Singapore-based BW LPG Secures $595 Million Financing for Fleet Renewal

Singapore-based ship owner and operator BW LPG has closed two financing facilities totaling $595 million, aimed at supporting the fleet renewal, refinancing existing debt, and ensuring ample liquidity for future investments.

Recently, the company finalized a $380 million term loan and revolving credit facility, backed by seven banking partners. Simultaneously, BW LPG India secured a $215 million term loan facility, with support from five partners through their branches in Gujarat International Finance Tec-City (GIFT), India.

The funding is intended to cover the costs of vessels acquired from Norwegian ship owner Avance Gas Holding.

BW LPG India will use the loan to finance the acquisition of two very large gas carriers (VLGCs), BW Chinook and BW Pampero. These vessels were delivered in November and December of last year, respectively. The company plans to complete the transfer of these units to its India-based subsidiary by March 2025.

As a result of this financing, BW LPG retired a $250 million shareholder loan in June 2025, ahead of its expiry.

The facility in India will support BW LPG’s fleet renewal plans, particularly in response to the growing demand for liquefied petroleum gas in India.

BW LPG India currently operates the largest fleet of VLGCs in the country. With the addition of the two new gas carriers, the subsidiary will own a total of nine units.

In August 2024, BW LPG and Avance Gas announced a deal for the purchase of twelve VLGCs. Among these vessels, four are equipped with dual-fuel capabilities, while six come fitted with scrubbers.