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BW LPG snaps up four VLGC resale slots at DSME

BW LPG snaps up four VLGC resale slots at DSME
BW LPG Limited has signed contracts for four new VLGCs at Daewoo Shipbuilding and Marine Engineering (DSME) dropped by another owner.

The units were previously reserved by another DSME client and are due for delivery in the third and fourth quarters of 2016 at a price of $290m.

BW LPG ceo, Nicholas Gleeson, commented: “Whilst the exceptionally high rates of today are not likely to last forever, there are many years of anticipated growth in export volumes in this market, which elicits our desire to enhance our fleet and its capability. These contracts now provide us an opportunity to grow or renew our VLGC fleet in the coming years, without adding further to the new building fleet on order.”

Free cash and BW LPG's revolving credit facility will cover the initial payments on the contracts.