Dubai-based newcomer SPM Energy Shipping has made its first move into the very large gas carrier (VLGC) sector, acquiring the 84,000 cbm VLGC Clermont from US-listed LPG shipping company Dorian LPG for approximately $91 million.
According to vessel valuation and transaction data, the deal was completed in August 2026. Built in 2015 by Hyundai Samho Heavy Industries in South Korea, Clermont is equipped with a scrubber system and represents a modern second-hand VLGC asset with significant remaining commercial life.
The acquisition marks SPM Shipping’s first entry into the LPG shipping market and expands the company’s growing presence across major maritime commodity sectors.
From Ship Recycling Roots to a Diversified Shipping Owner
SPM Shipping is a relatively young Dubai-based shipowner established in 2023. The company has rapidly built exposure across several shipping segments, including crude oil tankers, bulk carriers, offshore assets and now gas carriers.
The company is linked to Indian ship recycling group @Priya Blue and cash-based maritime investment platform Best Oasis Limited . This background gives SPM Shipping a distinctive advantage in vessel acquisition, combining ship trading experience, market intelligence and access to capital.
Unlike traditional VLGC owners that have historically focused exclusively on gas transportation, SPM Shipping represents a new wave of maritime investors entering specialized shipping sectors through asset opportunities.
Its expansion reflects a broader strategy: building a diversified fleet covering major commodity transportation markets, from dry bulk and crude oil to LPG.
Dorian LPG Accelerates Fleet Renewal Strategy
The sale of Clermont is part of Dorian LPG’s broader fleet renewal program.
During 2026, the US-listed owner has accelerated disposals of older VLGC tonnage while investing in next-generation vessels.
Recent transactions include:
- The 2015-built Cobra, which was sold earlier in 2026 with Dorian LPG recognizing approximately $30.1 million in disposal gains;
- The 2014-built Corsair, sold in July 2026 for around $81.8 million;
- The 2015-built Constellation, sold in July 2026 for approximately $87.3 million;
- The 2015-built Clermont, sold in August 2026 for $91 million.
The four transactions generated more than $340 million in asset value realization.
At the same time, Dorian LPG has continued investing in newer tonnage. In June 2026, the company ordered a 90,000 cbm dual-fuel VLGC from HD Hyundai, with delivery scheduled for 2029.
The new vessel will feature advanced efficiency technologies, including a shaft generator system, and will be designed to transit the original Panama Canal locks.
Dorian LPG’s strategy reflects a common approach among leading shipping companies: monetize high-value second-hand assets during strong markets while replacing capacity with more efficient newbuildings.
Strong VLGC Market Attracts New Capital
The timing of SPM Shipping’s entry is closely linked to the strength of the VLGC market.
VLGC earnings reached historically high levels in 2026, supported by structural changes in global LPG trade flows.
Several factors have combined to tighten the market:
First, US LPG exports have continued expanding, increasing long-haul voyages to Asia. Compared with traditional Middle East-to-Asia trades, US Gulf exports require significantly longer sailing distances, creating additional vessel demand.
Second, geopolitical uncertainty around the Middle East has disrupted traditional LPG supply routes. The risk surrounding the Strait of Hormuz has encouraged buyers and traders to seek alternative supply sources, further supporting long-distance LPG transportation.
Third, Panama Canal restrictions have increased voyage complexity and reduced effective vessel supply.
Market data showed that VLGC earnings surged during 2026. US Gulf-to-Asia routes generated exceptionally strong returns, with spot earnings exceeding $200,000 per day at periods of peak market strength.
Asset prices have followed freight markets higher. The rising transaction values of Dorian LPG’s vessels — from $81.8 million for Corsair to $91 million for Clermont within weeks — demonstrate the strength of current investor appetite.
A New Wave of VLGC Investors
The arrival of SPM Shipping highlights an important development in the VLGC sector: ownership is expanding beyond traditional gas shipping companies.
Historically, VLGC ownership has been concentrated among specialized operators such as BW LPG, Dorian LPG, Avance Gas and Navigator Gas.
However, the recent entry of companies from outside the traditional segment, including investment groups, commodity players and diversified shipowners, indicates that VLGC assets have gained broader appeal among maritime investors.
Strong freight markets, limited fleet growth and favorable LPG trade fundamentals have transformed VLGCs into attractive asset investments.
At the same time, risks remain. Gas shipping is highly cyclical, and today’s elevated earnings are partly supported by geopolitical disruptions and trade route changes. A normalization of energy flows could put pressure on freight rates and asset values.
For SPM Shipping, the acquisition of Clermont represents both an opportunity and a test: entering the VLGC market at a historically strong point while managing exposure to one of shipping’s most cyclical sectors.
The company’s first VLGC purchase signals that Dubai is becoming an increasingly important hub for new maritime capital seeking opportunities across global shipping markets.
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