Dubai-based SPM Shipping has paid about $95.5m for its third very large gas carrier in a matter of months, buying the 84,000 cu m Hellas Hercules from Greece's Latsco Shipping, according to sources.

The deal marks Latsco's first VLGC sale in years. The 2015 Hyundai-built ship joins a gas fleet SPM has assembled at remarkable speed since entering the segment only a few months ago.

Who is behind the buying spree?

SPM Shipping is a rapidly growing shipowner headquartered in the UAE. It is affiliated with Priya Blue, one of India's largest ship recyclers, and serves as the shipowning arm of Best Oasis, a major global cash buyer of ships.

That recycling and cash-buying pedigree makes the company's pivot into tonnage ownership notable. SPM first placed money in both the capesize bulk carrier and VLCC segments — an uncommon move for a relative newcomer to shipping — and is now moving comfortably in the largest segments across the market.

What has SPM bought so far?

The company's acquisition record in 2025 shows a clear pattern of targeting big, liquid asset classes:

• Hellas Hercules — 84,000 cu m VLGC, 2015 Hyundai-built, bought from Latsco Shipping for about $95.5m
• Two further VLGCs — acquired from Dorian LPG in the same size bracket
• SPM Invictus — a 50,000 dwt oil and chemical tanker bought in September from Oman Shipping for $17.5m; the 17-year-old, Korean-built unit was renamed from Al Amera

The Latsco transaction stands out. Greek owners have largely held onto modern VLGC tonnage amid strong LPG trade, and Latsco's decision to part with a 2015-built ship after years without a VLGC sale suggests the price on the table was compelling.

What does the buying signal for the market?

For sellers, SPM's emergence provides a ready counterparty at a moment when second-hand values for large gas carriers remain elevated. For competing owners and operators, a well-capitalised buyer tied to the cash-buying and recycling chain adds a new competitor in the VLGC segment — one with an unusual ability to read asset values from both ends of the ship's lifecycle.

A $95.5m cheque for a ten-year-old VLGC also sets a fresh marker for second-hand pricing in the 84,000 cu m class, a benchmark sellers of similar vintage tonnage will likely reference in coming negotiations.

The pace shows no sign of slowing. With three VLGCs secured within months and previous bets placed in the cape and VLCC brackets, SPM Shipping has positioned itself to keep acquiring across the largest tonnage classes — and sellers with big ships to move now know where to call in Dubai.