Slide 1: Earnings Presentation Q4 2023
Earnings Presentation Q4 2023 29 February 2024 ● BW LPG Earnings Presentation ● Q4 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 Q4 Highlights and Market Outlook
2023 Q4 Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $76,000 97% $162M $1.14 $0.90 $118M 28% TCE income – Shipping Fleet utilisation Net profit after tax Earnings per share Dividend per share Total Annualised per available day Dividend Yield $75,0
Slide 5: Market
02 Market 5
Slide 6: Spot market experienced a seasonal correction, echoing previous years
Spot market experienced a seasonal correction, echoing previous years …spot rates declined in January due to the US cold snap, but are rebounding as we move towards warmer weather Spot rate Houston – Chiba 130 (TCE USD thousands / day) Panama Canal 120 transit increase Return of Panama transits 110
Slide 7: VLGC Near Term Market Outlook
VLGC Near Term Market Outlook Strong North American export growth and fleet inefficiencies outweigh newbuilding deliveries Near term VLGC spot rate outlook: Houston – Chiba Quarterly delivery schedule (Number of VLGCs) 160 (TCE USD thousands / day) 140 4 120 100 13 80 11 10 60 9 6 6 6 40 5 5 4 4 3 3
Slide 8: 2023 Q4 Seaborne LPG Trade Overview
2023 Q4 Seaborne LPG Trade Overview Strong Chinese demand supported by continued growth in North American exports Seaborne LPG exports by country/region (VLGC) Seaborne LPG imports by country/region (VLGC) 14 13.0 8 7.3 12 11.5 7 6.1 10.1 6 Million tons (MT) Million tons (MT) 10 9.0 5 8 4 3.8 4.0 6
Slide 9: Continued Growth Expected From North America in 2024
Continued Growth Expected From North America in 2024 With flat export growth expected from the Middle East North America LPG exports by VLGCs Middle East LPG exports by VLGCs 70 45 40 60 35 50 Million tons (MT) Million tons (MT) 30 40 25 30 20 15 20 10 10 5 0 0 2017 2018 2019 2020 2021 2022 2023 202
Slide 10: 46 VLGCs and 2 MGCs Operated by BW LPG
46 VLGCs and 2 MGCs Operated by BW LPG as of 27 February 2024 20 Name BW LPG 100% ownership Year Shipyard Name 7 BW LPG Time charter in Year Shipyard Name 8 BW LPG India 52% ownership Year Shipyard Name 13 Year Operated Shipyard Beneficiary 1 2 BW Messina 2017 DSME BW Yushi 2020 Mitsubishi H.I. BW P
Slide 11: Performance
03 Performance 11
Slide 12: Shipping – Performance
Shipping – Performance Achieved 97% fleet utilisation generating TCE income - Shipping of $76,000 per available day 2023 Q4 performance Guidance Q1 2024 TCE income by calendar days TCE income by available days $75,000/ day1 $76,000/ day2 ▪ Fixed ~83% of our available fleet days at an average rate of
Slide 13: Product Services – Performance
Product Services – Performance Strong Q4 trading performance resulting in a $32M gross profit and an $18M net profit 2023 Q4 Performance Book Equity $62M $32M Net asset value End of Q4 Gross Profit1 $18M $84M Net Profit2 Unrealised physical shipping3 Q4 Net profit: $18M $8M ~10% BW LPG VLGC cargoes
Slide 14: Financial Highlights
Financial Highlights Low leverage, strong liquidity, ready for growth opportunities Key Financials Q4 2023 (USD million) Financial Ratios Q4 2023 1. EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period Income Statement
Slide 15: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile Ample liquidity at $457M with a light debt position Total Available Liquidity Repayment profile2 USD millions 350 Undrawn amount under revolving credit facility 295 $660M Trade Finance Facilities - o/s $85M Cash1 162 Total available liquidity 457
Slide 16: Q&A
04 Q&A 16
Slide 17: Q&A
Q&A CEO and Interim Head of Commercial Kristian Sørensen CFO Samantha Xu
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 2024 at 23% at an average rate of $41,500 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 25% 19% 23% 21% 19% 19% 18% 29% 19% 19% 19% 16% 13% 18% 13% 13% 13% 13% 24% 15% $34 $31 $25 $23 $22 $23 $21 $18 $113 $84
Slide 21: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus. 0.35 0.32 0.30 0.25 TRCF 12 Month Rolling Average (MRA) 0.20 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.15 0.10 0.05 LTIF 12 Month Rolling Average (MRA) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Jan
Slide 22: Shipping Segment Charter Portfolio 2024-2025
Shipping Segment Charter Portfolio 2024-2025 Time Charter Out contract coverage stands at 23% for 2024 (as of 16 February 2024) Q1 2024E Q2 2024E Q3 2024E Q4 2024E 2024E 2025E Owned days 2,548 2,457 2,484 2,484 9,973 9,855 Time charter in days 621 637 579 455 2,292 1,460 Total calendar days 3,169 3,
Slide 23: BW LPG India Charter Portfolio 2024-2025
BW LPG India Charter Portfolio 2024-2025 Time Charter Out contract coverage stands at 47% for 2024 (as of 16 February 2024) Q1 2024E Q2 2024E Q3 2024E Q4 2024E 2024E 2025E Owned days 728 728 736 736 2,928 2,920 Time charter in days - - - - - - Total calendar days 728 728 736 736 2,928 2,920 Offhire1