Singapore-headquartered LPG owner BW LPG is investing $940m for the construction of eight panamax very large gas carrier (VLGC) newbuildings as part of the company’s fleet renewal program.
The company said it has inked a contract with Hyundai Heavy Industries to build eight 90’cbm panamax VLGCs, for a total consideration of about $940m, subject to the final technical specifications.
The newbuildings are expected to be delivered sequentially from the start of 2029 until the second quarter of 2030.
Kristian Sørensen, BW LPG’s chief executive officer, said: “This newbuilding series underpins our ongoing fleet renewal program, supported by strong long-term fundamentals in the LPG market. Furthermore, these panamax newbuildings represent the most flexible design, enhancing our scale, commercial and operational flexibility.”
BW LPG has a fleet portfolio of about 50 very large gas carriers, including over 20 vessels powered by LPG dual-fuel propulsion technology. The company is associated with BW Group, a maritime company involved in shipping, floating infrastructure, deepwater oil and gas production, and new sustainable technologies.
Founded in 1955 by Sir YK Pao, BW controls a fleet of over 400 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting one of the largest gas fleets in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.
