BW LPG takes 25-year-old VLGC for $8m

BW LPG takes 25-year-old VLGC for $8m

Singapore: BW LPG, the world’s largest VLGC operator, is paying $8m in exercising a purchase option for the Berge Summit. The 78,489 cu m ship has been on bareboat charter with BW LPG since 2004. It was built by Japan’s Mitsubishi Heavy Industries in 1990.

BW LPG said that including unamortised lease rentals and drydocking expenses on the Berge Summit, the book value of the vessel when delivered into the fleet next month, is expected to be approximately $23m.

BW LPG’s CFO, Vijay Kamath, told Splash: “2015 still looks promising, our concern is the number of vessels delivering later this year, and so we’re conservative on the market for 2016 and 2017.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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