Top 10 LPG Shipping Companies in the World

In this article, we will look at the top ten LPG shipping companies in the world. If you want to skip our industry primer and skip to the top five companies on the list, take a look at Top 5 LPG Shipping Companies in the World.

The Russian invasion of Ukraine and the resulting crisis in the energy markets led to a shortage of oil in the market. With winters on the horizon, Europe and other parts of the world are turning to alternative fuel sources. Moreover, the demand for non-Russian oil has also increased, especially from Europe which has tried to reduce its dependence on Russian products due to the ongoing war.

Against this backdrop, the shipping industry is one sector that has managed to weather the broader market bloodbaths that have ended up decimating investment portfolios and a host of different businesses. For LPG, the fuel is shipped in dedicated vessels and the sector is poised for growth. These vessels are characterized as extra large, large, medium and small gas carriers, and they also come with different levels of pressure and temperature control. A research report by Straits Research estimates that the sector was worth $182 million last year and will grow at a compound annual growth rate (CAGR) of 5% by the end of this year through 2030 for a final value of $286 million by the end. of the forecast period.

The research firm believes that the growth of hydraulic fracturing and increased partnerships between the United States, India and Japan will drive this growth as LPG will need to be transported over great distances. Still, Europe accounted for the largest market share of $52 million in 2021, with Asia-Pacific coming second. In terms of capacity and vessel type, the very large gas carrier is the most popular, and it is expected to grow at a CAGR of 7% between 2021 and 2030, to be worth $77 million by the end of 2030.

Grand View Research also has a similar CAGR of 5% for the LPG tanker market for the period between 2022 and 2030, with the estimated end value of the segment set at $287 million. He also points out that the very large tanker segment is the largest and that Europe was the most active region even in 2021 before the war-induced energy crises hit.

Today’s article will take a look at the top companies in the crucial industry, and it consists of names such as Qatar Gas Transport Company Limited (Nakilat) (QPSC) (QGTS.QA), Teekay Corporation (NYSE: TK) and BW LPG Limited (OTCMKTS: BWLLF). You can also check out the top 10 LNG shipping stocks to buy here.

Top 10 LPG Shipping Companies Worldwide

Top 10 LPG Shipping Companies Worldwide

Oleksandr Kalinitchenko /

Our Methodology

We have thoroughly examined the LPG Tank Truck market and determined which companies have strong business models and financial performance, and are in tune with market dynamics. Companies are primarily categorized by their revenue, however, for large companies that do not share their finances but are a significant part of the industry, other details have been considered.

Top 10 LPG Shipping Companies Worldwide

10. Kuwait Oil Tanker Co. SAK

Turnover from 2021: N/A

The Kuwait Oil Tanker Co. SAK is a subsidiary of the Kuwait Petroleum Corporation. It is the shipping arm of its parent company and its head office is located in Kuwait City, Kuwait.

Kuwait Petroleum Corporation is one of the largest oil companies in the world and is responsible for 7% of the world’s crude oil production. The shipping arm, Kuwait Oil Tanker Co. SAK, was established in 1964 and transports crude oil, refined petroleum products and LPG. The company has a fleet of 31 vessels, five of which are LPG carriers with a combined carrying capacity of 82,516 cubic meters of gas. Kuwait Oil Tanker Co. SAK’s newest LPG vessel is Gas Umm Al Rowaisat, which was delivered in 2020 and has a capacity of 82,516 cubic meters. Additionally, Kuwait Oil Tanker Co. SAK also owns two LPG filling plants.

Kuwait Petroleum Corporation joins our list of the world’s largest LPG transporters, alongside other top players such as Teekay Corporation (NYSE: TK), Qatar Gas Transport Company Limited (Nakilat) (QPSC) (QGTS.QA) and BW LPG Limited (OTCMKTS:BWLLF).

9. Petredec Pte Limited

Turnover from 2021: N/A

Petredec Pte Limited is one of the largest LPG shipping companies in the world. The company has a global presence through offices in Singapore, Houston, London, South Africa and other cities and countries.

Petredec Pte Limited has at least 38 LPG transport vessels in its portfolio. The company has recently reorganized its activities and its branch Petredec Global orders 27 very large gas carriers (VLGC). They are the largest LPG vessels of their kind and the most popular on the market. This division is also the world’s second largest LPG carrier operator and Petredec Pte Limited is aiming to take its shares public. If this materializes, then Petredec Global will become the world’s first pure play LPG shipper also listed on the stock exchange.

Petredec Pte Limited’s other shipping division, Fortitude Shipping Ltd, is based in London. This arm has 11 manageable LPG transporters for 22,500 cubic meters of capacity. Of these, three are semi-refrigerated vessels.

8.EXMAR Shipping

Revenue in 2021: $138 million

EXMAR Shipping is a Belgian shipping company established in 1991. It is a 100% subsidiary of Exmar NV (EXM.BR), which is a global provider of energy and supply chain solutions. The company provides shipping, infrastructure and vessel management services.

Exmar NV (EXM.BR) achieved $138 million in revenue in 2021 from its shipping division. This division operates through a large fleet of vessels, which are dedicated solely to transporting LPG. Vessels range in capacity from 3,500 cubic meters to 88,000 cubic meters, and Exmar NV (EXM.BR) is one of the world’s largest mid-sized LPG and ammonia shipping companies. Its fleet of vessels consists of three large gas carriers (VLGCs), 19 medium-sized LPG carriers and 10 fully pressurized carriers. The VLGCs were full in May 2022, while the others had an average charter coverage of 78%. More importantly, two of the three VLGCs are new vessels, resulting in greater fuel efficiency and longer vessel turnaround time and reduced short-term capital and maintenance expenditures.

Exmar NV’s (EXM.BR) combined revenue for 2021 was $247 million, which marked a decrease from 2020. The company has also undertaken various projects to make its operations more climate friendly. It aims to reduce its average carbon dioxide emissions per transport by 40% by 2030 and by 70% by 2050.

7. StealthGas Inc. (NASDAQ: GASS)

Turnover in 2021: 150 million dollars

StealthGas Inc. (NASDAQ: GASS) is a shipping company focused on the energy sector. The company transports refined petroleum products such as diesel, petroleum, jet fuel and fuel oil. Moreover, it is also a specialized LPG carrier, as its vessels are capable of transporting a multitude of LPG gases such as butane, propane, propylene and isopropane. StealthGas Inc.’s (NASDAQ: GASS) fleet consists of 44 LPG carriers, making it one of the largest of its kind in the world. These have a capacity of 389,426 cubic meters. The company is headquartered in Athens, Greece.

StealthGas Inc. (NASDAQ:GASS) revenue for fiscal 2021 was $150 million. These marked a growth of $5 million from 2020, and the company’s net profit was a loss last year, as its dry-docking costs and operating costs all went down. two jumps. However, the company reversed that trend in the first half of this year, with its June 2022 financial results posting net income of $19.8 million, marking a year-on-year jump of 900%. This has been aided by the fact that StealthGas Inc. (NASDAQ: GASS) is an LPG carrier, and the company is further expected to post 100% net profit growth by the end of this year.

Matthew Barrett’s Glendon Capital Management is the largest investor in StealthGas Inc. (NASDAQ: GASS). He has an $18.9 million stake that comes from 5.9 million shares.


Revenue in 2021: $231 million

SOLVANG ASA (SOLV-DNM.OL) is one of the oldest LPG shipping companies in the world. The company was established in 1936 and is headquartered in Stavanger, Rogaland, Norway. Its ships serve ports around the world, from Europe to Asia, including North and South America.

SOLVANG ASA (SOLV-DNM.OL) has a fleet of 26 vessels, of which seven are very large LNG carriers, nine are large LNG carriers, one is a medium-sized carrier and eight are temperature-controlled carriers. Cumulatively, this gives the company a tonnage of 953,998 DWT, and its vessels traveled the world 99 times in 2021. SOLVANG ASA’s (SOLV-DNM.OL) revenue in 2021 was $231 million , which marked a slight year-on-year decline due to rising costs.

In addition, SOLVANG ASA (SOLV-DNM.OL) is also one of the few LPG transporters in the world to test solutions to replace traditional fuel oils with green fuels for its fleet. The company aims to install a carbon recapture system on the exhausts of its ship engines, which will be the first time such a system has been used with a ship engine.

Qatar Gas Transport Company Limited (Nakilat) (QPSC) (QGTS.QA), Teekay Corporation (NYSE: TK) and BW LPG Limited (OTCMKTS: BWLLF) are met by SOLVANG ASA (SOLV-DNM.OL) in the list of best LPG shipping companies in the world.

Click to continue reading and see the top 5 LPG shipping companies in the world.

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Disclosure: None. Top 10 LPG Shipping Companies Worldwide is originally published on Insider Monkey.

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