Dorian LPG Orders Three Dual-Fuel Panamax VLGCs

New Panamax VLGCs Join Dorian Fleet

Dorian LPG has placed an order for LPG dual-fuel Panamax VLGC newbuildings, according to a report by Ship & Bunker. The newbuildings will feature hull forms and main engines optimised for larger-diameter propellers and associated energy-saving devices, the company said.

The Panamax dimensions were chosen deliberately, giving charterers the flexibility to transit the older locks of the Panama Canal — a consideration that continues to shape vessel design decisions for owners trading LPG across that route.

Fleet Renewal Strategy

Commenting on the order, Dorian LPG’s chairman, president, and CEO John C. Hadjipateras described the newbuildings as reflecting the company’s “measured approach to fleet renewal coupled with a capital allocation strategy that drives long-term shareholder value creation.”

With this latest order, Dorian’s fleet stands at 25 VLGCs, of which six are already dual-fuel ECO vessels, underlining a continued shift toward dual-fuel propulsion within the company’s gas carrier portfolio.

Charter Market Position

Alongside the newbuilding order, Dorian LPG also provided an update on its commercial performance. The company estimates it has fixed 99% of its calendar days for the quarter ending September 30 at a rate above $88,000 per day, a figure that excludes any demurrage earned on voyages completing in September.

The combination of near-full utilisation at elevated rates and continued fleet renewal investment suggests Dorian is positioning itself to capture sustained demand in the VLGC segment while gradually modernising its tonnage toward dual-fuel capability. The order adds to a broader industry trend of LPG carrier owners investing in dual-fuel newbuildings to meet efficiency and emissions expectations while retaining operational flexibility across key trade routes, including the Panama Canal.

Apeks view — Newbuilding orders like this are ultimately long-horizon bets on propulsion choice, hull dimensions, and route flexibility, all locked in years before delivery. For owners and technical managers, the real work lies in verifying that design specifications, engine performance, and efficiency claims are backed by documented testing and sea trial data rather than shipyard marketing. Dual-fuel capability and Panamax sizing are sound strategic signals, but their value to charterers will depend on evidence gathered and confirmed once vessels actually enter service.