BW LPG, a unit of the Singapore-based gas shipping giant BW, is selling two very large gas carriers.
The memorandums of agreement is for the 2006-built 83,270-cbm BW Confidence and the 2007-built 82,260-cbm BW Cedar.
For the sale of BW Confidence, BW LPG expects to generate about $36 million in liquidity and an expected net book gain of some $4 million.
The LPG shipper plans to complete sale and delivery of the vessel to its new owner in the first quarter 2021.
Asper the second VLGC, BW Cedar, BW LPG expects the sale to generate a net book gain of about $3 million.
BW Cedar will join three other VLGCs; namely BW Boss, BW Energy, and BW Birch in the LPG firms’ joint venture company BW Global United LPG India.
All four of these vessels are on time charter contracts to major Indian oil companies to supply India with LPG.
Upon completion of both sales, BW LPG will own and operate a fleet of 45 modern VLGCs.
This includes BW Gemini, the world’s first VLGC to be retrofitted with LPG dual-fuel propulsion engine.
To remind, China’s Yiu Lian is converting in total 12 very large gas carriers for BW’s LPG unit.