A handful of VLGC operators control the vast majority of seaborne Liquefied Petroleum Gas (LPG) trade, moving propane and butane from the US Gulf Coast and Middle East to demand centres across Asia. Very Large Gas Carriers, vessels with capacities above 70,000 cubic metres, are the backbone of that trade, and the companies that own and run them sit at the centre of global LPG logistics in 2026.
This list ranks the leading VLGC operators by fleet scale, technical capability, and trade-route reach rather than by individual vessel specification. For terminal-side coverage of the same commodity, see our Top 10 LPG Terminal Companies ranking.
1. BW LPG Limited
Headquartered in Singapore, BW LPG operates one of the largest VLGC fleets in the world. The company has led the sector’s shift toward dual-fuel propulsion, retrofitting a significant share of its fleet to run on LPG itself as bunker fuel, cutting emissions relative to conventional fuel oil.
2. Dorian LPG Ltd.
Dorian LPG, based in the United States, runs a fleet built almost entirely of modern ECO-class VLGCs. The company has focused on high-capacity, fuel-efficient newbuilds rather than fleet diversification, positioning it as a specialist on the largest long-haul trade lanes.
3. Petredec
Petredec, operating out of Singapore and London, commands one of the largest independent VLGC fleets globally. The company took delivery of the Harzand in 2023, a 93,000 cbm dual-fuel vessel built by Jiangnan Shipyard and currently among the largest LPG carriers afloat. Petredec’s broader fleet and commercial profile is covered in our Petredec company profile.
4. Avance Gas
Norway-headquartered Avance Gas has historically run a pure-play VLGC fleet and remains an influential spot-market participant. The company has gone through phases of fleet optimisation and selective vessel sales in recent years, adjusting capacity to market conditions rather than pursuing continuous expansion.
5. Nakilat (Qatar Gas Transport Company)
Nakilat serves as the shipping arm of Qatar’s gas export programme. While its fleet has traditionally been weighted toward LNG carriers, Nakilat’s LPG tonnage has grown enough to place the company among the upper tier of global VLGC capacity holders.
6. Mitsui O.S.K. Lines (MOL)
Japanese shipping major MOL operates a gas carrier division spanning both LNG and VLGC tonnage. Its VLGC fleet is concentrated on the Asia-Middle East corridor, supporting long-term charter relationships with major energy and trading companies.
7. NYK Line (Nippon Yusen Kaisha)
NYK Line, another major Japanese operator, runs a substantial energy shipping fleet that includes a modern VLGC segment. The company has prioritised cargo-handling efficiency and long-term charter arrangements over spot-market exposure.
8. Eastern Pacific Shipping (EPS)
Singapore-based Eastern Pacific Shipping has expanded its gas carrier footprint aggressively, with newbuild orders covering both dual-fuel VLGCs and Very Large Ammonia Carriers (VLACs). The dual focus reflects the broader industry shift toward ammonia as both cargo and future marine fuel.
9. Pacific Gas
Hong Kong-registered Pacific Gas runs a fleet concentrated almost entirely on very large gas carriers, with capacities scaling beyond 84,000 cubic metres per vessel. The operator’s fleet is among the more specialised in the sector, with limited diversification outside VLGC tonnage.
10. Solvang ASA
Solvang ASA, based in Norway, has decades of operating history across large and very large gas carriers. The company has been an early mover on onboard carbon-capture trials, testing exhaust-recapture systems directly on its vessels ahead of wider sector adoption.
What Determines VLGC Fleet Competitiveness?
Fleet age, dual-fuel capability, and charter mix are the three factors that separate leading VLGC operators from the rest of the field. Dual-fuel vessels capable of burning LPG as bunker fuel carry a commercial advantage as emissions regulation tightens, while operators weighted toward long-term charters carry less exposure to spot-rate volatility than pure-play spot traders.
The International Maritime Organization’s environmental regulations are accelerating the shift toward dual-fuel newbuilds across the VLGC fleet, a trend visible across most of the operators above.
What is a VLGC operator?
A VLGC operator owns or charters Very Large Gas Carriers, vessels above 70,000 cubic metres capacity, used to transport LPG (propane and butane) on major seaborne trade routes.
Who are the largest VLGC operators?
BW LPG, Dorian LPG, and Petredec consistently rank among the largest VLGC operators by fleet scale and trade-route reach.
What’s the difference between a VLGC and an LNG carrier?
A VLGC carries LPG, which liquefies at far milder temperatures than LNG, allowing simpler tank containment systems than the cryogenic technology LNG carriers require.
How big is a typical VLGC?
Most VLGCs carry between 70,000 and 93,000 cubic metres of LPG, with the largest dual-fuel newbuilds at the upper end of that range.
Where do VLGCs primarily trade?
The dominant VLGC trade routes run from the US Gulf Coast and Arabian Gulf to Asian demand centres, with secondary volumes into Europe.