VLGC owner BW LPG Limited has sold the 2007-built BW Cedar and exercised a purchase option for the 2019-built BW Kizoku. BW LPG’s 52% owned subsidiary BW LPG India sold the 82,260 cu m BW Cedar as part of a planned fleet renewal. On a 100% basis, the sale is priced at approximately $65m and is expected to generate a net book gain of around $33m and about $51m in net cash after repayment of its existing bank loan. The VLGC will be delivered to the new owners in the first quarter of 2025. The dual-listed unit of Singapore’s BW Group also declared a purchase option for the Japan-built, 83,325 cu m VLGC BW Kizoku. The vessel is currently on time charter with BW LPG with a purchase option, which was exercised for a consideration of $69.8m. It is expected to be delivered in January 2025 and will continue to trade as part of the company’s conventional fleet. “Through these transactions, we are renewing our fleet by capitalizing on strong asset prices in the second-hand market for older vessels while acquiring a modern vessel at a competitive price translating to a new building equivalent of mid-$80m,” said Kristian Sørensen, CEO of BW LPG. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsSingapore