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.
, 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.”
