Awilco LNG sells old gas carrier at a $3m loss

Awilco LNG sells old gas carrier at a $3m loss

Athens: Norway’s Awilco LNG has sold its 32-year-old VLGC WilPower (125,000 cbm, built 1983) to an undisclosed buyer.

A price for the vessel was not made public, but Awilco said the sale will incur an estimated loss of $3m in its 2015 financial results. The company bought the vessel in 2011 from Japan’s K Line for $23m.

WilPower has been in cold lay-up since May 2013, before which it had been idling in Singapore since its August 2012 survey.

VesselsValue.com estimates the vessel to be worth $22.95m, with an estimated demolition value of $12.1m.

The vessel is expected to be delivered to the buyer in August this year, a filing to the Oslo stock exchange said today.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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