Slide 1: Earnings Presentation Q3 2023
Earnings Presentation Q3 2023 14 November 2023 ● BW LPG Earnings Presentation ● Q3 2023
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 No representation, warranty or undertaking, express or implied, is made by BW LPG, its This presentation and the information contained herein are not an offer of securities for
Slide 3: Agenda
Agenda 01 Highlights 02 Market 03 Performance 04 Q&A
Slide 4: 2023 Q3 Highlights and Market Outlook
2023 Q3 Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $63,100 99% $122M $0.78/$0.07 $0.80 $105M TCE per available day Commercial utilisation Net profit after tax Earnings per share Dividend per share Total (Shipping/Product Services) $61,800 2% $48
Slide 5: Solid dividend payout performance
Solid dividend payout performance Accumulated dividend payout of $9.70 per share since the IPO in 2013, with inclusion of Q3 payout Annual total dividend distribution 71% of our earnings paid out as dividends 2023* Accumulated earnings per share and dividend per share, including Q3 2023 results 2022
Slide 6: Market
02 Market 6
Slide 7: VLGC Rate Explosion Fueled by Panama Canal Disruptions
VLGC Rate Explosion Fueled by Panama Canal Disruptions Historically low water levels and New restrictions on Alternative routes will lead to a ~50%1 prolonged drought conditions Panama Canal transits increase in sailing days VLGC Routing for Ballast Leg (# vessels)2 and VLGC Freight Rate ($/day) 170
Slide 8: VLGC Near Term Market Outlook
VLGC Near Term Market Outlook Strong North American export growth and fleet inefficiencies outweigh newbuilding deliveries Near term VLGC spot rate outlook: Houston – Chiba ($/day) Quarterly delivery schedule (Number of VLGCs) 180 16 160 14 140 12 120 10 100 11 8 80 13 6 11 60 10 40 4 6 6 6 20 2 4 3
Slide 9: 2023 Q3 Seaborne LPG Trade Overview
2023 Q3 Seaborne LPG Trade Overview Strong growth in North American exports and stable Middle East exports find a home in the Far East Seaborne LPG exports by country/region Seaborne LPG imports by country/region 18 9 15.3 7.9 16 8 13.4 6.8 14 7 Million tons (MT) Million tons (MT) 12 11.3 11.5 6 10
Slide 10: Continued Growth Expected From North America in 2023
Continued Growth Expected From North America in 2023 With single digit export growth expected from the Middle East North America LPG exports by VLGCs Middle East LPG exports by VLGCs 70 45 40 60 35 50 Million tons (MT) Million tons (MT) 30 40 25 30 20 15 20 10 10 5 0 0 2016 2017 2018 2019 2020 2021
Slide 11: 45 VLGCs and 2 MGCs Operated by BW LPG as of 13 November 2023
45 VLGCs and 2 MGCs Operated by BW LPG as of 13 November 2023 20 Name BW LPG 100% ownership Year Shipyard Name 6 BW LPG Time charter in Year Shipyard Name 8 BW LPG India 52% ownership Year Shipyard Name 13 Year Operated Shipyard Participant BW Messina 2017 DSME BW Yushi 1 2020 Mitsubishi H.I. BW Pin
Slide 12: Performance
03 Performance 12
Slide 13: Shipping – Performance
Shipping – Performance Achieved 99% commercial utilisation generating TCE revenue of $63,100 per available day 2023 Q3 performance Guidance Q4 2023 TCE by calendar days TCE by available days $61,800/ day1 $63,100/ day2 ▪ Fixed ~79% of our available fleet days at an average rate of ~$73,000 per day5
Slide 14: Product Services – Performance
Product Services – Performance Key statistics Book Equity $44M $12M Net asset value End of Q3 Net Profit $34M $65M Realised Net Profit1 Unrealised physical shipping2 $4M ~10% Q3 Net profit: US$11.7m BW LPG VLGC cargoes Average VAR lifted by BW PS 1Realised Net Profit is a Non-IFRS measure and is der
Slide 15: Financial Highlights
Financial Highlights Low leverage, strong liquidity, ready for growth opportunities Key Financials Q3 2023 (USD million) Financial Ratios Q3 2023 1. EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period Income Statement
Slide 16: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile Ample liquidity at $486 million with a light debt position Total Available Liquidity Repayment profile1 USD (millions) 350 Undrawn amount under revolving credit facility 296 $660m Trade Finance Facilities - o/s $86m Cash1 190 Total available liqu
Slide 17: Q&A
04 Q&A 17
Slide 18: Q&A
Q&A CEO Kristian Sørensen CFO Samantha Xu EVP (Commercial) Niels Rigault
Slide 19: Contact Us
Contact Us Investor Relations investor.relations@bwlpg.com Ticker BWLPG LinkedIn linkedin.com/company/bwlpg Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438 19
Slide 20: Appendices
05 Appendices 20
Slide 21: VLGC Charter Portfolio Overview
VLGC Charter Portfolio Overview Time charter-out coverage for 2024 at 19% at an average rate of $41,300 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 35% 34% 25% 24% 23% 33% 32% 33% 22% 17% 24% 18% 19% 19% 13% 15% 16% 19% 18% 17% $33 $40 $43 $38 $29 $22 $19 $19 $155 $90
Slide 22: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus. 0.70 0.62 0.60 0.50 TRCF 12 Month Rolling Average (MRA) 0.40 0.31 0.30 0.20 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.10 LTIF 12 Month Rolling Average (MRA) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
Slide 23: Shipping Segment Charter Portfolio 2023-2024
Shipping Segment Charter Portfolio 2023-2024 Time Charter Out contract coverage stands at 33% for 2023 (as of 30 September 2023) Q1 2023 Q2 2023 Q3 2023 Q4 2023E 2023E 2024E Owned days 2,600 2,469 2,484 2,531 10,084 9,973 Time charter in days 810 769 680 597 2,856 2,002 Total calendar days 3,410 3,2
Slide 24: BW LPG India Charter Portfolio 2023-2024
BW LPG India Charter Portfolio 2023-2024 Time Charter Out contract coverage stands at 87% for 2023 (as of 30 September 2023) Q1 2023 Q2 2023 Q3 2023 Q4 2023E 2023E 2024E Owned days 720 728 736 736 2,920 2,928 Time charter in days – – – – – – Total calendar days 720 728 736 736 2,920 2,928 Offhire1 7