BW LPG Ups Aurora Stake

Image Courtesy: BW LPG

Singapore’s owner and operator of very large gas carriers BW LPG Limited has acquired 3 million shares in Oslo-listed Aurora LPG Holding ASA, representing 10.34% of the outstanding shares in the company.

As a result of the transaction, BW LPG now holds a total of 3.59 million shares in Aurora LPG, representing 12.13% of the outstanding shares in the company, becoming its biggest shareholder.

The move comes following the rejection of Aurora LPG’s takeover from Avance Gas.

As part of the transaction, BW LPG has sold 2.5 million of its own existing shares held in treasury. As a result, BW LPG now holds 834,682 treasury shares, equivalent to 0.61% of the 136.2 million outstanding shares in BW LPG.

The announcement comes a day after Oslo-listed Aurora LPG Holding entered into a joint venture agreement with Wilhelmsen Ship Management (WSM) for the technical management of Aurora’s VLGC fleet.

The joint venture will be named “Aurora Wilhelmsen Managment Ltd” and will be incorporated in Hongkong.

Aurora LPG owns three 82,000 cbm VLGCs and six 84,000 cbm newbuilds scheduled for delivery from Korean shipbuilder Hyundai Heavy Industries in 2016.

BW LPG posted a net profit after tax of USD 106.2 million in Q3 2015 compared with USD 87.5 million in Q3 2014, mainly due to stronger TCE earnings and a larger fleet.

The fleet size of the goup comprises 35 VLGCs and five LGCs owned/operated, plus six VLGC newbuilds.


Share this article

Follow World Maritime News

In Depth>


<< Mar 2018 >>
26 27 28 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >