BW LPG Limited announced that its 52%-owned subsidiary, BW LPG India, has entered into an agreement to sell the 2008-built BW Loyalty for continued trading.
On a 100% basis, the sale of BW Loyalty is expected to generate a gain on disposal of approximately US$52 million. Net cash proceeds are expected to be approximately US$66 million, after taxes and transaction costs. The vessel is scheduled for delivery to the buyer upon completion of her current time charter, and no later than December 2026.
Kristian Sørensen, CEO of BW LPG, says: “Selling the BW Loyalty at a price in the low US$80 million demonstrates the strength of the second-hand market and our ability to realise value from our fleet. The transaction crystallises significant value from a 18-year-old asset while further strengthening BW LPG India’s financial position.”