Hormuz closure fuels record quarter for Stamford shipping company

The Areion is a dual-fuel very large gas carrier built in 2026 for Dorian LPG. Contributed Photo By Andrew Larson August 5, 2026 The blockage of the Strait of Hormuz has snarled global energy markets, driven up oil prices and forced ships to sail thousands of miles out of their way. For a Stamford company that rents out tanker ships by the day, it has meant the best quarter in its history. Dorian LPG Ltd., which owns and operates a fleet of 25 tankers that carry propane and butane around the world, reported net income of $138.3 million for the three months ended June 30, up from $10.1 million a year earlier, according to its quarterly earnings release. Revenue more than doubled, to $187.9 million from $84.2 million. “An increase in transportation demand because of geopolitical disruption contributed to our record financial results in the quarter,” Chairman and CEO John C. Hadjipateras said. ADVERTISEMENT Dorian doesn’t own the propane or butane it transports. Instead, it earns revenue by leasing its vessels to customers at daily charter rates, which rose sharply during the quarter. Each of its vessels earned an average of $75,926 per day during the quarter — up from $39,726 a year earlier, the company reported. The surge stems largely from longer voyages. With the Strait of Hormuz effectively closed, Asian buyers have had to replace Middle Eastern supplies with cargoes from the U.S. Gulf Coast. Longer trips mean each tanker can complete fewer voyages, tightening vessel supply, the company said. During the quarter, the going rate to ship a ton of gas roughly doubled, the company said. ADVERTISEMENT Higher insurance premiums for war risk, costlier fuel and shipowners’ reluctance to send crews into the Arabian Gulf have added to the squeeze, according to the earnings report. The company warned that the current market may prove temporary, telling investors there is no assurance today’s unusually high rates will persist once shipping routes normalize. The blockage of the Strait of Hormuz has snarled global energy markets, driven up oil prices and forced ships to sail thousands of miles out of their way. For a Stamford company that rents out tanker ships by the day, it has meant the best quarter in its history. Dorian LPG Ltd., which owns and operates a fleet of 25 tankers that carry propane and butane around the world, reported net income of $138.3 million for the three months ended June 30, up from $10.1 million a year earlier, according to its quarterly earnings release. Revenue more than doubled, to $187.9 million from $84.2 million. “An increase in transportation demand because of geopolitical disruption contributed to our record financial results in the quarter,” Chairman and CEO John C. Hadjipateras said. ADVERTISEMENT Dorian doesn’t own the propane or butane it transports. Instead, it earns revenue by leasing its vessels to customers at daily charter rates, which rose sharply during the quarter. Each of its vessels earned an average of $75,926 per day during the quarter — up from $39,726 a year earlier, the company reported. The surge stems largely from longer voyages. With the Strait of Hormuz effectively closed, Asian buyers have had to replace Middle Eastern supplies with cargoes from the U.S. Gulf Coast. Longer trips mean each tanker can complete fewer voyages, tightening vessel supply, the company said. During the quarter, the going rate to ship a ton of gas roughly doubled, the company said. ADVERTISEMENT Higher insurance premiums for war risk, costlier fuel and shipowners’ reluctance to send crews into the Arabian Gulf have added to the squeeze, according to the earnings report. The company warned that the current market may prove temporary, telling investors there is no assurance today’s unusually high rates will persist once shipping routes normalize.