New York-listed VLGC owner Dorian LPG has ordered a new very large gas carrier at HD Hyundai as it moves to renew its fleet in a strong freight market.

The John Hadjipateras-led company has signed up for one 90,000 cu m VLGC at the South Korean shipbuilding group for delivery in July 2029.

The vessel is priced at about $115m. Dorian LPG said the newbuilding will be a dual-fuel panamax unit, designed to transit the older locks of the Panama Canal.

The company has also struck deals to sell three VLGCs for combined proceeds of about $256m. The vessels being sold include the 2014-built Corsair and two 2015-built VLGCs. The ships should change hands by the fourth quarter of this year.

The fleet move comes as VLGC earnings have pushed sharply higher.

The company said it had fixed 99% of its available days for the quarter ending June 30 at more than $68,000 per day. For July, the company said it had fixed 34% of its days at more than $100,000 per day.

Dorian LPG currently owns and operates 27 VLGCs, made up of six dual-fuel eco vessels, 19 eco vessels and two modern VLGCs.

“We are confident in the growth prospects of the LPG transportation market and believe that our disciplined fleet renewal and expansion strategy, commitment to our people, focus on innovation and efficiency, along with a solid balance sheet will enable us to deliver long-term value for our shareholders,” chairman, president, and CEO Hadjipateras said.