BW LPG offloads another VLGC

Oslo-listed BW LPG has sold the very large gas carrier (VLGC), BW Confidence, to an undisclosed buyer in Vietnam for approximately $40m.

The 2006-built vessel was delivered on 1st July and should bring a profit of around $6m to BW LPG, which bought the ship for $55.8m in 2012. The sale will also bring $20 in liquidity.

“BW Confidence was sold at an approximately 15% premium to our book values which stood at $9.4 per share or approximately NOK81 per share as of end of Q1.

“The sale is aligned with our strategy of being a returns-focused company seeking to maximise 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,” said Anders Onarheim, CEO of BW LPG.

BW LPG owns and operates a fleet of 44 VLGC, including seven vessels retrofitted with LPG dual-fuel engines.