SINGAPORE–(BUSINESS WIRE)–BW LPG Restricted (BW LPG, the Firm, OSE ticker code: BWLPG.OL, NYSE ticker code: BWLP) at present broadcasts the sale of 2007-built BW Cedar for additional buying and selling, and the train of a purchase order choice for 2019-built BW Kizoku.
BW LPG is happy to announce that its 52% owned subsidiary BW LPG India has determined to promote its 2007-built vessel BW Cedar as a part of a deliberate fleet renewal. On a 100% foundation, the sale is priced at roughly US$65 million and is predicted to generate a internet e-book acquire of round US$33 million and about US$51 million in internet money after reimbursement of its present financial institution mortgage. The vessel can be delivered to the brand new homeowners in Q1 2025.
As well as, BW LPG has declared a purchase order choice for BW Kizoku, a 2019 Japan-built VLGC. BW Kizoku is presently on time constitution with BW LPG with a purchase order choice, which BW LPG exercised for a consideration of US$69.8 million. The vessel is predicted to be delivered in January 2025 and can proceed to commerce within the standard BW LPG fleet.
Kristian Sørensen, CEO of BW LPG, says, By way of these transactions, we’re renewing our fleet by capitalizing on sturdy asset costs within the second-hand marketplace for older vessels whereas buying a contemporary vessel at a aggressive value translating to a brand new constructing equal of US$ mid-80 million. This instance of asset play exhibits the optionality and skill for worth creation that our platform and enterprise mannequin present.
About BW LPG
BW LPG is the world’s main proprietor and operator of LPG vessels, proudly owning and working Very Massive Fuel Carriers (VLGC) with a complete carrying capability of over 3 million CBM. With 5 a long time of working expertise in LPG delivery, skilled workers and an in-house LPG buying and selling division, BW LPG gives an built-in, versatile, and dependable service to clients. Extra details about BW LPG will be discovered at https://www.bwlpg.com.
BW LPG is related to BW Group, a number one international maritime firm concerned in delivery, floating infrastructure, deepwater oil & fuel manufacturing, and new sustainable applied sciences. Based in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, fuel and dry commodities, with its 200 LNG and LPG ships constituting the biggest fuel fleet on this planet. Within the renewables house, the group has investments in photo voltaic, wind, batteries, biofuels and water remedy.
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For additional info, please contact:
Kristian Sørensen, CEO
Samantha Xu, CFO
E-mail: investor.relations@bwlpg.com
Supply: BW LPG Restricted
