JM Baxi-SPM Partnership Buys Second VLGC for $80 Million.

The acquisition strengthens India’s LPG shipping capacity amid rising import demand and elevated vessel rates.

Mumbai-based JM Baxi Group, in partnership with Dubai-based SPM Shipping, has expanded its LPG shipping presence with the acquisition of a second Very Large Gas Carrier (VLGC) from Dorian LPG for around $80 million. The latest purchase follows the partnership’s earlier acquisition of an 84,000-cubic-metre VLGC for approximately $87.3 million, marking JM Baxi’s growing presence in the LPG shipping market. Market sources said the two companies operate through Singapore-based JM Baxi Marine Energy in a 50:50 partnership. VLGC spot rates are currently around $152,000 per day, supported by shipping disruptions and longer LPG trade routes from the US Gulf to Asia. Increased US LPG imports by Indian buyers are also contributing to higher tonne-mile demand. The partnership is reportedly preparing to participate in an IndianOil LNG tender for a VLGC, potentially involving a long-term charter structure through a GIFT City-based joint venture. The move highlights growing private-sector participation in India’s energy shipping and logistics ecosystem.