Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q2 2024 Earnings Presentation
23 slides from Bw Lpg's earnings presentation, May 30, 2024
Slide 1: Earnings Presentation Q2 2024
Earnings Presentation Q2 2024 22 August 2024 ● BW LPG Earnings Presentation
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 01 Highlights 02 Market 03 Performance 04 Q&A
Slide 4: 2024 Q2 Highlights and Market Outlook
2024 Q2 Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $49,700 95% $85M $0.58 $0.58 21% TCE income – Shipping Fleet utilisation Net profit after tax Earnings per share Dividend per share ROE (annualised) per available day $48,000 3% $578M 12% 15% 96
Slide 5: Fleet acquisition of VLGCs from Avance Gas
Fleet acquisition of 12 VLGCs from Avance Gas Strategic transaction, expanding and renewing our fleet to enhance shipping and delivery options in the fast-growing LPG space Transaction summary ~44% growth in owned fleet… BW LPG VLGC fleet2 ✓ Acquisition of 12 modern VLGCs from Avance Gas with an ave
Slide 6: Market
02 Market 6
Slide 7: Spot Market Snapshot – Rebounding after export disruptions
Spot Market Snapshot – Rebounding after export disruptions Spot rates came down following recent developments, but sentiment is strengthening US – Far East spot rates, $/day US LPG Terminal Expansions 90 Enterprise: 140 85 Hydrocarbons Terminal (9Mtpa) 120 80 Thopusands of USD / day 75 Enterprise: N
Slide 8: LPG volume fundamentals
LPG volume fundamentals LPG fundamentals remain supportive for further demand growth North American LPG exports VLGC only Middle East LPG exports VLGC only China LPG imports Million tons Million tons Million tons +11% 61 41 38 39 56 37 9.5 9.5 9.7 53 34 33 8.3 46 30 31 44 7.3 7.5 7.6 39 6.7 6.6 6.8
Slide 9: VLGC Fleet and Newbuildings
VLGC Fleet and Newbuildings Average delivery of 3 VLGCs per quarter over the next 18 months Quarterly delivery schedule # of VLGCs Fleet growth next 18 months represent <5% of total VLGC fleet 13 13 11 10 6 6 6 4 4 2 2 3 3 3 2 1 1 1 1 2022 2023 2024 2025 Existing NB - Non-ammonia NB - Ammonia VLGC f
Slide 10: Performance
03 Performance 10
Slide 11: Shipping – Performance
Shipping – Performance Achieved 95% fleet utilisation generating TCE income - Shipping of $49,700 per available day 2024 Q2 performance Guidance Q3 2024 TCE income by calendar days TCE income by available days $48,000/ day1 $49,700/ day2 ▪ Fixed ~86% of our available fleet days at an average rate of
Slide 12: Product Services – Performance
Product Services – Performance Strong Q2 trading performance resulting in a $26M gross profit and $16M net profit; $30M return of Capital returned to Shareholders 2024 Q2 Performance Book Equity ($m) $69M $25M Net asset value End of Q2 Gross Profit1 $16M $31M Net Profit2 Unrealised physical shipping
Slide 13: Financial Highlights
Financial Highlights Low leverage, strong liquidity, ready for growth opportunities Key Financials Q2 2024 (USD million) Financial Ratios Q2 2024 Income Statement 1. EPS (earnings per share) is computed based on the weighted average number of shares Earnings Yield2 (annualised) 12% outstanding less
Slide 14: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile Ample liquidity of $578M and light debt at Q2 supports healthy post transaction liquidity level Total Available Liquidity Repayment profile2 US$ million As of 30 June 2024 Pro forma balance post transaction³ 350 Undrawn amount under revolving cre
Slide 15: Q&A
04 Q&A 15
Slide 16: Q&A: CEO Kristian Sørensen, CFO Samantha Xu
Q&A CEO Kristian Sørensen CFO Samantha Xu
Slide 17: Contact Us
Contact Us Investor Relations investor.relations@bwlpg.com Ticker (OSE) / Ticker (NYSE) BWLPG / BWLP LinkedIn linkedin.com/company/bwlpg Telephone +65 6705 5588 Website https://investor.bwlpg.com Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438 17
Slide 18: Appendices
05 Appendices 18
Slide 19: VLGCs, MGCs, and LGCs Operated by BW LPG
41 VLGCs, 2 MGCs, and 2 LGCs Operated by BW LPG as of 22 August 19 Name BW LPG 100% ownership Year Shipyard Name 7 BW LPG Time charter in Year Shipyard Name 8 BW LPG India 52% ownership Year Shipyard Name 11 Year Operated Shipyard Beneficiary 1 2 BW Messina 2017 DSME BW Yushi 2020 Mitsubishi H.I. BW
Slide 20: VLGC Charter Portfolio Overview
VLGC Charter Portfolio Overview Time charter-out coverage for 2024 at 32% at an average rate of $44,500 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 35% 33% 32% 25% 31% 21% 19% 29% 19% 26% 26% 24% 23% 16% 13% 22% 13% 13% 13% 13% $39 $45 $45 $41 $32 $33 $29 $27 $170 $122
Slide 21: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus. No incidents in Q2, KPI takes time to taper off TRCF 12 Month Rolling Average (MRA) LTIF 12 Month Rolling Average (MRA) 0.32 0.52 0.52 0.52 0.52 0.16 0.16 0.16 0.35 0.16 0.16 0.16 0.17 0.00 0.00 0.00 Jul-23 Aug-23 Sep-23 Oct-
Slide 22: Shipping Segment Charter Portfolio 2024-2025
Shipping Segment Charter Portfolio 2024-2025 Time Charter Out contract coverage stands at 32% for 2024 (as of 8 August 2024) Q1 2024 Q2 2024 Q3 2024E Q4 2024E 2024E 2025E Owned days 2,517 2,457 2,484 2,484 9,942 9,855 Time charter in days 621 637 579 455 2,292 1,460 Total calendar days 3,138 3,094 3
Slide 23: BW LPG India Charter Portfolio 2024-2025
BW LPG India Charter Portfolio 2024-2025 Time Charter Out contract coverage stands at 80% for 2024 (as of 8 August 2024) Q1 2024 Q2 2024 Q3 2024E Q4 2024E 2024E 2025E Owned days 728 728 736 736 2,928 2,920 Time charter in days - - - - - - Total calendar days 728 728 736 736 2,928 2,920 Offhire1 56 -