Singapore, 31 March 2025
BW LPG Limited ("BW LPG", OSE ticker code: "BWLPG.OL", NYSE ticker code "BWLP")
has signed a Memorandum of Agreement (MOA) with BW LPG India to sell two vessels
acquired in the recent Avance Gas transaction - BW Pampero and BW Chinook to BW
LPG India (the 'transaction') at a price of approximately USD 75 million per
vessel to ensure further expansion and fleet renewal in the Indian market. The
delivery of the two vessels is expected in Q3 2025.
BW LPG India currently owns and operates India's largest fleet of Very Large Gas
Carriers (VLGCs), 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
(translated as self-reliant India). 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.
Mr. Kristian Sørensen, CEO of BW LPG, adds: "With BW Pampero and BW Chinook we
add modern quality tonnage and more capacity to our Indian-flagged fleet. We see
tremendous potential in the country and are proud to participate in the
continued growth of the Indian LPG market. We would like to thank our partners,
Mass Capital and Global United Shipping, for their trust and collaboration, and
for partaking in sustained fleet renewal."
The transaction of BW Pampero and BW Chinook reflects BW LPG's strategy to
right-size and renew its fleet in growing markets. BW LPG leverages on its
strong commercial platform and continues to grow its Indian fleet to support the
country's energy transition while weathering any geopolitical uncertainties.
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over
4 million CBM. With five decades of operating experience in LPG shipping and
experienced seafarers and staff, BW LPG offers a flexible and reliable service
to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved
in shipping, floating infrastructure, deepwater oil & gas production, and new
sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of
over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and
LPG ships constituting the largest gas fleet in the world. In the renewables
space, the group has investments in solar, wind, batteries, biofuels and water
treatment.
For further information, please contact:
Kristian Sørensen
Chief Executive Officer
Samantha Xu
Chief Financial Officer
investor.relations@bwlpg.com