BW LPG has announced it will cease investment in an LPG terminal project in India amid “market uncertainties”.

The Singapore-headquartered company announced it would invest $10m in the onshore import terminal at Jawaharlal Nehru Port, Mumbai in 2023 as part of its joint venture with Confidence Petroleum India.

The terminal was slated to offload the latest very large gas carriers in a single discharge operation and connect to the Uran Chakan pipeline into India. The terminal was due to open in 2026.

But its future is now under threat after BW announced today it would be pulling its investment “in light of ongoing and heightened market uncertainties influencing the global business landscape”.

Instead, the VLGC owner will focus on its “core value drivers”, shipping and trading.

Chief executive Kristian Sørensen said his company was “deeply grateful to our partners in India for their commitment and collaboration throughout the project’s planning phase”.

“This decision was not made lightly but reflects a realignment of our business priorities in a changing environment. India remains a vital market for BW LPG, and we continue to support its energy transition through other strategic initiatives.”

BW announced first-quarter profits of $66.6m, 56% down on the same period in 2024, as LPG rates softened at the beginning of the year.