Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q1 2023 Earnings Presentation
23 slides from Bw Lpg's earnings presentation, May 24, 2023
Slide 1: Earnings Presentation Q1 2023
Earnings Presentation Q1 2023 23 May 2023 ● BW LPG Earnings Presentation ● Q1 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 Q1 Highlights and Market Outlook
2023 Q1 Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $60,900 97% $131M $0.95 TCE per available day Commercial utilisation Net profit after tax Earnings per share $0.95 126M $58,700 3% $532M 21% Dividend per share Total TCE per calendar day Technic
Slide 5: Market
02 Market 5
Slide 6: VLGC Near Term Market Outlook
VLGC Near Term Market Outlook We reiterate our positive view for 2023 despite high newbuild deliveries Near term VLGC spot rate outlook: Houston – Chiba ($/day) Quarterly delivery schedule (Number of VLGCs) 14 120,000 12 100,000 10 80,000 8 60,000 6 13 6 12 10 40,000 9 4 6 6 20,000 2 4 4 2 2 1 1 0 0
Slide 7: 2023 Q1 Seaborne LPG Trade Overview
2023 Q1 Seaborne LPG Trade Overview Growth in both North America and Middle East exports supported by strong demand from India, Far East and Southeast Asia Seaborne LPG exports by country/region Seaborne LPG imports by country/region 16 14.7 7 6.0 14 6 12.5 5.3 5.1 12 10.4 5 Million tons (MT) Millio
Slide 8: Continued Growth Expected From North America in 2023
Continued Growth Expected From North America in 2023 With stable exports from Middle East North America LPG exports by VLGCs Middle East LPG exports by VLGCs 60 60 50 50 Million tons (MT) Million tons (MT) 40 40 30 30 20 20 10 10 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2
Slide 9: VLGCs Owned and Operated by BW LPG as of 16th May 2023
45 VLGC’s Owned and Operated by BW LPG as of 16th May 2023 19 Name BW LPG 100% ownership Year Shipyard Name 8 BW LPG Time charter in Year Shipyard Name 8 BW LPG India 52% ownership Year Shipyard Name 10Year Operated Shipyard Participant 1 BW Messina 2017 DSME BW Yushi 2020 Mitsubishi H.I. BW Pine 20
Slide 10: Performance
03 Performance 10
Slide 11: Shipping – Performance
Shipping – Performance Achieved 97% commercial utilisation generating TCE revenue of USD 60,900 per available day 2023 Q1 performance Guidance Q2 2023 TCE by calendar days TCE by available days $58,700/ day1 $60,900/ day2 ▪ Fixed ~90% of our available fleet days at an Spot average rate of ~USD 50,00
Slide 12: Product Services – Performance
Product Services – Performance Keeping a steady course in Q1 2023 $63M NAV End of Q1 $3.1M Net Profit After Tax $605M Gross Turnover $5M Average VAR ~1MT ~20% BW LPG VLGC cargoes Physical LPG Traded lifted by BW PS Comment NPAT is adjusted for USD 17 million depreciation (Right of Use) of 5 TC-in ve
Slide 13: Financial Highlights
Financial Highlights Low leverage, strong liquidity, ready for growth opportunities Key Financials Q1 2023 (USD million) Financial Ratios Q1 2023 1. Gross profit: sum of TCE – income Shipping and Gross profit – Product Services Income Statement Earnings Yield4 (annualised) 51% 2. EPS (earnings per s
Slide 14: Financial – Segment Information
Financial – Segment Information Exceptionally strong Q1 driven by the sudden opening of China with low inventories Q1 2023 (USD million) Shipping Product Services Consolidated Gross Revenue $288 $605 $893 Expenses ($113) ($555) ($668) Inter-segment $25 ($25) $0 Gross profit/(loss) $200 $25 $225 Depr
Slide 15: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile Ample liquidity at USD 532 million with a light debt position Total Available Liquidity Repayment profile1 USD (millions) 350 Undrawn amount under revolving credit facility 241 $580m Trade Finance Facilities - o/s $71m Cash1 291 Total available l
Slide 16: Q&A
04 Q&A 16
Slide 17: Q&A
Q&A CEO Anders Onarheim Deputy CEO & Head of Strategy Kristian Sørensen CFO Elaine Ong EVP (Commercial) Niels Rigault
Slide 18: 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 18
Slide 19: Appendices
05 Appendices 19
Slide 20: VLGC Charter Portfolio Overview
VLGC Charter Portfolio Overview Time charter-out coverage for 2023 at 31% at an average rate of USD 38,900 per day Time charter-out Time charter-in 35% Quarterly Yearly Quarterly Yearly 33% 31% 31% 25% 25% 21% 25% 18% 14% 10% 12% 10% 10% 8% 8% 3% 4% 3% 3% $41 $45 $36 $28 $7 $3 $3 $3 $149 $17 $22 $22
Slide 21: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus, especially during challenging times 1.20 1.05 1.06 1.07 1.04 1.00 TRCF 12 Month Rolling Average (MRA) 0.77 0.77 0.80 0.62 0.60 0.40 LTIF 12 Month Rolling Average (MRA) 0.31 0.20 0.15 0.15 0.15 0.15 0.15 0.15 0.16 0.16 0.16 0.
Slide 22: Shipping Segment Charter Portfolio 2023-2024
Shipping Segment Charter Portfolio 2023-2024 Overall contract coverage stands at 31% for 2023 (as of 31 March 2023) Q1 2023 Q2 2023E Q3 2023E Q4 2023E 2023E 2024E Owned days 2,600 2,426 2,484 2,530 10,040 10,248 Time charter in days 810 786 550 413 2,559 1,091 Total calendar days 3,410 3,212 3,034 2
Slide 23: BW LPG India Charter Portfolio 2023-2024
BW LPG India Charter Portfolio 2023-2024 Contract coverage stands at 82% for 2023 (as of 31 March 2023) Q1 2023 Q2 2023E Q3 2023E 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 77 4 4 19 104 24 Tot