BW Epic Kosan snaps up 9,500-m³ LPG carrier amid leadership transition

Shipping data platforms indicate the company has acquired 2012-built, 9,500-m³ LPG carrier Lubersac, which has since been renamed BWEK Madagascar. The sale was reported this week by Greek shipbrokers, although the purchase price was not disclosed.

Built by Japanese shipbuilder Miura, BWEK Madagascar has already been listed among BW Epic Kosan’s owned vessels on its website. The acquisition reflects the company’s strategic focus on vessels above 7,500 m³, following a trend of divesting from smaller tonnage in recent years.

With a fleet of 49 vessels, BW Epic Kosan operates the world’s largest fleet of smaller gas carriers. The company is currently undergoing a leadership transition, having announced in mid-April that chief executive Charles Maltby will step down in June. Chief commercial officer Jakob Bode has been named as his successor.

“The company has never been stronger, and we are well-positioned to deliver further value not only in our core LPG and petrochemical sectors, but also for the safe transport of ammonia and CO2,” said Mr Bode.

Notably, the company was delisted from the Oslo Stock Exchange in 2023, following a successful privatisation offer from Web Holding Ltd.

Modest investment activity

LPG carrier investment has remained modest in 2025, both in the secondhand and newbuilding markets.

According to Allied Shipbroking, 18 gas carriers, including both LNG and LPG vessels, changed hands by the last week of April. In addition to Lubersac, Greek shipbroking firms reported two more sales this week involving 5,000-m³ vessels.

On the newbuilding side, just nine LPG carriers were contracted in the first four months of the year, according to data from Xclusiv Shipbrokers. This slowdown comes after a year of particularly strong ordering activity in 2024, suggesting the market is probably entering a more tempered phase.