BW Gas sends four LPG ships into lay-up

Singapore: BW Gas Ltd., the world's biggest mover of liquefied petroleum gas, has idled four LPG carriers because rates plunged so low that each vessel was losing the company about $25,000 a day, Bloomberg reported.
The Berge Racine (pictured) will idle until the end of the year, when it will be given to new owners, Andreas Sohmen-Pao, chief executive officer of parent company BW Group, told the financial newswire, confirming a note sent to clients. Three other carriers will also stop trading until freight rates improve, he said.
"The conditions are so bad and have been bad for so long we see this as a painful but necessary decision," Singapore-based Sohmen-Pao said. "It's impossible to say how long we will be putting them into lay-up." [15/03/10]

Add Seatrade Maritime News to your Google News feed.