Dorian LPG
Dorian LPG is a pure-play VLGC shipping company that owns and operates a modern 27-vessel fleet of dual-fuel and ECO-class Very Large Gas Carriers to transport liquefied petroleum gas globally for major energy companies, LPG traders, and the Helios LPG Pool.
- Company typePublic
- Founded2013
- HeadquartersStamford, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Dorian LPG does
Dorian LPG Ltd. is a pure-play liquefied petroleum gas (LPG) shipping company incorporated in the Marshall Islands in July 2013, headquartered in Stamford, Connecticut, and listed on the NYSE under the ticker LPG since 2014. It is a leading owner and operator of modern Very Large Gas Carriers (VLGCs), with a fleet of 27 owned VLGCs (plus six chartered-in vessels) totaling approximately 2.3 million cubic meters of cargo capacity and 2,279,038 DWT. The average fleet age of 10.5 years underscores a relatively modern, fuel-efficient asset base, supplemented by ECO-class hulls built at world-class Korean and Japanese shipyards and dual-fuel propulsion systems capable of burning LPG and fuel oil, with hybrid scrubbers and shaft generators fitted across the fleet.
The company's core product is seaborne LPG transportation, delivered through time charters, bareboat charters, spot charters, and contracts of affreightment directly to LPG distributors, traders, and major energy companies along major trade lanes such as U.S. Gulf to Asia and Arabian Gulf to Asia. A central commercial asset is the Helios LPG Pool joint venture with Phoenix Tankers Pte. Ltd., which optimizes fleet utilization across participating vessels. Dorian LPG also performs in-house commercial and technical ship management from offices in Stamford, Athens, and Copenhagen, providing vertically integrated Marine, Technical, Crewing, Purchasing, and HSEQ services. The technology platform rests on ECO-class VLGCs (delivering $200-$3,500/day in fuel savings), dual-fuel LPG/fuel oil capability, hybrid scrubbers for emissions compliance, shaft generators, and dual-fuel Panamax designs enabling routing through the old Panama Canal locks; the March 2026-delivered Areion also offers ammonia-capable propulsion.
Dorian LPG earns revenue primarily through VLGC charter services with usage-based TCE pricing, complemented by episodic one-time vessel sale proceeds (e.g., $81.9 million from the VLGC Cobra and approximately $256 million from the sale of three VLGCs). FY2026 revenue reached $481.5 million (up 102% year-over-year), generating $193.7 million in net income and $305.1 million in Adjusted EBITDA, with fleet utilization near 99% and TCE rates exceeding $68,000 per day. The company has returned over $960 million to shareholders since IPO through dividends and buybacks, including a recent $42.8 million irregular cash dividend, reflecting both strong cash generation in the current cycle and a clear capital-return discipline.
Dorian LPG firmographics
Firmographics- Name
- Dorian LPG
- Legal name
- Dorian LPG Ltd.
- Website
- https://dorianlpg.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Dorian LPG is a pure-play VLGC shipping company that owns and operates a modern 27-vessel fleet of dual-fuel and ECO-class Very Large Gas Carriers to transport liquefied petroleum gas globally for major energy companies, LPG traders, and the Helios LPG Pool.
- Ownership category
- akta.pro rank
Dorian LPG industry classification
Industry- Product category
- LPG Shipping / VLGC Transportation
- SIC
- Pipe Lines (No Natural Gas) (4610)
- akta.pro primary industry
- LPG Carrier Operators (TLADABAG)
- akta.pro secondary industries
- LPG / NGL Terminals (Pressurized/ Refrigerated Gas) (TLAHABAK), NGL/LPG Pipeline Storage & Terminaling (Caverns, Bullet Tanks, Tank Farms) (TLAGAEAM)
Keywords
Where Dorian LPG is headquartered
LocationHeadquarters
- HQ city
- Stamford
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Dorian LPG business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- VLGC Charter Services: The company earns revenue primarily through chartering its VLGC fleet to LPG distributors, traders, and third-party charterers. Vessels are operated under time charters, bareboat charters, spot charters, and contracts of affreightment. The company also participates in the Helios LPG Pool, a joint venture with Phoenix Tankers for market-leading VLGC pool services.
- Vessel Sale Proceeds: The company generates one-time proceeds from the sale of vessels, such as the sale of VLGC Cobra for $81.9 million and the sale of three VLGCs (Corsair and two 2015-built vessels) for approximately $256 million.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Time Charter Equivalent rates based on market conditions |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Dorian LPG product offering
Product offeringCore offering
Dorian LPG owns and operates a modern fleet of Very Large Gas Carriers (VLGCs) to transport liquefied petroleum gas globally under time charters, bareboat charters, spot charters, and contracts of affreightment. The company also participates in the Helios LPG Pool, a joint venture with Phoenix Tankers Pte. Ltd. that delivers market-leading VLGC pool services. In-house commercial and technical ship management services support all owned and chartered-in vessels.
Product overview
Dorian LPG is a fully integrated liquefied petroleum gas shipping company and leading owner/operator of modern Very Large Gas Carriers (VLGCs). The company's portfolio consists of its core VLGC transportation services, the Helios LPG Pool (a commercial pooling arrangement with Phoenix Tankers), and vessel categories including ECO VLGCs, Dual-Fuel VLGCs, and Panamax VLGCs. The fleet currently consists of 27 vessels (6 chartered-in) with an aggregate carrying capacity of approximately 2.3 million cubic meters. Dorian LPG provides in-house commercial and technical management services for all vessels in its fleet.
Differentiator
Problem solved
Functional benefit
Products and services
- VLGC Transportation Services Dorian LPG provides liquefied petroleum gas (LPG) shipping services using a fleet of modern Very Large Gas Carriers (VLGCs), transporting LPG globally across major trade routes including U.S. Gulf to Asia and Arabian Gulf to Asia under time charters, bareboat charters, spot charters, and contracts of affreightment.
- Helios LPG Pool A commercial pooling arrangement with Phoenix Tankers Pte. Ltd. that combines VLGC vessels for market-leading operational efficiency and optimized chartering outcomes for pool participants.
- In-House Ship Management Fully integrated commercial and technical ship management services provided in-house, including Marine, Technical, Crewing, Purchasing, and Health Safety and Environmental Quality teams based in Athens, Greece.
Quantifiable outcome
- 102% year-over-year revenue increase to $481.5 million in FY 2026
- +2 more outcomes
Companies that use Dorian LPG
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Dorian LPG technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Dorian LPG partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- TMV LogisticsminorDorian LPG serves as an industry advisor to TMV Logistics, a $200 million venture fund targeting maritime, shipbuilding, ports and intermodal logistics innovation. The fund focuses on industrial-grade autonomy, robotics, maritime dual-use technologies, energy transition, and operational AI.
- Phoenix Tankers Pte. Ltd.coreDorian LPG and Phoenix Tankers Pte. Ltd. established the Helios LPG Pool LLC, a joint venture creating a market-leading VLGC pool. The pool optimizes fleet utilization and provides commercial management services for participating vessels.
Scale indicators9 records
Recent moves10 records
Expansion highlights5 records
Dorian LPG competitors and assessment
Company assessmentEmerging players
- Ardmore Shipping: Ardmore Shipping (NYSE: ASC) operates MR and chemical tankers serving the refined products and chemical trades. While not a direct LPG competitor, it is a comparable public mid-cap shipowner with similar fleet-renewal and dual-fuel transition story.
- Flex LNG: Flex LNG (NYSE: FLNG) is a pure-play LNG carrier owner operating modern, fuel-efficient LNG carriers. While focused on LNG rather than LPG, it represents a thematic peer in gas transportation with similar modern-fleet, time-charter, energy-transition narrative.
- Pyxis Tankers: Pyxis Tankers (NASDAQ: PXS) operates a fleet of product tankers focused on refined petroleum products. It is a smaller, more volatile public shipping peer whose earnings sensitivity to charter rates and tanker market cycles is structurally similar to Dorian LPG.
Regional players
- Hoegh LNG Partners (now part of Höegh LNG): Höegh LNG operates floating storage regasification units (FSRUs) and LNG carriers, with adjacent exposure to LPG/LNG shipping infrastructure. It provides context for capital-intensive, energy-transition-oriented shipping models but serves the LNG rather than LPG market.
Direct peers
- Avance Gas Holding: Avance Gas is a pure-play VLGC owner listed on Oslo Børs (AVANCE.OL) with a fleet of modern VLGCs serving the LPG shipping market. Direct overlap with Dorian LPG on vessel type, customer base, and trade routes, making it a key comparable for charter rate exposure.
- BW LPG: BW LPG is the world's largest owner and operator of VLGCs, listed on Oslo Børs (BWLPG.OL). It is the most direct competitor to Dorian LPG with a similarly modern fleet serving LPG distributors and traders globally on the same U.S. Gulf-Asia and Middle East-Asia trade routes.
Broad incumbents
- DHT Holdings: DHT Holdings (NYSE: DHT) is a pure-play VLCC crude tanker owner listed in New York. While focused on crude rather than LPG, it is a comparable public, single-segment tanker company with similar capital return philosophy and fleet renewal dynamics to Dorian LPG.
- International Seaways: International Seaways (NYSE: INSW) operates a diversified tanker fleet including VLCCs, Suezmaxes, Aframaxes, and LR2/product tankers. While not LPG-focused, it is a public tanker peer providing benchmark for mid-cap shipping company valuation, capital allocation, and charter market exposure.
- Frontline: Frontline (NYSE: FRO) is a global tanker giant operating VLCCs, Suezmaxes, and LR2/Aframax product tankers. As a broad incumbent in the public tanker space, it provides macro shipping cycle context and capital allocation benchmarks relevant to evaluating Dorian LPG's positioning.
- Scorpio Tankers: Scorpio Tankers (NYSE: STNG) is one of the largest publicly traded product tanker companies, owning and operating MR and LR2 tankers. While focused on refined products rather than LPG, it competes for similar capital from public shipping investors and is benchmarked alongside Dorian LPG.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Dorian LPG social profiles
Digital presenceDorian LPG financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dorian LPG leadership team
Management profileNumber of profiles
Profiles7 records
Dorian LPG subsidiaries and ownership
Company hierarchySubsidiaries4 records
Dorian LPG funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dorian LPG M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dorian LPG
What does Dorian LPG do?
Dorian LPG owns and operates a modern fleet of Very Large Gas Carriers (VLGCs) to transport liquefied petroleum gas globally under time charters, bareboat charters, spot charters, and contracts of affreightment. The company also participates in the Helios LPG Pool, a joint venture with Phoenix Tankers Pte. Ltd. that delivers market-leading VLGC pool services. In-house commercial and technical ship management services support all owned and chartered-in vessels.
Is Dorian LPG a public or private company?
Dorian LPG is a public company. It is classified as public and is currently operating.
When was Dorian LPG founded?
Dorian LPG was founded in 2013. It employs 501 to 1,000 people.
Where is Dorian LPG based?
Dorian LPG is headquartered in Stamford, United States, in the North America region.
How does Dorian LPG make money?
Two revenue lines are on record. VLGC Charter Services are the primary driver. The others are vessel Sale Proceeds.
Who are Dorian LPG's main competitors?
Emerging players on record are Ardmore Shipping, Flex LNG and Pyxis Tankers. Hoegh LNG Partners (now part of Höegh LNG) is listed as a regional player. Direct peers are Avance Gas Holding and BW LPG. Broad incumbents are DHT Holdings, International Seaways, Frontline and Scorpio Tankers.
Does Dorian LPG have an API?
No public API is recorded for Dorian LPG.
What industry is Dorian LPG in?
Dorian LPG's product category is LPG Shipping / VLGC Transportation. Its primary akta.pro industry code is TLADABAG, LPG Carrier Operators, with a secondary code of TLAHABAK, LPG / NGL Terminals (Pressurized/ Refrigerated Gas). Its SIC code is 4610.