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BW LPG Ltd.
Investor Presentation • Dec 2, 2025
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Q3 2025 Earnings Presentation BW LPG
Disclaimer and forward-looking statements
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 COMPLY WITH THE FOLLOWING RESTRICTIONS.
This presentation has been produced by BW LPG Limited ("BW LPG") exclusively for information purposes. This presentation may not be reproduced or redistributed, in whole or in part, to any other person.
Matters discussed in this presentation and any materials distributed in connection with this presentation may constitute or include forward–looking statements. Forward–looking statements are statements that are not historical facts and may be identified by words such as "anticipates", "believes", "continues", "estimates", "expects", "intends", "may", "should", "will" and similar expressions, such as "going forward". These forward–looking statements reflect BW LPG's reasonable beliefs, intentions and current expectations concerning, among other things, BW LPG's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward–looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of BW LPG's markets; the impact of regulatory initiatives; and the strength of BW LPG's competitors. Forward–looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward–looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in BW LPG's records and other data available from Fourth parties. Although BW LPG believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward–looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of BW LPG or the industry to differ materially from those results expressed or implied in this presentation by such forward–looking statements. No representation is made that any of these forward–looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward–looking statement.
No representation, warranty or undertaking, express or implied, is made by BW LPG, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither BW LPG nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. All information in this presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. In giving this presentation, none of BW LPG, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation.
The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult its own legal, business, investment or tax adviser as to legal, business, investment or tax advice. By attending this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW LPG and that you will conduct your own analysis and be solely responsible for forming your own view on the potential future performance of the business of BW LPG. This presentation must be read in conjunction with the recent financial information and the disclosures therein.
A number of measures are used to report the performance of our business, which are non-IFRS measures, such as TCE income – Shipping per available day, TCE income – Shipping per calendar day and Return on capital employed (ROCE). These measures are defined and reconciliations to the nearest IFRS measure are available in BW LPG's Q3 2025 Interim Financial Report and BW LPG's Registration Statement on Form 20-F.
Neither this presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or purchase whatsoever in any jurisdiction and shall not constitute or form part of an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction. The securities referred to herein may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). BW LPG does not intend to register any part of any offering in the United States or to conduct a public offering in the United States of the shares to which this presentation relates.
In the EEA Member States, with the exception of Norway (each such EEA Member State, a "Relevant State"), this presentation and the information contained herein are intended only for and directed to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). The securities mentioned in this presentation are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation. Persons in any Relevant State who are not qualified investors should not take any actions based on this presentation, nor rely on it.
In the United Kingdom, this presentation is directed only at, and communicated only to, persons who are qualified investors within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 who are (i) persons who fall within the definition of "investment professional" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (i), (ii) and (iii) above together being referred to as "Relevant Persons"). This presentation must not be acted on or relied on by persons in the United Kingdom who are not Relevant Persons.
Agenda
Q3 2025 highlights and market outlook
Market overview
Company performance
Q&A
Q3 2025 highlights
Q3 performance
- TCE income Shipping Q3 2025 was US\$51,300 per available day and US\$48,700 per calendar day, supported by our time charter coverage of 44% of available days at US\$51,200 per day
- Q3 2025 profit after tax was US\$57 million, and the profit attributable to equity holders of the company was US\$57 million representing an earnings per share of US\$0.38
- BW Product Services reported a US\$23 million gross loss and a loss after tax of US\$29 million for this quarter
Continued dividend distribution
• The company declared a Q3 cash dividend of \$0.40 per share, equivalent to 75% of Shipping NPAT1 Q3 2025 in line with the dividend policy
Dry dock program increases offhire days
- In Q3 2025, 168 days were related to vessels being in dry dock
- A total of 121 days are expected to be off-hire due to dry-docking in Q4
- For 2026, the company will have a total of 13 vessels scheduled for dry docking
Other subsequent events
• Two ship financing facilities were voluntarily cancelled in October and November 2025 on the back of strong liquidity, leading to the repayment of US\$36 million term loan and reduction of US\$216 million in available revolving credit facilities
Commercial performance
\$51,300
TCE income – Shipping per available day
\$48,700
TCE income – Shipping per calendar day
92%
Fleet utilisation
5% Technical
offhire
Financial performance
\$57M
Net profit after tax
\$855M
Available liquidity
\$0.38
Earnings per share
29.7%
Net leverage ratio
Return to shareholders
12%
ROE (annualised)
75%
Q3 2025 payout ratio Shipping NPAT3
\$0.40
Dividend per share2
13%
Annualised dividend yield3
1. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q3 2025: US\$57.1 million, excluding BW LPG's share of BW PS' net loss after tax Q3 2025 of US\$24.1 million.
2. For shares registered with Euronext Securities Oslo, dividend per share is NOK 4.0474
3. Based on \$12.7/share as of 28 November 2025
Market outlook
Underlying fundamentals remain robust
LPG export fundamentals are expected to remain sound even as fleet inefficiencies dissipate alongside reduced trade tensions. Additional export capacity, new gas projects and ongoing constraints in the Panama Canal will likely support VLGC earnings
Trading inefficiencies
- Overall trading inefficiencies are likely to diminish somewhat following reduced trade tensions between USA and China
- Vessel repositioning could however trigger a period of reduced tonnage availability in the near term
Panama v. Cape routing
- More container vessels have been using the Panama Canal this year, diverting VLGCs around the Cape of Good Hope
- Higher traffic from container vessels, VLGCs and VLECs will likely push a growing portion of VLGCs out of the canal in coming years
LPG exports US / Middle East
- US LPG export growth is expected to continue driven by higher NGL content in the Permian basin and new US Gulf export terminals
- Stable OPEC+ production as well as new gas projects will lend support to Middle East LPG exports going forward
VLGC global fleet
- The current VLGC fleet consists of 413 ships
- 11 VLGCs have been delivered this year, with 1 more to be delivered before the end of the year
- VLGC orderbook currently consists of 108 ships, with 2027 seeing the highest number of deliveries
FFA market
• The Ras Tanura - Chiba FFA market for the FY 2026 is currently reflecting earnings slightly above US\$45,000 per day, albeit with limited liquidity
Agenda
Q3 2025 highlights and market outlook
Market overview
Company performance
Q&A
VLGC freight market reactions to geopolitical events in Q3/Q4
Changing LPG import dynamics
India has been the main driver for import growth so far in 2025
India imports up 8% y/y
- Highest growth among the major LPG importers
- Growing end user demand with stable domestic production
- Imports are mainly sourced from the Middle East, but some volumes are still arriving from the USA
Far East imports flat
- Limited growth largely due to staggered China imports
- China has taken a higher share of Middle East volumes due to trade tensions
- High PDH run rates to support import recovery in China
Southeast Asia pivoted to N. America
- North American volumes have replaced Middle East volumes during periods of trade tensions
- Propane pricing strategy from Middle East conducive to regaining market share in Asia
Export growth story to continue
Terminal expansions and gaseous drilling wells lifting LPG exports
N. American terminal expansion plans
LPG exports forecasts
Mt (VLGC only)
Permian oil is becoming more gaseous
Permian basin growth points to strong LPG production
- Permian crude oil wells are becoming more gaseous
- Gas production set to grow twice as fast as annual crude oil
- Gas production remains steadier than oil production
Panama Canal
Remains a major driver for fleet inefficiency
Panama Canal transits
Transits/day, new locks
Fluctuating container traffic is driving canal congestion
- Container transits have fluctuated strongly in 2025
- This in turn has caused capacity issues and led to more VLGCs ballasting around Cape of Good Hope
- Auction fees have also seen significant volatility in times of limited slot availability
VLGC usage of the Panama Canal
US – Far East route
Canal congestion is diverting VLGCs around Cape of Good Hope
- Ballasting VLGCs are most sensitive to canal congestion
- Recently, even laden usage by VLGCs has been dropping
VLGC fleet and newbuildings
Only one more VLGC to be delivered in 2025, with staggered fleet growth for most of 2026
Quarterly delivery schedule
of VLGCs
VLGC fleet age profile and newbuilding market
| Current VLGC dual-fuel newbuild price2 |
VLGC delivery contracts |
Total orderbook year for newbuild number |
VLGC newbuilds ordered in 2H25 |
|---|---|---|---|
| ~\$116M | 2027-28 | 108 | 1 |
Agenda
Q3 2025 highlights and market outlook
Market overview
Company performance
Q&A
Shipping – Performance
Achieved 92% utilisation generating TCE income – Shipping of \$51,300 per available day
2025 Q3 performance Guidance
Q4 2025
• Fixed ~91% of our available fleet days at an average rate of ~\$47,000 per day4
FY 2026 Charter portfolio
- 30% covered by fixed rate TC out at \$43,600 per day
- 5% covered by FFA hedges at avg. of \$47,500 per day
| FY 2026 Time charter | |||||||
|---|---|---|---|---|---|---|---|
| % of total Revenue/ Average day Fleet (Cost) in \$M rate |
|||||||
| TC out – Fixed rate |
0%6 | \$2 | \$43,600 | ||||
| TC in | 0%6 | (\$2) | \$43,000 | ||||
| Net | - | ||||||
| Remaining TC out – Fixed rate |
30% | \$182 | \$43,600 |
1. TCE rates per day are inclusive of both commercial waiting and technical offhire days (i.e. 100% of calendar days)
2. TCE rates per day are inclusive of commercial waiting days and exclusive of technical offhire days (i.e. 100% of available days)
3. TCE rates per day are exclusive of both commercial waiting and technical offhire days
4. Discharge to discharge basis
5. Time charter includes fixed and variable rate
Product Services - Performance
US\$M
Continued positive realised results under turbulent market conditions as a result of effective risk management
Q3 2025 performance Book equity
\$30M Net asset value
end of Q3
\$29M Net loss
\$23M Gross loss1
\$35M
Unrealised physical shipping3
lifted by BW PS
\$5M
Average VAR 8% BW LPG VLGC cargoes
1. Gross loss from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services' lease-in vessels
2. Included within Other expenses, ~\$0.1M effects relating to currency translation of foreign operations which is not part of Net profit/loss
3. Unrealised physical shipping is a Non-IFRS measure and refers to the forward value of Time Charter-in contracts based on forward market freight indexes
Financial highlights
Low leverage, strong liquidity, ready for growth opportunities
Key financials Q3 2025
US\$ million
Income statement
| Profit after tax | \$57 |
|---|---|
| Profit to equity holders | \$57 |
| Earnings per share1 | \$0.38 |
| Dividends per share2 | \$0.40 |
| Balance sheet |
| Total assets | \$3,340 |
|---|---|
| Total liabilities | \$1,407 |
| Total shareholders' equity | \$1,933 |
Shipping per day statistics
US\$/day
| \$48,700 |
|---|
| \$9,300 |
| \$19,400 |
| \$21,300 |
| \$24,600 |
Financial ratios Q3 2025
| Earnings Yield3 (annualised) | 11% |
|---|---|
| Dividend Yield4 (annualised) | 13% |
| ROE5 (annualised) | 12% |
| ROCE6 (annualised) | 9% |
| Net leverage ratio7 | 29.7% |
- 1.EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period
- 2.For shares registered with Euronext Securities Oslo, dividend per share is NOK 4.0474
- 3.Earnings yield: EPS divided by the share price at the end of the period in USD terms
- 4.Dividend yield: Based on \$12.7/share as of 28 November 2025
- 5.ROE (return on equity): with respect to a particular financial period, the ratio of the profit after tax to the average of the shareholders' equity, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet.
- 6.ROCE (return on capital employed): with respect to a particular financial period, the ratio of the operating profit to capital employed defined as the average of the total shareholders' equity, total borrowings and lease liabilities, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet.
- 7.Net leverage ratio: The sum of total borrowings and lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of the total borrowings, total lease liabilities, and shareholders' equity minus cash and cash equivalents as set out in the consolidated statement of cashflows
- 8.Operating cash breakeven: Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet
- 9.All-in cash breakeven: Operating cash breakeven including capex (maintenance and drydock)
Financing structure and repayment profile
Ample liquidity of \$855M with long-dated repayment profile
Liquidity profile (US\$M)
As of 30 September 2025
Total Available Liquidity 855 Undrawn RCF² 579 Cash¹ 276
Ship financing³ structure Trade financing structure
Repayment profile
1. Cash presented excludes \$17M held in broker margin accounts
16 3. Excludes other lease liabilities, capitalised fees, and interest payable, as of 30 Sep 2025 4. \$221M ECA has since been voluntarily terminated on 3 Nov 2025
2. \$216M of undrawn RCF has since been voluntarily cancelled on 9 Oct 2025
Agenda
Q3 2025 highlights and market outlook
Market overview
Company performance
Q&A
Q&A
Kristian Sørensen CEO
Samantha Xu CFO
Thank you
Investor Relations
Ticker
Oslo Stock xchange "BWLPG" ew York Stock xchange "BWLP"
linkedin.com/company/bwlpg
Website
https://investor.bwlpg.com
Telephone
+65 6705 5588
Address
10 Pasir Panjang Road Mapletree Business City #17-02 Singapore 117438
Appendix Q3 2025
51 VLGCs and 3 LGCs operated by BW LPG
As of November 2025
| Name | Year | Shipyard |
|---|---|---|
| BW Avior | 2023 | DSME |
| BW Rigel | 2023 | DSME |
| BW Yushi 1 | 2020 | Mitsubishi H.I. |
| BW Kizoku 1 | 2019 | Mitsubishi H.I. |
| BW Messina | 2017 | DSME |
| BW Mindoro | 2017 | DSME |
| BW Malacca | 2016 | DSME |
| BW Magellan | 2016 | DSME |
| BW Frigg | 2016 | Hyundai H.I. |
| BW Freyja | 2016 | Hyundai H.I. |
| BW Volans | 2016 | Hyundai H.I. |
| BW Brage | 2016 | Hyundai H.I. |
| BW Tucana | 2016 | Hyundai H.I. |
| BW Var | 2016 | Hyundai H.I. |
| BW Njord | 2016 | Hyundai H.I. |
| BW Balder | 2016 | Hyundai H.I. |
| BW Orion | 2015 | Hyundai H.I. |
| BW Libra | 2015 | Hyundai H.I. |
| BW Leo | 2015 | Hyundai H.I. |
| BW Gemini | 2015 | Hyundai H.I. |
| BW Carina 1 | 2015 | Hyundai H.I. |
| BW Levant 1 | 2015 | Jiangnan |
| BW Breeze 1 | 2015 | Jiangnan |
| BW Sirocco 1 | 2015 | Jiangnan |
| BW Passat 1 | 2015 | Jiangnan |
| BW Mistral 1 | 2015 | Jiangnan |
| BW Monsoon 1 | 2015 | Jiangnan |
| BW Aries 1 | 2014 | Hyundai H.I. |
BW LPG Time charter/bareboat in
| Name | Year | Shipyard |
|---|---|---|
| BW Capella 3 | 2022 | DSME |
| BW Polaris 3 | 2022 | DSME |
| Oriental King | 2017 | Hyundai H.I. |
| Doraji Gas | 2017 | Mitsubishi H.I. |
| BW Kyoto 3 | 2010 | Mitsubishi H.I. |
| Berge Nantong | 2006 | Hyundai H.I. |
| Berge Ningbo | 2006 | Hyundai H.I. |
BW LPG India 52% ownership
| Name | Year | Shipyard |
|---|---|---|
| BW Chinook | 2015 | Jiangnan |
| BW Pampero | 2015 | Jiangnan |
| BW Pine | 2011 | Kawasaki S.C. |
| BW Lord 5 | 2008 | DSME |
| BW Tyr | 2008 | Hyundai H.I. |
| BW Loyalty 1 | 2008 | DSME |
| BW Oak | 2008 | Hyundai H.I. |
| BW Elm | 2007 | Hyundai H.I. |
| BW Birch | 2007 | Hyundai H.I. |
Operated
| Name | Year | Shipyard | Beneficiary |
|---|---|---|---|
| Gas Jupiter | 2023 | Jiangnan | Sinogas Maritime |
| Kaede | 2023 | Hyundai H.I. | Product Services |
| Gas Venus | 2021 | Jiangnan | Sinogas Maritime |
| Gas Gabriela 1 | 2021 | Hyundai H.I. | Product Services |
| Clipper Wilma 1 | 2019 | Hyundai H.I. | Product Services |
| Vega Sea 4 | 2017 | Hyundai H.I. | Product Services |
| Vega Star 4 | 2017 | Hyundai H.I. | Product Services |
| Denver 2 | 2009 | Hyundai H.I. | Product Services |
| Helsinki 2 | 2009 | Hyundai H.I. | Product Services |
| Tokyo 2 | 2009 | Hyundai H.I. | Product Services |
Vessels retrofitted with scrubber technology
Vessels on compliant fuels
Vessels with scrubbers installed
LGC (Large Gas Carrier)
VLGC charter portfolio overview
Fixed rate time charter out coverage for 2026 at 30% with an average rate of \$43,600 per day
| FY 2026 Time charter | ||||||
|---|---|---|---|---|---|---|
| 1 % of total Fleet |
Revenue/ (Cost) in \$M |
Average day rate | ||||
| TC out - Fixed rate |
0%3 | \$2 | \$43,600 | |||
| TC in | 0%3 | (\$2) | \$43,000 | |||
| Net | - | |||||
| Remaining TC out - Fixed rate |
30% | \$182 | \$43,600 |
1. % of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days
2. Majority of the TC in contracts will end in 2025 with the last TC in contract expiring in end-Jan 2026
Shipping segment charter portfolio 2025-2026
Fixed rate time charter out contract coverage stands at 30% for 2026 (as of 14 Nov 2025)
| Q1 2025A | Q2 2025A | Q3 2025A | Q4 2025E | 2025E | 2026E | |
|---|---|---|---|---|---|---|
| Owned days | 3,518 | 3,567 | 3,680 | 3,680 | 14,445 | 14,235 |
| Time charter in days | 576 | 528 | 460 | 393 | 1,957 | 49 |
| Total calendar days | 4,094 | 4,095 | 4,140 | 4,073 | 16,402 | 14,284 |
| Offhire* | 104 | 166 | 206 | 142 | 618 | 322 |
| Total available days (Net of offhire) | 3,990 | 3,929 | 3,934 | 3,931 | 15,784 | 13,962 |
| Spot days (Net of offhire) | 2,279 | 2,116 | 2,216 | 2,149 | 8,668 | 8,947 |
| Time charter out days (Net of offhire) - Fixed rate |
1,265 | 1,362 | 1,312 | 1,325 | 5,356 | 4,232 |
| Time charter out days (Net of offhire) - Variable rate |
446 | 451 | 406 | 457 | 1,760 | 783 |
| % Spot days | 7% | % | 6% | 55% | 55% | 64% |
| % TC days - Fixed rate |
32% | 35% | 34% | 33% | 34% | 30% |
| % TC days - Variable rate |
11% | 11% | 10% | 12% | % |
6% |
TCE rates
| Spot | \$39,100 | \$35,600 | \$51,400 | - | - | - |
|---|---|---|---|---|---|---|
| Time charter out – Fixed rate |
\$43,100 | \$44,800 | \$47,300 | \$45,100 | \$45,100 | \$43,600 |
| VLGC TCE rate (Net of offhire) | \$39,800 | \$38,800 | \$51,300 | - | - | - |
BW LPG India charter portfolio 2025-2026
Time charter out contract coverage stands at 39% for 2026 (as of 14 Nov 2025)
| Q1 2025A | Q2 2025A | Q3 2025A | Q4 2025E | 2025E | 2026E | |
|---|---|---|---|---|---|---|
| Owned days | 674 | 637 | 728 | 828 | 2,867 | 2,920 |
| Time charter in days | - | - | - | - | - | - |
| Total calendar days | 674 | 637 | 728 | 828 | 2,867 | 2,920 |
| Offhire* | - | - | 84 | 88 | 172 | 76 |
| Total available days (Net of offhire) | 674 | 637 | 644 | 740 | 2,695 | 2,844 |
| Spot days (Net of offhire) | 20 | 94 | 120 | 247 | 481 | 1,728 |
| Time charter out days (Net of offhire) | 654 | 543 | 524 | 493 | 2,214 | 1,116 |
| % Spot days | 3% | 15% | 19% | 33% | 18% | 61% |
| % TC days | 97% | 85% | 81% | 67% | 82% | 39% |
TCE rates
| Spot | \$57,700 | \$54,200 | \$64,400 | - | - | - |
|---|---|---|---|---|---|---|
| Time charter out | \$46,700 | \$47,300 | \$48,500 | \$48,300 | \$47,700 | \$45,900 |
| VLGC TCE rate (Net of offhire) |
\$47,000 | \$48,300 | \$51,700 | - | - | - |
Fleet safety statistics
Safety and Zero Harm onboard remain our key focus
Total Recordable Case Frequency (TRCF):
Work-related fatalities and injuries per one million hours worked
Lost Time Injury Frequency (LTIF):
Work-related fatalities and injuries per one million hours worked that leads to lost work time
