Following the stock exchange announcement made on 15 August 2024 regarding the acquisition of 12 modern Very Large Gas Carriers (VLGCs) from Avance Gas Holdings Ltd (OSE ticker: “AGAS”), BW LPG Limited (“BW LPG” or the “Company,” OSE ticker: “BWLPG.OL,” NYSE ticker: “BWLP”) proudly announces the delivery of the vessel BW Breeze. The transfer was successfully completed on 15 December 2024, marking the receipt of the tenth VLGC in this 12-ship acquisition agreement.
As part of the acquisition terms, BW LPG issued 1,350,000 new shares to Avance Gas as partial consideration for the BW Breeze. This issuance increases the total number of BW LPG’s outstanding shares to 155,791,000, representing a share capital of USD 559,647,298. The new shares have been legally issued, are fully paid, and reflect BW LPG’s ongoing commitment to fulfilling its obligations under this acquisition.
Strengthening BW LPG’s Position as a Market Leader
BW LPG continues to assert its dominance as the world’s largest owner and operator of LPG vessels, focusing on the operation of Very Large Gas Carriers. With a combined carrying capacity exceeding 3 million cubic meters (CBM), the company is a cornerstone in global LPG shipping. Its operations are supported by five decades of expertise in the sector, an in-house LPG trading division, and a growing footprint in terminal infrastructure and distribution.
This integrated approach enables BW LPG to offer its customers reliable, flexible, and end-to-end services along the LPG value chain. The acquisition of the BW Breeze is another step in enhancing its fleet’s capacity and operational capabilities, further solidifying its leadership in the LPG shipping industry.
Partnership with Avance Gas
The acquisition of these 12 VLGCs from Avance Gas highlights BW LPG’s strategic focus on fleet renewal and expansion. Each vessel, including the newly delivered BW Breeze, represents state-of-the-art technology, efficiency, and reliability, ensuring optimal performance across global trade routes. With ten vessels already delivered and integrated into BW LPG’s operations, the company is nearing the completion of this transformative acquisition.
The partnership between BW LPG and Avance Gas reflects a mutually beneficial collaboration that leverages both companies’ strengths. By issuing shares as partial consideration, BW LPG maintains a balanced capital structure while ensuring that its growth strategy remains aligned with its financial objectives.
BW Group: A Legacy of Excellence
BW LPG’s success is deeply rooted in its association with the BW Group, a leading global maritime enterprise founded in 1955 by Sir YK Pao. The BW Group manages a diversified fleet of over 450 vessels, transporting oil, gas, and dry commodities worldwide. With approximately 200 LNG and LPG carriers, it operates the largest gas fleet globally.
In addition to its shipping expertise, the BW Group is a pioneer in sustainable technologies, with investments spanning solar energy, wind power, battery systems, biofuels, and water treatment solutions. This commitment to innovation and environmental stewardship aligns with global efforts to transition towards cleaner energy solutions and more sustainable industrial practices.
A Vision for the Future
The acquisition of the BW Breeze and the broader fleet expansion underscore BW LPG’s commitment to supporting the growing demand for LPG as a cleaner energy source. LPG is increasingly recognized as a key contributor to energy transitions, offering a lower-carbon alternative to traditional fossil fuels in various applications, including residential energy, industrial use, and transportation.
BW LPG’s robust fleet, combined with its expertise in LPG trading and infrastructure, positions the company to capitalize on emerging opportunities in the global energy market. The company’s ability to deliver integrated solutions ensures that it remains a trusted partner for customers navigating the complexities of the LPG value chain.
