John Lycouris on shipbuilding costs
From Dorian LPG Q4 2026 Earnings Call | VLGC Fleet Utilization Reaches 96% To Capitalize On Spot Rates · · Investing 101
“Today's price of a new building VLGC at approximately 115 million reflects an increase of approximately 2.5% per annum over the cost of our first VLGC which was delivered to our predecessor company 20 years ago. She was ordered for a price of approximately 65 million in 2004. When she was delivered in 2006, the new building replacement cost was over 90 million. From 2009 to 2012, the new building price hovered in the low 70 million range. And the next order we placed was in 2012 for advanced eco type series at just under 70 million each. The new prices stayed in the $70 million range until 2021.”
On , John Lycouris, Head of Energy Transition & Director at DORIAN LPG LTD, spoke about shipbuilding costs 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.