John Lycouris on fleet modernization
From Dorian LPG Q4 2026 Earnings Call | VLGC Fleet Utilization Reaches 96% To Capitalize On Spot Rates · · Investing 101
“We have now completed the statutory special survey and docking cycles of a 2014 to 2016 class of vessels with the last vessel completing her special survey during this past quarter. As previously announced, LPG took delivery in March the 93,000 cubic meter dual fuel new building Arion from Hanwha Ocean. The Arion is a dual fuel ship which can operate on LPG and fuel oil and fit to carry full cargos of LPG and or ammonia. When operating on LPG, CO2 emissions are approximately 20% lower while sulfur oxides, particular matter and other pollutants are significantly reduced.”
On , John Lycouris, Head of Energy Transition & Director at DORIAN LPG LTD, spoke about fleet modernization 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.