BW LPG Successfully Closes Two Key Financing Facilities
The USD380 million Term Loan and Revolving Credit Facility, secured at a highly competitive margin, was supported by seven of our banking partners, with its proceeds used to finance vessels acquired from Avance Gas which was completed at the end of 2024. With the closing of this facility, BW LPG terminated its shareholder loan of USD250 million in June 2025 ahead of its expiry.
In parallel, BW LPG India has secured a USD215 million Term Loan Facility to refinance its existing debt and to support the acquisition of two modern VLGCs, BW Chinook and BW Pampero, from BW LPG as previously announced. This facility supports BW LPG India's continuous fleet renewal plan amid the sustained growth of India's LPG demand. BW LPG India, a subsidiary participated by Maas Capital Shipping and Global United Shipping, currently owns and operates India's largest fleet of VLGCs. Following the acquisition of these two VLGCs, BW LPG India will own nine VLGCs.
The USD215 million Term Loan was finalised with a significantly improved margin compared to the previous facility. It received strong backing from our five banking partners lending through their branches in Gujarat International Finance Tec-City (GIFT), India, enabling an overall financing costs reduction including benefit from withholding tax exemptions on interest payments.
"We are pleased to have successfully closed these key financing arrangements with enhanced terms and strong participation from both new and existing bank partners," says Kristian Sorensen, CEO of BW LPG. "This reaffirms the robust and ongoing support of our global banking network, and enhances our liquidity through dynamic markets ahead of us. We extend sincere gratitude to our partner banks across both facilities for their unwavering support to BW LPG."
The facilities drew support across ten banks including Citibank N.A., DBS Bank Ltd., Development Bank of Japan Inc., DNB Bank ASA, ING, Mizuho Bank, Ltd., MUFG Bank, Ltd., OCBC, Skandinaviska Enskilda Banken AB (publ) and Standard Chartered.
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world – more information about BW LPG can be found at https://www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250716650180/en/
Contacts
For further information, please contact: Samantha XuChief Financial Officerinvestor.relations@bwlpg.com
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Yahoo
23 minutes ago
- Yahoo
Trump tariffs live updates: Trump hits India with additional 25% tariff as world awaits sweeping duties
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The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines. The EU said it still expects turbulence in its trade dealings with the US. Reuters reports: Read more here. India hits back at Trump's tariff threat India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. India has called out President Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. New Delhi said it would take all necessary steps to protect its economic interests. Bloomberg News reports: Read more here. 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Yahoo
23 minutes ago
- Yahoo
Analysis-India-US spat over trade and oil threatens wider fallout
By Krishna N. Das, David Brunnstrom and Shivam Patel NEW DELHI/WASHINGTON (Reuters) -U.S. President Donald Trump's tirade against India over trade and Russian oil purchases threatens to undo two decades of diplomatic progress, analysts and officials say, and could derail other areas of cooperation as domestic political pressures drive both sides to harden their stances. India's opposition parties and the general public have urged Prime Minister Narendra Modi to stand up to what they call bullying by Trump, who on Wednesday signed an executive order subjecting Indian imports to an additional 25% in duties on top of an existing 25% tariff, due to its big purchases of Russian oil. While India has emerged in recent years as a key partner for Washington in its strategic rivalry with China, its large U.S. trade surplus and close relations with Russia - which Trump is seeking to pressure into agreeing to a peace agreement with Ukraine - have made it a prime target in the Republican president's global tariff offensive. Trump's taunt that India could buy oil from arch enemy Pakistan has also not gone down well in New Delhi, said two Indian government sources. India has also rejected repeated claims by Trump that he used trade as a lever to end a recent military conflict between India and Pakistan. In an unusually sharp statement this week, India accused the U.S. of double standards in singling it out for Russian oil imports while continuing to buy Russian uranium hexafluoride, palladium and fertiliser. On Wednesday, it called the tariffs "unfair, unjustified and unreasonable," vowing to "take all actions necessary to protect its national interests." But New Delhi knows that any further escalation will hurt it in matters beyond trade, said the sources. Unlike China, India does not have leverage like supplies of rare earths to force Trump's hand to improve the terms of any trade deal, they said. In recent years, successive U.S. administrations, including Trump's first, carefully cultivated relations with India with an eye on it as a vital partner in long-term efforts to counter the growing might of China. But analysts say Trump's recent moves have plunged the relationship back to possibly its worst phase since the U.S. imposed sanctions on India for nuclear tests in 1998. "India is now in a trap: because of Trump's pressure, Modi will reduce India's oil purchases from Russia, but he cannot publicly admit to doing so for fear of looking like he's surrendering to Trump's blackmail," said Ashley Tellis at Washington's Carnegie Endowment for International Peace. "We could be heading into a needless crisis that unravels a quarter century of hard-won gains with India." Indian state refiners have in recent days stopped buying Russian oil as discounts narrowed and pressure from Trump rose, Reuters has reported. NEW CHALLENGES FOR RELATIONS A more pressing challenge for India, analysts say, is the stark divergence between its priorities and Trump's political base on key issues such as work visas for tech professionals and offshoring of services. India has long been a major beneficiary of U.S. work visa programs and the outsourcing of software and business services, a sore point for Americans who have lost jobs to cheaper workers in India. Relations with India risk becoming a "football in American domestic politics," warned Evan Feigenbaum, a former senior State Department official under the Republican presidency of George W. Bush. "Issues that directly touch India are among the most partisan and explosive in Washington, including immigration and deportation, H1B visas for tech workers, offshoring and overseas manufacturing by U.S. companies, and technology sharing and co-innovation with foreigners," he wrote in a LinkedIn post. Since a 2008 deal to cooperate on civilian nuclear technology, the two countries have deepened intelligence sharing and defence cooperation and expanded interactions with Australia and Japan through the Quad grouping aimed at containing China's dominance in the Indo-Pacific. But fractures have appeared, despite Modi's rapport with Trump in his first term and then former President Joe Biden. Images in February of Indians deported by the U.S. on military planes, their hands and legs shackled, horrified the country just days before Modi went to see Trump seeking to stave off high tariffs. The relationship was also seriously tested in late 2023 when the U.S. said it had foiled a plot with Indian links to kill a Sikh separatist leader on U.S. soil. New Delhi has denied any official connection to the plot. "The Modi regime's credibility in the U.S. has gone down," said Sukh Deo Muni, a former Indian diplomat and a professor emeritus at New Delhi's Jawaharlal Nehru University. "And maybe there are people who think that India or Modi had to be brought back on track, if not taught a lesson. And if that trend continues, I'm quite worried that the challenge is quite powerful and strong for India to navigate." STRENGTHENING TIES WITH U.S. RIVALS One Indian government source said India needs to gradually repair ties with the U.S. while engaging more with other nations that have faced the brunt of Trump tariffs and aid cuts, including the African Union and the BRICS bloc that includes Brazil, Russia, China and South Africa. India is already making some moves with Russia and China. Russian President Vladimir Putin is expected to visit New Delhi this year and on Tuesday, Russia said the two countries had discussed further strengthening defence cooperation "in the form of a particularly privileged strategic partnership." India has also boosted engagement with China, a change after years of tensions following a deadly border clash in 2020. Modi is set to visit China soon for the first time since 2018. "Russia will attempt to exploit the rift between the U.S. and India by proposing the restoration of the Russia-India-China trilateral and new projects in defence," said analyst Aleksei Zakharov at the Observer Research Foundation in New Delhi. "India will undoubtedly be mindful of structural factors such as sanctions against Russia and will seek to find a compromise with the Trump administration." 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Entrepreneur
24 minutes ago
- Entrepreneur
AI Coding Startup: Work Weekends or Take a Buyout
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