Singapore-headquartered gas carrier owner and operator BW LPG has reported a net profit after tax of USD 255.7 million in fiscal year 2014, over two times more compared to USD 125 million profit recorded in 2013.

Operating revenue increased to USD 747.4 million in FY 2014, compared to USD 449.2 million in 2013.

The company almost doubled the time charter equivalent earnings (TCE) in 2014, which rose from USD 288.7m recorded in 2013, to USD 539.2m in 2014.

The increase in the company’s TCE was mainly attributable to improved freight rates, particularly from the Very Large Gas Carrier (VLGC) segment, and increased fleet size and utlilisation.

BW LPG has further expanded its VLGC fleet with today’s delivery of BW Carina, the second in its newbuilding program of

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PTT of Thailand could import 3 million tonnes of LNG from the spot market during 2015 due to lower prices. 

PTT’s Chief Executive Pailin Chuchottaworn said this is part of the company’s plan to import 5 million tonnes to up the use of its receiving terminal, reports Reuters.

Pailin added that a decline in domestic gas supplies could force the company to raise its LNG imports. Thailand produces close to 70 percent of its electricity using natural gas and PTT’s deal with Qatargas to import 2 million tonnes per year cover about 6 percent of the country’s total consumption.

According to PTT, it is expected that Thailand’s gas consumption will grow by 3.1 percent a year on average from 2015 to 2019.