BW LPG Limited said its subsidiary BW LPG India will sell the very large gas carrier BW Birch for approximately $64 million in net cash proceeds on a 100% basis. The vessel, built in 2007, is scheduled for delivery to the buyer by mid-November at the latest.
The disposal will result in a net book gain of about $37 million, the company said. The sale price implies an equivalent newbuilding valuation of roughly $248 million, according to BW LPG. BW LPG India is 52% owned by BW LPG Limited, which operates a fleet of around 50 Very Large Gas Carriers, including more than 20 vessels with LPG dual-fuel propulsion technology.
BW LPG Chief Executive Officer Kristian Sørensen said the transaction reflects the company’s ongoing fleet renewal program and its ability to capitalize on strong second-hand market values. The sale follows the recent announcement of another vessel disposal by BW LPG, the BW Elm.
