SINGAPORE–(BUSINESS WIRE)–BW LPG Limited (BW LPG, the company, SBI ticker: BWLPG.OL, NYSE ticker: BWLP) today announces the sale of the 2007-built BW Cedar for further marketing and the exercise of a purchase option for the BW Kizoku built in 2019.
BW LPG is pleased to announce that its 52% owned subsidiary BW LPG India has decided to sell its 2007-built vessel BW Cedar as part of a planned fleet renewal. On a 100% basis, the sale is priced at approximately $65 million and is expected to generate net accounting profit of around $33 million and around $51 million in net cash after repayment of its loan. existing bank. The vessel will be delivered to the new owners in the first quarter of 2025.
Additionally, BW LPG has declared a purchase option for BW Kizoku, a VLGC built in Japan in 2019. BW Kizoku is currently under time charter with BW LPG with a purchase option, which BW LPG exercised for an amount of 69.8 million US dollars. The vessel is expected to be delivered in January 2025 and will continue to market BW’s conventional LPG fleet.
Kristian Sørensen, CEO of BW LPG, says: Through these transactions, we are renewing our fleet by capitalizing on the strong asset prices in the second-hand market for older vessels and at the same time acquiring a modern vessel at a Competitive price that translates into a new building. equivalent to about 80 million US dollars. This asset play example shows the optionality and value creation capability that our platform and business model provide.
About LPG BW
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGCs) with a total cargo capacity of over 3 million CBM. With five decades of operational experience in LPG transportation, experienced employees and an internal LPG marketing division, BW LPG offers an integrated, flexible and reliable service to customers. More information about BW LPG can be found at https://www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil and gas production and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of more than 450 vessels carrying oil, gas and dry goods, and its 200 LNG and LPG vessels constitute the largest gas fleet in the world. In the field of renewable energy, the group has investments in solar, wind, batteries, biofuels and water treatment.
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For more information, please contact:
Kristian Sørensen, CEO
Samantha Xu, Chief Financial Officer
Email: investor.relations@bwlpg.com
Source: BW LPG Limited