BW LPG exercises purchase option on VLGC Vermilion First
BW LPG Limited exercises purchase option over Very Large Gas Carrier ('VLGC') Vermilion First, the company said in its press release.
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.
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 within this month (March 2015). The vessel will continue to be available for spot and CoA cover.
ABOUT BW LPG
BW LPG is the world's largest very large gas carrier (VLGC) owner and operator based on number of VLGCs and by LPG carrying capacity. BW LPG owns and operates 37 gas carriers with a total carrying capacity of close to 3 million cbm and a further 504,000 cbm of capacity on order in Korea. With 35 years of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. BW LPG is associated with BW Group, one of the world's leading shipping groups. BW Group is involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production.
