Slide 1: Earnings Presentation Q4 2024
Earnings Presentation Q4 2024 27 February 2025 ● BW LPG Earnings Presentation
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 01 Highlights 02 Market 03 Performance 04 Q&A
Slide 4: 2024 Q4 highlights and market outlook
2024 Q4 highlights and market outlook Commercial Performance Financial Performance Return to Shareholders $37,900 $36,700 $40M $0.22 $0.42 9% TCE income – Shipping TCE income – Shipping Net profit after tax Earnings per share Dividend per share ROE (annualised) per available day per calendar day 96%
Slide 5: Market
02 Market 5
Slide 6: Spot market snapshot – Winter to fade, exports to rise
Spot market snapshot – Winter to fade, exports to rise US Gulf terminals picking up the pace as winter weather subsides US – Far East spot rates US Gulf VLGC loadings N. America and Middle East LPG exports TCE US$‘000/day #loadings (2024-2025) Million tons (VLGC only) 80 70 278 67 262 255 64 250 62
Slide 7: Substantial LPG export expansion coming on stream in next three years
Substantial LPG export expansion coming on stream in next three years US terminal expansion plans are driving the increase in LPG export capacity, coincides with VLGC newbuilding deliveries in 2026-2028 New LPG export capacity projects in North America and Middle East Million tons per year ~+45%1 11
Slide 8: Strong and sustained demand growth in Asia
Strong and sustained demand growth in Asia Asian demand absorbs increase in exports from the US and the Middle East, with continued growth expected in the coming years China LPG imports India LPG imports South-East Asia LPG imports Million tons Million tons Million tons 47 44 22 23 22 40 21 18 16.7
Slide 9: VLGC fleet and newbuildings
VLGC fleet and newbuildings Modest fleet growth over the next 18 months Quarterly delivery schedule # of VLGCs 2 Orderbook changes2: Fleet growth next 18 months 2027: 3 more VLGCs represent ~5% of current fleet 1 3 2028: 2 more VLGCs 2 14 13 11 1 9 2 8 8 1 1 7 4 4 4 4 3 3 1 3 3 3 2 1 1 1Q24 2Q24 3Q2
Slide 10: Performance
03 Performance 10
Slide 11: Shipping – Performance
Shipping – Performance Achieved 96% fleet utilisation generating TCE income - Shipping of $37,900 per available day 2024 Q4 performance Guidance Q1 2025 TCE income by calendar days TCE income by available days $36,700/ day1 $37,900/ day2 Fixed ~91% of our available fleet days at an average rate of
Slide 12: Product Services – Performance
Product Services – Performance Strong realisation of profits offset partially by net change in valuation of open cargo positions 2024 Q4 Performance Book Equity ($m) $ 58.9 $130M $3M Net asset value End of Q4 Net Profit $15M $14M $ 27.4 $ 13.6 Gross Profit1 Unrealised physical shipping3 Q4 Net profi
Slide 13: Financial highlights
Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key Financials Q4 2024 (USD million) Financial Ratios Q4 2024 Income Statement 1. EPS (earnings per share) is computed based on the weighted average number of shares Earnings Yield2 (annualised) 8% outstanding less t
Slide 14: Financial – Financing structure and repayment profile
Financial – Financing structure and repayment profile Ample liquidity of $603M with long-dated repayment profile Total Available Liquidity Repayment profile2 US$ million As of 31 Dec 2024 $796M Trade Finance Facilities - o/s $74M Undrawn amount under revolving credit facility 371 $198M BW LPG India
Slide 15: Q&A
04 Q&A 15
Slide 16: Q&A: CEO Kristian Sørensen, CFO Samantha Xu
Q&A CEO Kristian Sørensen CFO Samantha Xu
Slide 17: 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 17
Slide 18: Appendices
05 Appendices 18
Slide 19: VLGCs and LGCs operated by BW LPG as of February 2025
52 VLGCs and 2 LGCs operated by BW LPG as of 13 February 2025 30 Name BW LPG 100% ownership Year Shipyard Name 8 BW LPG Time charter/bareboat in Year Shipyard Name 7 BW LPG India 52% ownership Year Shipyard Name 9 Year Operated Shipyard Beneficiary BW Avior 2023 DSME BW Capella 3 2022 DSME BW Pine 2
Slide 20: VLGC charter portfolio overview
VLGC charter portfolio overview Time charter-out coverage for 2025 at 31% at an average rate of $44,800 per day Time charter-out Time charter-in Quarterly Yearly Quarterly Yearly 33% 31% 25% 12% 32% 33% 29% 31% 26% 22% 18% 25% 10% 13% 11% $53 $57 $56 $57 $51 $41 $36 $29 $223 $158 $18 $16 $16 $13 $2
Slide 21: 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) 0.7 0.7 0.53 0.53 0.53 0.53 0.53 0.53 0.52 0.51 0.17 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Total Recordable
Slide 22: Shipping segment charter portfolio 2025-2026
Shipping segment charter portfolio 2025-2026 Time Charter Out contract coverage stands at 31% for 2025 (as of 14 February 2025) Q1 2025E Q2 2025E Q3 2025E Q4 2025E 2025E 2026E Owned days 3,502 3,596 3,680 3,680 14,458 14,600 Time charter in days 575 499 460 393 1,927 49 Total calendar days 4,077 4,0
Slide 23: BW LPG India charter portfolio 2025-2026
BW LPG India charter portfolio 2025-2026 Time Charter Out contract coverage stands at 87% for 2025 (as of 14 February 2025) Q1 2025E Q2 2025E Q3 2025E Q4 2025E 2025E 2026E Owned days 657 637 644 644 2,582 2,555 Time charter in days - - - - - - Total calendar days 657 637 644 644 2,582 2,555 Offhire1