BW LPG announces sale of BW Levant

BW LPG has announced the sale of the 2015-built gas carrier BW Levant, a vessel the company acquired as part of its 2024 transaction with Avance Gas. The sale is expected to generate a net book gain of approximately $17 million and net cash proceeds of around $38 million once completed, with delivery to the buyer scheduled by mid-November at the latest.

The extended delivery timeline allows BW LPG to continue generating revenue from the vessel in what the company has described as a strong freight market, rather than removing it from service immediately upon agreeing the sale. Chief executive Kristian Sørensen said the transaction reflects a disciplined approach to capital allocation, noting that the sale realises a strong return only around two years after the vessel was acquired through the Avance Gas deal.

Sørensen said the company remains focused on active and opportunistic asset management as it continues renewing its fleet, positioning the BW Levant sale as part of an ongoing strategy rather than an isolated transaction. Fleet renewal of this kind allows owners to capture value from vessels acquired at favourable prices while freight rates remain elevated, before reinvesting proceeds into newer or more efficient tonnage.

The 2024 Avance Gas transaction that originally brought BW Levant into the BW LPG fleet was one of several moves by the company to consolidate its position in the gas carrier market, and the latest sale suggests BW LPG continues to review its combined fleet for vessels that can be sold at a premium to their acquisition cost rather than held indefinitely.

With the sale agreed and delivery scheduled for later in the year, BW LPG will book the transaction's financial impact once the vessel changes hands, adding to a series of fleet transactions across the gas carrier sector this year as owners continue to balance growth, renewal and opportunistic disposals against a backdrop of strong charter rates.