Shippingtelegraph: BW LPG India gains $37m from sale of 19-year-old VLGC

Published by shippingtelegraph

The Singapore-headquartered shipowner BW LPG Limited (BW LPG) said its 52%-owned subsidiary, BW LPG India, sealed a deal to sell the 2007-built BW Birch for continued trading.

On a 100% basis, the sale of BW Birch is expected to generate a net book gain of approximately US$37 million and net cash proceeds of around US$64 million.

The vessel is currently trading under a time charter agreement and is scheduled for delivery to the buyer by mid-November at the latest as BW LPG informs.

“This transaction, at a value equivalent to a newbuilding price of approximately US$248 million and in line with the recently announced sale of BW Elm, reflects our continued execution of our fleet renewal programme and our ability to capitalize on strong second-hand market values,” says Kristian Sørensen, CEO of BW LPG.