The Singapore-headquartered BW LPG Limited, listed on the Oslo Stock Exchange and New York Stock Exchange, has signed a memorandum of agreement (MOA) with BW LPG India to sell two VLGC vessels acquired in the recent Avance Gas transaction.
The two vessels BW Pampero and BW Chinook to BW LPG India – a deal which was reported by the company – will be sold at a price of approximately $75m per vessel with the delivery expected in the third quarter of 2025.
BW LPG India currently owns and operates a fleet of very large gas carriers (VLGCs), comprising of seven ships, after the recently announced sale of BW Cedar.
According to the company, the new transaction will renew and grow the fleet and further enlarge BW LPG India’s footprint in India, so taking over two vessels built in 2015 will not only result in fleet expansion but also in fleet renewal which comes at an opportune time with continued growth in India’s LPG demand.
As it is mentioned, BW LPG India’s fleet is Indian-flagged and Indian-operated to facilitate business transactions in alignment with the Atmanirbhar Bharat scheme (translated as self-reliant India). It is the youngest and largest fleet in India, BW LPG Limited said, accounting for import of approximately 20% of LPG into India.
BW LPG India was established as a joint venture in 2017 between BW LPG Limited and Global United Shipping and is headquartered in Chennai. In 2021, Maas Capital Shipping B.V. acquired a minority stake of 42% in BW LPG India, with BW LPG currently holding 52% of the shares.
“With BW Pampero and BW Chinook we add modern quality tonnage and more capacity to our Indian-flagged fleet. We see tremendous potential in the country and are proud to participate in the continued growth of the Indian LPG market. We would like to thank our partners, Mass Capital and Global United Shipping, for their trust and collaboration, and for partaking in sustained fleet renewal,” said Mr. Kristian Sørensen, CEO of BW LPG.
