BW LPG Signs MOA to Sell Two VLGCs to BW LPG India
BW LPG has signed a Memorandum of Agreement to sell two Very Large Gas Carriers (VLGCs) - BW Pampero and BW Chinook - to BW LPG India for approximately USD 75 million per vessel. The vessels, built in 2015 and acquired in the recent Avance Gas transaction, are scheduled for delivery in Q3 2025.
BW LPG India currently operates India's largest VLGC fleet with seven ships, accounting for about 20% of India's LPG imports. The transaction aligns with India's Atmanirbhar Bharat (self-reliant India) scheme, as the fleet is Indian-flagged and Indian-operated. The company's ownership structure includes BW LPG (52%), Maas Capital Shipping B.V. (42%), and Global United Shipping.
BW LPG ha firmato un Memorandum of Agreement per vendere due Very Large Gas Carriers (VLGC) - BW Pampero e BW Chinook - a BW LPG India per circa 75 milioni di USD per nave. Le navi, costruite nel 2015 e acquisite nella recente transazione con Avance Gas, sono programmate per la consegna nel terzo trimestre del 2025.
BW LPG India attualmente gestisce la flotta di VLGC più grande dell'India con sette navi, che rappresentano circa il 20% delle importazioni di GPL dell'India. La transazione è in linea con il piano Atmanirbhar Bharat (India autosufficiente) dell'India, poiché la flotta è registrata e operata in India. La struttura proprietaria dell'azienda include BW LPG (52%), Maas Capital Shipping B.V. (42%) e Global United Shipping.
BW LPG ha firmado un Memorando de Acuerdo para vender dos Very Large Gas Carriers (VLGC) - BW Pampero y BW Chinook - a BW LPG India por aproximadamente 75 millones de USD por barco. Los buques, construidos en 2015 y adquiridos en la reciente transacción con Avance Gas, están programados para entrega en el tercer trimestre de 2025.
BW LPG India opera actualmente la flota de VLGC más grande de India con siete barcos, que representan aproximadamente el 20% de las importaciones de GLP de India. La transacción se alinea con el programa Atmanirbhar Bharat (India autosuficiente) de India, ya que la flota está registrada y operada en India. La estructura de propiedad de la empresa incluye BW LPG (52%), Maas Capital Shipping B.V. (42%) y Global United Shipping.
BW LPG는 두 대의 초대형 가스 운반선(VLGC) - BW Pampero와 BW Chinook - 을 BW LPG India에 약 7500만 달러 선박당에 판매하는 양해각서(Memorandum of Agreement)를 체결했습니다. 이 선박들은 2015년에 건조되었으며 최근 Avance Gas 거래를 통해 인수되었습니다. 2025년 3분기에 인도될 예정입니다.
BW LPG India는 현재 인도에서 가장 큰 VLGC 함대를 운영하고 있으며, 7척의 선박이 인도의 LPG 수입의 약 20%를 차지하고 있습니다. 이 거래는 인도의 자립적인 인도(Atmanirbhar Bharat) 계획과 일치하며, 함대는 인도 국적을 가지고 있고 인도에서 운영됩니다. 회사의 소유 구조는 BW LPG(52%), Maas Capital Shipping B.V.(42%), Global United Shipping을 포함합니다.
BW LPG a signé un Mémorandum d'Accord pour vendre deux Very Large Gas Carriers (VLGC) - BW Pampero et BW Chinook - à BW LPG India pour environ 75 millions USD par navire. Les navires, construits en 2015 et acquis lors de la récente transaction avec Avance Gas, sont prévus pour livraison au troisième trimestre 2025.
BW LPG India exploite actuellement la plus grande flotte de VLGC en Inde avec sept navires, représentant environ 20% des importations de GPL de l'Inde. La transaction s'inscrit dans le cadre du programme Atmanirbhar Bharat (Inde autonome) de l'Inde, car la flotte est sous pavillon indien et opérée par des Indiens. La structure de propriété de l'entreprise comprend BW LPG (52%), Maas Capital Shipping B.V. (42%) et Global United Shipping.
BW LPG hat ein Memorandum of Agreement unterzeichnet, um zwei Very Large Gas Carriers (VLGC) - BW Pampero und BW Chinook - an BW LPG Indien für etwa 75 Millionen USD pro Schiff zu verkaufen. Die Schiffe, die 2015 gebaut wurden und in der jüngsten Transaktion mit Avance Gas erworben wurden, sind für die Lieferung im dritten Quartal 2025 geplant.
BW LPG Indien betreibt derzeit die größte VLGC-Flotte Indiens mit sieben Schiffen, die etwa 20% der LPG-Importe Indiens ausmachen. Die Transaktion steht im Einklang mit Indiens Atmanirbhar Bharat (selbstständiges Indien) Programm, da die Flotte unter indischer Flagge fährt und indisch betrieben wird. Die Eigentümerstruktur des Unternehmens umfasst BW LPG (52%), Maas Capital Shipping B.V. (42%) und Global United Shipping.
- Sale of two VLGCs generates approximately USD 150 million in revenue
- Strategic expansion in growing Indian market with 20% market share in LPG imports
- Fleet modernization with 2015-built vessels enhancing operational efficiency
- Reduction in BW LPG's directly owned fleet size
Insights
BW LPG's $150 million transaction to sell two VLGCs to its Indian subsidiary represents a strategic fleet optimization rather than a true divestment. Since BW LPG holds 52% ownership in BW LPG India, this internal transfer effectively keeps the vessels within the broader corporate structure while strategically positioning assets in the growing Indian market.
The transfer of these 2015-built vessels - BW Pampero and BW Chinook - to BW LPG India expands their Indian fleet to 9 vessels, solidifying their position as operators of India's largest VLGC fleet. This move follows their recent acquisition of vessels through the Avance Gas transaction, indicating an active portfolio management approach.
The $75 million per vessel valuation appears aligned with current market rates for 10-year-old VLGCs, suggesting a fair transfer price between related entities. Indian flagging of these vessels provides commercial advantages in the domestic market, particularly with the mentioned alignment to India's self-reliance initiative.
From a maritime asset perspective, this transaction demonstrates BW LPG's commitment to maintaining fleet age profile while strategically deploying assets to markets with strongest growth potential. The transaction timing with delivery in Q3 2025 provides adequate operational transition planning.
This fleet repositioning underscores BW LPG's strategic focus on India's rapidly expanding LPG import market. With BW LPG India already handling approximately 20% of India's LPG imports, this transaction strengthens their market leadership in a country with substantial growth potential for clean cooking fuels.
The timing is particularly noteworthy as India continues its transition from traditional cooking fuels to cleaner LPG, supported by government initiatives. BW LPG's decision to expand its Indian-flagged fleet demonstrates confidence in continued demand growth and recognizes the strategic advantage of local flagging and operations under India's self-reliance policies.
BW LPG's reference to "weathering geopolitical uncertainties" suggests this move also serves as a geographic diversification strategy, reducing exposure to shipping disruptions in other regions. By maintaining majority control (52%) while partnering with Maas Capital (42%) and Global United Shipping, BW LPG maintains decision authority while sharing investment requirements.
The transaction effectively maintains these assets within BW LPG's sphere of influence while positioning them in a growth market. For the parent company, this represents a portfolio optimization rather than significant financial impact, as consolidated accounting will only recognize the portion of the sale attributable to minority shareholders. The strategic value exceeds the immediate financial implications.
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
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
BW LPG India was established as a joint venture in 2017 between BW LPG Limited and Global United Shipping and is headquartered in
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250330527962/en/
For further information, please contact:
Kristian Sørensen
Chief Executive Officer
Samantha Xu
Chief Financial Officer
Source: BW LPG Limited
FAQ
What is the value of BW LPG's vessel sale to BW LPG India (BWLP)?
When will BW Pampero and BW Chinook be delivered to BW LPG India?
What is BW LPG India's current market share in Indian LPG imports?
What is the ownership structure of BW LPG India?
How many VLGCs will BW LPG India operate after this acquisition?
