BW LPG said it has exercised the purchase option for the very large gas carrier Vermilion First.
The VLGC Vermilion First has been on a time charter with BW LPG since the acquisition of the charter from AP Moller-Maersk in 2013. The Vermilion First was built in 2010 at Mitsubishi Heavy Industries, Nagasaki Shipyard, and has a capacity of approximately 77,324 cubic metres, the company said in a statement.
BW LPG has exercised a purchase option which became available under the charter in Q1 2015. The transaction will be settled from free cash and the revolving credit facility. Aggregate consideration for the transaction is USD 73 million.
Delivery is anticipated during March 2015.
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Image: BW LPG