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9

Annual Report 2014

The Global VLGC and LGC Fleet

The VLGC newbuilding order book is close

to 50% of today’s fleet size with most

vessels delivering from the latter part

of 2015 and continuing through to 2017.

Approximately 7% of the existing fleet is

older than 25 years.

BW LPG has taken delivery of three VLGCs

since November 2014, with a further three

delivering in 2015 and two in 2016 – all

from Hyundai Heavy Industries’ Ulsan

facility in South Korea. The first vessel

(BW Aries) was delivered directly onto a

time charter with a leading global energy

player and the remaining newbuildings are

earmarked to participate in the spot and

CoA market.

The orderbook for LGCs stands at three

units with 4% of the fleet in excess of 25

years of age.

BW LPG continues to provide the scale and

operating capability required to efficiently

address the needs of the world’s leading

LPG market participants. Those needs

continue to grow as the market develops

for LPG in the petrochemical, retail and

power sectors.

Source: Clarksons, BW LPG

FIGURE 4 |

VLGC FLEET COMPOSITION AND AGE PROFILE

1981

1980>

1996

1986

2002

1991

2007

1982

1997

1987

2003

1992

2008

1983

1998

1988

2004

1993

2009

1984

1999

1989

2005

1994

2010

1985

2001

1990

2006

1995

2011

2012

2013

2014

2015

2016

2017

2000

5

10

15

20

25

30

35

40

45

50

NUMBER OF VESSELS

Delivered Fleet: 170 Vessels / 13.7m m

3

>25 Years: 12 Vessels / 7% of Fleet

Orderbook: 84 Vessels / 49% of Fleet

BW Owned

BW Chartered

Other Fleet

BW Newbuilds

Other Newbuilds

The Fleet

as at 31 March 2015

23

OWNED

LGCS

VLGCS

CHARTERED-IN

VLGCS ON

ORDER

OWNED

VLGCS

5

9

5