Slide 1: Earnings Presentation Q2 2022
Earnings Presentation Q2 2022 29 August 2022 ● BW LPG Earnings Presentation ● Q2 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: LPG's Contribution To The Energy Solution
LPG’s Contribution To The Energy Solution Increasing relevance of LPG in the global energy mix LPG is increasingly price competitive • Geopolitical instability in Europe and global energy crisis highlight the need for a versatile energy supply • Incremental demand from Europe is likely to support US
Slide 5: Expanding Product Services to Enhance Our Core Shipping Business
Expanding Product Services to Enhance Our Core Shipping Business BW LPG acquires LPG Trading Operations of Vilma Oil Widen our service offerings to customers Shift focus from US-centric to global coverage Global coverage Supported by teams in Europe and Asia Enhance our core shipping business Increa
Slide 6: 2022 Q2 Highlights and Market Outlook
2022 Q2 Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $36,800 98% $39M $0.26 $0.20 $27M TCE per available day Commercial utilisation Net profit after tax Earnings per share Dividend per share Total $35,400 4% $360M 25% $0.51 $69M TCE per calendar d
Slide 7: Key Financials
Key Financials Q2 2022 Q2 2021 H1 2022 H1 2021 VLGC Daily TCE1 $35,400 $24,500 $36,100 $33,400 VLGC Daily OPEX2 $8,800 $8,100 $8,500 $8,000 TCE income (in US$ million) $122 $94 $253 $244 EBITDA (in US$ million) $83 $55 $176 $167 Profit after tax (in US$ million) $39 $23 $97 $94 EPS3 $0.26 $0.16 $0.6
Slide 8: Market
02 Market 8
Slide 9: VLGC Market Outlook
VLGC Market Outlook We remain positive about 2022 and maintain our more optimistic view of 2023 LPG Supply LPG Demand Fleet Capacity Freight Rates Short term (2022) Retail: We expect strong winter Despite recent declines in freight US: Record high exports of 4.7 MT Panama Canal: heating demand as LP
Slide 10: 2022 Q2 Seaborne LPG Trade Overview
2022 Q2 Seaborne LPG Trade Overview Significant recovery in the Middle East, continued growth in the US and increased US exports to Europe Q2 seaborne LPG exports by country/region Q2 seaborne LPG imports by country/region 16 7 14.4 6.3 6.3 13.7 14 6 12 5 Million tons (MT) Million tons (MT) 10.2 4.4
Slide 11: US LPG Net Exports
US LPG Net Exports EIA continues to expect a strong growth in 2023 US exports US LPG snapshot 120 US Production US Domestic Consumption Net Exports 100 Million tons (MT) 80 54 59 49 37 46 60 30 18 23 27 101 105 90 93 87 40 78 66 68 71 46 45 43 47 47 44 46 46 45 20 0 2015 2016 2017 2018 2019 2020 202
Slide 12: Global VLGC Fleet Profile
Global VLGC Fleet Profile Orderbook at 65 vessels (~20%) through to 2025 Global VLGC fleet profile — average age of 10.8 years BW LPG VLGC market share2 of ~12% Delivered VLGCs Recycled VLGCs VLGCs on orderbook Other VLGC NB 50 Recycling candidates VLGC count at year end 500 65 377 381 375 40 339 40
Slide 13: Performance
03 Performance 13
Slide 14: Commercial – Q2 2022 Performance
Commercial – Q2 2022 Performance Achieved 98% commercial utilisation; generated TCE revenue of USD 36,800 per available day TCE by calendar days TCE by available days $35,400/ day1 $36,800/ day2 67% Spot $39,0003 (excl. waiting time) $37,9002 (incl. waiting time) 96% Available days Time Charter 31%
Slide 15: Commercial – Time Charter Portfolio Overview
Commercial – Time Charter Portfolio Overview Time charter-out coverage for 2022 at 28% at an average rate of USD 34,200 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 34% 28% 31% 21% 22% 20% 20% 26% 19% 19% 19% 16% 21% 21% 16% 15% 17% 14% 12% 12% $38 $36 $31 $25 $24 $19 $
Slide 16: Operations – Capturing Value
Operations – Capturing Value Optimising our voyages, and scaling up our intake of LPG as fuel to maximise earnings Voyage Management • 50 load and 120 discharge port calls targeting ‘just in time’ arrivals to save bunkers and reduce emissions • 27 Neo Panama Canal transits planned to minimise waitin
Slide 17: Financial – Q2 2022
Financial – Q2 2022 Ample liquidity at USD 360 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 97 100 200 430 399 414 24 340 312 (45) (72) 0 100 210 176 136 126 104 (100) 0 2013 2014 2015
Slide 18: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile No major balloon payments due in the next five years Financing structure1 350 Repayment profile1 $280m Trade Finance Facilities - o/s $61m 300 $198m Term Loan - o/s $162m Revolving credit facilities (RCF) - o/s $50m 250 $221m ECA 2029 - o/s $74m
Slide 19: Q&A
04 Q&A 19
Slide 20: Q&A
Q&A CEO Anders Onarheim CFO Elaine Ong EVP (Commercial) Niels Rigault EVP (Technical and Operations) Pontus Berg
Slide 21: 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 21
Slide 22: Appendices
05 Appendices 22
Slide 23: VLGC Charter Portfolio 2022-2023
VLGC Charter Portfolio 2022-2023 Overall contract coverage stands at 28% for 2022 (as of 30 June 2022) Q1 2022 Q2 2022 Q3 2022E Q4 2022E 2022E 2023E Owned days 2,918 2,813 2,760 2,760 11,251 10,950 Time charter in days 630 640 736 736 2,742 2,127 Total calendar days 3,548 3,453 3,496 3,496 13,993 13
Slide 24: BW LPG India Charter Portfolio 2022-2023
BW LPG India Charter Portfolio 2022-2023 Contract coverage stands at 79% for 2022 (as of 30 June 2022) Q1 2022 Q2 2022 Q3 2022E Q4 2022E 2022E 2023E Owned days 630 637 736 736 2,739 2,920 Time charter in days – – – – – – Total calendar days 630 637 736 736 2,739 2,920 Offhire1 52 10 20 99 181 36 Tot
Slide 25: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus, especially during challenging times TRCF 12 Month Rolling Average (MRA) 1.60 1.42 1.40 1.31 1.32 1.26 1.18 1.20 1.06 1.04 1.05 1.06 1.00 0.85 0.80 0.71 0.70 LTIF 12 Month Rolling Average (MRA) 0.60 0.40 0.29 0.29 0.29 0.28 0.
Slide 26: BW LPG Fleet Development
BW LPG Fleet Development Timeline based on current contracts 1 1 1 3 5 1 1 1 1 1 1 2 1 4 2 32 33 30 30 30 30 10 9 8 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 27: BW LPG Fleet List
BW LPG Fleet List Modern fleet of 39 vessels built at leading shipyards (as of 30 June 2022) Name Year Shipyard Name Year Shipyard Name Year Shipyard Charter type 1 2017 DSME BW Austria 2009 DSME BW Yushi 2020 Mitsubishi H.I. Time charter BW Mindoro 1 BW Malacca 2016 DSME BW Thor 2008 Hyundai H.I. B