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Singapore-based shipowner and operator BW LPG, associated with BW Group, has secured two long-term time charter-out deals for a pair of very large gas carriers (VLGCs).
While revealing two three-year time charter-out contracts for its 2016-built BW Tucana and the 2020-built BW Yushi VLGCs, BW LPG explained that the period charters begun in January 2026, increasing the fixed-rate time charter-out coverage to approximately 35% of the fleet capacity with an average rate of about $43,500 per day for 2026.
The company elaborates that the coverage level and average hire rates are subject to change prior to the Q4 2025 earnings release, due to ongoing negotiations regarding the renewal of current time charters.
Kristian Sørensen , BW LPG’s Chief Executive Officer, commented: “We are pleased to have secured two additional three-year time charters at solid levels, consistent with our communicated strategy of increasing coverage to approximately 40% of our fleet capacity through period charters and/or FFAs.
“BW LPG continues to strengthen its commercial platform with improved earnings visibility and robust downside protection while maintaining considerable spot exposure to a growing VLGC market.”
While the Singapore-based company owns a fleet of more than 50 VLGCs, including 22 vessels powered by LPG dual-fuel propulsion technology, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships said to constitute the largest gas fleet in the world.
BW LPG put in place two financing facilities amounting to $595 million last year to support its fleet renewal, refinance existing debt ,and ensure liquidity for new investments.