Latest news with #fleetrenewal
Yahoo
17-07-2025
- Business
- Yahoo
BW LPG Successfully Closes Two Key Financing Facilities
SINGAPORE, July 17, 2025--(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. View source version on Contacts For further information, please contact: Samantha XuChief Financial
Globe and Mail
17-07-2025
- Business
- Globe and Mail
BW LPG Successfully Closes Two Key Financing Facilities
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.
Reuters
25-06-2025
- Business
- Reuters
Taiwan's China Airlines to boost fleet with Airbus jets worth more than $2 billion
TAIPEI, June 25 (Reuters) - Taiwan's China Airlines ( opens new tab will spend more than $2 billion to add more Airbus ( opens new tab aircraft to its fleet, consisting of five A350-900 long-haul jets and eight A321neo aircraft for medium and short-haul routes, it said on Wednesday. The carrier, Taiwan's oldest airline, in the midst of a fleet renewal and last year split an order for new long-haul aircraft worth almost $12 billion at list prices between U.S. planemaker Boeing (BA.N), opens new tab and European rival Airbus. In a statement to the Taiwan stock exchange, China Airlines said that five of the A321s would come from Air Leasing Corporation at a cost of $240 million, with negotiations ongoing for the other three aircraft. The A350s will cost no more than $1.965 billion, or come at a cost of $1.148 billion for leasing them, the airline said without providing further detail. China Airlines' chairman told Reuters this week that the company was postponing retirement of some of its older aircraft owing to delays in deliveries of previously ordered Boeing 787-9 jets. The airline already operates 15 of the A350-900 aircraft and its 18th A321 is due to arrive soon.
Yahoo
24-06-2025
- Business
- Yahoo
Taiwan's China Airlines postpones retirement of older planes due to Boeing 787 delays
By Ben Blanchard TAOYUAN, Taiwan (Reuters) -Taiwan's China Airlines is postponing the retirement of some of its older aircraft due to delays in getting Boeing 787-9 jets that may result in compensation payments from the planemaker, the carrier's newly appointed chairman said. Taiwan's oldest airline, established in 1959, is in the midst of a fleet renewal, last year splitting an order for new long-haul aircraft worth almost $12 billion at list prices between Boeing and European rival Airbus. China Airlines has also ordered 24 Boeing 787s for regional and some longer-distance routes, including 18 787-9s and six of the stretched 787-10 variant. But Chairman George Kao said China Airlines' fleet renewal plan to replace ageing Airbus A330s and Boeing 737-800s with 787-9s and A321neos was being hit by delays in getting new aircraft delivered, especially the 787-9s. "We are at present being greatly impacted. Some aircraft that were scheduled to be phased out, or handed back at the end of their lease, as some are leased, will remain and have their leases extended," he told Reuters in an interview at the airline's headquarters in Taoyuan, home to Taiwan's main international airport. Boeing has not given China Airlines an exact timeframe for the 787-9 delays, though it has said deliveries will "basically" start from the end of 2025, added Kao, a pilot by training who started out as a flight attendant and became chairman in March. "This is written into the contract," he said, when asked whether China Airlines would seek compensation. "For example, if it's in the supply chain, the responsibility is Boeing's, and Boeing has to provide some compensation. But if it's not, then there is no compensation. It's all recorded in the contract." Boeing did not respond to a request for comment. Other airlines are facing similar issues. International Air Transport Association (IATA) Director General Willie Walsh, whose group represents airlines globally, this month called predictions of aircraft delivery delays throughout this decade "off-the-chart unacceptable". Still, Kao was upbeat about expansion plans, pointing to the more fuel-efficient 777-9s and A350-1000s ordered last year that will enable more capacity to be added to routes like New York and London, and a new third terminal at Taoyuan airport, the first section of which is expected to open later this year. He signalled further aircraft additions ahead for subsidiary Mandarin Airlines, which flies almost exclusively domestic routes with ATR-72 turboprops and is getting a revamp to focus on regional routes from southern and central Taiwan with new jet aircraft. "I can talk about this with aircraft lessors," he said, without disclosing the jet models it could add. "We have this plan, to let Mandarin Airlines grow up." China Airlines faces competition at home not only from long-established rival EVA Air but also rapidly growing Starlux Airlines, which last week placed an order for 10 more A350s. Kao said while the Taiwan market itself was small, transit traffic, which all three airlines are focusing on, meant supporting three full-service airlines was not an issue. Seoul's Incheon airport is too big, meaning passengers can get lost, Tokyo's landing fees are too expensive and Hong Kong has "political issues", whereas Taoyuan airport's new terminal will greatly improve the travel experience, he said. "Our passengers are not all Taiwanese; many are transit. Because Taiwan's location, connecting the Pacific to all of Asia, is really very convenient." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-06-2025
- Business
- Yahoo
Taiwan's China Airlines postpones retirement of older planes due to Boeing 787 delays
By Ben Blanchard TAOYUAN, Taiwan (Reuters) -Taiwan's China Airlines is postponing the retirement of some of its older aircraft due to delays in getting Boeing 787-9 jets that may result in compensation payments from the planemaker, the carrier's newly appointed chairman said. Taiwan's oldest airline, established in 1959, is in the midst of a fleet renewal, last year splitting an order for new long-haul aircraft worth almost $12 billion at list prices between Boeing and European rival Airbus. China Airlines has also ordered 24 Boeing 787s for regional and some longer-distance routes, including 18 787-9s and six of the stretched 787-10 variant. But Chairman George Kao said China Airlines' fleet renewal plan to replace ageing Airbus A330s and Boeing 737-800s with 787-9s and A321neos was being hit by delays in getting new aircraft delivered, especially the 787-9s. "We are at present being greatly impacted. Some aircraft that were scheduled to be phased out, or handed back at the end of their lease, as some are leased, will remain and have their leases extended," he told Reuters in an interview at the airline's headquarters in Taoyuan, home to Taiwan's main international airport. Boeing has not given China Airlines an exact timeframe for the 787-9 delays, though it has said deliveries will "basically" start from the end of 2025, added Kao, a pilot by training who started out as a flight attendant and became chairman in March. "This is written into the contract," he said, when asked whether China Airlines would seek compensation. "For example, if it's in the supply chain, the responsibility is Boeing's, and Boeing has to provide some compensation. But if it's not, then there is no compensation. It's all recorded in the contract." Boeing did not respond to a request for comment. Other airlines are facing similar issues. International Air Transport Association (IATA) Director General Willie Walsh, whose group represents airlines globally, this month called predictions of aircraft delivery delays throughout this decade "off-the-chart unacceptable". Still, Kao was upbeat about expansion plans, pointing to the more fuel-efficient 777-9s and A350-1000s ordered last year that will enable more capacity to be added to routes like New York and London, and a new third terminal at Taoyuan airport, the first section of which is expected to open later this year. He signalled further aircraft additions ahead for subsidiary Mandarin Airlines, which flies almost exclusively domestic routes with ATR-72 turboprops and is getting a revamp to focus on regional routes from southern and central Taiwan with new jet aircraft. "I can talk about this with aircraft lessors," he said, without disclosing the jet models it could add. "We have this plan, to let Mandarin Airlines grow up." China Airlines faces competition at home not only from long-established rival EVA Air but also rapidly growing Starlux Airlines, which last week placed an order for 10 more A350s. Kao said while the Taiwan market itself was small, transit traffic, which all three airlines are focusing on, meant supporting three full-service airlines was not an issue. Seoul's Incheon airport is too big, meaning passengers can get lost, Tokyo's landing fees are too expensive and Hong Kong has "political issues", whereas Taoyuan airport's new terminal will greatly improve the travel experience, he said. "Our passengers are not all Taiwanese; many are transit. Because Taiwan's location, connecting the Pacific to all of Asia, is really very convenient." Sign in to access your portfolio
