Bw Lpg Limited · OSL:BWLPG
Bw Lpg — Q1 2025 Earnings Presentation
24 slides from Bw Lpg's earnings presentation, May 20, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 20 May 2025
Slide 2: Disclaimer
NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL . BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMP
Slide 3: Agenda
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Slide 4: Q1 2025 highlights
Q1 performance • 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 • Q1 2025 profit attributable to equity holders of the company was US$46 million representing an earnings
Slide 5: Market outlook
Market outlook Solid fundamentals – political uncertainty • VLGC orderbook of 109 ships, with 2027 seeing the highest delivery pace • 69 VLGCs are scheduled for dry docking balance of this year, absorbing capacity from the total fleet of ~406 VLGCs • Increased US port charges targeting Chinese opera
Slide 6: Agenda
Agenda Q1 2025 highlights and market outlook Market overview Company performance Q&A Q1 2025
Slide 7: Short term tariff implications and development of the LPG freight market
$0k/d $10k/d $20k/d $30k/d $40k/d $50k/d $60k/d 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 3-Mar 10-Mar 17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May Short term tariff implications and development of the LPG freight market First week VLGC spot rates came under severe pressure when US - FarEa
Slide 8: Changed LPG trade patterns
Changed LPG trade patterns (pre - 90 - days tariff relief announcement) 8 The market quickly responded to a new dynamic • Canadian imports appearing in China customs data • Japan, South Korea, Indonesia are increasing imports from the US • China’s regional LPG exports (~1mt in 2024) could be consume
Slide 9: Robust supply fundamentals despite trade war and geopolitical turmoil
Robust supply fundamentals despite trade - war and geopolitical turmoil 9 US and the ME are increasing production and expanding export infrastructure, however sensitive to crude oil price Production continues to grow • New terminal capacity in North America on track to facilitate further growth in L
Slide 10: VLGC fleet and newbuildings
Current VLGC dual - fuel newbuild price 2 69% 16% 6% 9% 0-15 years 15-20 years 20-25 years 25 years + VLGC fleet and newbuildings 10 Modest fleet growth for 2025 and 2026 Quarterly delivery schedule # of VLGCs VLGC fleet profile and newbuilding market 406 total VLGC fleet 1 ~$121M VLGC delivery year
Slide 11: Agenda
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Slide 12: Shipping – Performance
2025 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $45,000 $87 12% TC out – Fixed rate $32,600 ($63) 12% TC in $24 Net $45,000 $116 16% Remaining TC out – Fixed rate Shipping – Performance 12 Achieved 96% generating TCE income – Shipping of $39,800 per available day 2025 Q1 pe
Slide 13: Product Services – Performance
130 - 65 65 33 - 51 15 - 8 53 Net assets Q4 2024 Dividends NAV FY2024 - post dividend Realised positions MTM change in unrealised cargo MTM change in unrealised paper Other expenses Net assets Q1 2025 Product Services - Performance 13 Strong realisation of profits offset by net change in valuation o
Slide 14: Financial performance
$38,800 Q1 2025 Daily TCE Income $8,400 Q1 2025 Daily OPEX FY 2025 Operating cash breakeven 7 $19,300 Owned $21,700 Total fleet $25,000 FY 2025 All - in cash breakeven 8 Income statement $67 Profit after tax $46 Profit to equity holders $0.30 Earnings per share 1 $0.28 Dividends per share Balance sh
Slide 15: Financial – Financing Structure and Repayment Profile
SLB (o/s $127M) $221M ECA (o/s $42M) $198M Term Loan (o/s $94M) JOLCO (o/s $65M) $927M Revolving Credit Facilities (RCF) Drawn RCF (o/s $556M) Letter of credit $184M Drawndown $40M $796M Trade Finance Facilities Total Available Liquidity 633 Undrawn RCF 3 371 Cash 1 262 95 128 62 127 512 0 100 200 3
Slide 16: Agenda
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Slide 17: Q&A
Q&A Kristian Sørensen CEO Samantha Xu CFO
Slide 18: Thank you
Thank you 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 1174
Slide 19: Appendix
Appendix Q1 2025
Slide 20: VLGCs and LGCs operated by BW LPG
BW LPG 100% ownership 51 VLGCs and 2 LGCs operated by BW LPG 20 1. Vessels with scrubbers installed 2. LGC (Large Gas Carrier) 3. Bareboat charter As of 1 May 2025 Vessels with dual - fuel propulsion technology Vessels retrofitted with scrubber technology Vessels on compliant fuels 17 14 22 30 Shipy
Slide 21: VLGC charter portfolio overview
$51 $53 $49 $50 $45 $38 $35 $31 30% 30% 26% 28% 29% 24% 22% 19% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $203 $148 28% 24% 2025 2026 $63 $2 12% 0% 2025 2026 2025 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $45,000 $87 12% TC out - Fixed rate $32,600 ($63) 12% TC in $2
Slide 22: Fleet safety statistics
0.53 0.53 0.53 0.7 0.7 0.53 0.52 0.51 0.82 0.64 0.62 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Fleet safety statistics 22 Safety and Zero Harm onboard remain our key focus Total Recordable Case Frequency (TRCF): Work - related fatalities and injuries per one millio
Slide 23: Fleet days and TCE rates by period
2026E 2025E Q4 2025E Q3 2025E Q2 2025E Q1 2025A 14,600 14,474 3,680 3,680 3,596 3,518 Owned days 51 1,928 393 460 499 576 Time charter in days 14,651 16,402 4,073 4,140 4,095 4,094 Total calendar days 321 445 140 85 116 104 Offhire 1 14,330 15,957 3,933 4,055 3,979 3,990 Total a
Slide 24: BW LPG India charter portfolio 2025-2026
2026E 2025E Q4 2025E Q3 2025E Q2 2025E Q1 2025A 3,285 2,932 828 793 637 674 Owned days - - - - - - Time charter in days 3,285 2,932 828 793 637 674 Total calendar days 95 105 88 13 4 - Offhire 1 3,190 2,827 740 780 633 674 Total available days (Net of offhire ) 2,073 587 247 230 90 20 Spot days (Net