BW LPG Nets $4 Mln Gain on Berge Summit Sale

MarineLink July 15, 2020

Berge Summit (Photo: BW LPG)

Singapore-based shipowner BW LPG announced Wednesday it has concluded the sale and delivery of the 78,489 cbm capacity liquefied petroleum gas (LPG) carrier Berge Summit to an unnamed buyer for continued trading.

The sale is expected to generate approximately $9 million in liquidity and an expected net book gain of $4 million, BW LPG said.

BW LPG acquired the 1990-built vessel for $8 million in 2015, and for the last five years it has been used as LPG floating storage for Vitol's gas-to-power project in the U.S. Virgin Islands.

Anders Onarheim, CEO of BW LPG, said, “The successful completion of this transaction is in line with our asset management strategy. BW LPG now owns and operates a fleet of 46 modern VLGCs, with an average age of 8.7 years. 12 of these vessels are scheduled for LPG dual-fuel engine retrofitting in 2020 and 2021, making them the most environmentally friendly VLGCs in the world.”