Singapore-based gas carrier owner and operator BW LPG has exercised the purchase option for the chartered very large gas carrier (VLGC) Vermilion First.
The VLGC Vermilion First has been on a time charter with BW LPG since the acquisition of the charter from AP Moller-Maersk in 2013.
The Vermilion First was built in 2010 at Mitsubishi Heavy Industries, Nagasaki Shipyard, and has a capacity of approximately 77,324 cubic metres.
BW LPG has exercised a purchase option which became available under the charter in Q1 2015. The company will settle the USD 73 million transaction from free cash and the revolving credit facility.
The delivery is expected within this month, and the vessel will continue to be available for spot and CoA cover.