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BW LPG Ltd.
Quarterly Report • Dec 2, 2025
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Quarterly Report
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FORWARD-LOOKING STATEMENTS
In this unaudited interim financial report, "the Company" or "BW LPG" refers to BW LPG Limited. "The Group" refers to BW LPG Limited together with its consolidated subsidiaries.
Matters discussed in this unaudited interim financial report may constitute "forward-looking statements". The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts or present facts and circumstances. This unaudited interim financial report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.
These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "continue", "could", "estimates", "expects", "forecasts", "intends", "likely", "may", "might", "plans", "should", "potential", "projects", "seek", "will", "would" or, in each case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG's intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group's future business development, financial performance and the industry in which the Group operates.
Prospective investors in BW LPG are cautioned that forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this unaudited interim financial report. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and market and industry data and forecasts prepared by and available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur. BW LPG undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:
- general economic, political and business conditions;
- general LPG market conditions, including changes in LPG freight rates, charter rates, vessel values and bunker fuel prices and other operating costs;
- changes in demand in the LPG shipping industry;
- any adverse developments in the maritime LPG transportation business;
- changes in, and the Group's compliance with, governmental, tax, environmental, safety, data protection and privacy and other laws and regulations;
- failure in the management of climate and environmental risks and delivery and performance of management environmental objectives;
- changes in competition rules and regulations for the shipping industry;
- failure to manage disruptions, including due to climate change, abnormal weather conditions,
- pandemics, piracy, strikes and boycotts, political instability, sanctions and breaches of IT systems;
- failure to implement the Group's business strategy or manage the Group's growth;
- damages or breakdowns of the Group's vessels, including due to weather conditions, mechanical failures, wars or other circumstances and events;
- failure to obtain new customers or the loss of any existing major customers;
- failure to maintain sufficient cash reserves to make capital expenditures necessary for the Group's vessels' maintenance;
FORWARD-LOOKING STATEMENTS (continued)
- failure to attract and retain key management personnel, technically skilled officers and other employees;
- default by third parties with whom the Group has entered into chartered-in arrangements;
- failure of the Group's third-party technical managers or other counterparties to meet their obligations;
- the ageing of the Group's fleet which could result in increased operating costs;
- delays in deliveries of or cost overruns in relation to newbuilds (if any);
- failure to integrate assets or businesses acquired from third parties;
- failure to identify or take advantage of arbitrage opportunities, effectively implement the Product Services division's hedging strategy and source LPG from third-party suppliers;
- loss of major tax disputes or successful tax challenges to the Group's operating structure or to the Group's tax payments;
- the availability of and the Group's ability to obtain financing to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and the Group's ability to comply with the restrictions and other covenants set forth in the Group's existing and future debt agreements and financing arrangements;
Additional information about material risks that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Item 3. Key Information – 3.D. Risk Factors" of BW LPG's Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 28 March 2025.
SELECTED KEY FINANCIAL INFORMATION
| Statement of Comprehensive Income | Q3 2025 US\$M |
Q3 2024 US\$M |
Change % |
YTD Sep 2025 US\$M |
YTD Sep 2024 US\$M |
Change % |
|---|---|---|---|---|---|---|
| TCE income - Shipping1 Gross (loss)/profit – Product Services1 Operating profit Profit after tax Profit attributable to equity holders of the |
201.8 (23.6) 69.4 56.8 |
145.5 71.7 139.2 120.5 |
39 N.M (50) (53) |
513.1 (12.4) 207.2 166.8 |
480.6 129.4 386.3 355.1 |
7 N.M (46) (53) |
| Company (US\$ per share) |
57.1 | 104.7 | (45) | 138.1 | 323.4 | (57) |
| Basic EPS2 Diluted EPS2 Dividend per share |
0.38 0.38 0.40 |
0.79 0.79 0.42 |
(52) (52) N.M |
0.91 0.91 0.90 |
2.44 2.44 2.00 |
(63) (63) N.M |
| Balance Sheet | 30 Sep 2025 US\$M |
31 Dec 2024 US\$M |
Change % |
|||
| Cash and cash equivalents Total assets Total liabilities Total shareholders' equity |
293.1 3,339.6 1,406.8 1,932.8 |
279.7 3,320.4 1,382.9 1,937.5 |
5 1 2 - |
|||
| Cash flow | Q3 2025 US\$M |
Q3 2024 US\$M |
Change % |
YTD Sep 2025 US\$M |
YTD Sep 2024 US\$M |
Change % |
| Net cash from operating activities Capital expenditure Adjusted free cash flow3 |
128.8 (11.7) 117.1 |
54.5 (82.0) (27.5) |
136 (86) N.M |
389.8 (104.2) 285.6 |
512.9 (18.7) 494.2 |
(24) N.M (42) |
| Financial Ratios | Q3 2025 % |
Q3 2024 % |
Change % |
30 Sep 2025 % |
30 Sep 2024 % |
Change % |
| ROE4 (annualised) ROCE5 (annualised) Net leverage ratio6 |
11.8 9.2 29.7 |
29.8 25.9 21.3 |
(60) (64) 39 |
11.5 9.0 29.7 |
29.4 23.4 21.3 |
(61) (62) 39 |
| Other Information | 30 Sep 2025 |
31 Dec 2024 |
Change % |
|||
| Shares – end of period ('000 shares) Treasury shares – end of period ('000 shares) Share price (USD) Share price (NOK) Market cap (USD million) Market cap (NOK million) |
159,282.0 7,939.3 14.3 142.7 2,161.2 21,596.6 |
159,282.0 7,743.6 11.4 125.3 1,721.5 18,987.8 |
- 3 25 14 26 14 |
[1] Time Charter Equivalent ("TCE") income - Shipping and Gross (loss)/profit – Product Services reflect the Shipping and Product Services segments, respectively. TCE income – Shipping represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission, and inter-segment expense.
[2] Basic and diluted EPS (earnings per share) is computed based on Q3 2025: 151.3 million and 151.9 million (YTD Q3 2025: 151.4 million and 152.0 million) shares, respectively, the weighted average number of shares outstanding less treasury shares during the period.
[3] Adjusted free cash flow is a non-IFRS measure and is computed as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels. See page 19 for a reconciliation of adjusted free cash flow to the nearest IFRS measure.
[4] ROE (return on equity) is computed as, with respect to a particular period, the ratio of the profit after tax for such period to the average of the shareholders' equity, calculated as the average of the opening and closing balance for the period as presented in the consolidated balance sheet.
[5] ROCE (return on capital employed) is a non-IFRS measure and is computed as, with respect to a particular period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders' equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet. See page 20 for a reconciliation of ROCE to the nearest IFRS measure.
[6] Net leverage ratio is computed as the sum of total borrowings and total lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of total borrowings, total lease liabilities and total shareholders' equity minus cash and cash equivalents as set out in the consolidated statement of cash flows.
HIGHLIGHTS AND SUBSEQUENT EVENTS – Q3 2025
- Q3 2025 profit attributable to equity holders of the Company ended at US\$57.1 million or an earnings per share of US\$0.38.
- TCE income Shipping Q3 2025 concluded at US\$51,280 per available day1 and US\$48,730 per calendar day (total)1.
- The Company declared a Q3 2025 cash dividend of US\$0.40 per share. This dividend corresponds to 75% of the Shipping NPAT2 for the quarter. This cash dividend represents a payout ratio of 105% for the quarter, as a percentage of total profit attributable to equity holders.
- As previously announced, in July 2025, the Group's subsidiary, BW LPG India, secured a US\$215 million Term Loan Facility to refinance its existing debt and to support the acquisition of two modern Very Large Gas Carriers ("VLGCs"), BW Chinook and BW Pampero, from BW LPG.
- BW LPG India entered into an agreement to sell BW Lord in September 2025 with an estimated delivery in December 2025. The sale is priced at approximately US\$61.0 million and is expected to generate a net book gain of approximately US\$25.0 million.
- Two ship financing facilities were voluntarily cancelled in October and November 2025 on the back of strong liquidity, which led to a repayment of US\$36 million and reduction of US\$216 million in available revolving credit facilities.
PERFORMANCE REVIEW – Q3 2025 and YTD September 2025
Q3 2025
TCE income – Shipping was US\$201.8 million for Q3 2025 (Q3 2024: US\$145.5 million), representing an increase of US\$56.3 million from Q3 2024. The TCE income increase was primarily due to a higher LPG spot market of US\$51,400 per day, a 7% increase compared to Q3 2024 of US\$47,900 per day, and higher available fleet days of 3,934 in Q3 2025 (27% growth) after the completion of the Avance Gas acquisition. This was partially offset by our scheduled drydocking program, which reduced available fleet days by 168 days (Q3 2024: 17 days). The effects of IFRS 15 adjustments for spot voyages that straddled the quarter-end were recognised on a load-todischarge basis resulted in a negative US\$7.3 million in Q3 2025 (Q3 2024: positive US\$6.4 million). The TCE income – Shipping continues to be well supported by the increased time charter coverage of 44% (Q3 2024: 38%) of available days at US\$51,200 per day (Q3 2024: US\$45,000 per day). Additionally, our India subsidiary continued to deliver stable TCE income of US\$33.2 million for Q3 2025 (Q3 2024: US\$32.9 million), mainly from fixed-rate time charters.
Product Services achieved a realised gain of US\$14.7 million for Q3 2025 (Q3 2024: realised loss of US\$14.0 million). At quarter-end, unfavourable market positions resulted in an unrealised mark-to-market loss of US\$38.3 million. This contrasts with the same quarter last year, where a significant unrealised gain of US\$85.7 million was booked, which contributed to a reduction in unrealised results of US\$124.0 million. As a result, Product Services reported a gross loss of US\$23.6 million for Q3 2025 (Q3 2024: gross profit of US\$71.7 million). After general and administrative expenses and income taxes of US\$5.9 million (Q3 2024: US\$13.2 million), Product Services reported a loss after tax of US\$29.5 million for Q3 2025 (Q3 2024: profit after tax of US\$58.5 million).
Profit after tax was US\$56.8 million for Q3 2025 (Q3 2024: US\$120.5 million). The decrease was primarily attributed to a reduction in operating profit of US\$69.7 million, higher net finance expenses of US\$8.6 million, and partially offset by lower income tax expense of US\$14.6 million. The profit after tax was also impacted by higher vessel operating expense of US\$11.3 million and depreciation of US\$16.3 million, reflecting the full effect of the added Avance Gas fleet in Q4 2024.
Profit attributable to non-controlling interests was negative US\$0.3 million for Q3 2025 (Q3 2024: positive US\$15.8 million), mainly driven by a US\$15.5 million decrease in attributable profit to non-controlling interests from BW Product Services.
1 TCE income – Shipping per available and calendar day (total) are non-IFRS measures and are computed as TCE income – Shipping divided by available days and calendar days (total), respectively. See pages 18 and 19 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest IFRS measure.
2 Shipping NPAT, or Shipping's Net Profit After Tax, is calculated as profit attributable to equity holders of BW LPG, minus BW LPG's share of BW LPG Product Services Pte. Ltd.'s net profit/(loss) after tax. See page 17.
PERFORMANCE REVIEW – Q3 2025 and YTD September 2025 (continued)
YTD September 2025
TCE income – Shipping for YTD September 2025 increased by US\$32.5 million from YTD September 2024, primarily due to the higher available fleet days of 11,853 days in YTD September 2025. This was partially offset by a lower LPG spot market of US\$43,100 per day, a 24% decline compared to YTD September 2024 of US\$57,000 per day. Our scheduled drydocking program also reduced available fleet days by 387 days (YTD September 2024: 118 days). The IFRS 15 impact on TCE income – Shipping was insignificant for YTD September 2025 (YTD September 2024: positive US\$32.9 million). The increased time charter coverage of 44% (YTD September 2024: 34%) supported TCE income – Shipping at available days of US\$43,500 per day (YTD September 2024: US\$44,100 per day). India subsidiary delivered stable TCE income of US\$95.6 million for YTD September 2025 (YTD September 2024: US\$92.9 million), mainly from fixed-rate time charters.
Product Services achieved a realised gain of US\$52.8 million for YTD September 2025 (YTD September 2024: realised gain of US\$34.8 million). At the same time, an unrealised mark-to-market loss of US\$65.2 million was booked for the period. This contrasts with the same period last year, where a significant unrealised gain of US\$94.6 million was booked, which contributed to a reduction in unrealised results of US\$159.8 million. Overall, Product Services reported a gross loss of US\$12.4 million for YTD September 2025 (YTD September 2024: gross profit of US\$129.4 million), and a loss after tax of US\$36.4 million for YTD September 2025 (YTD September 2024: profit after tax of US\$95.3 million) after general and administrative expenses and income taxes of US\$24.0 million (YTD September 2024: US\$34.1 million).
Profit after tax for YTD September 2025 was US\$166.8 million, down from US\$355.1 million in YTD September 2024. This decrease reflects a lower operating profit of US\$179.1 million and increased net finance expenses of US\$30.0 million, partially offset by a lower income tax expense of US\$20.6 million. The profit after tax was also impacted by higher vessel operating expense of US\$30.4 million and depreciation of US\$46.5 million from a larger fleet.
Profit attributable to non-controlling interests was US\$28.7 million for YTD September 2025 (YTD September 2024: US\$31.7 million). The decrease was driven by a US\$22.2 million decrease in attributable profit to noncontrolling interests from BW Product Services, offset by a US\$19.2 million increase in attributable profit to noncontrolling interests from BW LPG India, which was largely contributed by BW LPG India's gain of US\$32.1 million from the sale of BW Cedar.
BALANCE SHEET
As of 30 September 2025, BW LPG controls a fleet of 52 VLGCs, including nine vessels which are owned and operated by BW LPG India. Total assets amounted to US\$3,339.6 million (31 December 2024: US\$3,320.4 million), of which US\$2,394.0 million (31 December 2024: US\$2,381.8 million) represented the carrying value of the vessels (including dry docking), and US\$103.8 million (31 December 2024: US\$216.3 million) represented the carrying value of right-of-use assets (vessels).
BALANCE SHEET (continued)
Cash and cash equivalents amounted to US\$293.1 million as of 30 September 2025 (31 December 2024: US\$279.7 million). Cash flow from operating activities generated a net cash surplus of US\$389.8 million in YTD September 2025 (YTD September 2024: US\$512.9 million), of which the net cash inflow of US\$37.0 million (YTD September 2024: US\$9.2 million) related to changes in working capital. Investing activities generated a cash outflow of US\$90.5 million in YTD September 2025 (YTD September 2024: cash inflow of US\$27.8 million), which comprised exercising the purchase options of BW Kizoku and BW Yushi, and US\$31.0 million paid for drydocking activities. These payments were partially offset by proceeds of US\$65.0 million from the sale of BW Cedar.
The YTD September 2025 net cash outflow for financing activities was US\$254.8 million (YTD September 2024: US\$489.4 million), driven by dividend payments of US\$150.5 million, US\$75.5 million in lease repayments and net principal, interest and trade financing borrowings repayments of US\$16.7 million.
Net leverage ratio decreased from 32.7% as of 31 December 2024, to 29.7% as of 30 September 2025 mainly due to lower lease liabilities after the exercise of the purchase options for BW Kizoku and BW Yushi.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
| YTD Sep | YTD Sep | |||
|---|---|---|---|---|
| Q3 2025 | Q3 2024 | 2025 | 2024 | |
| US\$'000 | US\$'000 | US\$'000 | US\$'000 | |
| Revenue - Shipping | 279,975 | 220,419 | 757,538 | 778,867 |
| Revenue - Product Services | 663,788 | 584,602 | 2,092,198 | 1,941,134 |
| Cost of cargo and delivery expenses - Product Services Voyage expenses - Shipping |
(666,944) (86,532) |
(495,581) (83,623) |
(2,046,912) (268,695) |
(1,776,415) (309,934) |
| Vessel operating expenses | (31,575) | (20,286) | (93,292) | (62,869) |
| Time charter contracts (non-lease components) | (3,523) | (4,925) | (12,222) | (14,589) |
| General and administrative expenses | (19,281) | (10,864) | (57,262) | (45,460) |
| Charter hire expenses | 1,006 | - | - | (2,214) |
| Fair value (loss)/gain from equity financial asset | - | - | (1,172) | 1,326 |
| Finance lease income Other operating (expense)/income - net |
306 (2,264) |
235 (1,414) |
614 (3,839) |
432 949 |
| Depreciation | (65,461) | (49,184) | (191,173) | (144,701) |
| Amortisation of intangible assets | (52) | (212) | (313) | (631) |
| Gain on disposal of vessels | - | - | 32,051 | 20,391 |
| Loss on derecognition of right-of-use assets (vessels) | - | - | (289) | - |
| Operating profit | 69,443 | 139,167 | 207,232 | 386,286 |
| Foreign currency exchange gain/(loss) - net | 2,018 | 1,028 | 1,632 | (496) |
| Interest income | 2,392 | 3,153 | 7,330 | 12,379 |
| Interest expense | (12,947) | (4,132) | (40,854) | (13,043) |
| Other finance expenses | (646) | (646) | (1,244) | (2,009) |
| Finance expenses – net | (9,183) | (597) | (33,136) | (3,169) |
| Profit before tax | 60,260 | 138,570 | 174,096 | 383,117 |
| Income tax expense | (3,508) | (18,105) | (7,330) | (27,979) |
| Profit after tax | 56,752 | 120,465 | 166,766 | 355,138 |
| Other comprehensive income/(loss): Items that will not be reclassified to profit or loss: Equity investments at FVOCI - fair value (loss)/gain |
(2,900) | 1,330 | (8,792) | (1,070) |
| Items that may be reclassified subsequently to profit or loss: Cash flow hedges |
||||
| - fair value (loss)/gain |
(3,146) | 3,699 | (5,186) | 56,027 |
| - reclassification to profit or loss |
988 | (7,655) | (4,776) | (10,960) |
| Currency translation reserve | 1,057 | 952 | 2,338 | 517 |
| Other comprehensive (loss)/income, net of tax | (4,001) | (1,674) | (16,416) | 44,514 |
| Total comprehensive income | 52,751 | 118,791 | 150,350 | 399,652 |
| Profit attributable to: | ||||
| Equity holders of the Company | 57,071 | 104,675 | 138,080 | 323,429 |
| Non-controlling interests | (319) 56,752 |
15,790 120,465 |
28,686 166,766 |
31,709 355,138 |
| Total comprehensive income: | ||||
| Equity holders of the Company | 52,856 | 102,847 | 121,213 | 367,854 |
| Non-controlling interests | (105) | 15,944 | 29,137 | 31,798 |
| 52,751 | 118,791 | 150,350 | 399,652 | |
| Earnings per share attributable to the equity holders of the Company: (expressed in US\$ per share) |
||||
| Basic earnings per share | 0.38 | 0.79 | 0.91 | 2.44 |
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
| 30 September | 31 December | |
|---|---|---|
| 2025 US\$'000 |
2024 US\$'000 |
|
| Intangible assets | 323 | 636 |
| Investment in joint venture | 301 | 301 |
| Equity financial assets, at fair value | 14,340 | 23,132 |
| Derivative financial instruments | 3,621 | 7,469 |
| Other receivables Finance lease receivables |
10,360 12,170 |
7,980 2,882 |
| Deferred tax assets | 4,129 | 1,644 |
| Total other non-current assets | 44,921 | 43,408 |
| Vessels and dry docking | 2,394,003 | 2,381,821 |
| Right-of-use assets (vessels) | 103,842 | 216,272 |
| Other property, plant and equipment | 302 | 354 |
| Property, plant and equipment | 2,498,147 | 2,598,447 |
| Total non-current assets | 2,543,391 | 2,642,491 |
| Inventories | 124,876 | 76,706 |
| Trade and other receivables Equity financial assets, at fair value |
269,195 1,597 |
202,921 2,769 |
| Derivative financial instruments | 64,912 | 74,571 |
| Finance lease receivables | 7,113 | 8,283 |
| Assets held-for-sale | 35,364 | 32,998 |
| Cash and cash equivalents | 293,104 | 279,681 |
| Total current assets | 796,161 | 677,929 |
| Total assets | 3,339,552 | 3,320,420 |
| Share capital Treasury shares |
619,868 (50,372) |
619,868 (48,387) |
| Other reserves | 658,293 | 667,756 |
| Retained earnings | 558,494 | 565,794 |
| 1,786,283 | 1,805,031 | |
| Non-controlling interests Total shareholders' equity |
146,471 1,932,754 |
132,463 1,937,494 |
| Borrowings | 801,231 | 711,664 |
| Lease liabilities | 64,081 | 60,588 |
| Derivative financial instruments | - | 569 |
| Total non-current liabilities | 865,312 | 772,821 |
| Borrowings | 164,710 | 230,344 |
| Lease liabilities | 62,475 | 170,700 |
| Derivative financial instruments | 72,162 | 25,527 |
| Current income tax liabilities | 1,521 | 14,470 |
| Trade and other payables Total current liabilities |
240,618 541,486 |
169,064 610,105 |
| Total liabilities | 1,406,798 | 1,382,926 |
| Total equity and liabilities | 3,339,552 | 3,320,420 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
| Attributable to equity holders of the Company | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital US\$'000 |
Treasury shares US\$'000 |
Capital reserve US\$'000 |
Hedging reserve US\$'000 |
Share based payment reserve US\$'000 |
Currency translation reserve US\$'000 |
Other reserves US\$'000 |
Retained earnings US\$'000 |
Total US\$'000 |
Non-controlling interests US\$'000 |
Total equity US\$'000 |
|
| Balance at 1 January 2025 | 619,868 | (48,387) | 649,654 | 13,835 | 2,579 | (427) | 2,115 | 565,794 | 1,805,031 | 132,463 | 1,937,494 |
| Profit after tax | - | - | - | - | - | - | - | 138,080 | 138,080 | 28,686 | 166,766 |
| Other comprehensive (loss)/income for the financial period |
- | - | - | (9,962) | - | 1,887 | (8,792) | - | (16,867) | 451 | (16,416) |
| Total comprehensive (loss)/income for the financial period |
- | - | - | (9,962) | - | 1,887 | (8,792) | 138,080 | 121,213 | 29,137 | 150,350 |
| Share-based payment reserve - Value of employee services |
- | - | - | - | 1,386 | - | - | - | 1,386 | - | 1,386 |
| Share capital reduction of subsidiary |
- | - | - | - | - | - | - | - | - | (4,965) | (4,965) |
| Purchases of treasury shares | - | (2,739) | - | - | - | - | - | - | (2,739) | - | (2,739) |
| Share options exercised | - | 754 | - | - | (395) | - | - | 165 | 524 | - | 524 |
| Dividend paid | - | - | - | - | - | - | - | (139,317) | (139,317) | (11,185) | (150,502) |
| Changes in interest in NCI | - | - | - | - | - | - | - | 185 | 185 | 1,021 | 1,206 |
| Transfer to tonnage tax reserve | - | - | - | - | - | - | 6,413 | (6,413) | - | - | - |
| Total transactions with owners, recognised directly in equity |
- | (1,985) | - | - | 991 | - | 6,413 | (145,380) | (139,961) | (15,129) | (155,090) |
| Balance at 30 September 2025 | 619,868 | (50,372) | 649,654 | 3,873 | 3,570 | 1,460 | (264) | 558,494 | 1,786,283 | 146,471 | 1,932,754 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (continued)
| Attributable to equity holders of the Company | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital US\$'000 |
Share premium US\$'000 |
Treasury shares US\$'000 |
Contributed surplus US\$'000 |
Capital reserve US\$'000 |
Hedging reserve US\$'000 |
Share based payment reserve US\$'000 |
Currency translation reserve US\$'000 |
Other reserves US\$'000 |
Retained earnings US\$'000 |
Total US\$'000 |
Non controlling interests US\$'000 |
Total equity US\$'000 |
|
| Balance at 1 January 2024 | 1,400 | 285,853 | (56,438) | 685,913 | (36,259) | (27,542) | 3,905 | 419 | 2,983 | 609,479 | 1,469,713 | 116,447 | 1,586,160 |
| Profit after tax | - | - | - | - | - | - | - | - | - | 354,296 | 354,296 | 40,572 | 394,868 |
| Other comprehensive income/(loss) for the financial period |
- | - | - | - | - | 41,377 | - | (846) | (7,030) | - | 33,501 | (176) | 33,325 |
| Total comprehensive income/(loss) for the financial period |
- | - | - | - | - | 41,377 | - | (846) | (7,030) | 354,296 | 387,797 | 40,396 | 428,193 |
| Effects of re-domiciliation | 285,853 | (285,853) | - | (685,913) | 685,913 | - | - | - | - | - | - | - | - |
| Share-based payment reserve - Value of employee services |
- | - | - | - | - | - | 2,016 | - | - | - | 2,016 | - | 2,016 |
| Share capital reduction of subsidiary | - | - | - | - | - | - | - | - | - | - | - | (4,500) | (4,500) |
| Purchases of treasury shares | - | - | (100) | - | - | - | - | - | - | - | (100) | - | (100) |
| Sale of treasury shares |
- | - | 1,091 | - | - | - | - | - | - | - | 1,091 | - | 1,091 |
| Issue of new shares | 332,615 | - | - | - | - | - | - | - | - | - | 332,615 | - | 332,615 |
| Share options exercised | - | - | 7,060 | - | - | - | (3,342) | - | - | (3,143) | 575 | - | 575 |
| Dividend paid | - | - | - | - | - | - | - | - | - | (388,461) | (388,461) | (21,657) | (410,118) |
| Changes in interest in NCI | - | - | - | - | - | - | - | - | - | (215) | (215) | 1,777 | 1,562 |
| Transfer to tonnage tax reserve | - | - | - | - | - | - | - | - | 6,162 | (6,162) | - | - | - |
| Total transactions with owners, recognised directly in equity |
618,468 | (285,853) | 8,051 | (685,913) | 685,913 | - | (1,326) | - | 6,162 | (397,981) | (52,479) | (24,380) | (76,859) |
| Balance at 31 December 2024 | 619,868 | - | (48,387) | - | 649,654 | 13,835 | 2,579 | (427) | 2,115 | 565,794 | 1,805,031 | 132,463 | 1,937,494 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
| Q3 2025 US\$'000 |
Q3 2024 US\$'000 |
YTD Sep 2025 US\$'000 |
YTD Sep 2024 US\$'000 |
|
|---|---|---|---|---|
| Cash flows from operating activities Profit before tax |
60,260 | 138,570 | 174,096 | 383,117 |
| Adjustments for: - amortisation of intangible assets |
52 | 212 | 313 | 631 |
| - depreciation charge | 65,461 | 49,184 | 191,173 | 144,701 |
| - gain on disposal of vessels | - | - | (32,051) | (20,391) |
| - fair value loss/(gain) from equity financial assets | - | - | 1,172 | (1,326) |
| - interest income | (2,392) | (3,153) | (7,330) | (12,379) |
| - interest expenses | 12,999 | 5,296 | 43,069 | 16,817 |
| - other finance expenses | 646 | 903 | 1,244 | 2,792 |
| - share-based payments | 448 | 567 | 1,386 | 1,639 |
| - finance lease income | (306) | (235) | (614) | (432) |
| - loss on derecognition of right-of-use assets | - | - | 289 | - |
| 137,168 | 191,344 | 372,747 | 515,169 | |
| Changes in working capital: | ||||
| - inventories | (88,065) 78,532 |
(43,972) | (48,170) | 74,083 |
| - trade and other receivables | (25,224) | 2,761 | (71,126) | 54,299 |
| - trade and other payables - derivative financial instruments |
26,069 | 15,868 (64,500) |
75,648 49,611 |
(89,163) (81,988) |
| - margin account held with broker | 16,902 | (42,113) | 31,024 | 51,973 |
| Total changes in working capital | 8,214 | (131,956) | 36,987 | 9,204 |
| Taxes paid Net cash from operating activities |
(16,584) 128,798 |
(4,873) 54,515 |
(19,975) 389,759 |
(11,428) 512,945 |
| Cash flows from investing activities | ||||
| Deposit for vessel acquisition held in escrow | - | (82,200) | - | (82,200) |
| Additions in property, plant and equipment | (11,655) | 181 | (169,261) | (1,640) |
| Additions in intangible assets | - | - | - | (237) |
| Proceeds from sale of vessels | - | - | 65,049 | 65,337 |
| Purchase of equity financial assets | - | - | - | (30,162) |
| Repayment of finance lease receivables | 1,713 | 1,956 | 5,787 | 5,926 |
| Interest received | 2,698 | 3,388 | 7,944 | 12,811 |
| Sale of equity financial assets, at fair value | - | - | - | 2,343 |
| Net cash used in investing activities | (7,244) | (76,675) | (90,481) | (27,822) |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (continued)
| Q3 2025 US\$'000 |
Q3 2024 US\$'000 |
YTD Sep 2025 US\$'000 |
YTD Sep 2024 US\$'000 |
|
|---|---|---|---|---|
| Cash flows from financing activities | ||||
| Proceeds from borrowings | 223,629 | 16,988 | 945,097 | 34,064 |
| Payment of financing fees | (1,618) | - | (4,408) | - |
| Repayments of bank borrowings | (290,040) | (19,974) | (911,028) | (118,312) |
| Payment of lease liabilities | (25,149) | (25,858) | (75,455) | (74,151) |
| Interest paid | (13,267) | (5,811) | (42,985) | (17,759) |
| Other finance expense paid | (646) | (903) | (1,244) | (2,792) |
| Purchase of treasury shares | - | - | (2,739) | (100) |
| Sale of treasury shares | - | - | - | 1,091 |
| Drawdown of trust receipts | 521,599 | 565,397 | 1,666,889 | 1,642,241 |
| Repayment of trust receipts | (514,888) | (499,810) | (1,674,666) (1,601,972) | |
| Dividend payment | (33,295) | (76,709) | (139,317) | (326,848) |
| Dividend payment to non-controlling interests | - | (7,568) | (11,185) | (21,657) |
| Contribution from non-controlling interests | 1,175 | 1,297 | 1,175 | 1,297 |
| Capital return to non-controlling interests | - | - | (4,965) | (4,500) |
| Net cash used in financing activities | (132,500) | (52,951) | (254,831) | (489,398) |
| Net (decrease)/increase in cash and cash equivalents | (10,946) | (75,111) | 44,447 | (4,275) |
| Cash and cash equivalents at beginning of the financial period |
287,293 | 232,873 | 231,900 | 162,037 |
| Cash and cash equivalents at end of the financial period | 276,347 | 157,762 | 276,347 | 157,762 |
For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:
| 30 Sep 2025 US\$'000 |
30 Sep 2024 US\$'000 |
|
|---|---|---|
| Cash and cash equivalents per consolidated balance sheet | 293,104 | 313,497 |
| Less: Deposit for vessel acquisition held in escrow | - | (82,200) |
| Less: Margin account held with broker | (16,757) | (73,535) |
| Cash and cash equivalents per consolidated statement of cash flows | 276,347 | 157,762 |
Segment information
The executive management team ("EMT") is the Group's chief operating decision-maker. The Group identifies segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers the business from each individual business segment perspective which comprises the Shipping and Product Services segments.
The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. For the Product Services segment, gross profit is reflected as Gross profit – Product Services. Operating segment disclosures are consistent with the information reviewed by the Management.
Segment performance is presented below:
| Q3 2025 | Shipping US\$'000 |
Product Services US\$'000 |
Inter segment elimination US\$'000 |
Total US\$'000 |
|---|---|---|---|---|
| Revenue from spot voyages Inter-segment revenue Voyage expenses Inter-segment expense Net income from spot voyages Revenue from time charter voyages 1 TCE income - Shipping |
192,099 13,359 (86,532) (5,052) 113,874 87,876 201,750 |
- - - - - - - |
- (13,359) - 5,052 (8,307) - (8,307) |
192,099 - (86,532) - 105,567 87,876 193,443 |
| Revenue from Product Services Inter-segment revenue Cost of cargo and delivery expenses Inter-segment cost Depreciation 2 Gross (loss)/profit - Product Services |
- - - - - - |
663,788 5,052 (666,944) (13,359) (12,123) (23,586) |
- (5,052) - 13,359 - 8,307 |
663,788 - (666,944) - (12,123) (15,279) |
| Segment results YTD September 2025 |
201,750 | (23,586) | - | 178,164 |
| Revenue from spot voyages Inter-segment revenue Voyage expenses Inter-segment expense Net income from spot voyages Revenue from time charter voyages TCE income - Shipping 1 |
529,649 43,484 (268,695) (19,251) 285,187 227,889 513,076 |
- - - - - - - |
- (43,484) - 19,251 (24,233) - (24,233) |
529,649 - (268,695) - 260,954 227,889 488,843 |
| Revenue from Product Services Inter-segment revenue Cost of cargo and delivery expenses Inter-segment cost Depreciation Gross (loss)/profit - Product Services 2 |
- - - - - - |
2,092,198 19,251 (2,046,912) (43,484) (33,450) (12,397) |
- (19,251) - 43,484 - 24,233 |
2,092,198 - (2,046,912) - (33,450) 11,836 |
"TCE income" denotes "time charter equivalent income" which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.
2 Gross profit - 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' leased in vessels.
Segment information (continued)
| Shipping US\$'000 |
Product Services US\$'000 |
Inter segment elimination US\$'000 |
Total US\$'000 |
|
|---|---|---|---|---|
| Q3 2024 | ||||
| Revenue from spot voyages Inter-segment revenue Voyage expenses Inter-segment expense Net income from spot voyages Revenue from time charter voyages TCE income - Shipping 1 |
167,961 18,818 (83,622) (10,111) 93,046 52,458 145,504 |
- - - - - - - |
- (18,818) - 10,111 (8,707) - (8,707) |
167,961 - (83,622) - 84,339 52,458 136,797 |
| Revenue from Product Services Inter-segment revenue Cost of cargo and delivery expenses Inter-segment cost Depreciation Gross profit - Product Services 2 |
- - - - - - |
584,602 10,111 (495,581) (18,818) (8,638) 71,676 |
- (10,111) - 18,818 - 8,707 |
584,602 - (495,581) - (8,638) 80,383 |
| Segment results | 145,504 | 71,676 | - | 217,180 |
| YTD September 2024 | ||||
| Revenue from spot voyages Inter-segment revenue Voyage expenses Inter-segment expense Net income from spot voyages Revenue from time charter voyages Inter-segment revenue TCE income - Shipping 1 |
642,519 55,121 (309,934) (43,988) 343,718 136,348 562 480,628 |
- - - - - - - - |
- (55,121) - 43,988 (11,133) - (562) (11,695) |
642,519 - (309,934) - 332,585 136,348 - 468,933 |
| Revenue from Product Services Inter-segment revenue Cost of cargo and delivery expenses Inter-segment cost Depreciation Gross profit - Product Services 2 |
- - - - - - |
1,941,134 43,988 (1,776,415) (55,683) (23,589) 129,435 |
- (43,988) - 55,683 - 11,695 |
1,941,134 - (1,776,415) - (23,589) 141,130 |
| Segment results | 480,628 | 129,435 | - | 610,063 |
1 "TCE income" denotes "time charter equivalent income" which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.
2 Gross profit - 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' leased in vessels.
Segment information (continued)
Reconciliation of segment results:
| Q3 2025 US\$'000 |
Q3 2024 US\$'000 |
YTD Sep 2025 US\$'000 |
YTD Sep 2024 US\$'000 |
|
|---|---|---|---|---|
| Total segment results for reportable segments | 178,164 | 217,180 | 500,679 | 610,063 |
| Vessel operating expenses | (31,575) | (20,286) | (93,292) | (62,869) |
| Time charter contracts (non-lease components) | (3,523) | (4,925) | (12,222) | (14,589) |
| General and administrative expenses | (19,281) | (10,864) | (57,262) | (45,460) |
| Charter hire expenses | 1,006 | - | - | (2,214) |
| Fair value (loss)/gain from equity financial asset | - | - | (1,172) | 1,326 |
| Finance lease income | 306 | 235 | 614 | 432 |
| Other operating (expense)/income - net | (2,264) | (1,414) | (3,839) | 949 |
| Depreciation - Shipping segment | (53,338) | (40,547) | (157,723) | (121,112) |
| Amortisation | (52) | (212) | (313) | (631) |
| Gain on disposal of vessels | - | - | 32,051 | 20,391 |
| Loss on derecognition of right-of-use assets (vessels) | - | - | (289) | - |
| Operating profit | 69,443 | 139,167 | 207,232 | 386,286 |
| Finance (expense)/income – net | (9,183) | (597) | (33,136) | (3,169) |
| Income tax expense | (3,508) | (18,105) | (7,330) | (27,979) |
| Profit after tax | 56,752 | 120,465 | 166,766 | 355,138 |
Investment in subsidiaries
Set out below are the summarised financial information for the Group's subsidiaries, BW LPG India Pte. Ltd. ("BW LPG India") and BW LPG Product Services Pte. Ltd ("BW Product Services"), which have non-controlling interests that are material to the Group. These are presented before inter-company eliminations.
Summarised balance sheet:
| BW LPG India | BW Product Services | ||||
|---|---|---|---|---|---|
| 30 September 2025 US\$'000 |
31 December 2024 US\$'000 |
30 September 2025 US\$'000 |
31 December 2024 US\$'000 |
||
| Assets | |||||
| Current assets | 151,711 | 63,581 | 350,439 | 417,096 | |
| Includes | |||||
| Cash and cash equivalents | 110,477 | 19,443 | 49,392 | 175,882 | |
| Non-current assets | 372,018 | 278,287 | 97,847 | 92,115 | |
| Liabilities | |||||
| Current liabilities | 37,025 | 28,371 | 366,362 | 328,769 | |
| Includes | |||||
| Borrowings | 28,727 | 23,927 | 126,123 | 137,425 | |
| Non-current liabilities (Borrowings) | 186,834 | 76,443 | 51,911 | 50,748 | |
| Net assets | 299,870 | 237,054 | 30,013 | 129,694 |
Investment in subsidiaries (continued)
Summarised statement of comprehensive income:
| BW LPG India | BW Product Services | ||||
|---|---|---|---|---|---|
| Q3 2025 US\$'000 |
Q3 2024 US\$'000 |
Q3 2025 US\$'000 |
Q3 2024 US\$,000 |
||
| TCE income – Shipping Revenue from Product Services |
33,208 - |
32,880 - |
- 668,840 |
- 594,713 |
|
| Cost of cargo and delivery expenses Vessel operating expense |
- (5,960) |
- (5,517) |
(680,303) - |
(514,399) - |
|
| Depreciation and amortisation Finance expense Other expenses – net |
(8,309) (1,197) (6,916) |
(8,823) (2,242) (4,299) |
(12,149) 223 (6,135) |
(8,664) (498) (12,630) |
|
| Net profit/(loss) after tax | 10,826 | 11,999 | (29,524) | 58,522 | |
| Other comprehensive income (currency translation effects) |
- | - | 1,057 | 952 | |
| Total comprehensive income/(loss) | 10,826 | 11,999 | (28,467) | 59,474 | |
| Total comprehensive income/(loss) allocated to non-controlling interests |
5,153 | 5,712 | (5,257) | 10,111 |
| BW LPG India | BW Product Services | ||||
|---|---|---|---|---|---|
| YTD Sep 2025 US\$'000 |
YTD Sep 2024 US\$'000 |
YTD Sep 2025 US\$'000 |
YTD Sep 2024 US\$,000 |
||
| TCE income – Shipping | 95,625 | 92,914 | - | - | |
| Revenue from Product Services | - | - | 2,111,449 | 1,985,122 | |
| Cost of cargo and delivery expenses | - | - | (2,090,396) | (1,832,098) | |
| Vessel operating expense | (15,815) | (17,330) | - | - | |
| Depreciation and amortisation | (24,146) | (26,862) | (33,528) | (23,667) | |
| Gain on disposal of vessels | 32,051 | - | - | - | |
| Finance (expense)/income - net | (3,495) | (7,306) | 766 | (402) | |
| Other expenses – net | (9,990) | (7,553) | (24,646) | (33,688) | |
| Net profit after tax | 74,230 | 33,863 | (36,355) | 95,267 | |
| Other comprehensive income (currency translation | |||||
| effects) | - | - | 2,338 | 517 | |
| Total comprehensive income/(loss) | 74,230 | 33,863 | (34,017) | 95,784 | |
| Total comprehensive income/(loss) allocated to | |||||
| non-controlling interests | 35,334 | 16,119 | (6,197) | 15,679 |
APPENDIX - Non-IFRS financial measures
This interim financial report contains a number of non-IFRS financial measures that Management uses to monitor and analyse the performance of the Group's business. Non-IFRS financial measures exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using measures that are not calculated in accordance with IFRS. Non-IFRS financial measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS.
The Group believes that these non-IFRS financial measures, in addition to IFRS measures, provide an enhanced understanding of the Group's results and related trends, therefore increasing transparency and clarity of the Group's results and business.
There are no generally accepted accounting principles governing the calculation of these measures and the criteria upon which these measures are based can vary from company to company. The non-IFRS financial measures presented in this interim financial report may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Group's operating results as reported under IFRS. The Group encourages investors and analysts not to rely on any single financial measure but to review the Group's financial and non-financial information in its entirety.
The following non-IFRS measures are presented in this interim financial report.
TCE income – Shipping per calendar day (total)
The Group defines TCE income - Shipping per calendar day (total) as TCE income - Shipping divided by calendar days (total).
The Group defines calendar days (total) as the total number of days in a period during which vessels are owned or chartered-in is in its possession, including technical off-hire days and waiting days. Calendar days (total) are an indicator of the size of the fleet over a period and affect both the amount of revenue and the amount of expense that the Group records during that period.
The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).
The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).
The Group believes TCE income - Shipping per calendar day (total) is meaningful to investors because it is a measure of how well the Company manages the fleet technically and commercially.
The reconciliation of TCE income - Shipping per calendar day (total) to TCE income - Shipping for the three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 | Q3 2024 | YTD Sep 2025 |
YTD Sep 2024 |
|
|---|---|---|---|---|
| TCE income – Shipping (US\$'000) | 201,750 | 145,504 | 513,076 | 480,628 |
| Calendar days (total) | 4,140 | 3,128 | 12,329 | 9,360 |
| TCE income – Shipping per calendar day (total) (US\$) | 48,730 | 46,520 | 41,620 | 51,350 |
APPENDIX - Non-IFRS financial measures (continued)
TCE income – Shipping per available day
The Group defines TCE income – Shipping per available day as TCE income – Shipping divided by available days.
The Group defines available days as the total number of days (including waiting time) in a period during which each vessel is owned or chartered-in, net of technical off-hire days. The Group uses available days to measure the number of days in a period during which vessels actually generate or are capable of generating revenue.
The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).
The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).
The Group believes TCE income – Shipping per available day is meaningful to investors because it is a measure of how well the Group manages the fleet commercially.
The reconciliation of TCE income - Shipping per available day to TCE income - Shipping for the three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 | Q3 2024 | YTD Sep 2025 |
YTD Sep 2024 |
|
|---|---|---|---|---|
| TCE income – Shipping (US\$'000) | 201,750 | 145,504 | 513,076 | 480,628 |
| Available days | 3,934 | 3,108 | 11,853 | 9,134 |
| TCE income – Shipping per available days (US\$) | 51,280 | 46,820 | 43,290 | 52,620 |
Adjusted free cash flow
The Group defines adjusted free cash flow as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels.
The Group believes adjusted free cash flow is meaningful to investors because it is the measure of the funds generated by the Group available for distribution of dividends, repayment of debt or to fund the Group's strategic initiatives, including acquisitions. The purpose of presenting adjusted free cash flow is to indicate the ongoing cash generation within the control of the Group after taking account of the necessary cash expenditures for maintaining the operating structure of the Group (in the form of capital expenditure).
The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 US\$'000 |
Q3 2024 US\$'000 |
YTD Sep 2025 US\$'000 |
YTD Sep 2024 US\$'000 |
|
|---|---|---|---|---|
| Net cash from operating activities | 128,798 | 54,515 | 389,759 | 512,945 |
| Deposit for vessel acquisition held in escrow | - | (82,200) | - | (82,200) |
| Additions in property, plant and equipment | (11,655) | 181 | (169,261) | (1,640) |
| Additions in intangible assets | - | - | - | (237) |
| Proceeds from sale of vessels | - | - | 65,049 | 65,337 |
| Adjusted free cash flow | 117,143 | (27,504) | 285,547 | 494,205 |
APPENDIX - Non-IFRS financial measures (continued)
Return on capital employed (ROCE)
The Group defines return on capital employed ("ROCE") as, with respect to a particular financial period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders' equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet.
The Group believes ROCE is meaningful to investors because it measures the Group's financial efficiency and its ability to create future growth in value.
The reconciliation of ROCE to operating profit for the three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 | Q3 2024 | YTD Sep 2025 |
YTD Sep 2024 |
|
|---|---|---|---|---|
| Operating profit (US\$'000) | 69,443 | 139,167 | 207,232 | 386,286 |
| Average of the total shareholders' equity (US\$'000)(1) | 1,922,200 | 1,619,100 | 1,935,124 | 1,611,734 |
| Average of the total borrowings (US\$'000)(1) | 995,752 | 336,386 | 953,975 | 389,889 |
| Average of the total lease liabilities (US\$'000)(1) | 117,403 | 189,779 | 178,922 | 196,307 |
| Capital employed (US\$'000) | 3,035,355 | 2,145,265 | 3,068,021 | 2,197,930 |
| ROCE | 2.3% | 6.5% | 6.8% | 17.6% |
| ROCE (annualised) | 9.2% | 25.9% | 9.0% | 23.4% |
(1) Calculated as the average of the opening and closing balances for the period as presented in the consolidated balance sheet
Rounding of figures
Certain financial information presented in tables in this interim financial report has been rounded to the nearest whole number or the nearest decimal place. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this interim financial report reflect calculations based upon the underlying information prior to rounding, and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.