BW LPG finds that newbuild orders cloud gas market outlook

Gas carrier BW LPG suffered a decline due to lower spot rates and several out-of-service vessels. The company is optimistic about 2022, but a high number of newbuild orders casts uncertainty on the market after that.

BW LPG's topchef Anders Onarheim. | Photo: BW LPG

BW LPG, which transports liquefied petroleum gas on its tanker vessels, was hit by lower spot rates in the second quarter of 2021, while a number of docked vessels dragged down the company's fleet utilization.

Against this background, the Norwegian gas carrier, which has the Sohmen-Pao family's BW Group in its circle of owners, booked profit after taxes of USD 23.1 million, which is more than a halving from profit of USD 62.1 million in the second quarter of 2020, according to the interim report published Thursday morning.

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