BW Gas in LPG carrier deal
BW Gas is to sell 50% ownership interest in four LPG carriers by setting up a joint venture partnership with Tailwind, an operational- and financial lease company controlled by the Rieber family and three other Norwegian shareholders.
The vessels involved are the 78,631 cu m Berge Trader, the 38,501 cu m Berge Odin, built in 2006 and 2005 respectively, and the 1997-built, 18,152 cu m BW Havsol and BW Havlur. The Berge Trader is operated in the BW Gas VLGC pool while the Berge Odin is in the Exmar Midsize pool. The two smaller ships are on time charter to Yara.
According to a statement BW Gas will retain technical and commercial management of the vessels. Subject to final project financing structure, the deal will have a cash effect of approximately US$200m. BW Gas will book a profit of about US$9m. Jan Håkon Pettersen, Managing Director and CEO, said: "The joint venture with Tailwind is an important step in our strategy to develop our business further through broadening our network of financial partners". Stein Arnesen, CEO of Tailwind said: "We are very pleased to team up with a first class operator as BW Gas in this first investment for us in the gas tanker market ".
The vessels involved are the 78,631 cu m Berge Trader, the 38,501 cu m Berge Odin, built in 2006 and 2005 respectively, and the 1997-built, 18,152 cu m BW Havsol and BW Havlur. The Berge Trader is operated in the BW Gas VLGC pool while the Berge Odin is in the Exmar Midsize pool. The two smaller ships are on time charter to Yara.
According to a statement BW Gas will retain technical and commercial management of the vessels. Subject to final project financing structure, the deal will have a cash effect of approximately US$200m. BW Gas will book a profit of about US$9m. Jan Håkon Pettersen, Managing Director and CEO, said: "The joint venture with Tailwind is an important step in our strategy to develop our business further through broadening our network of financial partners". Stein Arnesen, CEO of Tailwind said: "We are very pleased to team up with a first class operator as BW Gas in this first investment for us in the gas tanker market ".