BW LPG Limited · OSL:BWLPG
BW LPG — Q1 2025 Earnings Presentation
24 slides from BW LPG's earnings presentation, May 20, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 20 May 2025
Slide 2: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR No representation, warranty or undertaking, express or implied, is made by BW LPG, its Neither this presentation nor anything contained herein shall form the basis of, or be relied IN PART
Slide 3: Agenda
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Slide 4: Q1 2025 highlights
Q1 2025 highlights Q1 performance Commercial performance Financial performance Return to shareholders • TCE income – Shipping Q1 2025 was US$39,800 per available day and US$38,800 per calendar day, well supported by our time charter coverage of 41% of available days at $40,700/day $39,800 $67M 14% •
Slide 5: Market outlook
Market outlook Solid fundamentals – political uncertainty Despite tariff escalations and short-term market disruptions, the market fundamentals are solid. US LPG production has remained unabated and export levels are steady compared to previous months as US LPG volumes found new destinations outside
Slide 6: Agenda
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Slide 7: Short term tariff implications and development of the LPG freight market
Short term tariff implications and development of the LPG freight market First week Solid fundamentals VLGC spot rates came under severe pressure when Shipping demand recovered on the back of resilient US-FarEast LPG trade halted LPG exports and solid fundamentals Market talks about Asia Far East pr
Slide 8: Changed LPG trade patterns (pre-90-days tariff relief announcement)
Changed LPG trade patterns (pre-90-days tariff relief announcement) The market quickly responded to a new dynamic China sourcing from others India switching emerging Asian importers are re-shuffling their LPG sources Potential driver for longer sailing distances Conventional trade Emerging trade Far
Slide 9: Robust supply fundamentals despite trade-war and geopolitical turmoil
Robust supply fundamentals despite trade-war and geopolitical turmoil US and the ME are increasing production and expanding export infrastructure, however sensitive to crude oil price US propane production N. American terminal expansion plans N. America and Middle East LPG exports Mb/d Mtpa Million
Slide 10: VLGC fleet and newbuildings
VLGC fleet and newbuildings Modest fleet growth for 2025 and 2026 Quarterly delivery schedule VLGC fleet profile and newbuilding market # of VLGCs 9% 50 1 Chinese-built ships on 6% water in the global 1 2 2 16% 406 VLGC fleet total VLGC 1 1 0-15 years fleet1 69% 26 16 15-20 years Newbuilding orders
Slide 11: Agenda
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Slide 12: Shipping – Performance
Shipping – Performance Achieved 96% generating TCE income – Shipping of $39,800 per available day 2025 Q1 performance Guidance TCE income by calendar days TCE income by available days Q2 2025 $38,800/ day1 $39,800/ day2 • Fixed ~79% of our available fleet days at an average rate of ~$35,000 per day4
Slide 13: Product Services - Performance
Product Services - Performance Strong realisation of profits offset by net change in valuation of open cargo positions Q1 2025 performance Book equity US$ 130 $53M $12.5M Net asset value End of Net Loss Q1 33 -$4M $8M Unrealised physical Gross Loss1 shipping3 65 - 65 15 +8 $5M 10% BW LPG VLGC cargoe
Slide 14: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q1 2025 Financial ratios Q1 2025 US$ million 1.EPS (earnings per share) is computed based on the weighted average Income statement number of shares outstanding less treasury shares during the period Pr
Slide 15: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile Ample liquidity of $633M with long-dated repayment profile US$ million Repayment profile2 As of 31 March 2025 Total Available Cash1 Undrawn RCF3 $796M Trade Finance Facilities - o/s $40M 512 Liquidity 500 $198M BW LPG India Term Loan - o/s $94M R
Slide 16: Agenda
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Slide 17: Q&A
Q&A Kristian Sørensen CEO Samantha Xu CFO
Slide 18: Thank you
Thank you Investor Relations investor.relations@bwlpg.com Ticker Oslo Stock Exchange “BWLPG” New York Stock Exchange “BWLP” LinkedIn linkedin.com/company/bwlpg Website https://investor.bwlpg.com Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438
Slide 19: Appendix
Appendix Q1 2025
Slide 20: VLGCs and LGCs operated by BW LPG
51 VLGCs and 2 LGCs operated by BW LPG As of 1 May 2025 30 BW LPG Name 100% ownership Year Shipyard 8 BW LPG Name Time charter/bareboat in Year Shipyard 7 BW LPG India Name 52% ownership Year Shipyard 8 Operated Name Year Shipyard Beneficiary BW Avior 2023 DSME BW Capella3 2022 DSME BW Pine 2011 Kaw
Slide 21: VLGC charter portfolio overview
VLGC charter portfolio overview Fixed rate time charter-out coverage for 2025 at 28% at an average rate of $45,000 per day Time charter-out - Fixed rate Time charter-out rate – Fixed rate 28% US$ thousands/day 30% 30% 29% 24% 28% $45.5 $45.4 $45.2 $44.2 $44.9 $44.5 $44.3 $45.0 $44.5 26% $44.0 24% 22
Slide 22: Fleet safety statistics
Fleet safety statistics Safety and Zero Harm onboard remain our key focus Total Recordable Case Frequency TRCF 12 Month Rolling Average (MRA) (TRCF): LTIF 12 Month Rolling Average (MRA) Work-related fatalities and injuries per one million hours worked 0.7 0.7 0.82 0.64 0.62 Lost Time Injury Frequenc
Slide 23: Shipping segment charter portfolio 2025-2026
Shipping segment charter portfolio 2025-2026 Fixed rate time charter out contract coverage stands at 28% for 2025 (as of 5 May 2025) Q1 2025A Q2 2025E Q3 2025E Q4 2025E 2025E 2026E Owned days 3,518 3,596 3,680 3,680 14,474 14,600 Time charter in days 576 499 460 393 1,928 51 Total calendar days 4,09
Slide 24: BW LPG India charter portfolio 2025-2026
BW LPG India charter portfolio 2025-2026 Time charter out contract coverage stands at 79% for 2025 (as of 5 May 2025) Q1 2025A Q2 2025E Q3 2025E Q4 2025E 2025E 2026E Owned days 674 637 793 828 2,932 3,285 Time charter in days - - - - - - Total calendar days 674 637 793 828 2,932 3,285 Offhire1 - 4 1