Singapore’s BW Group has sold down more than half of its stake in New York-listed gas carrier owner Navigator Gas, offloading 8m shares in a deal worth about $140m.

The Andreas Sohmen-Pao-led group, previously one of the largest shareholders in the handysize LPG carrier specialist, offered the shares at $17.50 apiece, representing roughly 12.3% of Navigator’s outstanding stock.

Navigator moved to absorb part of the sale, agreeing to repurchase 3.5m shares using cash on hand under a board-approved buyback.

Following the transaction, BW remains a shareholder but with a reduced position, while Chilean shipping group Ultranav — already the top investor after its merger with Ultragas in 2021 — is set to further consolidate its position. Ultranav did not participate in the offering and is expected to hold about 34.3% of the company post-deal.

BW has been a long-term backer of the London-headquartered owner, which sports the world’s largest fleet of handysize LPG carriers. Navigator runs more than 50 semi- or fully refrigerated vessels, including a sizeable portion capable of carrying ethylene and ethane. The company has carved out a niche in petrochemical gas transport, supported by its 50% stake in an ethylene export terminal in Texas, linking US production with global markets.