Singapore´s owner and operator of VLGCs BW LPG has confirmed the sale of its 2008-built BW Princess for around $64m in a strong second-hand market.
The vessel built in Hyundai Heavy Industries, Korea is expected to be delivered to its new owner in the first quarter of 2024.
The owner didn’t disclose the name of the buyer, but confirmed that the sale took place in the fourth quarter this year.
The company now expects the sale to generate around $64m in liquidity and a net book gain of about $20m.
The owner of VLGC also expects to take delivery of the 2010-built BW Kyoto in the fourth quarter this year, following a purchase option in the first quarter of 2023. The vessel built in MHI Nagasaki Shipyard, Japan is set to go on a six-year time charter in the first quarter of 2024.
Moreover, Sinogas is joining the BW LPG VLGC pool in Q4 with one LPG dual-fuel vessel. Following this addition, the company´s operated VLGC fleet comes up to 45 vessels.
Also, MGCs Eco Sorcerer and Astor have joined the fleet in November under time charter contracts.
In its VLGC near term market outlook, the owner said that 32 out of 43 VLGC newbuildings have been delivered for 2023. The Q3 did not see as many newbuilding deliveries as expected in the last update, and several scheduled deliveries have slipped into Q4.
Furthermore, shipyards are for the most part booked until the first half of 2027.
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.
Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world.
