Oslo-listed BW LPG has bought its very giant fuel service (VLGC) BW Confidence to an undisclosed purchaser in Vietnam for roughly $40m.
The 2006-built vessel was delivered on July 1 and may convey a web e book acquire of round $6m to BW LPG. The sale additionally generated $20M in liquidity, because the revolving credit score facility was lowered. The corporate purchased the ship in 2012 for $55.8m.
“BW Confidence was bought at an roughly 15% premium to our e book values which stood at $9.4 per share or roughly NOK81 per share as of finish of Q1. The sale is aligned with our technique of being a returns-focused firm in search of to maximise returns for our shareholders, and positioning BW LPG to reap the benefits of alternatives for progress from a world vitality transition in the direction of a zero-carbon future,” mentioned Anders Onarheim, CEO of BW LPG,
In April this yr, BW LPG bought one other VLGC to Bangladesh-based Bashundhara Oil and Fuel for roughly $40m.
With this sale, BW LPG owns and operates a fleet of 44 trendy VLGCs, together with seven of the world’s first VLGCs to be retrofitted with LPG dual-fuel propulsion, and eight extra dedicated to retrofitting them with this know-how, representing an total funding of over $130m.