BW LPG Limited (BWLP) Q4 2025 Earnings Call

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WEBVTT 00:00:01.550 -- 00:00:07.736 Hello, everyone. A warm welcome to BWLPG's Q4 2025 00:00:07.736 -- 00:00:09.738 earnings presentation. 00:00:09.738 -- 00:00:15.843 My name is Aline Andlicher and I'm the head of corporate communications at BWLPG. 00:00:16.245 -- 00:00:21.470 Today's presentation will be given by our CEO, Christian Sorensen, 00:00:21.470 -- 00:00:26.575 and our CFO, Samantha Xu. After the presentation, we 00:00:26.575 -- 00:00:31.640 will have a Q&A session. The questions can be put into the Q&A chat 00:00:31.640 -- 00:00:36.888 during the presentation already, or you can raise your hand and ask your question 00:00:36.888 -- 00:00:41.393 directly once we move to the Q&A part. 00:00:44.220 -- 00:00:49.429 Before we begin, I would like to highlight the legal disclaimers displayed 00:00:49.429 -- 00:00:55.837 on the current slide. Please also note that today's call is being recorded. 00:00:55.837 -- 00:01:02.804 Without further ado, I would now like to hand over to our CEO, Christian. 00:01:06.853 -- 00:01:11.720 Thank you, Aline. Hi, everyone. Thanks for calling in as we review our fourth quarter 00:01:11.720 -- 00:01:16.787 financial results and the recent developments, including the Middle East situation, 00:01:16.787 -- 00:01:20.052 which dramatically escalated last weekend. 00:01:20.052 -- 00:01:23.914 Let's turn to slide four, please. 00:01:30.599 -- 00:01:35.788 So highlights. The beginning of Q4 was marked by lower tension 00:01:35.788 -- 00:01:40.997 in the US-China relationship as the reciprocal port tariffs were lifted and postponed 00:01:40.997 -- 00:01:43.938 until November this year. 00:01:44.102 -- 00:01:48.810 In addition, there was a significant build in US propane inventories, well above trend 00:01:48.810 -- 00:01:52.857 levels, dri...