BW LPG Limited (OSE: BWLPG.OL, NYSE: BWLP, reference: 0QIX), the world's leading owner and operator of LPG vessels, has announced the sale of its 2015-built Very Large Gas Carrier BW Mistral, originally acquired as part of the 2024 Avance Gas transaction. The sale is expected to generate net cash proceeds of around US$104 million and a net book gain of approximately US$37 million. The vessel remains active in the spot market ahead of delivery to the buyer no later than mid-January 2027, allowing BW LPG to continue earning freight revenue until completion. Investors may be watching the transaction as evidence of disciplined asset management within a favourable second-hand vessel market.

Key Points

  • BW LPG Limited (0QIX / BWLPG.OL / BWLP) is the world's leading owner and operator of LPG vessels
  • The company has agreed to sell 2015-built VLGC BW Mistral, acquired via the Avance Gas transaction in 2024
  • Expected net cash proceeds of approximately US$104 million and a net book gain of around US$37 million
  • Investors will be watching whether further asset sales follow as BW LPG continues to pursue value from its fleet

BW Mistral Sale Delivers US$37 Million Book Gain from 2024 Avance Gas Acquisition

BW LPG acquired BW Mistral through its 2024 Avance Gas transaction, and the vessel has since contributed materially to group earnings in a strong freight environment. The company announced on 13 November 2026 that the sale is expected to deliver net cash proceeds of around US$104 million and a net book gain of approximately US$37 million. CEO Kristian Sørensen stated in the announcement that the vessel had made a significant contribution to earnings since acquisition, and that the sale reflects BW LPG's focus on disciplined asset management and pursuing attractive asset-plays to create shareholder value.

BW Mistral Continues Spot Market Trading Until Mid-January 2027 Delivery

The BW Mistral is currently operating in the spot market and is scheduled for delivery to the buyer no later than mid-January 2027. This arrangement allows BW LPG to continue generating freight revenue from the asset during the period leading up to completion, a commercially significant detail given the company's comments about prevailing freight market conditions. BW LPG operates a fleet of approximately 50 Very Large Gas Carriers and Large Gas Carriers globally, including 20 vessels equipped with LPG dual-fuel propulsion technology, underscoring the scale from which individual asset disposals are managed.

Second-Hand Vessel Market Strength Underpins BW LPG's Asset Management Strategy

The announcement highlights BW LPG's in-house LPG trading division and over five decades of shipping experience as foundations for its commercial strategy. The company's ability to sell BW Mistral well above US$100 million, as noted by CEO Sørensen, reflects current conditions in the second-hand VLGC market. BW LPG is associated with BW Group, a global energy and maritime group controlling a fleet of over 400 vessels, with additional interests spanning renewable energy, subsea cable networks, and data centres, providing the broader financial context within which BW LPG operates its asset-play strategy.