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BW LPG Continues Fleet Renewal Strategy with Sale of BW Birch Gas Carrier

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BW LPG (BWLP) said Tuesday that its 52%-owned subsidiary, BW LPG India, has entered into an agreement to sell the 2007-built gas carrier BW Birch for continued trading.

On a 100% basis, the transaction is expected to generate a net book gain of about $37 million and yield net cash proceeds of around $64 million, it stated.

The vessel is currently operating under a time charter agreement and is scheduled for final delivery to the buyer by mid-November, according to the statement.

The transaction follows the recent divestment of the BW Elm and highlights the operator's strategy of capitalizing on robust second-hand vessel values to support its ongoing fleet renewal program, it added.

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