Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q3 2024 Earnings Presentation
23 slides from Bw Lpg's earnings presentation, Dec 2, 2024
Slide 1: Earnings Presentation Q3 2024
Earnings Presentation Q3 2024 2 December 2024 ● BW LPG Earnings Presentation
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION
Slide 3: Agenda
Agenda 01 Highlights 02 Market 03 Performance 04 Q&A
Slide 4: 2024 Q3 Highlights and Market Outlook
2024 Q3 Highlights and Market Outlook Highlights and Subsequent Events • Another good quarter for shipping with TCE income – Shipping Q3 2024 concluded at US$46,800 per available day and US$46,500 per calendar day (total). • Avance Gas vessels deliveries commenced 1 November and a total of nine ship
Slide 5: Market
Market 5 02
Slide 6: Spot Market Snapshot – Recovery and Growth
34 36 32 32 31 32 29 37 34 38 35 20 24 25 23 26 22 26 25 18 16 23 18 18 18 15 15 16 11 17 18 19 16 12 12 11 12 11 12 11 14 14 14 11 0 10 20 30 40 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec EHT ET: Nederland Targa: Galena Park P66: Freeport Corpus Christi Run rate target Spot
Slide 7: VLGC market driven by US supply growth
52 56 60 66 38 41 43 45 2023 2024F 2025F 2026F North America Middle East 0 2 4 6 8 10 12 1Q24 2Q24 3Q24 4Q24 Container VLGC LNG Bulk Other Capacity Energy Transfer: Nederland (8Mtpa) [Ethane / Propane flexible] Enterprise: Neches River (11Mtpa) [Ethane / Propane flexible] Enterprise: Hydrocarbons Te
Slide 8: Balanced against robust demand growth in Asia
33 37 41 44 2023 2024EE 2025EE 2026EE 20.4 21.6 22.3 23.2 2024E 2026E 2028E 2030E ....balanced against robust demand growth in Asia 8 Asia continues to grow, supporting demand for long haul shipping of LPG US dependent 50% of imports in Q3 originated from United States Demand potential from new PDH
Slide 9: VLGC Fleet and Newbuildings
13 6 10 11 13 3 3 1 1 3 2 3 4 4 4 1 1 1 1 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Existing Newbuild - Ammonia Newbuild - Non-ammonia 69% 16% 7% 9% 0-15 years 15-20 years 20-25 years 25 years + VLGC Fleet and Newbuildings 9 Modest fleet growth over the next 18 months Sou
Slide 10: Performance
Performance 10 03
Slide 11: Shipping – Performance
2024 % of total Fleet Revenue/ (Cost) in $M Average day rate TC out 20% $113 $44,500 TC in 20% ($82) $32,400 Net $31 Remaining TC out 12% $69 $44,500 Shipping – Performance 11 Achieved 98% fleet utilisation generating TCE income - Shipping of $46,800 per available day 2024 Q3 performance Q4 2024 ▪ F
Slide 12: Product Services – Performance
1Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ lease-in vessels 2Net profit does not include the effects of currency
Slide 13: Financial Highlights
$0.15 $1.91 $1.46 $0.09 $0.85 $0.84 $0.56 $1.28 $3.46 $2.00 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD 2024 Financial Highlights 13 Low leverage, strong liquidity, ready for growth opportunities Earnings Yield2 (annualised) 23% Dividend Yield3 (annualised) 14% ROE4 (annualised) 30% R
Slide 14: Financial – Financing Structure and Repayment Profile
US$ million As of 30 Sept 2024 Pro forma balance post AG transaction³ Undrawn amount under revolving credit facility 592 394 Cash1 158 158 Total available liquidity 750 552 $400M ECA (o/s $49M)⁴ $221M ECA (o/s $47M) $198M Term Loan (o/s $120M) $592M Revolving Credit Facilities (RCF)⁵ Undrawn RCF - $
Slide 15: Q&A
Q&A 15 04
Slide 16: Q&A
Q&A CEO Kristian Sørensen CFO Samantha Xu
Slide 17: Contact Us
Contact Us Investor Relations investor.relations@bwlpg.com Ticker (OSE) / Ticker (NYSE) BWLPG / BWLP LinkedIn linkedin.com/company/bwlpg Telephone +65 6705 5588 Website https://investor.bwlpg.com Address 10 Pasir Panjang Road Mapletree Business City #17 -02 Singapore 117438 17
Slide 18: Appendices
Appendices 18 05
Slide 19: Fleet list
1. Vessels with scrubbers installed 2. LGC (Large Gas Carrier) 3. Bareboat charter 4. BW Kizoku to be delivered into the owned fleet in Q1 2025 50 VLGCs and 2 LGCs Operated by BW LPG as of 10 December BW LPG 26 100% ownership BW LPG 9 Time charter/bareboat in BW LPG India 52% ownership 8 9 Operated
Slide 20: VLGC Charter Portfolio Overview
2024 Time charter % of total Revenue/ Average Fleet (Cost) in $M day rate TC out 20% $113 $44,500 TC in 20% ($82) $32,400 Net - $31 Remaining TC out 12% $69 $44,500 1. % of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days VLGC Charter Portfolio
Slide 21: Fleet Safety Statistics
0.16 0.32 0.16 0.16 0.17 0.53 0.53 0.53 0.53 0.53 0.7 0.7 0.00 0.16 0.16 0.16 0.17 0.53 0.53 0.53 0.53 0.53 0.7 0.7 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Fleet Safety Statistics 21 Safety and Zero Harm onboard remain our key focus Total Recordable
Slide 22: Shipping Segment Charter Portfolio 2024-2025
Q1 2024 Q2 2024 Q3 2024 Q4 2024E 2024E 2025E Owned days 2,517 2,457 2,484 2,787 10,245 14,266 Time charter in days 621 637 644 639 2,541 2,123 Total calendar days 3,138 3,094 3,128 3,426 12,786 16,389 Offhire1 104 10 20 41 175 390 Total available days (Net of offhire) 3,034 3,084 3,108 3,385 12,611
Slide 23: BW LPG India Charter Portfolio 2024-2025
BW LPG India Charter Portfolio 2024-2025 23 Time Charter Out contract coverage stands at 83% for 2024 (as of 12 November 2024) 1. Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings Q1 2024 Q2 2024 Q3 20