BW LPG has completed the $1.05bn acquisition of 12 very big gasoline carriers (VLGCs) from Avance Gasoline, following the availability of the last word vessel, BW Avior.
The acquisition was settled with a mix of cash, novation of sale-leaseback agreements, and share issuance, with the shares each priced at $17.25.
BW LPG has issued 2.141 million new shares to Avance Gasoline as part-consideration for the BW Avior vessel. This issuance will enhance the complete number of BW LPG shares to 159.282 million, with a share capital of $619.867m.
Avance Gasoline now holds roughly 12.11% of BW LPG, with 19.282 million shares in its possession.
Upon completion of the transaction, BW LPG’s liquidity is estimated at $552m, as reported in its Q3 earnings launch.
BW LPG CEO Kristian Sorensen talked about: “I am more than pleased to announce the worthwhile closing of the transaction and the commencement of revenue expertise from our additional 12 VLGCs.
Entry primarily probably the most full Agency Profiles
within the market, powered by GlobalData. Save hours of study. Obtain aggressive edge.
Agency Profile – free
sample
Your receive e-mail will arrive shortly
We’re assured regarding the
distinctive
top quality of our Agency Profiles. Nonetheless, we wish you to reap the benefits of
helpful
alternative in your enterprise, so we offer a free sample you can receive by
submitting the beneath variety
By GlobalData
“I thank the Avance Gasoline crew for making sure an atmosphere pleasant and seamless handover course of. We’ve got now issued 15% additional shares to broaden our owned fleet by 40% and via our enlarged fleet we’re enhancing our industrial scale and operational leverage.”
The company has 14 unencumbered vessels, which will be financed this yr. BW LPG now operates 53 VLGCs, along with 22 LPG dual-fuel vessels.
The company will proceed its balanced chartering method, aiming to cowl 35%-40% of its fleet functionality with time charters and freight forward agreements.
BW LPG now boasts a combined carrying functionality of better than three million cubic metres all through its VLGC fleet.
In November 2024, Avance Gasoline delivered its fourth VLGC to BW LPG. The 2015-built vessel, named Passat, incorporates a scrubber.
