BW LPG books four VLGC newbuilds at DSME

BW LPG said that it has entered into shipbuilding contracts for four very large gas carrier newbuildings with Daewoo Shipbuilding and Marine Engineering.

Previously reserved by DSME’s existing client, these vessels are to be delivered in the third and fourth quarters of 2016, the company said in a statement.

Nicholas Gleeson, CEO of BW LPG, said, “Whilst the exceptionally high rates of today are not likely to last forever,  there are many years of anticipated growth in export volumes in this market, which elicits our desire to enhance our fleet and its capability. These contracts now provide us an opportunity to grow or renew our VLGC fleet in the coming years, without adding further to the new building fleet on order.”

The delivered cost of these vessels, including interest and other costs, is likely to be approximately USD 290 million.

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Image: BW LPG