Singapore-based ship owner and operator BW LPG has closed two financing facilities totaling $595 million, aimed at supporting the fleet renewal, refinancing existing debt and ensuring ample liquidity for future investments.
As disclosed, the company has closed a $380 million term loan and revolving credit facility, which is backed by seven banking partners. Simultaneously, BW LPG India has clinched a $215 million term loan facility, with backing from five partners through their branches in Gujarat International Finance Tec-City (GIFT), India.
The deal is expected to help BW LPG cover the costs of the vessels bought from Norwegian ship owner and operator Avance Gas Holding.
More specifically, as highlighted, the Indian subsidiary is to use the loan to finance the acquisition of two very large gas carriers (VLGCs), BW Chinook, which was delivered in November last year, and BW Pampero, which was handed over in December. The company had announced that it would offload the two units to its India-based subsidiary at the end of March 2025.
As a result of this development, BW LPG said that it retired a $250 million shareholder loan in June 2025, ahead of its expiry.
In addition to this, the facility in India is expected to boost the maritime transport player’s further fleet renewal plans, particularly amid the ballooning growth of India’s demand for liquefied petroleum gas.
BW LPG India at present reportedly owns and operates the largest fleet of VLGCs in the country. Once the purchase of the two new gas carriers is fully wrapped up, the subsidiary will own nine units in total.
To remind, BW LPG and Avance Gas announced that the former would be purchasing twelve VLGCs from the latter company in August 2024. At the time, it was divulged that four of the units have dual-fuel capabilities, while six would come fitted with scrubbers.
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