27 April 2016
sale and leaseback arrangement and two timecharter
(Singapore, 27 April 2016)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG”) has concluded a sale and leaseback agreement with Nissen Kaiun Co. Ltd. for its last VLGC newbuilding under construction at Daewoo Shipbuilding and Marine Engineering.
Concurrently BW LPG Limited has also agreed to timecharter-in two VLGC newbuildings to be constructed at Mitsubishi Heavy Industries from Nissen Kaiun Co. Ltd, with deliveries expected in 2020. All three timecharter-in agreements include purchase options.
Commenting on the transaction, BW LPG CEO, Martin Ackermann said, “The benefits of the transactions are threefold: it allows us to renew our chartered-in fleet, enables us to offer our customers more flexible solutions and it further strengthens our relationship with Japan, which is one of the world’s most important LPG demand centres.”
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
John Papaioannou, CFA
Senior Manager, Strategy & Investor Relations
BW LPG Limited
Tel: +65 6705 5514
About BW LPG
BW LPG is the world's leading and largest very large gas carrier (VLGC) owner and operator based on number of VLGCs and by LPG carrying capacity. BW LPG currently owns and operates 40 gas carriers with a total carrying capacity of over 3.1 million cbm. In addition, BW LPG has 5 VLGC newbuildings under construction in Korea. With more than 37 years of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. BW LPG is associated with BW Group, one of the world's leading shipping groups. BW Group is involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.