Singapore-based BW Epic Kosan has maintained its focus on larger and younger tonnage with the addition of two more ships to its owned list.
The Oslo-listed midsize LPG specialist of the BW Group revealed in its quarterly earnings report that it had acquired a pair of 7,500 cu m pressurised vessels at “well below current market prices”. Both unnamed ships were on a bareboat charter with a purchase obligation attached.
The company also sold three 2007-built 3,600 cu m carriers with net cash proceeds of $13.7m and offloaded another unit set to deliver in the second quarter of this year, closing the past quarter with 64 ships in its fleet.
BW Epic Kosan sold or redelivered seven ships during the first quarter, taking the number of ship disposals to 14 since Q1 last year, while six larger units have joined the company’s fleet, lifting the capacity by 9% year over year.