BW LPG Orders New Gas Carriers

BW LPG Limited introduced right now new shipbuilding contracts have been signed with Daewoo Shipbuilding and Marine Engineering (DSME) for 4 Very Large Gas Carriers (VLGCs).

These newbuild slots had already been booked at DSME, nevertheless they grew to become obtainable once more and BW LPD took the chance, the corporate says. Deliveries are deliberate for Q3 and This fall 2016.

Speaking about these contracts, Nicholas Gleeson, CEO of BW LPG, commented

“Whilst the exceptionally excessive charges of right now should not prone to final eternally, there are numerous years of anticipated development in export volumes on this market, which elicits our want to reinforce our fleet and its functionality.

These contracts now present us a possibility to develop or renew our VLGC fleet within the coming years, with out including additional to the brand new constructing fleet on order.”

The delivered value of those vessels, together with curiosity and different prices, is prone to be roughly USD 290 million. The preliminary funds underneath the contracts are to be met from free money and the revolving credit score facility.