BW LPG India books $36m gain selling vintage VLGC
The 2007-built BW Elm sold as the group funds an eight-ship newbuild programme
BW LPG has agreed to sell an ageing very large gas carrier for continued trading, cashing in on firm secondhand values.
The Oslo- and New York-listed arm of Singapore's BW Group said its 52%-owned subsidiary BW LPG India had signed a deal to sell the 2007-built BW Elm to an undisclosed buyer. On a 100% basis the sale generates a net book gain of about $36m and net cash proceeds of around $64m, with the vessel due to be delivered to its new owner by mid-August. Chief executive Kristian Sørensen said the company had capitalised on strong values, noting the vintage ship sold at a level equivalent to a newbuilding price of about $248m.
The disposal follows BW LPG's recent order for eight 90,000 cu m panamax VLGCs at HD Hyundai Heavy Industries in South Korea, worth around $940m, for delivery from the start of 2029 into the second quarter of 2030. BW LPG is among the largest VLGC owners with a fleet of about 50 ships, and BW LPG India has grown into the country's largest owner and operator of the vessels.
