BW LPG's 52%-owned subsidiary BW LPG India has agreed to sell the 2007-built vessel BW Elm. On a 100% basis, the transaction is expected to generate a net book gain of about $36 million and net cash proceeds of around $64 million. CEO Kristian Sørensen said the sale allows the company to capitalize on strong second-hand values for older vessels, noting the 2007-built asset was sold at a level equivalent to a newbuilding price of about $248 million.
BW LPG LimitedSale of BW Elm generates $64M net cash proceeds and $36M book gain, strengthening balance sheet.