BW LPG Limited sells Very Large Gas Carrier (VLGC) BW Confidence, says a press release published on their website.
About sale & delivery
BW Confidence was built in 2006 and has a carrying capacity of 83,270 CBM. It was acquired by BW LPG in 2012. The sale and delivery of the vessel to its new owner in Vietnam for further trading was completed on 1 July 2021.
The sale generated approximately US$ 40 million in net cash; and as the revolving credit facility was reduced, the sale also generated US$20 million in liquidity, and is expected to give a net book gain of approximately US$ 6 million in BW LPG’s Q3 2021 financial report.
Growth towards a zero-carbon future
Says Anders Onarheim, CEO of BW LPG, “BW Confidence was sold at an approximately 15% premium to our book values which stood at US$9.4 per share or approximately NOK 81 per share as of the end of Q1.
The sale is aligned with our strategy of being a returns-focused company seeking to maximize returns for our shareholders, and positioning BW LPG to take advantage of opportunities for growth from a global energy transition towards a zero-carbon future”.
Significant environmental and economic benefits
With this sale, BW LPG owns and operates a fleet of 44 modern VLGCs, including the world’s only VLGCs to be retrofitted with pioneering LPG dual-fuel propulsion technology. With seven LPG-powered VLGCs on the water serving customers with the segment’s lowest emissions profile and a further eight VLGCs committed for retrofitting with this technology, they represent an overall investment of 15 vessels and over US$ 130 million towards the decarbonization of the company’s operations.
These vessels offer significant environmental and economic benefits over the existing global fleet, including newbuilds scheduled for delivery in 2023.
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Source: BW LPG
