal undervalues Dorian on both an absolute- and relative-value basis;
Fails to recognize the value of Dorian's younger, more fuel-efficient ships;
Fails to recognize Dorian's superior commercial performance;
Forces shareholders to accept equity in a more highly-leveraged combined company; and
Proposes a dual listing that is unlikely to benefit Dorian shareholders.
The Board believes that Dorian's current strategy is working and that Dorian's younger, more fuel-efficient fleet with lower leverage protects the Company at the bottom of the industry cycle and positions it best for long-term growth and success.
Dorian has retained Evercore as financial advisor and Wachtell, Lipton, Rosen & Katz and Seward & Kissel LLP as legal advisors, in connection with the proposal.
Below is the text of a letter that was sent today by John Hadjipateras, Chairman, President and Chief Executive Officer of Dorian, to Andreas Sohmen-Pao, Chairman of the Board of Directors of BW LPG.
June 15, 2018
Dear Andreas,
This letter is in response to your May 29, 2018 letter indicating BW LPG's interest in combining with Dorian LPG.
Thank you for your kind words about Dorian's fleet, management and operating principles.
Since receiving your letter, our Board of Directors, consistent with its fiduciary obligation to our shareholders and in consultation with our outside advisors, has worked diligently to evaluate your unsolicited and conditional proposal. In this regard, we have carefully considered the strategic, financial and commercial merits of the proposal and whether it accelerates our efforts to build shareholder value by enhancing our company's market position, strengthening our financial position or advancing strategic initiatives.
After these deliberations, the Board unanimously decided to decline your proposal.
The Dorian Board has taken this action for many reasons, including:
Dorian's Fleet: Younger, More Fuel Efficient, and better prepared for Environmental Regulations.
Your proposal undervalues Dorian on both an absolute- and relative value basis by failing to account for the true value of Dorian's substantially younger, more fuel-efficient ships as well as Dorian's superior commercial performance.
BW LPG's indication of interest fails to recognize the value of Dorian's 19 ECO-ships, comprising 86% of Dorian's fleet of 22 ships. By contrast, only about 40% of BW LPG's 51-ship fleet consists of ECO-ships, and BW LPG's owned and operated fleet is considerably older than Dorian's.
Dorian has already invested substantial capital to comply with regulation-driven ship modifications. Our understanding is that the BW LPG fleet will require significant additional capital investment to modernize and comply with regulatory requirements.
Dorian shareholders should not be asked to subsidize BW LPG's fleet renewal, upgrade, and regulatory compliance costs.
Dorian's Commercial Performance is Superior
Based on the exchange ratio proposed, BW LPG would benefit from the acquisition of our ships with higher earnings power without paying a price that reflects the value differential in our assets and our commercial platform. Over the past four quarters, Dorian has consistently outperformed BW LPG on key metrics such as EBITDA per vessel and TCE (time charter equivalent) per day.
Dorian's Balance Sheet is Less Leveraged
A combination of BW LPG and Dorian would improve financial flexibility for BW LPG, but would have the opposite effect for Dorian. BW LPG's balance sheet is more leveraged, with older assets on average, while Dorian's balance sheet has considerably lower leverage – Dorian's net debt to total capitalization (34.6%) vs BW LPG's (51.7%) -, in addition to having a younger fleet. Our growth trajectory, credit profile, and cash flow accretion would be burdened by a combination with BW LPG, not enhanced.
A Dual Listing is Not a Benefit to Dorian Shareholders
You suggest that the combined company's stock would have an enhanced trading liquidity due to its larger market capitalization, and propose a dual listing of the shares on the New York Stock Exchange and the Oslo Stock Exchange. We believe the promise of increased liquidity is illusory, as there is limited investor overlap and little reason to believe BW LPG's existing shareholders would change their currency trading preferences.
Notwithstanding declining your proposal, our Board is willing to discuss acquiring or consolidating some or all of your 17 ECO-ships into our commercial platform. We believe that such a proposal would allow for a more transparent relative valuation and could be concluded relatively expeditiously.
If your Board is interested in this type of consolidation, we would be prepared to enter into discussions about its potential merits.
Thank you and your Board for your interest in Dorian, which clearly recognizes the exceptional business we have created and its long-term potential.
That said, I hope that you understand why the Dorian Board cannot pursue a transaction that is by all relevant measures not in the best interests of our shareholders.
Sincerely,
John Hadjipateras
Chairman, President and Chief Executive Officer
Antwort auf Beitrag Nr.: 58.008.226 von R-BgO am 18.06.18 12:17:51
BW läßt nicht locker:
http://www.bwlpg.com/Media/June-2018/BW-LPG-Sends-Letter-to-…
Antwort auf Beitrag Nr.: 58.068.025 von R-BgO am 26.06.18 11:24:43
Antwort auf Beitrag Nr.: 58.171.067 von R-BgO am 09.07.18 17:52:11
Antwort auf Beitrag Nr.: 58.222.215 von R-BgO am 16.07.18 11:14:07
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