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BW LPG Books $17m Gain on Sale of Former Avance Gas VLGC

By MGN Editorial•July 20, 2026 at 11:30 AM

BW LPG has agreed to sell the 2015-built VLGC BW Levant, realising a net book gain of approximately $17 million less than two years after acquiring the vessel as part of its $1.05 billion takeover of the Avance Gas fleet.

## BW LPG Capitalises on VLGC Market with Strategic Asset Sale BW LPG has moved to monetise part of its expanded fleet, agreeing to sell the very large gas carrier (VLGC) *BW Levant* at a reported net book gain of around $17 million, according to Splash247. The vessel, an 83,000 cubic metre VLGC built in 2015, was among the tonnage acquired when BW LPG completed its landmark $1.05 billion takeover of the Avance Gas fleet. The speed of the disposal — less than two years after the transaction closed — underscores the opportunistic approach BW LPG has adopted in managing the enlarged portfolio. The sale is expected to generate meaningful net cash proceeds for the company, though full financial details have not been disclosed. A gain of $17 million on a single mid-decade VLGC reflects the relative firmness that has characterised secondhand LPG carrier values in recent periods, supported by sustained demand for LPG shipping capacity across key trade routes linking the US Gulf, Middle East Gulf, and Asian import markets. ### Strategic Context BW LPG's acquisition of Avance Gas was one of the most significant consolidation moves in the LPG shipping sector in recent years, bringing together two of the largest independent VLGC operators. The deal added considerable scale to BW LPG's fleet and cargo book, but also presented the company with the opportunity to rationalise its asset base by selectively divesting vessels where market conditions support attractive returns. The disposal of *BW Levant* signals that management is actively reviewing the inherited fleet for value-realisation opportunities, rather than holding all acquired tonnage as a long-term strategic commitment. For investors, the ability to book a $17 million gain within the acquisition payback window will be viewed as a positive indicator of asset management discipline. ### Market Implications The VLGC secondhand market has remained active, with buyers drawn to modern, fuel-efficient tonnage capable of meeting evolving emissions requirements. A 2015-built vessel of this size sits in a competitive vintage bracket, and its sale at a premium to book value suggests continued appetite among buyers for quality LPG tonnage. BW LPG is expected to provide further detail on the transaction and its fleet strategy in upcoming quarterly reporting.
#BW LPG#VLGC#LPG shipping#Avance Gas#gas carriers#secondhand sales#fleet management#LPG tankers

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