BW LPG’s most recent VLGC newbuilding, BW Leo
BW LPG is the world’s leading LPG carrier. We own and operate 55 Very Large Gas Carriers (VLGCs) and Large Gas Carriers (LGCs). With four decades of operating experience in LPG shipping and high calibre seafarers and staff, we offer high-quality and reliable services to our clients.
BW LPG’s shipping operations began in 1978. The Company expanded substantially with the acquisition of a 10-vessel VLGC fleet from Maersk Tankers in 2013. BW LPG became listed on the Oslo Stock Exchange in 2013 and since then, the Company has been capturing growth in the rapidly evolving LPG market. Staying true to our vision and goals has ensured that we continue to deliver value to our stakeholders.
Our competitive strengths have and will continue to differentiate us from others, enabling us to operate globally and across the value chain, to offer best in class, safe and flexible solutions to our customers.
Lasting relationships with blue chip charterers
Strong balance sheet & continued support from banks
Experienced leadership, capable & empowered employees
8 decades in maritime energy; 4 decades in gas shipping
Largest fleet of VLGCs in the world
Total Number of
(fleet & shore)
We operate globally with offices in nine countries and our vessels are able to conduct operations in major ports across the world.
BW LPG’s touch points within the value chain include export terminals (linked to upstream pipelines and storage facilities) and import terminals (linked to downstream storage and transportation). These vessels are often used as floating maritime storage.
Our leadership sets the strategic vision for the Company. The framework below captures the key pillars of our strategy and is designed to optimise shareholder returns, build customer satisfaction, and sustain our position as the global leader in maritime LPG solutions.
1. Identify and capture the most attractive growth opportunities
2. Sustain long-term mutually beneficial customer relationships
3. Deliver reliable services cost-effectively through operational efficiencies
4. Actively manage the contract portfolio
5. Leverage on deep knowlege and extensive experience in maritime LPG
6. Reduce our carbon footprint
7. Robust organisation with a strong focus on health, safety and social responsibility
|Living the Values||Living the Values||Employee Engagement||Rewards Strategy||Health, Safety and Social Responsibility|
Our core values of:
summarises our approach to business and serves as a common foundation for our fleet and shore employees.
Our priority is to ensure that we develop and maintain a highly skilled and committed workforce that is ready to meet current and future market demands.
We prioritise training of our employees.
Collaborative planning for professional development and career progression, helps us attract and retain talent who deliver the best results.
Our employee engagement survey guides our ongoing actions to make sure our people remain engaged, feel empowered and are energised to take on any challenges that may arise.
Our employees are rewarded based on company and individual performance and on how well they uphold the Company’s core values.
Additionally, managers are assessed on how well they lead, engage and develop their teams. Critical to this is ensuring that our employees have clarity on the overall goal and are able to execute effectively through individual contributions.
Incentives are designed to inspire continued excellence while adapting to evolving business and market trends.
We do not compromise when it comes to creating a safe and healthy work environment. It is equally important to us that all our employees act in a socially responsible manner.
Our policies ensure that we comply with governing laws and regulations wherever we operate. We ensure that we provide our employees with a work environment that is free from discrimination, harassment and corruption. The Company has zero tolerance for such conduct.
In 2016, BW LPG made a strategic move to acquire Aurora LPG, a Norway based provider of marine transportation of LPG in the VLGC segment. The acquisition and ensuing expansion has bolstered the Company’s position as a market leader in the LPG transportation segment.
The consolidation is consistent with our overarching strategy of maintaining our market leadership by investing counter cyclically and growing through market downturns.
Both companies’ fleets are highly complementary and the balance sheet of the combined entity is strong. This provides investors with an attractive opportunity, offering long-term value.
The consolidation will give BW LPG’s shareholders an attractive opportunity to be part of any future upside in the VLGC market. Integrating existing shareholders with a stronger platform that is financially robust and flexible, will allow the combined entity to become a strong player in the LPG industry.
The combined entity will own and operate a total of 55 LPG carriers, the world’s largest. We will see the average age of our owned VLGCs decrease from 7.3 years to 6.2 years.
An enlarged, younger fleet will allow BW LPG to improve reliability and flexibility of our services, which will enable us to deliver a wide range of maritime LPG solutions to customers.
“We acquired Aurora
LPG and with the
world’s largest VLGC
fleet, we can offer
the most flexible and
reliable services to our
clients. As we always
say, for BW LPG, the
customer is the king.”
CEO, BW LPG
The acquisition of Aurora LPG illustrates our strategy of investing counter cyclically and growing through market downturns. We executed the acquisition at the lowest point in the cycle since 2009.
Acquires a 15% stake
Acquires an additional 10.12%
Acquires an additional 2.96% and launches voluntary offer
Launches voluntary unconditional offer
Voluntary unconditional offer period expires
Implementation of compulsory acquisition of all shares
Aurora LPG delisted
|1BW Njord||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|2 BW Var||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|3 BW Balder||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|4 BW Brage||84,000||2016||Hyundai HI (Ulsan)||Marshall Is.|
|5 BW Freyja||84,000||2016||Hyundai HI (Gunsan)||Marshall Is.|
|6 BW Frigg||84,000||2016||Hyundai HI (Gunsan)||Marshall Is.|
|7 BW Odin||82,000||2009||Hyundai HI (Ulsan)||Marshall Is.|
|8 BW Tyr||82,000||2009||Hyundai HI (Ulsan)||Marshall Is.|
|9 BW Thor||82,000||2008||Hyundai HI (Ulsan)||Marshall Is.|