Singapore owner BW LPG has made a net book gain of $10m by selling a VLGC it owned for less than two weeks.

It did not reveal an exact price, but said the disposal of the 78,908-cbm BW Empress (built 2005) also generated $40m of liquidity.

The ship has been renamed Bashundhara LPG Warrior by its new owner, Bangladesh's Bashundhara Oil & Gas.

The BW Empress, valued at $39.75m by VesselsValue, was acquired by BW LPG for an undisclosed price from Ocean Trust of Japan in February.

The ship had previously been bareboat-chartered in for three years in 2018. This deal ended in February.

Shipbroking data shows the sale to Bashundhara was concluded 12 days later.

The BW Empress was assessed as being worth $37m at that time, but rising spot markets and increased demand in the Indian subcontinent have meant rising prices.

BW LPG chief executive Anders Onarheim said the vessel had gone for an "attractive price in a volatile market".

"This sale is aligned with our asset management strategy, as we maximise the value of our current assets on water while considering the best way forward in our journey towards a zero-carbon future," he added.

The sale has left BW LPG with a fleet of 45 modern VLGCs.

Another VLGC still for sale

Bashundhara has two tankers, another VLGC and two smaller LPG carriers.

The company bought Avance Gas's 82,500-cbm VLGC Avance (built 2003) for $35m last August.

BW LPG is still trying to sell a VLGC for which a deal fell through in the first quarter.

The company said it had not been able to seal a final agreement to dispose of the 83,270-cbm BW Confidence (built 2006).

Brokers had pegged the price at $40m, against a VesselsValue assessment of $41m. The potential buyer has not been revealed.

The deal, agreed in December, would have meant a liquidity boost of $36m and a net profit of $4m for BW LPG.

"The sale of BW Confidence was not completed as final agreement was not reached with the buyer," Onarheim told a conference call with analysts in March.

"There are still interested parties. There are several interested parties in the vessel, and there's no monetary loss for BW LPG on the cancellation of the sale."