SINGAPORE, July 10 — BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code: “BWLP”) is pleased to announce that its 52%-owned subsidiary, BW LPG India, has entered into an agreement to sell the 2007-built BW Elm for continued trading.
On a 100% basis, the sale of BW Elm is expected to generate a net book gain of approximately US$36 million and net cash proceeds of around US$64 million. The vessel is scheduled for delivery to the buyer by mid-August.
Kristian Sørensen, CEO of BW LPG, says “By selling the BW Elm we continue capitalising on strong second-hand values for older vessels, selling a 2007-built asset at a level equivalent to a newbuilding price of about US$248 million. This reflects the strength and agility of our commercial platform and its ability to create value through opportunistic asset play as we are divesting older ships while investing in new tonnage”.