Avance Gas Holding has completed the sale delivery of the eleventh vessel in a batch of twelve very large gas carriers (VLGCs) to Singapore-based BW LPG as the former divests its fleet of LPG carriers.
The object of the most recent sale and delivery is the 2015-built, scrubber-equipped VLGC Monsoon. In connection with the delivery, 1.35 million shares in BW LPG were issued by the buyer to Avance Gas.
Additionally, Avance Gas also received net cash proceeds of approximately US$22 million after repayment of outstanding debt. Following the delivery, Avance Gas owns 17.141 million shares in BW LPG corresponding to a 10.91 per cent ownership share.
Avance Avior, the last remaining VLGC to be sold to BW LPG, is currently scheduled for delivery by the end of December 2024. Avance Gas will issue a press release once this has been carried out and the entire transaction has been successfully completed.
The acquisition fleet comprises four 91,000-cubic-metre dual-fuel VLGCs, of which two are 2022-built and two are 2023-built, and eight 2015-built 83,000-cubic-metre VLGCs of which six are scrubber-fitted.