Expanding our global presence through consolidation

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.

A stronger platform amid current industry challenges

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.

World’s largest fleet of VLGCs

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.

Improved LPG services

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.”

Martin Ackermann
CEO, BW LPG

Timing the Cycle

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.

Timing the Cycle

  • 15 Dec 2015

    Acquires a 15% stake

  • 19 Sept 2016

    Acquires an additional 10.12%

  • 20 Sept 2016

    Acquires an additional 2.96% and launches voluntary offer

  • 31 Oct 2016

    Launches voluntary unconditional offer

  • 5 Dec 2016

    Voluntary unconditional offer period expires

  • 12 Dec 2016

    Implementation of compulsory acquisition of all shares

  • 27 Dec 2016

    Aurora LPG delisted

  • 19 Jan 2017

    Integration completed

Nine modern and high-spec VLGCs added to the fleet

Sr. Name CBM Built Yard Flag
1BW Njord 84,000 2016 Hyundai HI (Ulsan) Marshall Is.
2 BW Var 84,000 2016 Hyundai HI (Ulsan) Marshall Is.
BW Balder 84,000 2016 Hyundai HI (Ulsan) Marshall Is.
BW Brage 84,000 2016 Hyundai HI (Ulsan) Marshall Is.
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.
BW Tyr 82,000 2009 Hyundai HI (Ulsan) Marshall Is.
9 BW Thor 82,000 2008 Hyundai HI (Ulsan) Marshall Is.