BW LPG had exercised the purchase option on the vessel on March 2, 2015.
Vermilion First has been on a time charter with BW LPG since the acquisition of the charter from AP Moller-Maersk in 2013.
Built in 2010, with a capacity of approximately 77,324 cubic metres, the vessel will fly the Isle of Man flag and be classed by DNV. The vessel will continue to be available for spot and CoA cover.
Nicholas Gleeson, CEO of BW LPG, said: “Addition to our fleet of owned vessels through exercise of options on chartered-in vessels is one avenue to growth that is particularly valuable when tonnage availability is tight. We have a number of opportunities to add to the fleet this way at attractive prices in the coming years.”