BW LPG to sell two Very Large Gas Carriers to BW LPG India for $75M each

BW LPG (BWLP) has signed a memorandum of agreement with BW LPG India to sell two vessels acquired in the recent Avance Gas transaction – BW Pampero and BW Chinook to BW LPG India at a price of approximately $75M per vessel to ensure further expansion and fleet renewal in the Indian market. The delivery of the two vessels is expected in Q3. BW LPG India currently owns and operates India’s largest fleet of Very Large Gas Carriers, comprising seven ships, after the recently announced sale of BW Cedar. The transaction will renew and grow the fleet and further enlarge BW LPG India’s footprint in India. 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. BW LPG India’s fleet is Indian-flagged and Indian-operated to facilitate business transactions in alignment with the Atmanirbhar Bharat scheme. It is the youngest and largest fleet in India, 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.