John Lycouris on freight rates
From Dorian LPG Q4 2026 Earnings Call | VLGC Fleet Utilization Reaches 96% To Capitalize On Spot Rates · · Investing 101
“The current rate environment remains healthy, though Panama Canal transit fees are having an impact on realized rates. We note that most posted TC rates uh TCE rates do not include auction fees for VLGC's transiting the canal which have ranged from 200,000 to as high as 4 million in the last weeks and also they do not include uh the effect of ballasting around the Cape of Good Hope which can also have a significant impact on realized TCEs.”
On , John Lycouris, Head of Energy Transition & Director at DORIAN LPG LTD, spoke about freight rates during Dorian LPG Q4 2026 Earnings Call | VLGC Fleet Utilization Reaches 96% To Capitalize On Spot Rates on Investing 101.
About John Lycouris
John Lycouris, Head of Energy Transition and Director at Dorian LPG, participated in the company’s fourth quarter and fiscal year 2026 earnings conference call on May 21, 2026. During the call, Lycouris discussed the company’s investment decisions, noting that the advent of ultra long stroke electronic engines informed their 2012 investment and that the development of dual fuel engines supported decisions for vessels delivered in 2023 and 2026. He described the current rate environment as healthy, but noted that Panama Canal transit fees are impacting realized rates, with auction fees for VLGCs transiting the canal ranging from $200,000 to as high as $4 million in recent weeks. Lycouris also commented on broader market conditions, stating that Dorian LPG has witnessed volatility and benefited from a tremendous increase in seaborne LPG trade in both absolute and ton-mile terms. He expressed confidence in further expansion of this trade and said the company intends to proceed judiciously with capital allocation while maintaining a solid balance sheet.