BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code “BWLPG.OL”) announces today the sale of Very Large Gas Carrier (VLGC) BW Empress.
BW Empress was built in 2005 and has a carrying capacity of 77, 330 CBM. The sale has generated approximately US$ 40 million in liquidity and an expected net book gain of approximately US$ 10 million. The sale and delivery of the vessel to its new owner for further trading was completed on 15 April 2021.
Says Anders Onarheim, CEO of BW LPG, “BW Empress was sold for an attractive price in a volatile market. This sale is aligned with our asset management strategy, as we maximise the value of our current assets on water while considering the best way forward in our journey towards a zero-carbon future”.
With this sale, BW LPG owns and operates a fleet of 45 modern VLGCs, including four of the world’s first VLGCs to be retrofitted with pioneering LPG dual-fuel propulsion technology. A further 11 VLGCs have been committed for retrofitting with this technology, representing an overall investment of 15 vessels and over US$ 130 million towards the decarbonization of our operations.
For further information, please contact:
Elaine Ong, CPA, CFA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com
Iver Baatvik
Head of Investor Relations and Corporate Development
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. BW Group controls a fleet of over 420 ships transporting crude oil, oil products, and dry commodities, and comprises one of the largest gas fleets in the world with over 190 LNG and LPG vessels.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
