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.