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BW LPG Refinances Six Ex-Aurora Ships

Photo: BW LPG

 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 B&W Gas New Liquid ME-GI Engine

The general-cargo carrier newbuilding will be designed by FKAB in Gothenburg, Sweden and powered by MAN Diesel & Turbo’s new Liquid ME-GI engine running on LPG. Pictured here is another FKAB design for an LNG feeder vessel. Image courtesy MAN Diesel & Turbo.

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


Amid Commodity Crisis, LPG Emerges as Accidental Bright-spot

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.


Dorian Acquires ECO VLGC Challenger

LOGO

  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


Cosco Shipping Energy Joins Bid for LPG Carrier

Photo: China Merchants Energy Shipping Co., Ltd

 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


Oversupply Pressure on LPG Shipping Rates

Graph: Drewry Shipping Consultants Limited

 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%


Stealthgas Takes Delivery of LPG Carriers

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


Braemar Acquires LPG Connect

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


Dorian Rings Opening Bell Following NYSE Listing

From Left: Alex Ciaputa (DLPG Corporate Secretary), John Lisee (DLPG Controller), Marina Hadjipateras (DLPG Corp Comm), Alex Hadjipateras (DLPG EVP Business Development), Ted Young (DLPG CFO), John Hadjipateras (DLPG Chairman/CEO), John Lycouris (DLPG (USA) President), Oivind Lorentzen (DLPG Director, Seacor CEO), Peter Hadjipateras (DLPG, Corporate Development Manager), Nigel Widdowson (DLPG, Director)

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


BW LPG Registers 10% Growth in VLGC Fleet

Photo: BW LPG Limited

 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)


Nakilat Transitions LNG Mesaimeer to In-house Management

Photo: Nakilat PR

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. 


CMM, HHI, Wärtsila, DNV GL Reveals LPGreen

Nikolaos Kakalis Manager R&D and Advisory Services, South East Europe and Middle East, DNV GL – Maritime. Photo: DNV GL

In connection with the Gastech 2017 conference and exhibition in Tokyo, project partners Consolidated Marine Management (CMM), Hyundai Heavy Industries (HHI), Wärtsilä Oil & Gas, and DNV GL presented the results of a joint industry project (JIP) to develop a new LPG fuelled carrier


DNV GL Grants AIP for Double Side-hull LPG Carrier

Photo: DNV GL

At the Gastech 2017 conference in Tokyo, DNV GL presented Hyundai Mipo Dockyard (HMD) with an approval in principle (AIP) certificate for a new double side-hull LPG carrier design – LPG SAFE (Structural Advances for the Environment). The result of a development project conducted by HMD


Clearance for IOC's Kochi LPG Terminal

Logo:  Indian Oil Corporation Ltd

 The National Green Tribunal (NGT) has given a ‘go ahead’ to Indian Oil Corporation (IOC)’s stalled LPG import terminal project at Puthuvypeen near Kochi in South India.   A statement from IOC said that  NGT reaffirmed its previous order dated August 2, 2016


DryShips Expands to Gas Carrier Market with Four New VLGCs

Image: DryShips Inc.

 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


Laugfs Buys Third LPG Carrier Vessel

Photo: LAUGFS Holdings

 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 to Expand into VLGC sector

The Table

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


Petrofac Wins Oman LPG Project

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


LPG Carrier Rescues Sailor off Nicaragua

Photo: NYK

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


Pertamina Looks to U.S. for LPG

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


Teekay LNG Completes Norwegian Bond Issuance

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

 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%.  


LPG Tanker Collides with Indian Ship Off Chennai

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


India Impounds Ships, Detains Crew Over Oil Spill

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.


Nakilat assumes Management of Al Dafna

Al Dafna Photo Nakilat Shipping Qatar Ltd.

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.


GE Shipping Buys New Vessel

Photo: The Great Eastern Shipping Co. Ltd

 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.  






 
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