Latest news with #VLGCs
Time of India
an hour ago
- Business
- Time of India
India prepares groundwork for constructing Very Large Gas Carriers locally
Advt Advt By , ETInfra The government is laying the groundwork for constructing five so-called Very Large Gas Carriers (VLGCs) locally with a Ship Technical Advisory Committee set up by an inter-ministerial Joint Working Group (JWG) finalising the technical specifications of the vessels that are used to haul Liquefied Petroleum Gas (LPG).'The Ship Technical Advisory Committee (STAC) has finalised the technical specifications of the VLGC to be built at Indian shipyards at a meeting on Tuesday. It will be submitted to the JWG soon to take the plan forward,' said a source briefed on the costs some $120-125 million to build a 93,000 cubic metre VLGC from scratch in the current STAC had done a similar exercise previously for building Medium Range (MR) finalisation of the VLGC technical specifications comes in the wake of opposition from the Indian National Shipowners' Association (INSA), a lobby group for local fleet owners, on constructing MR tankers has told the government that there are an adequate number of MR tankers operating under the Indian flag to meet the requirements of the oil companies. Hence, it suggested that the government could look at 'other sectors and segments' of shipping where India is facing a shortfall such as VLGCs. India, according to INSA, has more than 30 MR tankers in its fleet against the requirement of some 18 such ships by the state-run oil companies.'INSA is against building ships locally. For some strange reasons, they prefer to buy second hand ships from abroad,' the source said.'INSA doesn't want the MR tankers to be manufactured here. They are saying you go for VLGC because there is no requirement for MR tankers,' the source stand was not acceptable to the government.'Today there may be no requirement for MR tankers but by the time these tankers are built by 2030 there will be a requirement plus there will be an increase in business after five years. Who is going to fill this gap,' the source 21 of the more than 30 MR tankers operating under the Indian flag are old and have to be replaced over the next 5 years. Who will build the ships and when will India create shipbuilding facilities,' he said.'INSA has a single agenda: to buy second-hand vessels from abroad. That is why they are looking to block the construction of MR tankers locally. So, much work has been done, including finalising the technical specifications of the MR tankers, which was submitted to the government. Even then they are not in favour of building MR tankers here,' the source is said to be one of the reasons why Indian Oil Corporation Ltd (IOCL) has delayed floating a tender to buy 10 MR tankers from Indian yards, for which the Prime Ministers' Office (PMO) had set a June 15 deadline.'The PMO gave a clear order, whatever it may be, to float the tender by 15 June,' the source top brass of the Ministry of Petroleum and Natural Gas is understood to have told a JWG meeting in early June about the deadline set by the PMO and wanted the tender process to be the state-run oil companies dithered on the way forward citing high project costs and other issues, a top MoPNG official is believed to have said at the JWG meeting that the order has come from the PMO and the tender has to be oil companies were categorically told by the MoPNG that even if the costs are high, to treat it as a 'strategic project' for the country and take approval from its board for any waivers ahead of floating the tender.'Still, they haven't done it,' the source said.A JWG meeting scheduled for June 23 had to be postponed as Indian Oil Corporation, the common nodal agency for issuing the tender on behalf of the oil companies, could not meet the June 15 deadline on floating the this time, INSA got into action and told T K Ramachandran, Secretary, Ministry of Ports, Shipping and Waterways that India 'require VLGC, not MR tankers', according to a source with knowledge of the discussions.
Business Wire
17-07-2025
- Business
- Business Wire
BW LPG Successfully Closes Two Key Financing Facilities
SINGAPORE--(BUSINESS WIRE)--BW LPG Limited ('BW LPG', OSE ticker code: ' NYSE ticker code 'BWLP') has successfully closed two key financing facilities - a USD380 million Term Loan and Revolving Credit Facility, and a USD215 million Term Loan Facility. These facilities enable BW LPG to finance the finalised acquisition of Avance Gas fleet last year, refinance existing debt and support the fleet renewal of our Indian subsidiary as well as improve BW LPG's overall funding cost and liquidity profile. 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 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.
Business Wire
17-07-2025
- Business
- Business Wire
BW LPG Limited - Update on BW LPG's Product Services Q2 2025 Segment Performance
SINGAPORE--(BUSINESS WIRE)--BW LPG Limited ('BW LPG' or the 'Company', OSE ticker code: ' NYSE ticker code: 'BWLP') today provides an update on its Product Services' ('BW Product Services') Q2 2025 segment performance. For the quarter ended 30 June 2025, BW Product Services achieved a realised gain of USD 5 million from our cargo and freight operations. After accounting for the unrealised mark-to-market change of positive USD 10 million from our open cargo contracts and hedging transactions, we ended the quarter with a gross trading result of approximately USD 15 million. After general and administrative expenses and income taxes, BW Product Services reported an estimated result of approximately USD 5 million for the quarter. The average Value-At-Risk (VAR) for the quarter was approximately USD 8 million. BW LPG will release its Q2 2025 financial report on 26 August 2025. Says Kristian Sørensen, Chief Executive Officer, 'Amid ongoing macro uncertainties and market volatility driven by tariff developments, our Product Services team continued to perform well, delivering positive realised results that contribute to the dividend capacity. This reflects the team's disciplined approach and effective risk management in navigating a challenging quarter.' 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 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.
Business Upturn
07-07-2025
- Business
- Business Upturn
Shipping Corporation of India shares surge over 4% today as company to induct two VLGCs in FY26
By Aditya Bhagchandani Published on July 7, 2025, 09:55 IST On Monday, 7th July, shares of Shipping Corporation of India Ltd rose 4.26% to ₹230.86 on the NSE, gaining ₹9.43 from the previous close of ₹221.43. The stock advanced after the company announced the signing of a Memorandum of Agreement (MoA) for acquiring two Very Large Gas Carriers (VLGCs) to strengthen its fleet. According to a regulatory filing dated 4th July, the company executed the MoA as part of its business expansion strategy and to augment its tonnage capacity. The two second-hand VLGCs, each with a cargo-carrying capacity of approximately 82,000 cubic meters (CBM), are expected to join SCI's fleet during the current quarter of FY 2025–26. The company highlighted that this acquisition aligns with its long-term growth plans and enhances its position in the global gas transportation segment. The deal was formalized on 4th July 2025 at 17:59 hours, and the company has notified both BSE and NSE about the development. SCI, a Navratna PSU, continues to play a pivotal role in India's maritime logistics ecosystem and has been actively expanding its fleet across various shipping segments. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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Business Standard
07-07-2025
- Business
- Business Standard
Shipping Corporation shares rise 5% in trade; here's what's boosting rally
Shipping Corporation of India (SCI) shares climbed 4.5 per cent in trade, logging an intraday high at ₹231.45 per share. At 9:45 AM, Shipping Corporation shares were trading 4.29 per cent higher at ₹230.85 per share on the BSE. In comparison, the BSE Sensex was flat at 83,435.09. The company's market capitalisation stood at ₹10,752.97 crore. Its 52-week high was at ₹384.8 per share and 52-week low was at ₹138.25 per share. Why were SCI shares buzzing in trade? The northward movement in the stock came after the company executed a Memorandum of Agreement (MoA) for the acquisition of two second-hand Very Large Gas Carriers (VLGCs). SCI informed investors about the development after market hours on Friday. "SCI has executed a Memorandum of Agreement (MoA) on July 4, 2025, for the acquisition of two second-hand Very Large Gas Carriers (VLGCs) having a cargo carrying capacity of approximately 82,000 CBM," the filing read. These two VLGCs are expected to be inducted into the SCI's fleet during the current quarter of FY 2025–26, exchange filing added. Track Stock Market LIVE Updates SCI Q4FY25 result details In the quarter ended March 31, 2025, the company reported consolidated net profit at ₹185.14 crore, as compared to ₹307.28 crore a year ago. Its revenue for the quarter under review stood at ₹1,325.2 crore, as compared to ₹1,412.5 crore a year ago. Total expenses for the quarter stood at ₹1,242 crore as against ₹1,286.5 crore a year ago. About Shipping Corporation of India The Shipping Corporation of India (SCI), a Navratna public sector undertaking under the Ministry of Ports, Shipping and Waterways, is an Indian shipping company with a presence across all major segments—tankers, bulk carriers, containers, offshore vessels, break-bulk operations, and coastal and passenger services. SCI's vision is to be India's primary flag carrier for overseas and coastal trade and a leader in global maritime logistics, while its mission emphasises maintaining its 'Numero Uno' position in Indian shipping.
