Last of Eight New Gas Carriers Joins BW LPG’s Fleet

Singapore-based owner and operator of very large gas carriers BW LPG Limited has further expanded its fleet with the eighth and final Very Large Gas Carrier (VLGC) BW Volans built by the South Korean shipbuilder Hyundai Heavy Industries.

The vessel joined its owner today and wrapped up BW LPG’s newbuilding programme of eight VLGCs ordered from the shipbuilder.

BW Aries, BW LPG’s first vessel from the batch, was delivered in November 2014, while the company’s seventh VLGC newbuilding from HHI, BW Tucana, joined the fleet on April 20.

With BW Volans, BW LPG has a fleet of 41 vessels, comprising 29 owned VLGCs, seven chartered-in VLGCs and five owned LGCs.

Additionally, BW LPG has six more VLGC newbuildings under construction.

In mid-April, the Oslo-listed company sealed the deal for a USD 221 million debt facility for the financing of four of its VLGC newbuildings.

Raised from ING Bank, KFW IPEX-Bank GmbH, Oversea-Chinese Banking Corporation Limited (OCBC) and Standard Chartered Bank, the loan is insured by Korea Trade Insurance Corporation (K-Sure).

The all-in cost for this financing is LIBOR plus 1.60%, with an 18-year amortization profile.

World Maritime News Staff

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