BW LPG India Expands Fleet with Two New Vessels
Monday, 31 March 2025, 11:42 IST
BW LPG Limited has entered into a Memorandum of Agreement (MOA) with BW LPG India for the sale of two vessels picked up in the recent Avance Gas acquisition – BW Pampero and BW Chinook to BW LPG India (the 'transaction') for about USD 75 million per vessel in order to pursue further growth and fleet renewal in the Indian market. The vessels are scheduled for delivery in Q3 2025.
BW LPG India currently has and operates India's largest fleet of Very Large Gas Carriers (VLGCs) consisting of seven vessels, following the recent sale of BW Cedar. The deal will refresh and expand the fleet and further increase the presence of BW LPG India in India. Acquiring two ships constructed in 2015 will not only lead to fleet growth but also to fleet renewal that arrives at the right time with ongoing growth in India's LPG demand.
BW LPG India has an Indian-flagged and Indian-operated fleet to allow business deal-making to comply with the Atmanirbhar Bharat initiative (self-reliant India). It is India's newest and largest fleet and is responsible for importing about 20% of India's LPG.
BW LPG India was formed as a joint venture in 2017 between BW LPG Limited and Global United Shipping and is based in Chennai. In 2021, Maas Capital Shipping B.V. bought a minority stake of 42% in BW LPG India, with BW LPG now owning 52% of the shares.
Mr. Kristian Sørensen, CEO of BW LPG, states: "Through BW Pampero and BW Chinook we introduce modern quality tonnage and additional capacity into our Indian-flagged fleet. We believe strongly in the potential of the country and are glad to be involved in the on-going growth of the Indian LPG market. We would also like to extend our gratitude towards our partners, Mass Capital and Global United Shipping, for trust and cooperation and for sharing sustained fleet renewal with us".
The acquisition of BW Pampero and BW Chinook is indicative of BW LPG's initiative to right-size and refresh its fleet in developing markets. BW LPG is building on its solid commercial foundation and expanding its Indian fleet to facilitate the country's energy transformation while riding through any geopolitical challenges.
BW LPG India currently has and operates India's largest fleet of Very Large Gas Carriers (VLGCs) consisting of seven vessels, following the recent sale of BW Cedar. The deal will refresh and expand the fleet and further increase the presence of BW LPG India in India. Acquiring two ships constructed in 2015 will not only lead to fleet growth but also to fleet renewal that arrives at the right time with ongoing growth in India's LPG demand.
BW LPG India has an Indian-flagged and Indian-operated fleet to allow business deal-making to comply with the Atmanirbhar Bharat initiative (self-reliant India). It is India's newest and largest fleet and is responsible for importing about 20% of India's LPG.
BW LPG India was formed as a joint venture in 2017 between BW LPG Limited and Global United Shipping and is based in Chennai. In 2021, Maas Capital Shipping B.V. bought a minority stake of 42% in BW LPG India, with BW LPG now owning 52% of the shares.
Mr. Kristian Sørensen, CEO of BW LPG, states: "Through BW Pampero and BW Chinook we introduce modern quality tonnage and additional capacity into our Indian-flagged fleet. We believe strongly in the potential of the country and are glad to be involved in the on-going growth of the Indian LPG market. We would also like to extend our gratitude towards our partners, Mass Capital and Global United Shipping, for trust and cooperation and for sharing sustained fleet renewal with us".
The acquisition of BW Pampero and BW Chinook is indicative of BW LPG's initiative to right-size and refresh its fleet in developing markets. BW LPG is building on its solid commercial foundation and expanding its Indian fleet to facilitate the country's energy transformation while riding through any geopolitical challenges.
