BW LPG offloads another VLGC

Oslo-listed BW LPG has sold its very large gas carrier (VLGC) BW Confidence to an undisclosed buyer in Vietnam for approximately $40m.

The 2006-built vessel was delivered on July 1 and should bring a net book gain of around $6m to BW LPG. The sale also generated $20M in liquidity, as the revolving credit facility was reduced. The company bought the ship in 2012 for $55.8m.

“BW Confidence was sold at an approximately 15% premium to our book values which stood at $9.4 per share or approximately NOK81 per share as of end of Q1. The sale is aligned with our strategy of being a returns-focused company seeking to maximise returns for our shareholders, and positioning BW LPG to take advantage of opportunities for growth from a global energy transition towards a zero-carbon future,” said Anders Onarheim, CEO of BW LPG, 

In April this year, BW LPG sold another VLGC to Bangladesh-based Bashundhara Oil and Gas for approximately $40m.

With this sale, BW LPG owns and operates a fleet of 44 modern VLGCs, including seven of the world’s first VLGCs to be retrofitted with LPG dual-fuel propulsion, and eight more committed to retrofitting them with this technology, representing an overall investment of over $130m.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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