On October 20, liquefied petroleum gas (LPG) carrier owner and operator BW LPG announced on its official website that its subsidiary, BW LPG India (in which it holds a 52% stake), has signed an agreement to sell the LPG carrier “BW Loyalty” from its fleet. The identity of the buyer has not been disclosed.
Based on a 100% equity interest, the transaction is expected to generate a book gain of approximately $52 million and net cash proceeds of approximately $66 million. The vessel is currently operating under a time charter agreement and is scheduled to be delivered to the buyer no later than December 2026.
Recorded data shows that the vessel is 226 meters long, 36.6 meters wide, with a draft of 22 meters and a depth of 11.8 meters, and has a cargo capacity of 84,601 cubic meters. Built by Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean), it was delivered in 2008, is 18 years old, flies the Indian flag, and is classed by LR.
It is understood that BW LPG is raising capital through the sale of older vessels to fund its largest newbuilding program in recent years.
Regarding vessel disposals, on July 10, 2026, BW LPG India sold the 2007-built VLGC “BW Elm,” generating approximately $64 million in net cash proceeds and a book gain of $36 million.
On July 20, BW LPG India sold the 83,000-cubic-meter vessel “BW Levant,” built in 2015, generating a net book gain of approximately $17 million and net cash proceeds of about $38 million.
On August 25, BW LPG India sold the vessel “BW Birch,” built in 2007, with expected net cash proceeds of approximately $64 million and a book gain of $37 million.
Including the sale of the “BW Loyalty,” the four vessel transactions disclosed by the company will yield approximately $232 million in net cash proceeds and $142 million in book gains.
Regarding new shipbuilding, in May of this year, BW LPG signed a contract with HD Hyundai Heavy Industries for the construction of eight 90,000-cubic-meter very large gas carriers (VLGCs). The total value of the order is approximately $940 million—translating to a cost of about $117.5 million per vessel—with deliveries scheduled to take place between early 2029 and the second quarter of 2030.
In terms of new shipbuilding, in May of this year, BW LPG signed a contract with HD Hyundai Heavy Industries to order eight 90,000 m³ VLGCs for a total price of approximately $940 million. Based on this figure, the cost per vessel is approximately $117.5 million, and deliveries are expected to take place in stages from early 2029 through the second quarter of 2030.
According to its official website, BW LPG is a world-leading owner and operator of LPG carriers. Its current fleet consists of 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 maritime conglomerate 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, the BW Group operates a combined fleet of 200 LNG and LPG carriers, making it the world’s largest operator of liquefied gas vessels. In the renewable energy sector, the group’s investments encompass areas including solar power, wind energy, battery technology, and water treatment.