BW Gas reports record Q3

Norvegian Bergesen Worldwide Gas ASA (BW Gas) made a Q3 operating profit before depreciation and disposals of US$99.2m, up from US$52.0m in Q3 2005. The company notes: “Both the LPG and LNG segments increased the operating profit significantly compared to last year; LPG because of both an increase in the number of owned and chartered-in vessels from 34.4 to 49.6 and increased freight rates for all LPG sub segments, most significantly for the VLGC and LGC vessels; LNG because of an increase in the number of vessels from 5.0 to 8.0 due to the delivery of three large LNG newbuildings.” BW says that it expects a significantly higher operating profit in 2006 compared with 2005 due to stronger LPG fleet results, delivery of the Yara fleet and delivery of new LNG vessels. The fourth quarter results will, however, be negatively affected by the weaker VLGC and LGC markets.Bergesen Worldwide Gas ASA (BW Gas) is a leading global provider of gas marine transportation services. The company is the largest owner and operator of LPG (liquefied petroleum gas) carriers and one of the largest independent owners and operators of LNG (liquefied natural gas) carriers.