Dorian LPG

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.

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

Product category

LPG Shipping / VLGC Transportation

SIC

Pipe Lines (No Natural Gas) (4610)

akta.pro industry

PRIMARYTLADABAG

LPG Carrier Operators

Transportation & Logistics/Freight Transportation (Air, Maritime, Rail, Trucking)/Ocean Freight Carriers (Container, Bulk, Tanker)

SECONDARYTLAHABAK

LPG / NGL Terminals (Pressurized/ Refrigerated Gas)

Transportation & Logistics/Ports, Terminals & Maritime Services/Bulk Cargo Terminals (Dry & Liquid Bulk)

SECONDARYTLAGAEAM

NGL/LPG Pipeline Storage & Terminaling (Caverns, Bullet Tanks, Tank Farms)

Transportation & Logistics/Pipeline Transportation/Natural Gas Liquids (NGL) / LPG Pipeline Transportation

Keywords

• LPG shipping services
• VLGC vessel chartering
• Maritime gas transportation
• Liquefied petroleum gas logistics
• Tanker fleet operations

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. 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

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core 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

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered minor and core.

• TMV LogisticsminorOthers · 26 May 2026Dorian 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.coreStrategic or Co-development Partner · 1 March 2015Dorian 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

Emerging 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

• Facebookfacebook.com/Dorianlpg
• LinkedInlinkedin.com/company/dorian-lpg

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dorian LPG