Singapore-based owner and operator of LPG vessels BW LPG has revealed that it plans to retrofit six of its very large gas carriers (VLGCs) to liquified petroleum gas (LPG) propulsion.
As disclosed, the company has secured a $45 million transition loan (revolving credit facility) in August this year to carry out the project.
The announcement was published in BW LPG’s Q2 financial results. As informed, the LPG owner reported a Q2 2021 net profit of $23.1 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $54.8 million for Q2 2021, representing an EBITDA margin of 58.3% for the quarter.
Last year, BW LPG strengthen its commitment to adopting LPG as a fuel having lifted an option for the delivery of four additional LPG dual-fuel engines.
Retrofitting process of four VLGCs with LPG dual-fuel propulsion engines was completed in the second quarter of 2021.
BW Libra is the 4th of 15 VLGCs the firm has committed to retrofitting with pioneering LPG dual-fuel propulsion technology.
The vessel joined BW Orion, BW Gemini and BW Leo that are already sailing on LPG.