Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Pareto Energy Conference 2026
8 slides from Bw Lpg's conference presentation, Sep 17, 2026
Slide 1: Pareto Energy Conference 2026
Pareto Energy Conference 2026 BW LPG Kristian Sørensen 17 September 2026
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: A world leader in the LPG shipping and commodity markets
A world leader in the LPG shipping and commodity markets World’s leading owner Maximise Main priorities for and operator of VLGCs shareholder return capital allocation 3 ~77% $1.62 Strong balance sheet and financial flexibility 31 owned 46 TC-in Of earnings paid out in dividends1 Dividend per share
Slide 4: An agile platform built for value creation and risk management across the cycle
An agile platform built for value creation and risk management across the cycle World’s largest owner and Substantial player in the LPG operator of VLGC’s trading community Where we are playing BW LPG ~11% ~6% of global physical LPG India of global VLGC fleet Shipping Product Services traded on VLGC
Slide 5: Why BW LPG is attracting attention from investors
Why BW LPG is attracting attention from investors Dividend-focused capital allocation strategy with a disciplined approach to shareholder returns ~77% ~90% Investment approach $300M of earnings paid as dividends of earnings paid as dividends $940M $1,050M Senior unsecured convertible bond since IPO
Slide 6: Increasing market inefficiencies drive shipping demand and support elevated freight rates
Increasing market inefficiencies drive shipping demand and support elevated freight rates Global VLGC orderbook currently at 157 ships Middle East LPG exports Panama Canal congestion # of VLGCs 8x Panamax VLGC remain significantly increases COGH routing leading expected delivery $300 000/d 3 5 reduc
Slide 7: Trade flows will determine how the VLGC orderbook is absorbed
Trade flows will determine how the VLGC orderbook is absorbed +16% ~(46)% US LPG export growth 1H26 (y/y) Decline in Middle East LPG export growth • Higher LPG production 1H26 (y/y) • Terminal export capacity expansion • Exports remain heavily restricted as the Strait of Hormuz remains closed • Vess
Slide 8: Key takeaways
Key takeaways Market dynamics Investor case Lost Middle East LPG export volumes in 2026…. Pure-play exposure to the LPG shipping and 1 commodity trading story 2 Proxy for US shale oil and NGL production and …replaced by increased LPG exports from North export growth America Return-focused Shifting L