Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q3 2021 Earnings Presentation
26 slides from Bw Lpg's earnings presentation, Nov 18, 2021
Slide 1: Earnings Presentation Q3 2021
Earnings Presentation Q3 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 16 Nov 2021 Q3 2021 Results Aspire Towards a Better World
Slide 4: Delivering LPG with Lower-emissions, Digitalised Ships
Delivering LPG with Lower-emissions, Digitalised Ships Maximising our assets on water with technology From Well to Wake ▪ LPG has the lowest GHG emissions profile of any carbon- based fuel ▪ Retrofitting maximises use of current assets and saves CO2 emissions vs newbuilds Proven and Scaled ▪ 10 VLGC
Slide 5: Highlights and Outlook
Highlights and Outlook Commercial Performance Financial Performance Dividends $30,100 98% $29M $0.20 $0.10 $14M TCE per available day Commercial utilisation Net profit after tax Earnings per share Dividend per share Total $27,800 8% $383M 36% $0.38 $53M TCE per calendar day Technical offhire Availab
Slide 6: Key Financials
Key Financials Q3 2021 Q3 2020 YTD 2021 YTD 2020 VLGC Daily TCE1 $27,800 $26,800 $31,500 $36,100 VLGC Daily OPEX2 $8,400 $7,600 $8,100 $7,500 TCE income (in USD million) $105 $101 $349 $413 EBITDA (in USD million) $65 $67 $233 $307 Profit after tax (in USD million) $29 $25 $124 $167 EPS3 $0.20 $0.18
Slide 7: Market
Market 7 16 Nov 2021 Q3 2021 Results Aspire Towards a Better World
Slide 8: VLGC Market Outlook
VLGC Market Outlook Continue to hold a positive view for the medium term VLGC market LPG Supply LPG Demand Fleet Capacity Freight Rates US: Production and exports have Retail: Winter heating demand and Inefficiencies continue to reduce We have fixed approximately 80% Short term been strong, but inve
Slide 9: Q3 2021 Seaborne LPG Trade Overview
Q3 2021 Seaborne LPG Trade Overview Growing North American LPG exports, recovering Chinese imports and strong Indian retail demand Q3 2021 seaborne LPG exports by country/region Q3 2021 seaborne LPG imports by country/region 14 13.2 7 6.1 12 11.3 6 4.7 4.8 10 9.2 9.0 5 4.0 8 4 2.8 2.7 6 3 2.6 2.4 2.
Slide 10: US LPG Net Exports
US LPG Net Exports EIA expects 2022 US LPG exports to increase from 2021 US LPG snapshot 120 US Production US Domestic Consumption Net Exports 100 Million tons (MT) 80 50 53 37 46 60 30 18 24 27 12 99 90 94 87 40 78 66 68 70 60 44 46 45 43 47 48 44 46 44 20 0 2014 2015 2016 2017 2018 2019 2020 2021
Slide 11: VLGC Fleet Profile
VLGC Fleet Profile Orderbook at 74 vessels (24%) 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 500 378 380 74 340 400 40 303 323 260
Slide 12: Performance
Performance 12 16 Nov 2021 Q3 2021 Results Aspire Towards a Better World
Slide 13: Commercial – Q3 2021 Performance
Commercial – Q3 2021 Performance Achieved 98% commercial utilisation; generated TCE revenue of USD 30,100 per available day TCE by calendar days TCE by available days $27,800/ day1 $30,100/ day2 57% Spot $28,0003 (excl. waiting time) $27,1002 (incl. waiting time) 92% Available days 41% Time Charter
Slide 14: Commercial – Time Charter Portfolio Overview
Commercial – Time Charter Portfolio Overview Time charter-out coverage for 2022 at 16% with an average rate of USD 33,100 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 40% 41% 37% 33% 33% 16% 23% 17% 17% 17% 16% 16% 16% 16% 16% 14% 16% 13% 12% 12% $39 $46 $49 $40 $27 $19
Slide 15: Technical – Q3 2021 Performance
Technical – Q3 2021 Performance An eye on the future with next-generation VLGCs SMARTships Aiming for fully vaccinated crewing ▪ Hydrogen, batteries, rotor sails and ammonia are some technologies ▪ 20 vessels connected to More than 90% of crew onboard are fully or partially that are being reviewed a
Slide 16: Financial – Income Statement
Financial – Income Statement Income statement (Figures in USD thousands) Q3 2021 Q3 2020 YTD 2021 YTD 2020 Net revenue from spot voyages 55,650 64,653 215,014 321,151 Net revenue from time charter voyages 49,130 36,797 133,854 91,716 TCE income 104,780 101,450 348,868 412,867 Net loss from commodity
Slide 17: Financial – Balance Sheet and Cash Flows
Financial – Balance Sheet and Cash Flows 30 September 31 December Balance sheet (Figures in USD thousands) 2021 2020 Vessels and dry docking 1,838,990 1,754,338 Other non–current assets 132,800 287,589 Total current assets 381,797 374,704 Total assets 2,353,587 2,416,631 Total shareholders’ equity 1
Slide 18: Financial – Highlights
Financial – Highlights Liquidity at USD 383 million with net leverage ratio down to its lowest level in seven years at 36% Net profit after tax EBITDA 400 326 500 300 274 256 244 400 200 300 USD millions 126 124 USD millions 100 200 430 399 414 24 (72) 340 (45) 0 210 233 100 136 126 104 (100) 2013 2
Slide 19: 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 $103m $290m ECA 2028 - o/s $208m Revolving credit facility (RCF) - o/s $0m 191 200 $28
Slide 20: Q&A
Q&A CEO Anders Onarheim CFO Elaine Ong EVP (Commercial) Niels Rigault EVP (Technical and Operations) Pontus Berg 20 16 Nov 2021 Q3 2021 Results Aspire Towards a Better World
Slide 21: 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 21 16 Nov 2021 Q3 2021 Results Aspire Towards a Better World
Slide 22: Appendix
Appendix 22 16 Nov 2021 Q3 2021 Results Aspire Towards a Better World
Slide 23: VLGC Charter Portfolio 2021 – 2022
VLGC Charter Portfolio 2021 – 2022 Our contract coverage stands at 37% for 2021 (as of 30 September 2021) Q1 2021 Q2 2021 Q3 2021 Q4 2021E 2021E 2022E Owned days 2,930 3,291 3,164 3,128 12,513 12,410 Time charter in days 540 546 609 644 2,339 2,316 Total calendar days 3,470 3,837 3,773 3,772 14,852
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) 1.38 1.40 1.18 1.20 1.06 1.00 0.99 1.00 0.89 0.88 0.87 0.87 0.80 0.72 0.71 0.70 0.60 LTIF 12 Month Rolling Average (MRA) 0.40 0.17
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 3 2 36 32 34 34 34 34 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 Cha
Slide 26: Fleet List
Fleet List Modern fleet of 42 vessels built at leading shipyards (as of 30 September 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 Carina 2015 Hyundai H.I. BW Yushi 2020 Mitsubishi H.I. Ti