BW LPG India sells older VLGC, boosts fleet modernization with $61m proceeds

BW LPG Limited announced that its 52%-owned subsidiary, BW LPG India, has agreed to sell the 2008-built BW Lord. The sale is projected to yield a net book gain of approximately $25 million and net cash proceeds of around $61 million. The vessel is slated for delivery to its buyer before the end of 2025.

This transaction follows BW LPG India's recent acquisitions of the 2015-built BW Chinook and BW Pampero. These purchases enhance its position as the owner and operator of India's youngest and largest fleet of Very Large Gas Carriers (VLGCs), which now comprises eight vessels and handles approximately 20% of India's LPG imports.

Kristian Sørensen, chief executive of BW LPG, emphasized the company's strategy to modernize BW LPG India's fleet while capitalizing on strong second-hand asset values. He highlighted the transaction as demonstrating the commercial platform's agility and ability to unlock value in the current market.