|Exmar and BW Gas in vessel swap|
|Wednesday, 20 July 2011 11:14|
Exmar and BW Gas have reached an agreement to swap two of Exmar’s VLGCs for a number of ships from BW Gas’s midsize fleet. The vessels are scheduled to be delivered between August 15 and September 30.
In exchange for the ‘Flanders Liberty’ and the ‘Flanders Loyalty’, Exmar will receive the ‘BW Hugin’, ‘BW Helga’, ‘BW Hedda’ and ‘BW Sombeke’. The settlement will include a cash contribution of US$35 million payable by BW Gas to Exmar.
The transfer of the VLGCs goes together with the novation of time-charters to BW Gas. The midsize vessels will remain dedicated to existing Exmar’s North Sea LPG contract commitments.
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