BW LPG Brings Aurora Stake to 19.5 Pct

Singapore’s gas carrier owner BW LPG has increased its stake in Oslo-listed Aurora LPG by acquiring an additional 4.53 percent stake, thus pushing its total ownership to 19.53 percent, the company said in its first quarter earnings report.

The move follows BW LPG’s last year’s purchase round, which has made the company Aurora LPG’s biggest shareholder.

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.

According to BW LPG, the VLGC market softened in the first quarter of 2016.

Freight rates were adversely impacted in the quarter by narrower geographic LPG price spreads, strong fleet growth and increased availability of in-chartered tonnage in the spot market, the company explained.

However, the company’s net revenue was USD 137 million, 5% above Q1 2015 with profit after tax reaching USD 60 million, also 5% above Q1 2015. EBITDA was USD 89 million, 11% above Q1 2015.

BW LPG expects to take delivery of three owned DSME VLGC newbuilds in Q4 2016, with the last time
chartered-in VLGC newbuild delivering in Q1 2017.

In terms of fleet hiring, the gas carrier owner and operator said that the current 2016 contract coverage stood at 43% – 53%, depending on CoA uptake.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 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 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >