Slide 1: Earnings Presentation Q4 2021
Earnings Presentation Q4 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 1 Mar 2022 Q4 2021 Results Aspire Towards a Better World
Slide 4: Ship Smarter with LPG
Ship Smarter with LPG Staying the course in a challenging year, guided by our Vision and Purpose Talent ▪ >2,000 colleagues overcoming personal and professional challenges to keep propellers turning and livelihoods secure ▪ ~99% of crew onboard vaccinated against Covid-19; continued emphasis on ment
Slide 5: Highlights and Outlook
Highlights and Outlook Commercial Performance Financial Performance Dividends $32,400 97% $63M $0.45 $0.18 $25M TCE per available day Commercial utilisation Net profit after tax Earnings per share Dividend per share Total $31,000 4% $453M 35% $0.56 $77M TCE per calendar day Technical offhire Availab
Slide 6: Key Financials
Key Financials Q4 2021 Q4 2020 FY 2021 FY 2020 VLGC Daily TCE1 $31,000 $37,300 $31,400 $36,400 VLGC Daily OPEX2 $7,700 $8,500 $8,000 $7,700 TCE income (in USD million) $117 $138 $466 $551 EBITDA (in USD million) $79 $107 $312 $414 Profit after tax (in USD million), before $28 $61 $120 $224 non-recur
Slide 7: Market
Market 7 1 Mar 2022 Q4 2021 Results Aspire Towards a Better World
Slide 8: VLGC Market Outlook
VLGC Market Outlook Near term uncertainty; healthy medium-term fundamentals LPG Supply LPG Demand Fleet Capacity Freight Rates US: Exports are expected to grow Retail: Demand to remain stable Inefficiencies continue to reduce Near term spot rate outlook is Short term due to favourable oil and gas fl
Slide 9: 2021 Seaborne LPG Trade Overview
2021 Seaborne LPG Trade Overview US drives LPG export growth, absorbed by strong import demand in China and India 2021 seaborne LPG exports by country/region 2021 seaborne LPG imports by country/region 60 25 23.3 52.9 50 46.7 19.0 20 18.0 16.2 40 35.9 36.1 15 30 10.3 10.2 10.7 10.5 9.9 10.2 9.3 10 8
Slide 10: US LPG Net Exports
US LPG Net Exports EIA expects strong growth in 2023 US LPG exports US LPG snapshot 120 US Production US Domestic Consumption Net Exports 100 Million tons (MT) 80 49 51 57 37 46 60 30 18 23 27 98 102 90 93 87 40 78 66 68 71 46 45 43 47 47 44 46 45 44 20 0 2015 2016 2017 2018 2019 2020 2021 2022 Fore
Slide 11: VLGC Fleet Profile
VLGC Fleet Profile Orderbook at 70 vessels (22%) through to 2024 Global VLGC fleet profile — average age of 10.5 years BW LPG VLGC market share3 of 13% Delivered VLGCs Recycled VLGCs VLGCs on orderbook Other VLGC NB 50 Recycling candidates VLGC count at year end 500 378 381 70 340 400 40 303 321 260
Slide 12: Performance
Performance 12 1 Mar 2022 Q4 2021 Results Aspire Towards a Better World
Slide 13: Commercial – Q4 2021 Performance
Commercial – Q4 2021 Performance Achieved 97% commercial utilisation; generated TCE revenue of USD 32,400 per available day TCE by calendar days TCE by available days $31,000/ day1 $32,400/ day2 62% Spot $32,0003 (excl. waiting time) $30,6002 (incl. waiting time) 96% Available days 35% Time Charter
Slide 14: Commercial – FY 2021 Performance
Commercial – FY 2021 Performance Achieved 97% commercial utilisation; generated TCE revenue of USD 33,500 per available day TCE by calendar days TCE by available days $31,400/ day1 $33,500/ day2 60% Spot $34,6003 (excl. waiting time) $32,9002 (incl. waiting time) 93% Available days 37% Time Charter
Slide 15: Commercial – Time Charter Portfolio Overview
Commercial – Time Charter Portfolio Overview Time charter-out coverage for 2022 at 22% with an average rate of USD 32,900 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 31% 22% 17% 22% 18% 18% 18% 18% 17% 14% 10% 14% 11% 12% 11% 11% 11% 8% 11% 5% $34 $25 $21 $19 $15 $12 $
Slide 16: Operations – Q4 2021 Performance
Operations – Q4 2021 Performance Managing the world’s largest fleet of VLGCs Supporting our Business with Smart Shipping ▪ Investing in decarbonising technology and digitalisation: over USD 92 million invested in 2021 on fleet upgrades to maximise the value of assets. ▪ Proven and scaled pioneering
Slide 17: Financial – Highlights
Financial – Highlights Highest available liquidity to-date at USD 453 million with net leverage ratio down to its lowest level in seven years at 35% Net profit after tax EBITDA 400 500 326 300 256 274 400 244 186 300 USD millions 200 USD millions 126 200 430 399 414 100 340 312 24 (45) (72) 100 210
Slide 18: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile No major balloon payments due in the next five years Financing structure1 Repayment profile1 $280m Trade Finance Facilities - o/s $0m 250 $198m Term Loan - o/s $174m $290m ECA 2028 - o/s $204m Revolving credit facilities (RCF) - o/s $0m 200 $280m
Slide 19: Q&A
Q&A CEO Anders Onarheim CFO Elaine Ong EVP (Commercial) Niels Rigault EVP (Technical and Operations) Pontus Berg 19 1 Mar 2022 Q4 2021 Results Aspire Towards a Better World
Slide 20: 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 20 1 Mar 2022 Q4 2021 Results Aspire Towards a Better World
Slide 21: Appendix
Appendix 21 1 Mar 2022 Q4 2021 Results Aspire Towards a Better World
Slide 22: VLGC Charter Portfolio 2022 – 2023
VLGC Charter Portfolio 2022 – 2023 Overall contract coverage stands at 22% for 2022 (as of 31 December 2021) Q1 2022E Q2 2022E Q3 2022E Q4 2022E 2022E 2023E Owned days 2,919 2,913 2,944 2,944 11,720 11,680 Time charter in days 630 637 592 460 2,319 1,496 Total calendar days 3,549 3,550 3,536 3,404 1
Slide 23: BW LPG India Charter Portfolio 2022 – 2023
BW LPG India Charter Portfolio 2022 – 2023 Contract coverage stands at 66% for 2022 (as of 31 December 2021) Q1 2022E Q2 2022E Q3 2022E Q4 2022E 2022E 2023E Owned days 630 698 736 736 2,800 2,920 Time charter in days - - - - - - Total calendar days 630 698 736 736 2,800 2,920 Offhire1 (3) (19) (20)
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) 1.42 1.38 1.40 1.26 1.18 1.20 1.06 0.99 1.00 0.87 0.87 0.85 0.80 0.72 0.71 0.70 0.60 LTIF 12 Month Rolling Average (MRA) 0.40 0.28
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 1 1 3 2 36 32 33 32 32 32 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
Slide 26: Fleet List
Fleet List Modern fleet of 41 vessels built at leading shipyards (as of 31 December 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 Austria 2009 DSME BW Yushi 2020 Mitsubishi H.I. Time chart