Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Investor Presentation (March 2025)
30 slides from Bw Lpg's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
Investor Presentation March 2025 March 2025 ● Investor 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: 1. Company Overview
1. Company Overview ‘y BWLPG I | Cie
Slide 4: BW LPG | A world leader in the LPG shipping and commodity market
BW LPG | A world leader in the LPG shipping and commodity market Our focus on profitability has provided shareholders with good returns Combining growth with a disciplined Since IPO, we have paid out 74% of our earnings as dividends approach to generating shareholder returns Historical accumulated e
Slide 5: BW Group: Energy, Maritime Transportation & Infrastructure
BW Group Heritage in energy and maritime logistics and infrastructure 458 # of operated vessels across Energy, Maritime Transportation & Infrastructure all segments Sustainable energy & technologies Solar / $9.7bn Gas Wind / Battery Market value of public investments1 Water / Upstream Bioenergy $1.4
Slide 6: Largest owner and operator of VLGCs
Largest owner and operator of VLGCs Highest number of dual fuel and scrubber fitted vessels positioning BW LPG for premium earnings # of owned VLGCs on water1 # of owned scrubber/dual-fuel VLGCs on water Public Private Dual-fuel Scrubber +65% +81% +87% +115% 38 28 BW LPG ~US$ 5,000/day dual-fuel cos
Slide 7: Strategy developed to diversify portfolio in a volatile freight market
Strategy developed to diversify portfolio in a volatile freight market Investing in three distinct and inter-collaborating business units across the LPG value chain Expanding the platform for growth when attractive opportunities arise Product Services Shipping Infrastructure / Terminal Our trading a
Slide 8: Strategy developed to diversify portfolio in a volatile freight market
Strategy developed to diversify portfolio in a volatile freight market Investing in three distinct and inter-collaborating business units across the LPG value chain Expanding the platform for growth when attractive opportunities arise Product Services Shipping Infrastructure / Terminal Our trading a
Slide 9: Product Services portfolio management
Product Services portfolio management PS aim to have a balanced portfolio, using paper derivatives extensively to manage risk Trading portfolio business model Europe Houston Flushing Physica Short cargo positions l Asia Sh ipp Middle Short cargo positions Cargo ing US Gulf Houston Chiba East Product
Slide 10: Key milestones in 2024
Key milestones in 2024 Linking us closer to the U.S. markets April May August December U.S. dual listing Multi-year contract with Successfully completed the delivery of 12 VLGCs from Dual listed on NYSE Enterprise Product Partners Avance Gas, increasing our owned fleet by ~44% while only Ticker: “BW
Slide 11: 2. LPG Market and Outlook
2. LPG Market and Outlook Ye, BW LPG pa I | Cie
Slide 12: LPG explained
LPG explained LPG’s role in the energy transition What is LPG Clean Efficient Versatile LPG = propane and butane One of the cleanest conventional Competitively priced Residential and commercial fuels available sector accounts for ~45% of the by-product of Easily and cost effectively stored global de
Slide 13: Main VLGC trade routes
Main VLGC trade routes ~80% of U.S. VLGC LPG exports end up in the Far East Europe Houston Flushing BLPG 2 US Gulf Middle East Asia Houston Chiba Ras Tanura Chiba BLPG 3 Panama Canal BLPG 3 BLPG 1 Baltic LPG Index 13
Slide 14: Shipping income model
Shipping income model Strategy developed to diversify portfolio in a volatile freight market, however shipping remains as the core business US – Far East (BLPG3) spot rates BW LPG - TCE Income Chartering strategy TCE US$‘000/day (US$/ available day) 80 $61 500/day Covered by TC out Spot exposure at
Slide 15: Key drivers for VLGC shipping demand
Key drivers for VLGC shipping demand North America LPG exports Middle East LPG exports Panama Canal transits Million tons (VLGC only) Million tons (VLGC only) Transits per day (New locks) 67 12 64 62 10 10 57 46 10 9.1 9.2 9.1 9.2 9.2 9.3 52 8.7 8.2 8.4 44 8 7.4 7.6 8 7.2 6.9 2.5 42 6.0 2.1 2.3 2.4
Slide 16: Substantial LPG export expansion coming on stream
Substantial LPG export expansion coming on stream US terminal expansion plans are driving the increase in LPG export capacity, coincides with VLGC newbuilding deliveries in 2026-2028 New LPG export capacity projects in North America and Middle East Million tons per year ~+45%1 11.8 165 2.0 3.9 18 8.
Slide 17: Strong and sustained demand growth in Asia
Strong and sustained demand growth in Asia Asian demand absorbs increase in exports from the US and the Middle East, with continued growth expected in the coming years China LPG imports India LPG imports South-East Asia LPG imports Million tons Million tons Million tons 47 44 22 23 22 40 21 18 16.7
Slide 18: VLGC fleet and newbuildings
VLGC fleet and newbuildings Modest fleet growth over the next 18 months Quarterly delivery schedule # of VLGCs 2 Fleet growth next 18 months represent ~5% of current fleet 1 3 2 14 13 11 1 9 2 8 8 1 1 7 4 4 4 4 3 3 1 3 3 3 2 1 1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3
Slide 19: A strong leadership team
A strong leadership team Executive Management Team has deep experience in shipping and maritime solutions Kristian Sørensen Samantha Xu Knut-Helge Knutsen Prodyut Banerjee Iver Baatvik Leona Leo CEO and Head of CFO VP & Head of Technical VP & Head of Operations Managing Director, VP & Head of Human
Slide 20: 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 20
Slide 21: 3. Appendix
3. Appendix EOI
Slide 22: VLGCs and LGCs operated by BW LPG (13 February 2025)
52 VLGCs and 2 LGCs operated by BW LPG (13 February 2025) 30 Name BW LPG 100% ownership Year Shipyard Name 8 BW LPG Time charter/bareboat in Year Shipyard Name 7 BW LPG India 52% ownership Year Shipyard Name 9 Year Operated Shipyard Beneficiary 3 BW Avior 2023 DSME BW Capella 2022 DSME BW Pine 2011
Slide 23: Key financial highlights Q4 2024
Key financial highlights Q4 2024 Commercial Performance Key highlights $37,900 96% Solid Q4 performance for shipping with TCE income – Shipping Q4 2024 at US$37,900 per available day. TCE income – Shipping Fleet utilization Product Services achieved a gross profit of US$15 million for Q4 2024 (Q4 20
Slide 24: Key financial metrics
Key financial metrics Strong earnings and ability to generate returns through the cycle TCE income - Shipping Operating Profit NPAT ($M) ($M) ($M) $798 $524 $493 $434 $608 $395 $551 $568 $466 $282 $271 $244 $239 $223 $186 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Div
Slide 25: Shipping – Performance
Shipping – Performance Achieved 96% fleet utilisation generating TCE income - Shipping of $37,900 per available day 2024 Q4 performance Guidance Q1 2025 TCE income by calendar days TCE income by available days $36,700/ day1 $37,900/ day2 ▪ Fixed ~91% of our available fleet days at an average rate of
Slide 26: Product Services – Performance
Product Services – Performance Strong realisation of profits offset partially by net change in valuation of open cargo positions 2024 Q4 Performance Book Equity ($m) $58.9 $130M $3M Net asset value End of Q4 Net Profit $15M $14M $27.4 $13.6 Gross Profit1 Unrealised physical shipping3 Q4 Net profit:
Slide 27: Financing structure and repayment profile
Financing structure and repayment profile Ample liquidity of $603M with long-dated repayment profile Total Available Liquidity Repayment profile2 US$ million As of 31 Dec 2024 $796M Trade Finance Facilities - o/s $74M Undrawn amount under revolving credit facility 371 $198M BW LPG India Term Loan -
Slide 28: Balance sheet
Balance sheet Selected key financial information Balance sheet ($ million) 31 December 2024 31 December 2023 Cash & cash equivalents 280 288 Vessels and drydocking 2 382 1 457 Righ-of-use vessels 116 152 Other 542 623 Total assets 3 320 2 520 Total liabilities 1 383 934 Total shareholders' equity 1
Slide 29: Income statement
Income statement Selected key financial information Comprehensive income statement ($ million) Q4 2024 Q4 2023 FY 2024 FY 2023 Profit after tax 39.7 161.8 394.9 493.0 Profit attributable to equity holders of the Company 30.9 151.4 354.3 470.0 TCE income - Shipping 127.6 234.7 608.2 797.5 Gross profi
Slide 30: Cash flow statement
Cash flow statement Selected key financial information Cash flow ($ million) Q4 2024 Q4 2023 FY 2024 FY 2023 Operating cash flow 239 166 749 513 Capital expenditure -518 -38 -538 51 Free cash flow1 -279 128 212 563 Source: BW LPG Q4 2024 financial report 1: Free cash flow is computed based on Operat