This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Dorian LPG Ltd. owns and operates a fleet of very large gas carrier (VLGC) vessels that transport liquefied petroleum gas (LPG), primarily propane, globally. This business is a core ancillary service to the fossil fuel industry, enabling the global trade of a refined petroleum product. The company's entire revenue model is derived from shipping fossil fuels for other companies.
The company's financial and operational documents, such as its 2023 credit agreement, explicitly reference compliance with International Maritime Organization (IMO) regulations concerning "fuel oil consumption," underscoring its direct and ongoing role in the fossil fuel logistics chain. There is no evidence of a strategic shift away from fossil fuel shipping or investments in alternative energy transport.
Dorian LPG Ltd. is a pure-play shipping company specializing in the transportation of liquefied petroleum gas (LPG), primarily propane and butane, worldwide. Its entire business model and revenue are derived from operating a fleet of modern very large gas carriers (VLGCs) that move these fossil fuel products across global markets. This activity constitutes a core component of the midstream fossil fuel value chain, connecting upstream production with downstream consumption.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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