BW LPG has revealed it has taken control of a four-year-old joint venture in India.
BW Global United LPG India, founded with Global United Shipping, in July 2017, initially on a 50:50 basis, is now 85% controlled by BW LPG, the Singapore gas firm revealed while unveiling its Q1 figures today. The Indian vehicle currently has five ships trading, having added one more vessel earlier this year.
BW LPG made a net profit of $71m in the first quarter.
On the market outlook, the company stated: “Today, VLGC freight market has recovered from the bottom and rates have stabilized at above 40,000 dollars per day. BW LPG reiterates a positive market outlook for the second half of 2021. The is supported by recovery in LPG exports from both the US and the Middle East, reduced fleet supplies due to dry docks and shipping inefficiencies.”