US-listed VLGC owner Dorian LPG has revealed a couple of key new promotions in its management team.
The next generation of the Hadjipateras family is stepping up, with Alex Hadjipateras taking on the new job of chief operating officer.
He is the son of chief executive John Hadjipateras.
The new COO has been senior executive vice president at Dorian LPG (USA) and managing director of Dorian LPG Management Corp (Athens) since July 2022, having joined the owner in 2013.
“He will be responsible to plan, direct, oversee and consolidate marine and shoreside operations in coordination with our chief financial and chief commercial officers in support of the company’s primary operational and strategic goals and objectives,” Dorian LPG said.
The board has also created the role of head of energy transition to be filled by John Lycouris.
He will continue as a director of the Stamford-based company.
The move recognises the significant and transformative shift towards green fuels in shipping, the owner believes.
Effective management of this is “imperative for its continued growth and success”, Dorian LPG said.
The promotions reflect the continued growth of Dorian LPG’s operations, it added.
10-year listing celebration
“John and Alex bring significant experience to their roles and will continue to ensure the long-term success of the company,” the shipowner said.
Bosses will also be ringing the closing bell on the New York Stock Exchange on Thursday to celebrate 10 years of listing there.
In April, Dorian LPG rewarded investors once again in what remains an active VLGC market.
The company said it will hand out an “irregular” cash dividend of $1 per share on 30 May, equating to $40.6m.
Fearnley Securities said this was “yet another” one-off handout, leaving the stock yielding 10% per year.
It is the seventh consecutive $1 quarterly dividend.
The investment bank noted that with $208m in cash on the balance sheet, as well as solid earnings ahead for the first three months of 2023, the move was no surprise.
