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Thursday, October 21, 2021

BW LPG Sells Very Large Gas Carrier for 'Attractive' Price

Maritime Activity Reports, Inc.

April 16, 2021

Credit: Vladimir Knyaz/MarineTraffic.com

Credit: Vladimir Knyaz/MarineTraffic.com

Singapore-based gas carrier operator BW LPG has sold Very Large Gas Carrier (VLGC) BW Empress.

BW Empress was built in 2005 and has a carrying capacity of 77,330 CBM. 

"The sale has generated approximately US$ 40 million in liquidity and an expected net book gain of approximately US$ 10 million. The sale and delivery of the vessel to its new owner for further trading was completed on 15 April 2021," the Oslo-listed company said Friday.

Anders Onarheim, CEO of BW LPG, said: "BW Empress was sold for an attractive price in a volatile market. This sale is aligned with our asset management strategy, as we maximize the value of our current assets on water while considering the best way forward in our journey towards a zero-carbon future.”

With this sale, BW LPG owns and operates a fleet of 45 modern VLGCs, including four of the world’s first VLGCs to be retrofitted with pioneering LPG dual-fuel propulsion technology, the company said.

"A further 11 VLGCs have been committed for retrofitting with this technology, representing an overall investment of 15 vessels and over US$ 130 million towards the decarbonization of our operations," the company reminded.


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