The Oslo-and-New York listed shipowner BW LPG Limited clinched a deal, through its 52%-owned subsidiary BW LPG India, to sell its 18-year-old ship BW Loyalty for continued trading.
On a 100% basis, the sale of 2008-built BW Loyalty is expected to generate a gain on disposal of approximately $52m.
Net cash proceeds are expected to be approximately $66m after taxes and transaction costs.
The vessel is scheduled for delivery to the buyer upon completion of her current time charter, and no later than December 2026.
Kristian Sørensen, chief executive officer of BW LPG, said: “Selling the BW Loyalty at a price in the low US$80 million demonstrates the strength of the second-hand market and our ability to realise value from our fleet. The transaction crystallises significant value from a 18-year-old asset while further strengthening BW LPG India’s financial position.”
BW LPG, the owner and operator of LPG vessels, with a fleet of about 50 VLGCs and LGCs, including 20 vessels powered by LPG dual-fuel propulsion technology, is associated with BW Group, a global energy and maritime company involved in shipping, deepwater oil and gas production, renewable energy and digital infrastructure.
BW controls a fleet of over 400 vessels transporting oil, gas and dry commodities.
