BW LPG has agreed to sell its 2015-built vessel BW Levant, which was acquired through the purchase of Avance Gas' fleet of 12 very large gas carriers (VLGC) in 2024. The vessel is scheduled for delivery to the buyer by mid-November at the latest.
The company disclosed that the sale of BW Levant is expected to generate a net book gain of approximately $17 million and net cash proceeds of around $38 million.
It also remarked that the delivery timeline allows the company to continue generating revenue from the asset in a strong freight market.
BW LPG Chief Executive Officer Kristian Sørensen commented, "This sale demonstrates our disciplined approach to capital allocation, realising a strong return just two years after purchasing the vessel through the Avance Gas transaction."
Sailing under the Marshall Islands flag, the 226-metre vessel has a deadweight tonnage of 53,658 and a carrying capacity of 83,000 cubic metres. BW LPG currently operates a fleet of 50 VLGCs.
