Slide 1: Earnings Presentation Q1 2024
Earnings Presentation Q1 2024 30 May 2024 ● BW LPG Earnings Presentation
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: 2024 Q1 Highlights and Market Outlook
2024 Q1 Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $61,500 95% $150M $1.07 $1.00 37% TCE income – Shipping Fleet utilisation Net profit after tax Earnings per share Dividend per share ROE (annualised) per available day $59,400 3% $661M 7% 22% 93
Slide 5: Market
02 Market 5
Slide 6: Growth Story Continues
Growth Story Continues Growth Expected in LPG Exports and Imports North American LPG exports Middle East LPG exports China LPG Imports 70 VLGC only VLGC only 62 45 42 57 39 40 45 41 60 53 40 37 40 36 34 33 50 46 35 30 31 35 33 44 39 30 30 27 Million tons Million tons 40 34 25 Million tons 25 25 21 2
Slide 7: VLGC Fleet and Newbuildings
VLGC Fleet and Newbuildings Sharply abating number of newbuildings in 2H 2024 and 2025 giving good visibility Quarterly delivery schedule 14 12 VLGC fleet Deliveries slowing down 10 394 vessels on water # of VLGCs 8 Modest fleet growth next 18 13 13 15% of VLGC fleet older than months 6 10 11 20 yea
Slide 8: VLGC Near Term Market Outlook
VLGC Near Term Market Outlook Spot earnings have recovered from the seasonally characteristic rate drop Near term VLGC spot rate outlook: Houston – Chiba US – Far East arbitrage 140 450 400 120 350 USD thousands / day 100 300 USD / ton 80 250 60 200 150 40 100 20 50 0 0 Jan Feb Mar Apr May Jun Jul A
Slide 9: Performance
03 Performance 9
Slide 10: Shipping – Performance
Shipping – Performance Achieved 95% fleet utilisation generating TCE income - Shipping of $61,500 per available day 2024 Q1 performance Guidance Q2 2024 TCE income by calendar days TCE income by available days $59,400/ day1 $61,500/ day2 ▪ Fixed ~84% of our available fleet days at an average rate of
Slide 11: Product Services – Performance
Product Services – Performance Strong Q1 trading performance resulting in a $33M gross profit and a $21M net profit 2024 Q1 Performance Book Equity $82M $33M Net asset value End of Q1 Gross Profit1 $21M $31M Net Profit2 Unrealised physical shipping3 Q1 Net profit: $21M $5M ~10% BW LPG VLGC cargoes A
Slide 12: Financial Highlights
Financial Highlights Low leverage, strong liquidity, ready for growth opportunities Key Financials Q1 2024 (USD million) Financial Ratios Q1 2024 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 13: Financial – Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile Ample liquidity at $661M with a light debt position Total Available Liquidity Repayment profile2 USD millions 350 Undrawn amount under revolving credit facility 347 $796M Trade Finance Facilities - o/s $19M Cash1 314 Total available liquidity 661
Slide 14: Q&A
04 Q&A 14
Slide 15: Q&A
Q&A CEO and Interim Head of Commercial Kristian Sørensen CFO Samantha Xu
Slide 16: 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 16
Slide 17: Appendices
05 Appendices 17
Slide 18: VLGCs and MGCs Operated by BW LPG as of May 2024
44 VLGCs and 2 MGCs Operated by BW LPG as of 28 May 2024 19 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 12 Year Operated Shipyard Beneficiary 1 2 BW Messina 2017 DSME BW Yushi 2020 Mitsubishi H.I. BW Pine 2
Slide 19: VLGC Charter Portfolio Overview
VLGC Charter Portfolio Overview Time charter-out coverage for 2024 at 26% at an average rate of $43,800 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 25% 28% 28% 21% 25% 25% 19% 19% 26% 19% 19% 18% 16% 16% 18% 13% 13% 13% 13% 13% $30 $36 $37 $32 $23 $23 $22 $19 $135 $88
Slide 20: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus. TRCF 12 Month Rolling Average (MRA) LTIF 12 Month Rolling Average (MRA) 0.32 0.52 0.16 0.16 0.16 0.16 0.16 0.16 0.35 0.16 0.16 0.16 0.17 0.00 0.00 0.00 0.00 0.00 0.00 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 De
Slide 21: Shipping Segment Charter Portfolio 2024-2025
Shipping Segment Charter Portfolio 2024-2025 Time Charter Out contract coverage stands at 26% for 2024 (as of 27 May 2024) Q1 2024 Q2 2024E Q3 2024E Q4 2024E 2024E 2025E Owned days 2,517 2,457 2,484 2,484 9,942 9,855 Time charter in days 621 637 579 455 2,292 1,460 Total calendar days 3,138 3,094 3,
Slide 22: BW LPG India Charter Portfolio 2024-2025
BW LPG India Charter Portfolio 2024-2025 Time Charter Out contract coverage stands at 69% for 2024 (as of 2 May 2024) Q1 2024 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 56 6 6