Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Investor Presentation (June 2025)
33 slides from Bw Lpg's investor presentation, June 2025
Slide 1: Investor Presentation
Investor Presentation BW LPG Kristian Sørensen and Samantha Xu June 2025
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: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
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 75% of our earnings as dividends approach to generating shareholder returns Historical accumulated e
Slide 5: 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 $9.7bn Gas Solar / 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: BW LPG has capitalized on market growth, asset plays and by strengthening its position
BW LPG has capitalized on market growth, asset plays and by strengthening its position across the LPG value chain Expanding our presence across the LPG value chain with shipping remaining our core business Strategic decision to cease the investment in the onshore LPG import terminal at JNPT in India
Slide 8: 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 US Gulf Middle Short cargo positions Cargo ing Houston Chiba Product East
Slide 9: Top 20 shareholders
Top 20 shareholders As of 11 June 2025 Rank Owner Position as of 11/06/2025 % of S/O 1 BW Group Limited 48 407 126 31.99% 2 John Fredriksen 14 757 491 9.75% 3 Folketrygdfondet 7 390 811 4.88% ~50% 4 Alfred Berg Kapitalforvaltning 3 452 550 2.28% of total shares issued 5 Vanguard 3 401 426 2.25% owne
Slide 10: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 11: 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 12: 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 12
Slide 13: Short term tariff implications and development of the LPG freight market
Short term tariff implications and development of the LPG freight market First week Solid fundamentals VLGC spot rates came under severe pressure when Shipping demand recovered on the back of resilient US-FarEast LPG trade halted LPG exports and solid fundamentals Market talks about Asia Far East pr
Slide 14: Changed LPG trade patterns (pre-90-days tariff relief announcement)
Changed LPG trade patterns (pre-90-days tariff relief announcement) The market quickly responded to a new dynamic China sourcing from others India switching emerging Asian importers are re-shuffling their LPG sources Potential driver for longer sailing distances Conventional trade Emerging trade Far
Slide 15: Robust supply fundamentals despite trade-war and geopolitical turmoil
Robust supply fundamentals despite trade-war and geopolitical turmoil US and the ME are increasing production and expanding export infrastructure, however sensitive to crude oil price US propane production N. American terminal expansion plans N. America and Middle East LPG exports Mb/d Mtpa Million
Slide 16: VLGC fleet and newbuildings
VLGC fleet and newbuildings Modest fleet growth for 2025 and 2026 Quarterly delivery schedule VLGC fleet profile and newbuilding market # of VLGCs 9% 50 1 Chinese-built ships on 6% water in the global 1 2 2 16% 406 VLGC fleet total VLGC 1 1 0-15 years fleet1 69% 26 16 15-20 years Newbuilding orders
Slide 17: Contact us
Contact us Investor Relations investor.relations@bwlpg.com Ticker Oslo Stock Exchange “BWLPG” New York Stock Exchange “BWLP” LinkedIn linkedin.com/company/bwlpg Website https://investor.bwlpg.com Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438
Slide 18: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 19: Q1 2025 highlights
Q1 2025 highlights Q1 performance Commercial performance Financial performance Return to shareholders • TCE income – Shipping Q1 2025 was US$39,800 per available day and US$38,800 per calendar day, well supported by our time charter coverage of 41% of available days at $40,700/day $39,800 $67M 14% •
Slide 20: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q1 2025 Financial ratios Q1 2025 US$ million 1.EPS (earnings per share) is computed based on the weighted average Income statement number of shares outstanding less treasury shares during the period Pr
Slide 21: Shipping – Performance
Shipping – Performance Achieved 96% generating TCE income – Shipping of $39,800 per available day 2025 Q1 performance Guidance TCE income by calendar days TCE income by available days Q2 2025 $38,800/ day1 $39,800/ day2 • Fixed ~79% of our available fleet days at an average rate of ~$35,000 per day4
Slide 22: Product Services - Performance
Product Services - Performance Strong realisation of profits offset by net change in valuation of open cargo positions Q1 2025 performance Book equity US$ 130 $53M $12.5M Net asset value end of Net loss Q1 33 -$4M $8M Unrealised physical Gross loss1 shipping3 65 -65 15 +8 $5M 10% BW LPG VLGC cargoes
Slide 23: Financial – Financing structure and repayment profile
Financial – Financing structure and repayment profile Ample liquidity of $633M with long-dated repayment profile US$ million Repayment profile2 As of 31 March 2025 Total Available Cash1 Undrawn RCF3 $796M Trade Finance Facilities - o/s $40M 512 Liquidity 500 $198M BW LPG India Term Loan - o/s $94M R
Slide 24: Strong earnings through the cycle, but cycle is softening
Strong earnings through the cycle, but cycle is softening Key financial highlights 1400 1000 1000 1200 TCE income - Shipping 800 Operating Profit 800 NPAT 1000 ($M) ($M) ($M) $798 600 600 $524 800 $493 $608 $434 600 $568 $395 $466 400 400 $271 400 $223 $239 200 200 $186 $159 $79 200 $67 0 0 0 2021 2
Slide 25: Balance sheet
Balance sheet Selected key financial information Balance sheet ($ million) 31 March 2025 31 December 2024 Cash & cash equivalents 280 280 Vessels and drydocking 2 419 2 382 Righ-of-use vessels 182 116 Other 473 542 Total assets 3 354 3 320 Total liabilities 1 439 1 383 Total shareholders' equity 1 9
Slide 26: Income statement
Income statement Selected key financial information Comprehensive income statement ($ million) Q1 2025 Q1 2024 Profit after tax 66.6 149.8 Profit attributable to equity holders of the Company 46.1 141.9 TCE income - Shipping 158.7 186.5 Gross profit - Product Services1 (3.6) 33.2 Per day figures ($)
Slide 27: Cash flow statement
Cash flow statement Selected key financial information Cash flow ($ million) Q1 2025 Q1 2024 Operating cash flow 166.2 405.6 Capital expenditure (11.2) 62.9 Free cash flow1 155.0 468.5 Source: BW LPG Q1 2025 financial report 1: Free cash flow is computed based on Operating cash flow less of Capital
Slide 28: Agenda
Agenda Company overview LPG market and outlook Key financials Appendix
Slide 29: VLGCs and LGCs operated by BW LPG
51 VLGCs and 2 LGCs operated by BW LPG As of 1 May 2025 30 BW LPG Name 100% ownership Year Shipyard 8 BW LPG Name Time charter/bareboat in Year Shipyard 7 BW LPG India Name 52% ownership Year Shipyard 8 Operated Name Year Shipyard Beneficiary BW Avior 2023 DSME BW Capella3 2022 DSME BW Pine 2011 Kaw
Slide 30: Shipping segment charter portfolio 2025-2026
Shipping segment charter portfolio 2025-2026 Fixed rate time charter out contract coverage stands at 28% for 2025 (as of 5 May 2025) Q1 2025A Q2 2025E Q3 2025E Q4 2025E 2025E 2026E Owned days 3,518 3,596 3,680 3,680 14,474 14,600 Time charter in days 576 499 460 393 1,928 51 Total calendar days 4,09
Slide 31: BW LPG India charter portfolio 2025-2026
BW LPG India charter portfolio 2025-2026 Time charter out contract coverage stands at 79% for 2025 (as of 5 May 2025) Q1 2025A Q2 2025E Q3 2025E Q4 2025E 2025E 2026E Owned days 674 637 793 828 2,932 3,285 Time charter in days - - - - - - Total calendar days 674 637 793 828 2,932 3,285 Offhire1 - 4 1
Slide 32: 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 33: BW LPG
BW LPG