BW sells old LPG vessel
BW LPG, a unit of the Singapore gas shipping giant BW, sold its old carrier Berge Summit to an unidentified owner for continued trading.
Bw took complete ownership of the 1990-built vessel with a capacity of 78,489 cbm in 2015.
The vessel has been used as a LPG floating storage for a gas-to-power project for the last 5 years.
The sale is expected to generate approximately $9 million in liquidity and an expected net book gain of $4 million, according to BW LPG.
BW LPG’s chief executive Anders Onarheim said the transaction was in line with the company’s asset management strategy.
The company now owns and operates a fleet of 46 modern VLGCs, with an average age of 8.7 years.
Twelve of these ships are scheduled for LPG dual-fuel engine retrofitting in 2020 and 2021, making them the “most environmentally friendly VLGCs in the world.”
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