DNV GL, Alpha Ori Ink Digitalization MOU
DNV GL and Alpha Ori Technologies (AOT) have signed a Memorandum of Understanding (MoU) in which they agree to work together to contribute to the marine industry’s ongoing digital transformation. The MOU will also see the companies work together to unlock the benefits of new digital technologies and methods, including sharing data collaboratively, and the creation of frameworks and standards, to develop new and enhance existing products and services.The MOU is based around the installation of Alpha Ori’s SMARTShip systems on BW LPG vessels…
BW LPG Retrofits 12 VLGCs
World's largest gas shipping company BW LPG has exercised another option for the delivery and retrofitting of a further four dual-fuel LPG propulsion engines, committing to retrofit 12 of its VLGCs with LPG propulsion technology.The delivery and retrofitting of these 12 dual-fuel engines into BW LPG’s fleet will start as planned in 2020 and will be completed in the second half of 2021.The latest announcement follows BW LPG announcing back in August 2018 its initiative to deliver and retrofit four LPG dual-fuel engines in its VLGCs…
Wärtsilä's LFSS Undergoes Engine Testing
Wärtsilä’s liquefied petroleum gas (LPG) Fuel Supply System (LFSS) has completed full scale testing with a full sized two-stroke marine engine burning LPG as fuel. This was the world’s first such testing protocol, according to Wärtsilä.It was initially decided to retrofit the Wärtsilä LFSS to four very large gas carrier (VLGC) vessels owned by Oslo-listed BW LPG. However, following the tests, in which the performance exceeded expectations, BW LPG decided to exercise their option to retrofit an additional four vessels, making a total of eight ships to benefit from this technology.
BW Lines Up Four More LPG Conversions
Singapore-based ship owner BW LPG said it exercised an option for the delivery of four additional liquefied petroleum gas (LPG) dual-fuel engines. With this, BW LPG has committed to retrofit eight vessels with pioneering propulsion technology.In August 2018, BW LPG announced its plans four very large gas carriers (VLGCs) in its fleet with LPG dual-fuel engines – a world's first.The ship owner, together with classification society DNV GL, Wärtsilä Gas Solutions and MAN Energy Solutions…
BW LPG's CEO Martin Ackermann Resigns
BW LPG Limited, owner and operator of LPG vessels, said that Martin Ackermann has decided to step down as CEO at the end of this year for family reasons, after five years leading the company from Singapore.Anders Onarheim, a non-executive director of BW LPG since 2013 and former Managing Director of Carnegie, will act as interim CEO of BW LPG.Martin Ackermann, CEO of BW LPG, said: “It has been a privilege to lead BW LPG through some challenging years and to see it continue as a strong platform for the future”.Andreas Sohmen-Pao…
Waterborne LPG Trade Reaches 28.2MT
Global waterborne LPG trade reached 28.2 million tons, 14.1% growth year over year, said Singapore-headquartered BW LPG.Global LPG trade continues to be driven by the U.S. waterborne LPG exports which grew to 10.5 million tons, up 21.8% year over year, said the owner and operator of LPG vessels.Middle Eastern exports were down marginally by 0.6% year over year to 10.2 million tons. Exports from both Saudi Arabia and Iran fell; the decreased volumes were offset by increased exports from U.A.E and Qatar.In Q3, the increasing LPG export volumes were absorbed by Southeast Asia, Japan and Europe.
VLGC Freight Rates Recover
The Very Large Gas Carrier (VLGC) freight rates started to recover towards the end of the first quarter as U.S. consumption reverted to seasonally lower levels pushing U.S. LPG prices down, widening the geographical LPG price arbitrage between the U.S. and the Far East.According to BW LPG, the owner and operator of liquid petroleum gas (LPG) vessels, the recovery in VLGC freight rates was further strengthened by two occasions of fog and a temporary closure of the Houston Ship…
BW LPG Moves to Gas Trading Too
Singapore-based owner of gas carriers BW LPG has established a product services division in an effort to support its core shipping business.The Product Services division is part of BW LPG’s ambition to propose a low-risk and fully-integrated product delivery service to customers.The owner and operator of LPG vessels will purchase LPG and offer it delivered on the basis of cost, insurance and freight, directly to the end user.Through this new division, BW LPG aims to maximise utilisation of its vessels by providing full LPG delivery service…
Goltens Wins BWTS Orders for 37 Ships
Goltens’ Worldwide Green Technologies Division Asia announced contracts with NYK Bulk & Projects Carrier Ltd. (NBP) and BW LPG for support in retrofitting a total of 37 vessels with ballast water treatment systems (BWT).The NBP order is for 25 bulk carriers. NBP is a subsidiary of NYK. Goltens scope on the project includes 3D laser scanning and modeling of BWT systems, delivery of detailed design packages, and installation supervision in the shipyard.BW LPG awarded orders for the same scope of work for the retrofitting of 12 of its LPG carriers.
LGP-Fuelled ME-LGIP to Power Chinese VLGC
Further shipowners turning to LGP in advance of 2020 emissions deadlineJiangnan Shipyard, owned by China State Shipbuilding Corp (CSSC), has ordered an LPG-burning MAN B&W 6G60ME-LGIP engine in connection with the building of an 86,000-m3 VLGC (Very Large Gas Carrier) for Tianjin Southwest Maritime (TSM), the Chinese shipping company. Vessel delivery is scheduled for the second half of 2021 and includes an option for a second vessel.Bjarne Foldager – Senior Vice President, Head of Two-Stroke Business at MAN Energy Solutions – said: “With 2020 and the new IMO emissions fast approaching…
BW LPG: Proposal to Combine with Dorian Withdrawn
BW LPG Limited (BW LPG) announced that it has withdrawn its proposal to combine with Dorian LPG Ltd. (Dorian). BW LPG will also withdraw the candidates it previously intended to nominate to stand for election to the Dorian board at Dorian’s 2018 Annual Meeting of Shareholders.BW LPG also announced that the following letter has been sent on October 8, 2018 to the Chairman, President and Chief Executive Officer of Dorian:Mr. John HadjipaterasChairman, President and Chief Executive OfficerDorian LPG Ltd.c/o Dorian LPG (USA) LLC27 Signal RoadStamford…
BW LPG Chooses New MAN B&W ME-LGIP Technology
MAN Energy Solutions has announced the first retrofit orders for its new MAN B&W ME-LGIP LGP-powered engine.The contract with Oslo-listed BW LPG involves the world’s first retrofitting of four MAN B&W 6G60ME-C9.2 HFO-burning engines to 6G60ME-C9.5-LGIP LPG-propelled dual-fuel engines, plus options for further retrofits in the future. BW LPG expects the first retrofitting to take place in conjunction with scheduled drydockings, starting 2020.The deal was signed in advance of the official launch of the MAN B&W ME-LGIP engine in Copenhagen on Monday…
BW LPG Nominates Three Directors to Dorian LPG Board
Dorian LPG confirmed that Oslo-based BW LPG BW LPG has submitted the names of three director candidates to stand for election at Dorian's 2018 Annual General Meeting of Shareholders. Dorian LPG, is a fully-integrated liquefied petroleum gas shipping company and the owner and operator of a large fleet of 22 modern very large gas carriers, has previously received a revised unsolicited proposal from BW LPG to combine with Dorian.Dorian's Board of Directors will review all of BW LPG's actions and respond as appropriate in due course.
BW LPG Raises Offer for Dorian LPG
Norway's BW LPG, the world's largest liquid petroleum gas shipper, raised its offer to buy rival Dorian LPG on Monday after its first advance was rebuffed.BW offered Dorian shareholders 2.12 BW LPG shares for each Dorian share, up from 2.05 BW LPG shares in an initial offer made on May 29.BW LPG said the offer represents a value of $8.67 per Dorian share.
Dorian LPG Rejects BW LPG Merger Offer
Dorian LPG announced that its Board of Directors has unanimously declined an unsolicited, conditional proposal from Norway's BW LPG, the world's largest liquid petroleum gas shipper, to combine with Dorian in a stock-for-stock transaction. After a thorough review, conducted in consultation with its financial and legal advisors, the Board of Directors unanimously concluded that the proposal is not in the best interests of Dorian and its shareholders., said a press release from the company.
BW LPG Offers to Buy Dorian LPG in $1.1 Bln Deal
The world's largest liquid petroleum gas (LPG) shipper, Norway's BW LPG, is offering to buy competitor Dorian LPG in a $1.1 billion all-stock deal in an effort to boost its earnings in a weak market, it said in a statement on Tuesday.Dorian shareholders will receive 2.05 BW LPG shares for each Dorian share, equal to $7.86 per share, a premium of 13 percent from Friday's closing price, and based on BW LPG's share price on May 28.New York-listed Dorian LPG's equity is valued at about $441 million and including debt the transaction is valued at $1.1 billion.The deal is backed by shipping conglome
BW LPG Sees Better Market Sentiment for 2018 vs 2017
Natural gas shipper BW LPG expects a better freight market in 2018 than in 2017 and will not make any new long term contracts below $20,000 per day for its very large gas carriers (VLGC), CEO Martin Ackerman said on Thursday.
BW LPG Establishes a JV in India
BW LPG Limited and Global United Shipping India Private Limited, have agreed to establish a joint venture in India in which the parties will own 50% each. The purpose of the new joint venture, named BW Global United LPG India Private Limited, is to own and operate Gas Carriers for the transportation of LPG within Indian waters. As part of the establishment, BW LPG will sell two of its vessels, BW Boss and BW Energy, to the joint venture company and to that end BW LPG has entered into binding vessel sales contracts.
Avance Gas Expects Weak 2017, Recovery from 2018
Shipping firm Avance Gas Holding , which transports liquefied petroleum gas (LPG), expects freight rates for its vessels to remain weak in 2017 despite an improvement in the last two weeks, the Oslo-listed firm said. A sharp influx of newly built very large gas carriers (VLGCs) pushed global spot vessel rates from above $100,000 per day two years ago to around $10,000 recently, although rates have since risen to about $11,000. "There is more export of LPG from the United States…
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, was half full when it collided with another ship. There were no reports of injuries, he said. "There has been no spill from our ship, but it looks like there has been an oil spill from the other ship," Pontus Berg, BW LPG's head of technical and operations, told Reuters. He did not have reports of any injuries, he said. (Reporting by Joachim Dagenborg, writing by Gwladys Fouche, editing by Terje Solsvik)
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. About 20 tonnes of heavy fuel oil leaked and a complete clean-up is expected to take eight to 10 days, according to an Indian coast guard spokesman. BW Maple, with a total capacity of 82,000 cubic metres of liquefied petroleum gas, was half full when it collided near Chennai with the Indian ship Dawn Kanchipuram on Saturday. The port spokesman said the sludge - a mixture of oil, water and sand - has travelled over 18 miles, polluting the Marina Beach, one of the world's longest.
BW LPG Refinances Six Ex-Aurora Ships
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 Registers 10% Growth in VLGC Fleet
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), or whether it will supplement it and the excess olefin production will then be exported (negative for VLGC freight).