BW sells old LPG vessel

BW LPG, a unit of the Singapore gas shipping giant BW, has sold its old carrier Berge Summit to an unidentified owner for continued trading.

The LPG shipper says the sale would generate about $9 million in liquidity and an expected net book gain of $4 million.

BW took ownership of the 1990-built very large gas carrier in 2015.

The 78,489-cbm vessel served as a floating storage for Vitol’s gas-to-power project in the US Virgin Islands for the last five years.

Chief executive Anders Onarheim said the transaction was in line with the company’s asset management strategy.

The company now owns and operates a fleet of 46 modern VLGCs, with an average age of 8.7 years.

BW will retrofit twelve of these ships to LPG dual-fuel propulsion in 2020 and 2021, making them the “most environmentally-friendly VLGCs in the world,” Onarheim said.