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BW LPG Ltd. Investor Presentation 2026
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BW LPG
Q4 2025 Earnings Presentation
BW LPG
Kristian Sørensen and Samantha Xu
3 March 2026
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 Q4 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.
BW LPG
2025
Agenda
Q4 2025 highlights and market outlook
Market overview
Company performance
Q&A
BW LPG
Q4 2025 highlights
Q4 performance
- TCE income – Shipping Q4 2025 was US$50,300 per available day and US$48,100 per calendar day, supported by our time charter coverage of 44% of available days at US$48,100 per day
- Q4 2025 profit after tax was US$123 million, and the profit attributable to equity holders of the company was US$104 million representing an earnings per share of US$0.69
- BW Product Services reported a US$27 million gross profit and a profit after tax of US$23 million for this quarter
Q1 2026 guidance
- Fixed 94% of available fleet days at an average rate of ~US$54,000/day
Continued dividend distribution
- The company declared a Q4 cash dividend of US$0.57 per share, equivalent to 100% of Shipping NPAT¹ Q4 2025
Dry dock program increases off-hire days
- In Q4 2025, 157 days were related to vessels being in dry dock
- A total of 193 days are expected to be off-hire due to dry-docking in Q1, with a total of 13 vessels scheduled for dry docking in 2026
Other subsequent events
- Iran-Israel/US war. So far minimal negative financial impact. There are currently three vessels from our Indian flagged fleet in the region, two on time charter and one in dry dock. Initial market reaction is to secure more cargoes from the US with freight rates spiking
- Secured two three-year time charter-out contracts, increasing the 2026 fixed-rate time charter-out coverage to 36% at an average rate of US$43,700 per day
| Commercial performance | Financial performance | Return to shareholders |
|---|---|---|
| $50,300 | ||
| TCE income – Shipping per available day | $123M | |
| Net profit after tax | 26% | |
| ROE | ||
| (annualised) | ||
| $48,100 | ||
| TCE income – Shipping per calendar day | $613M | |
| Available liquidity | 100% | |
| Q4 2025 payout ratio | ||
| Shipping NPAT¹ | ||
| 94% | ||
| Fleet utilisation | $0.69 | |
| Earnings per share | $0.57 | |
| Dividend per share² | ||
| 4% | ||
| Technical offhire | 28.4% | |
| Net leverage ratio | 12.5% | |
| Annualised dividend yield³ |
- Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q4 2025: US$104.2 million, less BW LPG's share of BW PS' net profit after tax Q4 2025 of US$18.2 million.
- For shares registered with Euronext Securities Oais, dividend per share is NOK 5.4297
- Based on $18.23/share as of 27 February 2026
2025
Agenda
Q4 2025 highlights and market outlook
Market overview
Company performance
Q&A
BW LPG
VLGC market drivers during Q4 2025 and so far 2026
Freight rates supported by high US LPG inventory levels and geopolitical factors
US propane inventories (year end)
Million barrels
US and Far East propane prices
USD / ton
US – Far East vs. US – Far East arbitrage
Market fundamentals, geopolitics and seasonal event conducive to elevated spot earnings
- Following several years of growth in LPG production, inventories surpassed 100 mb by the end of 2025
- Ample product availability has put downward pressure on US prices, while prices in the Far East have held up
- The Q4 2025 spot market found additional support from the US – China trade truce in October
- After the end of the quarter, tensions in the Middle East and US exports being less impacted by winter conditions kept the spot market firm
6
SW LPG
Sources: EIA, Company filings, EIA, Bloomberg, BW LPG
1) Energy Transfer's Nederland terminal expansion was commissioned in 3Q25
LPG trade flow overview 2025
While China taps inventories, India and Southeast Asia have increased imports
Far East imports slightly down in 2025
- China imports of US volumes affected by trade war
- This has partly been offset by higher Japan imports
- LPG inventories in China are currently low and imports from the US grew m/m in February 2026
Strong growth in India
- Increased retail demand supported by governmental subsidy programs
- Imports from the US is boosting ton mile
- New infrastructure allows for more efficient distribution deeper in-land
More US LPG to Southeast Asia
- While China imports of US LPG have been muted in recent months, Southeast Asia has increased imports
- A shift toward US LPG imports in Southeast Asia could divert Middle Eastern volumes into other markets
7
BW LPG
Note: Imports include million tons of LPG carried on VLGCs only. Imports from regions other than Middle East and North America are omitted
1) Far East include China, Japan, South Korea and Taiwan
Source: Vortexa
More growth in the years ahead
New projects in the Middle East and wetter gas in the US to lift LPG exports
Middle East projects coming online
Two big projects on the horizon¹
- Saudi Aramco has started oil production from its first unconventional field; gas output expected at year end
- Qatar's North Field expansion is expected in 4Q 2026
Permian oil now yields more gas
Gas continues to get wetter
- As new wells are being put into production, these wells are increasingly gaseous
- This gas is also wetter, i.e., has higher NGL content
- More gaseous fields and wetter gas enables LPG output growth to be higher than oil output growth
LPG export forecasts
MtpA (VLGC only)
Continued growth from main exporting regions
- North American export growth underpinned by new export infrastructure in the coming years
- Middle East export growth is expected to grow in the high single digits over the coming years, supported by new projects and expansions
BW LPG
Sources: Company filings, EIA, NGLS, Enterprise Product Partners
1) Field locations on map are approximate
Panama Canal congestion issues likely to persist
Long-haul VLGC voyages are anticipated to increase as multiple segments compete for transit slots
Neo locks at max capacity
Transits per day
Volatile auction fees (South bound)
USDm
Growth in US gas volumes drives fleet growth
Number of newbuildings to be delivered
VLECs: 53
VLGCs: 105
LNGCs: 288
Ships lining up to transport increased gas volumes from the US
- The Panama Canal is operating the Neo-Panamax locks at full capacity
- The heavy traffic is sustaining volatility in auction fees for transiting the canal
- Not all gas carrier newbuildings are intended solely for incremental US exports, nor will all additional gas volumes be destined for the Far East
- Nevertheless, limited capacity in the Neo-Panamax locks will likely divert more VLGCs around Cape of Good Hope
BWI P&G
Sources: Clarksons SIN, BW LPG
VLGC fleet and newbuildings
Limited ordering activity amidst delivery of new VLGCs
Quarterly delivery schedule
of VLGCs
VLGC fleet age profile and newbuilding market
| Current VLGC dual-fuel newbuild price² | VLGC delivery year for newbuild contracts | Total orderbook number | VLGC newbuilds ordered in 2026 |
|---|---|---|---|
| ~$112.5M | 2028 | 105 | 5 |
- Total VLGC fleet on water (not including orderbook)
- 88-91k dual-fuel non-ammonia capacity VLGC, at "first class competitive yard"
Sources: BW LPG, Clarksons
Market outlook
Underlying fundamentals remain robust, while geopolitical events increase volatility
LPG export fundamentals are expected to remain sound with support seen from additional export capacity, new gas projects, long haul trade patterns and recurring constraints in the Panama Canal. Sharp increase in freight rates due to Middle East war.
| Iran – Israel/US war | • Initial market reaction is to secure US cargoes leading to increased spot rates and longer ton-miles
• Strait of Hormuz safety concerns are halting exports from the Middle East. Prolonged conflict will most likely divert more VLGCs to the US Gulf and may impact the US Gulf rates negatively |
| --- | --- |
| Market dynamics | • High LPG inventories in the US and stable demand in Asia is keeping the US – Far East arbitrage wide
• Volumes shipped long haul lend support to fleet utilization |
| LPG exports
US / Middle East | • Higher NGL content in the Permian basin and new export infrastructure are expected to drive growth in exports
• New gas projects in Saudi Arabia and Qatar are expected to support Middle East LPG export growth going forward |
| Panama v. Cape routing | • The Neo-Panamax locks in the Panama Canal are operating at or near max capacity
• Fleet growth in ethane, LPG and LNG segments is likely to increasingly divert VLGCs around Cape of Good Hope |
| VLGC global fleet | • The current VLGC fleet consists of 421 ships
• 8 VLGCs have been delivered this year, with 26 more to be delivered before the end of the year
• VLGC orderbook currently consists of 105 ships, with deliveries slowing down in 2028 |
| FFA market | • The Ras Tanura–Chiba FFA market for the balance of 2026 is presently indicating earnings of about US$85,000 per day, though liquidity remains limited |
BW LPG
2025
Agenda
Q4 2025 highlights and market outlook
Market overview
Company performance
Q&A
BW LPG
Shipping – Performance
Achieved 94% utilisation generating TCE income – Shipping of US$50,300 per available day
2025 Q4 performance
TCE income by calendar days
US$48,100/day¹
TCE income by available days
US$50,300/day²
TCE income by average rate of
54%
TCE income by average rate of
44%
TCE income by average rate of
2%
TY 2026 Charter portfolio
- 36% covered by fixed rate TC out at US$43,700/day
- 4% covered by FFA hedges at avg. of US$47,900/day
| FY 2026 Time charter | |||
|---|---|---|---|
| % of total Fleet | Revenue/ (Cost) in US$M | Average day rate | |
| TC out – Fixed rate | 7% | $49 | $43,700 |
| TC in | 7% | ($38) | $34,500 |
| Net | $11 | ||
| Remaining TC out – Fixed rate | 29% | $186 | $43,700 |
13
BW LPG
-
TCE rates per day are inclusive of both commercial waiting and technical offline days (i.e. 100% of calendar days)
-
TCE rates per day are inclusive of commercial waiting days and exclusive of technical offline days (i.e. 100% of available days)
-
TCE rates per day are exclusive of both commercial waiting and technical offline days
-
Discharge to discharge basis
-
Time charter includes fixed and variable rate
Product Services – Performance
Strong finish to fiscal year 2025 highlighted by continued positive realised results
Q4 2025 performance
Book equity
- Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services' lease-in vessels
- Unrealised physical shipping is a Non-IFRS measure and refers to the forward value of Time Charter-in contracts based on forward market freight indexes
BW LPG
Financial highlights
Low leverage, strong liquidity, ready for growth opportunities
Key financials Q4 2025
US$ million
Income statement
| Profit after tax | $123 |
|---|---|
| Profit to equity holders | $104 |
| Earnings per share¹ | $0.69 |
| Dividends per share² | $0.57 |
Balance sheet
| Total assets | $3,155 |
|---|---|
| Total liabilities | $1,229 |
| Total shareholders’ equity | $1,926 |
Shipping per day statistics
US$/day
| FY 2025 Daily TCE Income | $43,200 |
|---|---|
| FY 2025 Daily OPEX | $8,800 |
| FY 2026 Operating cash breakeven⁸ | |
| Owned | $18,500 |
| Total fleet | $20,200 |
| FY 2026 All-in cash breakeven⁹ | $23,400 |
Financial ratios Q4 2025
| Earnings Yield³ (annualised) | 21% |
|---|---|
| Dividend Yield⁴ (annualised) | 12.5% |
| ROE⁵ (annualised) | 26% |
| ROCE⁶ (annualised) | 19% |
| Net leverage ratio⁷ | 28.4% |
- EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period
- For shares registered with Euronext Securities Oslo, dividend per share is NOK 5.4297
- Earnings yield: EPS divided by the share price at the end of the period in USD terms
- Dividend yield: Based on $18.23/share as of 27 February 2026
- 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.
- 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.
- 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
- Operating cash breakeven: Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet
- All-in cash breakeven: Operating cash breakeven including capex (maintenance and drydock)
BW LPG
Financing structure and repayment profile
Ample liquidity of $613M with long-dated repayment profile
Liquidity profile (US$M)
As of 31 December 2025
| Total Available Liquidity | Cash^{1} | Undrawn RCF |
|---|---|---|
| 613 | 226 | 387 |
Ship financing2 structure
Trade financing structure
Repayment profile
BW LPG
-
Cash presented excludes $16M held in broker margin accounts
-
Excludes other lease liabilities, capitalised fees, and interest payable, as of 31 December 2025
2025
Agenda
Q4 2025 highlights and market outlook
Market overview
Company performance
Q&A
BW LPG
Q&A
Kristian Sørensen
CEO
Samantha Xu
CFO
BW LPG
Thank you
Investor Relations
[email protected]
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 117438
BW LPG
BW LPG
Appendix
Q4 2025
BW LPG
50 VLGCs, 3 LGCs and 1 MGC owned and operated by BW LPG
As of 17 February 2026
28 BW LPG
100% ownership
| Name | Year | Shipyard |
|---|---|---|
| BW Avior | 2023 | DSME |
| BW Rigel | 2023 | DSME |
| BW Yushi | 2020 | Mitsubishi H.I. |
| BW Kizoku | 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 | 2015 | Hyundai H.I. |
| BW Levant | 2015 | Jiangnan |
| BW Breeze | 2015 | Jiangnan |
| BW Sirocoo | 2015 | Jiangnan |
| BW Passat | 2015 | Jiangnan |
| BW Mistral | 2015 | Jiangnan |
| BW Monsoon | 2015 | Jiangnan |
| BW Aries | 2014 | Hyundai H.I. |
7 BW LPG
Time charter/bareboat in
| Name | Year | Shipyard |
|---|---|---|
| BW Capella^{2} | 2022 | DSME |
| BW Polaris^{3} | 2022 | DSME |
| BW Kyoto^{2} | 2010 | Mitsubishi H.I. |
| Oriental King | 2017 | Hyundai H.I. |
| Doraji Gas^{6} | 2017 | Mitsubishi H.I. |
| Berge Nantong | 2006 | Hyundai H.I. |
| Berge Ningbo | 2006 | Hyundai H.I. |
8 BW LPG India
52% ownership
| Name | Year | Shipyard |
|---|---|---|
| BW Chinook | 2015 | Jiangnan |
| BW Pampero | 2015 | Jiangnan |
| BW Pine | 2011 | Kawasaki S.C. |
| BW Loyalty | 2008 | Hyundai H.I. |
| BW Tyr | 2008 | Hyundai H.I. |
| BW Oak | 2008 | Hyundai H.I. |
| BW Elm | 2007 | Hyundai H.I. |
| BW Birch | 2007 | Hyundai H.I. |
11 Pool/Product Services operated
| Name | Year | Shipyard | Beneficiary |
|---|---|---|---|
| Gas Jupiter^{5} | 2023 | Jiangnan | Sinogas Maritime |
| Kaede^{5} | 2023 | Hyundai H.I. | Product Services |
| Gas Venus^{5} | 2021 | Jiangnan | Sinogas Maritime |
| Gas Gabriela^{4} | 2021 | Hyundai H.I. | Product Services |
| Clipper Wilma^{4} | 2019 | Hyundai H.I. | Product Services |
| Vega Sea^{4} | 2017 | Hyundai H.I. | Product Services |
| Vega Star^{4} | 2017 | Hyundai H.I. | Product Services |
| Oceanic Moon^{2} | 2011 | Hyundai H.I. | Product Services |
| Tokyo^{1} | 2009 | Hyundai H.I. | Product Services |
| Denver^{1} | 2009 | Hyundai H.I. | Product Services |
| Helsinki^{1} | 2009 | Hyundai H.I. | Product Services |
Vessels with dual-fuel propulsion technology
Vessels retrofitted with scrubber technology
Vessels on compliant fuels
BW LPG
-
LGC (Large Gas Carrier)
-
MGC (Medium Gas Carrier)
-
Bareboat charter
-
Panamas
-
Pool operated
-
To be redelivered end of Q1
VLGC charter portfolio overview
Fixed rate time charter out coverage for 2026 at 36% with an average rate of $43,700 per day
Time charter-out
% TC days - Fixed rate
Time charter-out – Fixed rate
US$ thousands/day
Time charter-in
2026 time charter position
| FY 2026 Time charter | |||
|---|---|---|---|
| % of total1 | |||
| Fleet | Revenue/ | ||
| (Cost) in $M | Average day rate | ||
| TC out - Fixed rate | 7% | $49 | $43,700 |
| TC in | 7% | ($38) | $34,500 |
| Net | $11 | ||
| Remaining TC out - Fixed rate | 29% | $186 | $43,700 |
BW LPG
-
% of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days
-
Majority of the TC in contracts will end in 2026 with the last TC in contract expiring in end-Jan 2027
Shipping segment charter portfolio 2026-2027
Fixed rate time charter out contract coverage stands at 36% for 2026 (as of 18 Feb 2026)
| Q1 2026E | Q2 2026E | Q3 2026E | Q4 2026E | 2026E | 2027E | |
|---|---|---|---|---|---|---|
| Owned days | 3,510 | 3,549 | 3,588 | 3,588 | 14,235 | 14,235 |
| Time charter in days | 287 | 273 | 276 | 276 | 1,112 | 34 |
| Total calendar days | 3,797 | 3,822 | 3,864 | 3,864 | 15,347 | 14,269 |
| Offhire* | 213 | 81 | 88 | 69 | 451 | 222 |
| Total available days (Net of offhire) | 3,584 | 3,741 | 3,776 | 3,795 | 14,896 | 14,047 |
| Spot days (Net of offhire) | 1,639 | 1,869 | 2,079 | 2,199 | 7,786 | 10,228 |
| Time charter out days (Net of offhire) - Fixed rate | 1,498 | 1,420 | 1,260 | 1,139 | 5,317 | 3,374 |
| Time charter out days (Net of offhire) - Variable rate | 447 | 452 | 437 | 457 | 1,793 | 445 |
| % Spot days | 46% | 50% | 55% | 58% | 52% | 73% |
| % TC days - Fixed rate | 42% | 38% | 33% | 30% | 36% | 24% |
| % TC days - Variable rate | 12% | 12% | 12% | 12% | 12% | 3% |
TCE rates
| Spot | - | - | - | - | - | - |
|---|---|---|---|---|---|---|
| Time charter out – Fixed rate | $44,200 | $44,100 | $43,400 | $43,200 | $43,700 | $43,000 |
| VLGC TCE rate (Net of offhire) | - | - | - | - | - | - |
BW LPG
BW LPG India Charter Portfolio is a subset of the Shipping Segment Charter Portfolio
Post revenue distributed to participants and the associated days are excluded from the presentation
*In years when a vessel does not have planned dry docking, an offhire of 3 days per vessel per year is assumed
BW LPG India charter portfolio 2026-2027
Time charter out contract coverage stands at 50% for 2026 (as of 18 Feb 2025)
| Q1 2026E | Q2 2026E | Q3 2026E | Q4 2026E | 2026E | 2027E | |
|---|---|---|---|---|---|---|
| Owned days | 720 | 728 | 736 | 736 | 2,920 | 2,920 |
| Time charter in days | - | - | - | - | - | - |
| Total calendar days | 720 | 728 | 736 | 736 | 2,920 | 2,920 |
| Offhire* | 28 | 40 | 4 | 5 | 77 | 56 |
| Total available days (Net of offhire) | 692 | 688 | 732 | 731 | 2,843 | 2,864 |
| Spot days (Net of offhire) | 222 | 303 | 403 | 483 | 1,411 | 2,502 |
| Time charter out days (Net of offhire) | 470 | 385 | 329 | 248 | 1,432 | 362 |
| % Spot days | 32% | 44% | 55% | 66% | 50% | 87% |
| % TC days | 68% | 56% | 45% | 34% | 50% | 13% |
TCE rates
| Spot | - | - | - | - | - | - |
|---|---|---|---|---|---|---|
| Time charter out | $45,700 | $45,700 | $44,900 | $44,200 | $45,100 | $43,100 |
| VLGC TCE rate (Net of offhire) | - | - | - | - | - | - |
BW LPG
- Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings
Fleet safety statistics
Safety and Zero Harm onboard remain our key focus
TRCF 12 Month Rolling Average (MRA)
LTIF 12 Month Rolling Average (MRA)
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
BW LPG
As of 31 December 2025