BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.88%, with a 16-year amortization profile. BW LPG Chief Executive Officer, Martin Ackermann, commenting on the transaction said, “This financing exemplifies our strategy of cost leadership, and our ability to leverage the BW LPG platform value in obtaining market leading financing." Martin added: "The ex-Aurora fleet is now fully re-financed at similar competitive terms and structure as the rest of the BW LPG fleet, which further strengthens our competitive edge in a challenging market. We thank our lenders for their continued support.” In December 2016, BW LPG completed the acquisition of Aurora LPG, adding nine VLGCs with an average age of three years to its fleet. Additionally, the firm took delivery of six newbuildings and sold three vessels last year.
MAN Diesel & Turbo introduced its Liquid ME-GI (Liquid Gas Injection) engine. The Liquid ME-GI is powered by LPG (Liquid Petroleum Gas), a smaller market than LNG but of significance in certain segments such as the small tankers that ply river traffic and coastal shipping routes. The Liquid ME-GI is a variant of MAN Diesel & Turbo‘s ME-GI engine, whose control and safety system is based on the experience gathered since the mid-1990s at working gas plants
Dorian LPG Ltd., a leading owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it took delivery of the ECO VLGC Challenger from Hyundai Samho Heavy Industries. The Challenger is Dorian LPG's 18th newbuilding delivery. The Challenger will trade in the Helios LPG Pool. With the acquistion of this newly-delivered Challenger, Dorian LPG currently owns and operates 21 modern VLGCs and one pressurized LPG vessel
Liquefied Petroleum Gas, long a niche product used by the poor to cook and the rich to barbecue, has become a rare bright spot amid a broad commodities rout, riding on the wave of strong economic growth in India and parts of Southeast Asia. LPG is best known to consumers as propane or butane used in heating appliances and vehicles. But it is also used in the petrochemicals industry and the electricity sector, acting as a replacement for diesel in generators and power stations.
The LPG shipping trade will continue to grow at a healthy pace on the back of strong Asian demand, but fleet growth will outpace it, keeping rates under pressure in 2017, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. 2016 was a tough year for LPG shipping with rates coming under pressure across all size segments. 2017 is expected to be no different with the fleet set to grow by another 16%
Cosco Shipping Energy Transportation (CSET) has announced that the board has approved it subsidiary, Shenzhen Cosco LPG Shipping, to join the bidding for a second hand LPG vessel. Shenzhen Cosco LPG is the energy shipping unit of Chinese shipping conglomerate China Cosco Shipping. The price quoted for the LPG tanker would be $ 5.21mln. The LPG carrier is the China-flagged, 2011-built Hua Nan 3 of 3
Dorian LPG Ltd. opened the New York Stock Exchange (NYSE) on Friday, May 9, 2014. The company’s senior management members and directors stood on the NYSE balcony as Dorian CEO, John Hadjipateras rang the bell. The bell ceremony followed the company’s New York Stock Exchange pricing on Wednesday and first day of trading Thursday. Dorian LPG is a liquefied petroleum gas shipping company and an owner and operator of modern VLGCs
Braemar Seascope Ltd, the shipbroking arm of Braemar Shipping Services plc, has acquired the LPG broker and consultant LPG Connect International to form a product broking division called Braemar LPG Connect, to take effect from April 21st, 2009. Braemar LPG Connect will be located in Braemar Seascope’s London office and will be headed by Stuart Anderson who will also be part of Braemar’s Gas Department team, with Allison Isaac-Hierscher joining in operations
Less domestic petrochemical consumption of LPG would be positive for VLGC shipping as it would result in a greater surplus of LPG available for export. However, it is still unclear whether this dedicated-feedstock ethylene (five new ethylene plants, two expansions) and propylene production capacity expansion will displace a portion of the olefin production currently coming from flexible-feedstock ethylene crackers (positive for VLGC freight)
Stealthgas Inc. took delivery of the M/V Sea Bird II on May 18, 2007, the M/V Gas Renovatio on May 29, 2007, the M/V Gas Icon on June 27, 2007, and the M/V Chiltern on June 28, 2007, four LPG carriers that it had previously announced its agreement to acquire, expanding its current fleet to 33 vessels, with a carrying capacity of 141,912 cbm. The M/V Sea Bird II is a 1996 built, 3,518 cbm Fully Pressurized LPG carrier and is employed under a two-year bareboat charter until May 2009 to an
Nakilat has assumed full ship management and operations of Q-Flex LNG carrier Mesaimeer from STASCo (Shell Trading and Shipping Company Ltd.) with effect from March 23, 2017, as part of the planned and phased transition announced on October 19, 2016.
The Great Eastern Shipping Company Limited (G E Shipping) signed a contract to buy a Supramax Dry Bulk Carrier of about 52,450 dwt. The 2006 built vessel is expected to join the Company’s fleet in Q1 FY18.
Nakilat has assumed full ship management and operations of Q-Max LNG carrier Al Dafna from STASCo (Shell Trading and Shipping Company Ltd.) with effect from 2 February 2017, as part of the planned and phased transition announced on 19th October 2016.
Port authorities in Chennai have impounded a BW LPG vessel and a local ship carrying heavy fuel oil, and detained their crews, a spokesman for the port said on Friday, after their collision last week caused an oil spill affecting marine life and local fishing.
A gas tanker from Oslo-listed shipping company BW LPG has collided with an Indian ship off the coast of Chennai in India, a BW LPG executive said on Monday. The BW Maple, with a total capacity of 82,000 cubic metres of liquefied petroleum gas
Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%.
Indonesia expected to import 70 pct of LPG in 2017. Country seen shipping in around 5 mln T of LPG this year. Indonesian state energy company Pertamina expects to import liquefied petroleum gas from the United States to meet growing demand, with U
A LPG carrier operated by NYK, Linden Pride, rescued a seafarer from a boat in distress 100 nautical miles off the coast of Nicaragua. While Linden Pride was sailing from Balboa, Panama, to Sendai, Japan on December 4, the ship came upon a disabled boat with one survivor requesting
Petrofac said it has signed a contract worth nearly $600 million with Salalah LPG SFZCO LLC (SLPG), wholly owned subsidiary of Oman Oil Facilities Development Company LLC (OOFDC), to undertake the engineering, procurement and construction (EPC) of its Salalah LPG extraction project in the southern
DryShips Inc. announced today that, it has agreed to enter into a “zero cost” Option Agreement (“LPG Option Agreement”) with companies controlled by its Chairman and Chief Executive Officer, Mr. George Economou, to purchase up to four high specifications Very Large Gas
Laugfs Maritime Services, the shipping division of Sri Lanka’s Laugfs Gas, has purchased its third Liquefied Petroleum Gas (LPG) carrier vessel for USD 2.875 million, reports Lanka Business Online quoting company sources.
DryShips Inc. has agreed to enter into a "zero cost" LPG Option Agreement with companies controlled by its Chairman and Chief Executive Officer, George Economou, to purchase up to four high specifications Very Large Gas Carriers (VLGC) capable of carrying liquefied petroleum
The Great Eastern Shipping Company Limited (GE Shipping) has signed contracts to buy 2 Suezmax crude Carriers of about 157,000dwt each. The 2010 and 2011 built vessels are expected to join the company's fleet in Q4 FY17.
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.” Ethane Crystal - World’s Largest Ethane Carrier
Less than six months after the inauguration of the Expanded Panama Canal, the waterway welcomed its 500th transit of a Neopanamax ship on Wednesday, highlighting the trust that Canal customers have placed in the route. Performing the 500th transit was the container vessel YM Unity