SPM Shipping Enters VLGC Market With $91 Million Acquisition

Dubai-based SPM Shipping has expanded into the very large gas carrier (VLGC) sector with the purchase of a 2015-built vessel from Dorian LPG, adding another major segment to its rapidly growing fleet.

The company has acquired the 84,000-cubic-metre Clermont for approximately $91 million, marking its first reported entry into the VLGC market.

First Step Into Large Gas Carriers

Built by Hyundai Samho Heavy Industries in 2015, Clermont is an 84,000-cbm VLGC capable of transporting large volumes of liquefied petroleum gas (LPG).

The acquisition adds gas transportation to SPM Shipping's expanding portfolio, which already includes exposure to the capesize and VLCC markets, along with smaller offshore vessels.

The transaction was concluded in August, with vessel sale records identifying SPM Shipping as the buyer.

For a relatively young shipowner, the purchase represents another significant step in building a diversified fleet across major commercial shipping segments.

Dorian LPG Continues VLGC Fleet Sales

The acquisition is also part of a broader series of VLGC transactions involving Dorian LPG.

Earlier in the summer, Dorian sold the 2015-built, 84,000-cbm sister vessel Constellation for around $87.3 million.

Another vessel from the company's fleet, the 2014-built Corsair, changed hands for approximately $81.8 million.

The transactions indicate continued activity in the secondhand VLGC market, where vessel values are influenced by factors including LPG trade volumes, fleet supply, charter rates, fuel efficiency and expectations for future demand.

SPM Shipping Continues Fleet Expansion

SPM Shipping is headquartered in Dubai and has been building its presence in the international shipping market over the past several years.

The company is affiliated with Priya Blue, one of India's major ship recycling companies, and serves as the ship-owning arm of Best Oasis, a major cash buyer of vessels.

Its fleet strategy extends beyond large ocean-going ships, with the company also having smaller offshore vessels under its ownership interests.

The move into VLGCs adds another layer to that portfolio and gives SPM Shipping exposure to the LPG transportation market, where demand is closely linked to global energy flows, petrochemical production and regional gas trade.

Why this matters

• Fleet diversification: Entering VLGCs gives SPM Shipping exposure to another major shipping segment alongside its existing dry bulk and tanker interests.
• Secondhand market activity: The $91 million transaction provides another reference point for valuations of modern 84,000-cbm VLGCs.
• Growing LPG trade: VLGC demand is closely connected to international LPG movements, particularly long-distance seaborne trade.
• Shipowner strategy: The acquisition highlights how newer shipping companies are using secondhand tonnage to establish positions in specialized vessel segments without waiting for newbuild deliveries.

Conclusion

SPM Shipping's acquisition of Clermont marks its first move into the VLGC market and adds a specialized gas carrier to an increasingly diversified fleet.

For Dorian LPG, the sale continues a series of VLGC disposals, while for SPM Shipping, the transaction signals another stage in its rapid expansion across global shipping markets.