BW Gas Acquires Yara Fleet

Yara International ASA (Yara) and Bergesen Worldwide Gas ASA (BW Gas) have entered into a Heads of Agreement under which Yara sells its LPG/ammonia fleet to BW Gas consisting of seven fully owned and three chartered-in vessels for an agreed price of $347m. Yara and BW Gas will also enter into a partnership agreement under which BW Gas will provide shipping services that Yara has defined to be non-core. The partnership will increase both parties' flexibility providing a platform for future expansion of their seaborne ammonia trading and transportation businesses.