SINGAPORE--(BUSINESS WIRE)--As a company registered in Singapore and listed on the Euronext Oslo Børs ("OSE†) and the New York Stock Exchange ("NYSE†), BW LPG Limited ("BW LPG†or the "Company†, OSE ticker code: "BWLPG†, NYSE ticker code: "BWLP†) is by default, subject to Singapore, U.S. and Norwegian take-over rules. The Company has been granted a waiver from the Singapore Code on Take-overs and Mergers (the "Singapore Code") and accordingly, the Company is currently subject to both U.S. and N. ...

Core Viewpoint - BW LPG Limited (BWLP) is recommended as a buy due to its leading position as the largest owner/operator of Very Large Gas Carriers (VLGCs), attractive dividend yield, and a fleet renewal program that will enhance its operational capabilities [1] Company Analysis - BW LPG Limited holds the largest ownership and operational capacity in the VLGC sector, which positions the company favorably in the market [1] - The company offers a very attractive dividend yield, making it an appealing investment option for income-focused investors [1] - A fleet renewal program is in place, which is expected to confirm and strengthen the company's market position and operational efficiency [1]

Core Insights - The LPG shipping market is increasingly influenced by global energy and petrochemical flows rather than short-term freight volatility [2] - BW LPG is the largest owner-operator in the VLGC sector, while Dorian LPG operates solely in this sector with 27 vessels [2] - Navigator Gas has the world's largest fleet of handysize liquefied gas carriers, operating 57 semi- or fully-refrigerated vessels [3] U.S. Production and Global Use - LPG production is expected to grow by 25-32% by 2030, driven by the gassy nature of maturing shale basins like the Permian [4] - LPG is gaining traction as a marine fuel, with companies adopting dual-fuel propulsion for new vessels [4] - The consolidation of naphtha-based petrochemical capacity in Europe is positive, as replacement capacity in Asia is more LPG-intensive, increasing ton-mile demand [4] Capital Discipline - Dividends are highlighted as the primary method for returning value to shareholders, with a stronger market response to dividends compared to buybacks [5] - Dorian LPG increased its quarterly cash dividend to $0.07/share from $0.05/share and raised the net income payout percentage to 30% from 25% [5] - Navigator Gas has repurchased an additional $50 million of shares for three consecutive years, with plans for continued share repurchases in 2026 [5] Fleet Supply, Regulation, and Environmental Transition - The VLGC sector has a 25% orderbook to fleet ratio, but strong demand growth and an aging fleet provide balance [6] - Navigator Gas has a benign orderbook of about 10%, with potential negative fleet growth due to scrapping of older vessels [6] - The impending ban on scrubber discharges is accelerating a shift towards alternative fuels [6] Environmental Strategies - BW LPG is shifting its fleet composition towards LPG dual fuels, while Navigator Gas is also building dual-fuel vessels [7] - The focus is moving away from scrubbers, with investments in scrubbers exceeding internal calculations, indicating a future in alternative fuels [7]

Core Viewpoint - BW LPG Limited has released its financial calendar for the years 2025 and 2026, outlining key reporting dates for quarterly and annual financial results [1]. Financial Year 2025 - The quarterly report for Q4 will be released on March 3, 2026 [1]. - The annual report for the financial year 2025 is scheduled for March 31, 2026 [1]. Financial Year 2026 - The annual general meeting is set for May 28, 2026 [1]. - The quarterly report for Q1 will be published on June 2, 2026 [1]. - The half-yearly report is expected on August 28, 2026 [1]. - The quarterly report for Q3 will be available on November 24, 2026 [1].

Core Viewpoint - BW LPG Limited has announced key information regarding its cash dividend for Q3 2025, with shares trading ex-dividend on the Oslo Stock Exchange from today and on the New York Stock Exchange starting 12 December 2025 [1]. Company Overview - BW LPG is recognized as the world's leading owner and operator of LPG vessels, indicating a strong position in the liquefied petroleum gas shipping industry [1].

Core Insights - BW LPG Limited (BWLP) is a prominent player in the liquefied petroleum gas (LPG) shipping industry, focusing on global transportation and aiming to maintain its market position through strategic operations and financial performance [1] Financial Performance - On December 2, 2025, BWLP reported an earnings per share (EPS) of $0.38, falling short of the expected $0.57, while revenue reached approximately $280 million, exceeding the forecast of $261 million [2] - The Q3 2025 performance highlighted a profit of $57 million attributable to equity holders, driven by strong shipping operations [2] - The Time Charter Equivalent (TCE) income for the shipping segment was $51,300 per available day and $48,700 per calendar day, indicating operational efficiency [2] Valuation Metrics - BWLP's price-to-earnings (P/E) ratio is 8.44, reflecting a moderate market valuation of its earnings [3] - The price-to-sales ratio and enterprise value to sales ratio are 0.50 and 0.73, respectively, suggesting a relatively low market valuation against sales [3] - An earnings yield of 11.85% indicates a potentially attractive return for investors [3] Financial Health - The company's debt-to-equity ratio is 0.64, indicating a balanced level of debt [3] - A current ratio of 1.27 suggests sufficient liquidity to meet short-term obligations [3] - BWLP declared a cash dividend of $0.40 per share for Q3 2025, with a record date of December 12, 2025, demonstrating commitment to shareholder value [3]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a profit of $57 million, translating to an earnings per share of $0.38, with a declared dividend of $0.40 per share, representing 75% of shipping NPAT [2][21] - TCE income was reported at $51,300 per available day and $48,700 per calendar day, slightly below the guidance of $53,000 per day [2][4] - The net profit after tax was $57 million, including a profit of $11 million from BW LPG India and a $29 million loss from Product Services [21][22] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [22] Business Line Data and Key Metrics Changes - Product Services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter, attributed to a negative mark-to-market valuation adjustment [3][19] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, bringing the total realized result to $54 million as of September 30 [4][19] - The shipping segment maintained a fleet utilization rate of 92% after accounting for technical off-hire and waiting time [17] Market Data and Key Metrics Changes - The VLGC market is characterized by solid fundamentals, with expected growth in US LPG export volumes in the mid-high single digits [5][12] - The trade tensions between the US and China have led to a two-tier market, affecting the positioning of vessels and overall market dynamics [8][11] - Chinese LPG imports have slightly declined, offset by increased imports from Japan, with North American volumes replacing a significant portion of Middle Eastern cargoes [11][12] Company Strategy and Development Direction - The company aims to maintain about 40% of fleet capacity locked in on period charters and/or FFAs to protect against downside risks [26][27] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with ongoing evaluations of time charter opportunities [41] - The company is monitoring the geopolitical landscape, particularly the impact of the Ukraine-Russian situation on the LPG market [36] Management's Comments on Operating Environment and Future Outlook - Management noted that Q3 was marked by geopolitical events and market disruptions, leading to increased uncertainty in the shipping segment [2] - The fundamentals for the LPG shipping market remain supportive despite recent volatility, with expectations for continued growth in exports from both North America and the Middle East [5][13] - The company anticipates a gradual recovery in trading activity with China, although it may take time to return to previous levels [48] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing efforts, leading to a repayment of $36 million [5][23] - The average OPEX per vessel was reported at $9,300 per day, reflecting changes in ship management and crew costs [45] Q&A Session Summary Question: What is the targeted TC coverage for 2026 and 2027? - The company aims for about 40% of fleet capacity locked in on period charters and/or FFAs, with ongoing evaluations based on market conditions [26][27] Question: Can you provide price points for ammonia-ready new builds and five-year-old VLGCs? - The estimated new building price for a dual fuel vessel is approximately $116 million, while a five-year-old VLGC is around $90 million [30] Question: What is the contribution of the Avance Gas fleet acquisition to current quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [35][36] Question: Is there a risk from the dark fleet of Russian ships affecting time charter pricing? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [36] Question: Will the board consider the distribution of realized gains from the product services division post-year-end? - The board's discretion will guide dividend distribution, with historical performance indicating a strong contribution from product services [39] Question: What is the outlook for long-term time charter rates? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [41] Question: How do spot bookings for Q4 compare to the Baltic benchmark? - Spot bookings are closer to the Baltic index, with improved conditions compared to the previous months [43] Question: What is the reason for the increase in average daily OPEX per vessel? - The increase is attributed to the optimization of the Avance Gas fleet and changes in ship management, alongside crew cost adjustments [45]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net profit after tax of $57 million, translating to an earnings per share of $0.38, with a declared dividend of $0.40 per share, representing 75% of shipping NPAT [2][21] - The TCE income was reported at $51,300 per available day and $48,700 per calendar day, slightly below the guidance of $53,000 per day [2][4] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [21][22] - Operating expenses for Q3 were $9,300 per day, with an estimated operating cash break-even of $19,400 per day for the own fleet [22][23] Business Line Data and Key Metrics Changes - Product Services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter, attributed to a negative mark-to-market valuation adjustment [3][19] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, contributing to an aggregated realized result of $54 million as of September 30 [3][4][19] Market Data and Key Metrics Changes - The VLGC market fundamentals remain strong, with expected growth in U.S. LPG export volumes in the mid-high single digits, supported by increased gaseous drilling wells and terminal expansions [5][6] - The total Far East LPG imports on VLGCs remained stable compared to the previous year, with a slight decline in Chinese imports offset by higher Japanese imports [11][12] - The market is experiencing increased competition from U.S. exports, leading to a reduction in Saudi contract prices [12][14] Company Strategy and Development Direction - The company aims to maintain about 40% of fleet capacity locked in on period charters and/or FFAs to protect against downside risks [26][28] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with a gradual reduction in the time charter in fleet [41] Management's Comments on Operating Environment and Future Outlook - Management highlighted the geopolitical events and market disruptions that have increased uncertainty in the shipping segment, impacting TCE guidance for Q4 [2][10] - The company expects continued growth in LPG exports from both North America and the Middle East, with stable OPEC+ production supporting the market [13][14] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing strategy, leading to a repayment of $36 million [5][23] - The current fleet consists of 413 vessels, with one more to be delivered in 2025, and the order book includes 108 VLGCs with deliveries extending into 2028 [16] Q&A Session Summary Question: What is the targeted TC coverage for 2026 and 2027? - The company aims for about 40% of fleet capacity locked in on period charters and/or FFAs, with ongoing renewal of current contracts [26][27] Question: Can you comment on the Avance Gas fleet acquisition and its contribution to quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [32][35] Question: Do you see any specific risk from the dark fleet of Russian ships? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [36] Question: Will the board consider the distribution of realized gains from the product services division post-year-end? - The board's discretion will determine the dividend distribution, with product services contributing significantly to dividend potential [38][39] Question: What is the view on long-term time charter rates currently? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [40][41] Question: How do spot bookings for Q4 compare to the Baltic benchmark? - Spot bookings are closer to the Baltic index compared to the previous months, with improved waiting times and repositioning costs [43][44] Question: What is the reason for the increase in average daily OpEx per vessel? - The increase is attributed to the takeover of Avance Gas vessels and associated management changes, but overall costs are being optimized [45]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a profit of $57 million, translating to an earnings per share of $0.38, with a declared dividend of $0.40 per share, representing 75% of shipping NPAT [2][19] - The TCE income was reported at $51,300 per available day and $48,700 per calendar day, slightly below the guidance of $53,000 per day [2][3] - The net leverage ratio decreased to 29.7% from 32.7% at the end of 2024, primarily due to lower lease liabilities [19][20] Business Line Data and Key Metrics Changes - Product Services reported a gross loss of $23 million and a loss after tax of $29 million for the quarter, attributed to a negative mark-to-market valuation adjustment [3][17] - Despite the loss, the trading activities generated a realized gain of $15 million in Q3, bringing the total realized result to $54 million as of September 30 [3][17] Market Data and Key Metrics Changes - The VLGC market fundamentals remain strong, with expected growth in US LPG export volumes in the mid-high single digits, supported by increased gaseous drilling wells and terminal expansions [5][6] - The total Far East LPG imports on VLGCs remained stable compared to the previous year, with a slight decline in Chinese imports offset by higher Japanese imports [10][11] Company Strategy and Development Direction - The company aims to maintain about 40% of fleet capacity locked in on period charters and/or FFAs to protect against downside risks [23][24] - The focus remains on optimizing the performance of the fleet acquired from Avance Gas, with ongoing evaluations of time charter opportunities [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical events and market disruptions have increased uncertainty in the shipping segment, impacting TCE guidance for Q4 [2][9] - The company expects continued growth in LPG exports from both North America and the Middle East, with stable OPEC+ production supporting the market [12][13] Other Important Information - The company has terminated two ship financing facilities as part of its refinancing strategy, leading to a repayment of $36 million [5][21] - The average OPEX per vessel increased to $9,300 per day, attributed to the integration of Avance Gas vessels and management changes [35][36] Q&A Session Summary Question: What is the targeted TC coverage for 2026 and 2027? - The company aims for about 40% of fleet capacity locked in on period charters and/or FFAs, with ongoing evaluations based on market conditions [23][24] Question: Can you provide price points for new builds and five-year-old VLGCs? - The estimated price for a dual fuel new build is approximately $116 million, while a five-year-old VLGC is around $90 million [25][26] Question: What is the contribution of the Avance Gas fleet acquisition to current quarterly profit? - The acquisition included 12 vessels, with minimal impact on time charter coverage as most were trading spot [27][30] Question: Do you see risks from the dark fleet of Russian ships affecting time charter pricing? - The impact of Russian LPG exports is negligible for the VLGC segment, as it primarily involves smaller vessels not affecting the market [29][30] Question: Will the board consider distributing realized gains from the product services division post-year-end? - The board's discretion will guide dividend distribution, with historical trends indicating a strong contribution from product services [31][32] Question: What is the outlook for long-term time charter rates? - The company is gradually reducing the time charter in fleet but remains open to attractive opportunities in the future [32][33] Question: How do you view the decrease in Chinese imports and its implications? - The reduction is partly due to insufficient propane supply from the Middle East to replace US imports, reflecting a new trend in demand [37][38]