BW LPG appears to have made progress with its strategic plan to sell some of the oldest vessels in its 45-strong fleet.
Shipbrokers say the 83,000-cbm BW Confidence (built 2006) has been sold to a Vietnamese buyer for $45m, reflecting recent price rises.
In December, the Oslo-listed company which is by far the world's biggest VLGC owner, reportedly clinched a deal to sell the vessel for $40m, but the deal failed to complete.
BW LPG chief executive Anders Onarheim declined to comment on the reports.
He said that generally there is good demand "for well-maintained ships of this generation".
Some brokers say that BW LPG also has sold the 84,000-cbm BW Liberty (built 2007) for $46m, but this could not be confirmed.
There has been little activity in the secondhand VLGC market, with the most recent deal in April.
Then BW LPG sold the 78,000-cbm BW Empress (built 2005) to Bangladesh's Bashundhara Oil & Gas for a reported $40m.
Onarheim would then not comment on the price but said BW Empress had gone for an "attractive price in a volatile market". BW LPG said the sale of the vessel generated $40m of liquidity.
Trio offloaded
In the last year, BW LPG has also sold three other elderly VLGCs to BW Global United, its Indian joint venture company.
The 82,000-cbm BW Elm, BW Cedar and BW Birch (all built 2007) were sold to BW Global United at undisclosed prices.
The company started as a 50:50 joint venture with Global United India, but BW LPG has now increased its shareholding to 85%. The venture now has five VLGCs.
In June last year, BW LPG sold the 78,000-cbm Berge Summit (built 1990) to Siamgas for $11m.
The owner, controlled by the Sohmen famly, posted Ebitda of $113m for the first quarter this year, well ahead of the consensus forecast of $93m.
