Slide 1: Earnings Presentation Q1 2022
Earnings Presentation Q1 2022 19 May 2022 ● BW LPG Earnings Presentation ● Q1 2022
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: Highlights and Market Outlook
Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $40,400 96% $58M $0.41 TCE per available day Commercial utilisation Net profit after tax Earnings per share $0.31 $42M Dividend per share Total $36,900 9% $651M 25% TCE per calendar day Technical offhir
Slide 5: Key Financials
Key Financials Q1 2022 Q1 2021 VLGC Daily TCE1 $36,900 $43,300 VLGC Daily OPEX $8,200 $7,800 TCE income (in US$ million) $131 $150 EBITDA (in US$ million) $93 $113 Profit after tax (in US$ million) $58 $71 EPS2 $0.41 $0.51 Operating cash flow (in US$ million) $164 $156 Free cash flow3 (in US$ millio
Slide 6: Market
02 Market 6
Slide 7: VLGC Market Outlook
VLGC Market Outlook We remain positive about 2022 and now hold a more optimistic view of 2023 LPG Supply LPG Demand Fleet Capacity Freight Rates Short term (2022) Panama Canal: ▪ In Q1, average round voyage US: Production remains steady, Retail: Lock down in China may waiting days were 12 days. We a
Slide 8: 2022 Q1 Seaborne LPG Trade Overview
2022 Q1 Seaborne LPG Trade Overview Strong recovery in the Middle East and continued growth in the US Q1 seaborne LPG exports by country/region Q1 seaborne LPG imports by country/region 14 6 12.2 12.6 5.3 5.4 12 5 4.4 9.7 4.1 10 Million tons (MT) Million tons (MT) 8.6 4 8 3.0 2.7 2.8 3 2.7 2.5 6 2.4
Slide 9: US LPG Net Exports
US LPG Net Exports EIA expects 2023 US LPG exports to grow significantly in their latest report US LPG snapshot 120 US Production US Domestic Consumption Net Exports 100 Million tons (MT) 80 59 49 51 37 46 60 30 18 23 27 105 99 90 93 87 40 78 66 68 71 46 45 43 47 47 44 46 46 45 20 0 2015 2016 2017 2
Slide 10: Global VLGC Fleet Profile
Global VLGC Fleet Profile Orderbook at 65 vessels (~20%) through to 2024 Global VLGC fleet profile — average age of 10.5 years BW LPG VLGC market share2 of ~12% Delivered VLGCs Recycled VLGCs VLGCs on orderbook 50 500 Other VLGC NB Recycling candidates VLGC count at year end 378 381 65 339 400 40 30
Slide 11: Performance
03 Performance 11
Slide 12: Commercial – Q1 2022 Performance
Commercial – Q1 2022 Performance Achieved 96% commercial utilisation; generated TCE revenue of USD 40,400 per available day TCE by calendar days TCE by available days $36,900/ day1 $40,400/ day2 62% Spot $46,6003 (excl. waiting time) $43,9002 (incl. waiting time) 91% Available days 34% Time Charter
Slide 13: Commercial – Time Charter Portfolio Overview
Commercial – Time Charter Portfolio Overview Time charter-out coverage for 2022 at 28% with an average rate of USD 34,000 per day Time charter-out Time charter-in Yearly 34% Quarterly 28% Quarterly 19% 19% Yearly 17% 17% 28% 24% 24% 14% 21% 13% 12% 16% 18% 12% 12% 12% 14% 11% $38 $32 $27 $27 $23 $19
Slide 14: Operations – Exploring New Technology with Experience
Operations – Exploring New Technology with Experience Maintaining and Upgrading the World’s Largest Fleet of Very Large Gas Carriers Managing Vessels • Customer Service: Providing best-in-class, always- available operational and technical support from offices in Singapore, Oslo, Houston, Chennai and
Slide 15: Financial – Q1 2022
Financial – Q1 2022 Highest available liquidity to-date at USD 651 million with record low net leverage ratio to-date of 25% Net profit after tax EBITDA 400 326 500 300 274 256 244 400 186 200 300 USD millions 126 USD millions 100 58 200 430 399 414 24 340 312 (45) (72) 0 100 210 136 126 104 93 (100
Slide 16: 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 $168m $290m ECA 2028 - o/s $199m 200 Revolving credit facilities (RCF) - o/s $0m $221m
Slide 17: Q&A
04 Q&A 17
Slide 18: Q&A
Q&A CEO Anders Onarheim CFO Elaine Ong EVP (Commercial) Niels Rigault EVP (Technical and Operations) Pontus Berg
Slide 19: 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 19
Slide 20: Appendices
05 Appendices 20
Slide 21: VLGC Charter Portfolio 2022-2023
VLGC Charter Portfolio 2022-2023 Overall contract coverage stands at 28% for 2022 (as of 31 March 2022) Q1 2022 Q2 2022E Q3 2022E Q4 2022E 2022E 2023E Owned days 2,918 2,821 2,852 2,852 11,443 11,315 Time charter in days 630 637 592 460 2,319 1,496 Total calendar days 3,548 3,458 3,444 3,312 13,762
Slide 22: BW LPG India Charter Portfolio 2022-2023
BW LPG India Charter Portfolio 2022-2023 Contract coverage stands at 78% for 2022 (as of 31 March 2022) Q1 2022 Q2 2022E Q3 2022E Q4 2022E 2022E 2023E Owned days 630 683 736 736 2,785 2,920 Time charter in days – – – – – – Total calendar days 630 683 736 736 2,785 2,920 Offhire1 52 20 20 20 112 75 T
Slide 23: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus, especially during challenging times 1.60 TRCF 12 Month Rolling Average (MRA) 1.42 1.38 1.40 1.31 1.32 1.26 1.18 1.20 1.06 1.00 0.87 0.85 0.80 0.72 0.71 0.70 0.60 LTIF 12 Month Rolling Average (MRA) 0.40 0.29 0.29 0.29 0.28 0.
Slide 24: BW LPG Fleet Development
BW LPG Fleet Development Timeline based on current contracts 1 1 1 3 5 1 1 1 1 1 2 1 2 1 2 32 33 30 30 30 30 10 8 6 5 3 3 Dec 2020 Q1 Q2 Q3 Q4 Dec 2021 Q1 Q2 Q3 Q4 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 2021 2021 2021 2021 2022 2022 2022 2022 Chartered-in fleet Owned fleet Charter expiry
Slide 25: BW LPG Fleet List
BW LPG Fleet List Modern fleet of 39 vessels built at leading shipyards (as of 31 March 2022) Owned VLGCs (100% Ownership) Chartered / Bareboat VLGCs Name Year Shipyard Name Year Shipyard Name Year Shipyard Charter type 1 BW Mindoro 2017 DSME BW Austria 2009 DSME BW Yushi 2020 Mitsubishi H.I. Time c