On July 20, BW LPG, an owner and operator of liquefied petroleum gas (LPG) carriers, announced an agreement to sell the Very Large Gas Carrier (VLGC) “BW Levant” to an undisclosed buyer. The transaction is expected to generate a net book gain of approximately $17 million and net cash proceeds of around $38 million.
Built in 2015 with a cargo capacity of 83,000 cubic meters, the “BW Levant” was the fifth vessel in a series of 12 VLGCs transferred from Avance Gas to BW LPG; BW LPG took delivery of the vessel in November 2024. The company noted that it has achieved a profit on the vessel less than two years after its acquisition.
In August 2024, BW LPG announced the acquisition of 12 VLGCs from Avance Gas for $1.05 billion; these vessels were built between 2015 and 2023. This transaction expanded BW LPG’s VLGC fleet to 53 vessels.
Under the latest sale agreement, the “BW Levant” is scheduled for delivery to the new owner in mid-November 2026. In the interim, BW LPG will continue to operate the vessel to maintain exposure to the currently buoyant VLGC market.
This marks the second VLGC sale agreement reached by BW LPG this month. On July 10, BW LPG India—a subsidiary in which BW LPG holds a 52% stake—announced the sale of the 2007-built “BW Elm”. The transaction is expected to generate a book gain of $36 million and net cash proceeds of $64 million (on a 100% equity basis).
In addition to selling older vessels, BW LPG is simultaneously advancing new shipbuilding projects; it placed an order with HD Hyundai Heavy Industries for eight 90,000-cubic-meter class VLGCs—with a total contract value of approximately US$940 million—scheduled for staggered delivery between early 2029 and the second quarter of 2030.
According to its official website, BW LPG is a leading global owner and operator of LPG carriers, with a fleet comprising approximately 50 VLGCs, more than 20 of which are equipped with LPG dual-fuel propulsion systems. The company is part of the BW Group, an international shipping enterprise with operations spanning shipping, floating infrastructure, deepwater oil and gas production, and new sustainable energy technologies. Founded in 1955, the BW Group currently operates a fleet of over 400 vessels capable of transporting commodities such as oil, liquefied gas, and dry bulk cargo.
Notably, BW Group operates a combined fleet of 200 LNG and LPG carriers, ranking first globally in terms of liquefied gas fleet size. In the renewable energy sector, the group’s investments span solar power, wind energy, battery technology, and water treatment.