Slide 1: Earnings Presentation Q2 2023
Earnings Presentation Q2 2023 29 August 2023 ● BW LPG Earnings Presentation ● Q2 2023
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: 2023 Q2 Highlights and Market Outlook
2023 Q2 Highlights and Market Outlook Commercial Performance Financial Performance Return to Shareholders $52,500 99% $78M $0.59 $0.81 $107M TCE per available day Commercial utilisation Net profit after tax Earnings per share Dividend per share Total $51,600 2% $492M 19% $1.76 $233M TCE per calendar
Slide 5: Market
02 Market 5
Slide 6: VLGC Near Term Market Outlook
VLGC Near Term Market Outlook FFA market is reflecting a continued strong spot market for the rest of 2023 Near term VLGC spot rate outlook: Houston – Chiba ($/day) Quarterly delivery schedule (Number of VLGCs) 120,000 16 14 100,000 12 80,000 10 60,000 8 13 6 13 12 40,000 4 8 20,000 6 6 6 2 4 1 2 2
Slide 7: 2023 Q2 Seaborne LPG Trade Overview
2023 Q2 Seaborne LPG Trade Overview Growth in both North America and Middle East exports is met by very strong import growth in China Seaborne LPG exports by country/region Seaborne LPG imports by country/region 16 15.2 9 8.4 14.5 14 8 11.9 12 7 6.4 Million tons (MT) Million tons (MT) 10.0 6 10 5 4.
Slide 8: Continued Growth Expected From North America in 2023
Continued Growth Expected From North America in 2023 With single digit export growth expected from the Middle East North America LPG exports by VLGCs Middle East LPG exports by VLGCs 60 45 40 50 35 Million tons (MT) Million tons (MT) 40 30 25 30 20 20 15 10 10 5 0 0 2016 2017 2018 2019 2020 2021 202
Slide 9: VLGCs Owned and Operated by BW LPG as of 10th August 2023
44 VLGC’s Owned and Operated by BW LPG as of 10th August 2023 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 10Year Operated Shipyard Participant 1 BW Messina 2017 DSME BW Yushi 2020 Mitsubishi H.I. BW Pine
Slide 10: Performance
03 Performance 10
Slide 11: Shipping – Performance
Shipping – Performance Achieved 99% commercial utilisation generating TCE revenue of $52,500 per available day 2023 Q2 performance Guidance Q3 2023 TCE by calendar days TCE by available days $51,600/ day1 $52,500/ day2 ▪ Fixed ~84% of our available fleet days at an average rate of ~$65,000 per day5
Slide 12: Product Services – Performance
Product Services – Performance Key statistics NAV and trading profit Q2 Trading profit1 $32M -$31M US$3.2m Book Equity End of Q2 Net Loss After Tax Q2 Net loss $66M $3M - US$30.8m Trading NAV End of Q2 Trading Profit1 $5M ~10% BW LPG VLGC cargoes Average VAR lifted by BW PS Trading profit1 of $3.2 m
Slide 13: LPG propulsion program delivered ~25% return in H1 2023
LPG propulsion program delivered ~25% return in H1 2023 Signficicant cost savings of more than $4.5 million in first half of 2023 H1 2023 Highlights1 Fuel Cost Benefits2 Price spread between LPG and US$ per day savings US$ per year savings Payback time (years) IRR Compliant fuel (US$/ton) 16 0 $1,50
Slide 14: Financial Highlights
Financial Highlights Low leverage, strong liquidity, ready for growth opportunities Key Financials Q2 2023 (USD million) Financial Ratios Q2 2023 1. Trading profit is a non-IFRS/Non-GAAP number. The adjustment is explained on slide 12, Product Services – Performance Income Statement Earnings Yield4
Slide 15: Financing Structure and Repayment Profile
Financial – Financing Structure and Repayment Profile Ample liquidity at $492 million with a light debt position Total Available Liquidity Repayment profile1 USD (millions) 350 Undrawn amount under revolving credit facility 241 $660m Trade Finance Facilities - o/s $16m Cash1 251 Total available liqu
Slide 16: Q&A
04 Q&A 16
Slide 17: Q&A
Q&A CEO Anders Onarheim Deputy CEO & Head of Strategy Kristian Sørensen EVP (Commercial) Niels Rigault Interim CFO, Head of Investor Relations and Corporate Development Iver Baatvik
Slide 18: 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 18
Slide 19: Appendices
05 Appendices 19
Slide 20: VLGC Charter Portfolio Overview
VLGC Charter Portfolio Overview Time charter-out coverage for 2023 at 34% at an average rate of $38,200 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 35% 36% 33% 34% 27% 31% 25% 25% 24% 22% 22% 20% 20% 19% 15% 15% 11% 12% 12% 10% $41 $38 $46 $37 $18 $12 $14 $14 $161 $57
Slide 21: Fleet Safety Statistics
Fleet Safety Statistics Safety and Zero Harm onboard remain our key focus. 1.20 1.07 1.00 TRCF 12 Month Rolling Average (MRA) 0.77 0.77 0.80 0.62 0.60 LTIF 12 Month Rolling Average (MRA) 0.40 0.31 0.20 0.15 0.15 0.15 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
Slide 22: Shipping Segment Charter Portfolio 2023-2024
Shipping Segment Charter Portfolio 2023-2024 Time Charter Out contract coverage stands at 34% for 2023 (as of 30 June 2023) Q1 2023 Q2 2023 Q3 2023E Q4 2023E 2023E 2024E Owned days 2,600 2,469 2,484 2,530 10,083 10,248 Time charter in days 810 769 770 689 3,038 2,429 Total calendar days 3,410 3,238
Slide 23: BW LPG India Charter Portfolio 2023-2024
BW LPG India Charter Portfolio 2023-2024 Time Charter Out contract coverage stands at 84% for 2023 (as of 30 June 2023) Q1 2023 Q2 2023 Q3 2023E Q4 2023E 2023E 2024E Owned days 720 728 736 736 2,920 2,928 Time charter in days – – – – – – Total calendar days 720 728 736 736 2,920 2,928 Offhire1 77 53