Singapore-based BW Epic Kosan is maintaining its focus on larger and younger tonnage, with older and smaller ships heading out the door.
The Oslo-listed company revealed the sale of two “older vessels”, closing the past quarter with 69 ships.
Subsequently, two similar ships were also offloaded in anticipation of the delivery of a larger newbuild at the end of the first quarter of this year.
No further details were disclosed in the company’s quarterly report about the newbuild, except that it will join the fleet on time charter with a purchase option attached.
“Our strategy remains to focus on the LPG, petrochemicals and specialty gases sectors, grow the average size of our fleet and maintain an attractive average age,” said Charles Maltby, chief executive of BW Epic Kosan.
The company booked a full-year net profit of $21.4m, up 78% year-on-year, on the back of a tighter market and increased average vessel size.
“We anticipate 2.9% growth in LPG seaborne trade over 2023, while smaller vessels’ fleet growth forecasts are 2.3% before any scrapping,” added Maltby.
