BW LPG offloads 30-year-old VLGC

BW LPG has announced the sale and delivery of VLGC Berge Summit, with the vessel to be used by its new owner for continued trading. 

BW had been using the vessel as a LPG floating storage for a gas-to-power project since it was acquired five years ago. BW exercised a purchase option for the 78,489 cu m ship, which had been on bareboat charter to the company since 2004. It was built by Japan’s Mitsubishi Heavy Industries in 1990. 

The sale is expected to generate around $9m in liquidity and an expected net book gain of $4m. 

BW did not name the buyer, however Clarksons reported the sale in its latest weekly report to clients of Thailand’s Siamgas.

Anders Onarheim, CEO of BW LPG, commented: “The successful completion of this transaction is in line with our asset management strategy. BW LPG now owns and operates a fleet of 46 modern VLGCs, with an average age of 8.7 years. 12 of these vessels are scheduled for LPG dual-fuel engine retrofitting in 2020 and 2021, making them the most environmentally friendly VLGCs in the world.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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