Avance Gas is selling eight vessels to BW LPG, with deliveries to be completed by December year-end. Credit: Tommy Chia SG/Shutterstock.

Avance Gas has successfully completed the fourth delivery of a very large gas carrier (VLGC) to BW LPG, a provider of liquified petroleum gas (LPG) shipping services.

The 2015-built vessel, named Passat, is equipped with a scrubber and was part of a $1.05bn sale of the Avance Gas VLGC fleet to BW LPG.

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Avance Gas received 1.35 million shares in BW LPG and repaid the ship mortgage to receive net cash proceeds of $21m.

Following the delivery of Passat, Avance Gas now holds a 4.2% ownership share in BW LPG, represented by 6.15 million shares. These shares are subject to a 40-day lock-up period.

Avance Gas completed the delivery of the first three VLGCs in November 2024. The company’s fleet sale to BW LPG includes eight additional vessels, with one expected to be delivered in November and the remaining seven scheduled for December.

Avance Gas has undergone expansion since 2015, completing a new building programme with eight 83,000m³ VLGCs from Jiangnan shipyard in China.

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The deliveries began with Mistral and Monsoon in January 2015, followed by Breeze, Passat, Sirocco, Levant, Chinook and Pampero.

The current fleet of Avance Gas comprises 14 modern VLGCs with a combined capacity of 1.17 million cubic metres.

In August 2023, Avance Gas ordered two 40,000m³ dual-fuel LPG/ammonia carriers from China International Maritime Containers, following a similar June order with an option for these vessels.

The newbuilds will be equipped with dual fuel engines, have a cargo capacity of 40,000m³ and follow Avance’s order of two other MGCs in June 2024, which included the option for these ships.