Slide 1: Earnings Presentation Q2 2021
Earnings Presentation Q2 2021
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation has been produced by BW LPG Limited (“BW LPG”) exclusively for information purposes. This presentation may not be reproduced or redistributed, in whole or in part, to any other person. Matters discussed in this presentation and any material
Slide 3: Agenda
Agenda 1. Highlights 2. Market 3. Performance 4. Summary & Outlook 5. Q & A 3 26 Aug 2021 Q2 2021 Results Aspire Towards a Better World
Slide 4: Decarbonizing our fleet with LPG propulsion technology
Decarbonizing our fleet with LPG propulsion technology 9th of 15 ships at yard Ready for LPG Decarbonize ▪ BW LPG has 8 LGIP VLGCs on ▪ Refuel of LPG bunker can be done ▪ Our retrofit program saves 1 million water, 1 at gas trial, 1 at yard, total via Ship-to-Ship transfer, an tons in CO2 emissions
Slide 5: Highlights and Outlook
Highlights and Outlook Commercial Performance Financial Performance Dividends $27,500 96% $23M $0.16 $0.10 $14M TCE per available day Commercial utilisation Net profit after tax Earnings per share Dividend per share Total $24,500 $390M 40% TCE per calendar day Available liquidity Net leverage ratio
Slide 6: Key Financials
Key Financials Q2 2021 Q2 2020 H1 2021 H1 2020 VLGC Daily TCE1 $24,500 $39,100 $33,400 $40,700 VLGC Daily OPEX2 $8,100 $7,100 $8,000 $7,400 TCE income (in USD million) $94 $149 $244 $311 EBITDA (in USD million) $55 $113 $167 $239 Profit after tax (in USD million) $23 $62 $94 $143 EPS3 $0.16 $0.45 $0
Slide 7: Market
Market 7 26 Aug 2021 Q2 2021 Results Aspire Towards a Better World
Slide 8: VLGC Market Outlook
VLGC Market Outlook Continue to hold a positive view for the medium term VLGC market LPG Supply LPG Demand Fleet Capacity Freight Rates US: Production and exports have Retail: Rebuild of LPG inventory Inefficiencies continue to reduce We have fixed approximately 83% Short term (ROY 2021) remained st
Slide 9: Q2 2021 Seaborne LPG Trade Overview
Q2 2021 Seaborne LPG Trade Overview Growing North America LPG exports and recovering Chinese imports Q2 2021 seaborne LPG exports by country/region Q2 2021 seaborne LPG imports by country/region 16 6 5.5 13.6 5.0 14 5 12 11.2 3.8 3.8 9.2 4 10 8.6 3.4 3.0 8 3 2.7 2.6 2.7 2.6 2.4 6 1.8 2 4 2.4 1.9 1.8
Slide 10: US LPG Net Exports
US LPG Net Exports EIA has revised both 2021 and 2022 US LPG exports up US LPG snapshot 120 US Production US Domestic Consumption Net Exports 100 Million tons (MT) 80 46 49 50 37 60 30 18 24 27 12 96 90 93 87 40 78 66 68 71 60 44 46 45 43 47 48 44 45 44 20 0 2014 2015 2016 2017 2018 2019 2020 2021 F
Slide 11: VLGC Fleet Profile
VLGC Fleet Profile Orderbook at 23% through to 2023 Global VLGC fleet profile — average age of 10 years BW LPG VLGC market share3 of 14% Delivered VLGCs Recycled VLGCs VLGCs on orderbook Other VLGC NB 50 Recycling candidates VLGC count at year end 500 373 372 72 338 400 40 303 322 260 265 282 BW LPG
Slide 12: Performance
Performance 12 26 Aug 2021 Q2 2021 Results Aspire Towards a Better World
Slide 13: Commercial – Q2 2021 Performance
Commercial – Q2 2021 Performance Achieved 96% commercial utilisation; generated TCE revenue of USD 27,500 per available day TCE by calendar days TCE by available days $24,500/ day1 $27,500/ day2 56% Spot $25,3003 (excl. waiting time) $23,7002 (incl. waiting time) 89% Available days 40% Time Charter
Slide 14: Commercial – Time Charter Portfolio Overview
Commercial – Time Charter Portfolio Overview Time charter-out coverage for 2021 at 36% with an average rate of USD 33,700 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 40% 41% 36% 16% 33% 30% 17% 17% 17% 16% 14% 15% 15% 18% 13% 11% 15% 11% 8% 7% $39 $46 $48 $36 $21 $13 $
Slide 15: Technical – Q2 2021 Performance
Technical – Q2 2021 Performance Pioneering LPG propulsion engine retrofits Uninterrupted business drivers COVID-19 protocols minimises waiting at ports First eight LPG retrofits successfully completed 27 SIRE and CDI inspections timed and Over 500 crew safely embarked/disembarked in Q2 to-date from
Slide 16: Financial – Income Statement
Financial – Income Statement Income statement (Figures in USD thousands) Q2 2021 Q2 2020 H1 2021 H1 2020 Net revenue from spot voyages 48,271 116,243 159,364 256,497 Net revenue from time charter voyages 45,731 33,217 84,724 54,920 TCE income 94,002 149,460 244,088 311,417 Net (loss)/gain from commo
Slide 17: Financial – Balance Sheet and Cash Flows
Financial – Balance Sheet and Cash Flows 30 June 31 December Balance sheet (Figures in USD thousands) 2021 2020 Vessels and dry docking 1,796,578 1,754,338 Other non–current assets 159,348 287,589 Total current assets 473,432 374,704 Total assets 2,429,358 2,416,631 Total shareholders’ equity 1,313,
Slide 18: Financial – Highlights: Net Leverage Ratio
Financial – Highlights Net leverage ratio down to its lowest level in five years at 40% with the highest available liquidity to-date of USD 390 million Net profit after tax EBITDA 400 326 500 300 274 256 244 400 200 300 USD millions 126 USD millions 94 100 200 430 399 414 24 (72) 340 (45) 0 100 210
Slide 19: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile No major balloon payments in the next five years Financing structure1 Repayment profile1 $280m Trade Finance Facilities - o/s $0m 250 $198m Term Loan - o/s $106m $290m ECA 2028 - o/s $213m Revolving credit facility (RCF) - o/s $0m 200 191 $158m T
Slide 20: Q&A
Q&A CEO Anders Onarheim CFO Elaine Ong EVP (Commercial) Niels Rigault EVP (Technical and Operations) Pontus Berg 20 26 Aug 2021 Q2 2021 Results Aspire Towards a Better World
Slide 21: Contact Us
Contact Us Investor Relations investor.relations@bwlpg.com Telephone +65 6705 5588 Ticker BWLPG Linkedin https://sg.linkedin.com/company/bwlpg Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438 21 26 Aug 2021 Q2 2021 Results Aspire Towards a Better World
Slide 22: Appendix
Appendix 22 26 Aug 2021 Q2 2021 Results Aspire Towards a Better World
Slide 23: VLGC Charter Portfolio 2021 – 2022
VLGC Charter Portfolio 2021 – 2022 Our contract coverage stands at 36% for 2021 (as of 30 June 2021) Q1 2021 Q2 2021 Q3 2021E Q4 2021E 2021E 2022E Owned days 2,930 3,291 3,144 3,128 12,493 12,410 Time charter in days 540 546 576 644 2,306 2,272 Total calendar days 3,470 3,837 3,720 3,772 14,799 14,6
Slide 24: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus, especially during challenging times Safety Statistics 1.60 TRCF 12 Month Rolling Average (MRA) 1.38 1.40 1.18 1.20 0.98 0.99 1.00 0.99 1.00 0.89 0.86 0.88 0.87 0.87 0.80 0.72 0.60 LTIF 12 Month Rolling Average (MRA) 0.40 0.20
Slide 25: BW LPG Fleet Development
BW LPG Fleet Development Timeline based on current contracts 1 5 1 1 1 1 3 1 1 2 1 1 1 3 2 36 32 34 34 34 34 9 10 8 5 5 3 Dec 2019 Q1 Q2 Q3 Q4 Dec 2020 Q1 Q2 Q3 Q4 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2020 2020 2020 2020 2021 2021 2021 2021 Chartered-in / Bareboat fleet Owned fleet Cha
Slide 26: Fleet List
Fleet List Modern fleet of 45 vessels built at leading shipyards (as of 30 June 2021) Owned VLGCs (100% Ownership) Chartered / Bareboat VLGCs Name Year Shipyard Name Year Shipyard Name Year Shipyard Charter type 1 BW Mindoro 2017 DSME BW Carina 2015 Hyundai H.I. BW Yushi 2020 Mitsubishi H.I. Time ch