Q2 2025 Highlights and Performance - TCE income – Shipping Q2 2025 was US$38,800 per available day and US$37,300 per calendar day[14] - Q2 2025 profit after tax was US$43 million, and the profit attributable to equity holders of the company was US$35 million, representing an earnings per share of US$023[14] - The company declared a Q2 cash dividend of $022 per share, which consists of 75% of Shipping NPAT3 Q2 2025, in addition to retained dividends declared in 2024 from BW Product Services[14] - BW Product Services reported a US$15 million gross profit and a profit after tax of US$6 million for this quarter[14] - Available liquidity reached $708 million[14] Market Outlook - LPG export fundamentals are expected to remain solid, but increased disruptions at the Panama Canal are expected to drive longer sailing distances[16] - Terminal expansions are starting up in the US, enabling further export growth in the coming years, while the reversal of OPEC+ production cuts and new gas projects will support LPG exports[16] - The current VLGC fleet consists of 409 ships, with 7 VLGCs delivered this year and 7 more expected before year-end[16] Company Performance - Shipping segment achieved 94% utilization, generating TCE income – Shipping of $38,800 per available day[61] - 31% of the available fleet days are covered by fixed rate TC out at $45,200 per day for 2H 2025[62,88] - The company has ample liquidity of $708M with a long-dated repayment profile[73]

[Forward-Looking Statements](index=2&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section cautions investors that forward-looking statements are not guarantees of future performance and actual results may differ materially due to various known and unknown risks, uncertainties, and assumptions[4](index=4&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) [Selected Key Financial Information](index=4&type=section&id=SELECTED%20KEY%20FINANCIAL%20INFORMATION) This section presents a summary of key financial highlights, balance sheet positions, and cash flow metrics for Q2 and H1 2025 compared to prior periods Key Financial Highlights (Q2 2025 vs Q2 2024 & H1 2025 vs H1 2024) | Metric | Q2 2025 (US$M) | Q2 2024 (US$M) | Q2 Change (%) | H1 2025 (US$M) | H1 2024 (US$M) | H1 Change (%) | | :-------------------------------- | :------------- | :------------- | :------------ | :------------- | :------------- | :------------ | | TCE income - Shipping | 152.7 | 148.6 | 3 | 311.3 | 335.1 | (7) | | Gross profit – Product Services | 14.8 | 24.5 | (40) | 11.2 | 57.8 | (81) | | Profit after tax | 43.4 | 84.9 | (49) | 110.0 | 234.7 | (53) | | Profit attributable to equity holders | 34.9 | 76.8 | (55) | 81.0 | 218.8 | (63) | | Basic EPS (US$ per share) | 0.23 | 0.58 | (60) | 0.53 | 1.66 | (68) | | Diluted EPS (US$ per share) | 0.23 | 0.58 | (60) | 0.53 | 1.65 | (68) | | Dividend per share (US$) | 0.22 | 0.58 | N.M | 0.50 | 1.58 | N.M | | Metric | 30 Jun 2025 (US$M) | 31 Dec 2024 (US$M) | Change (%) | | :------------------------ | :----------------- | :----------------- | :--------- | | Cash and cash equivalents | 321.0 | 279.7 | 15 | | Total assets | 3,384.8 | 3,320.4 | 2 | | Total liabilities | 1,473.2 | 1,382.9 | 6 | | Total shareholders' equity | 1,911.6 | 1,937.5 | (1) | | Metric | Q2 2025 (US$M) | Q2 2024 (US$M) | Q2 Change (%) | H1 2025 (US$M) | H1 2024 (US$M) | H1 Change (%) | | :-------------------------- | :------------- | :------------- | :------------ | :------------- | :------------- | :------------ | | Net cash from operating activities | 94.7 | 52.8 | 79 | 261.0 | 458.4 | (43) | | Capital expenditure | (81.3) | 0.4 | N.M | (92.6) | 63.3 | N.M | | Adjusted free cash flow | 13.4 | 53.2 | (75) | 168.4 | 521.7 | (68) | | Metric | Q2 2025 (%) | Q2 2024 (%) | Q2 Change (%) | H1 2025 (%) | H1 2024 (%) | H1 Change (%) | | :---------------- | :---------- | :---------- | :------------ | :---------- | :---------- | :------------ | | ROE (annualised) | 9.1 | 20.9 | (56) | 11.4 | 29.4 | (61) | | ROCE (annualised) | 7.7 | 17.2 | (55) | 9.0 | 23.5 | (62) | | Net leverage ratio | 30.7 | 11.9 | 158 | 30.7 | 11.9 | 158 | [Performance Review](index=5&type=section&id=PERFORMANCE%20REVIEW%20%E2%80%93%20Q2%202025%20and%20H1%202025) This section reviews BW LPG's financial and operational performance for Q2 and H1 2025, highlighting profitability, fleet changes, and financing activities [Q2 2025 Performance](index=5&type=section&id=Q2%202025%20Performance) BW LPG experienced a decline in profitability in Q2 2025 compared to Q2 2024, primarily due to a softer LPG spot market and increased operating expenses from an enlarged fleet, despite a slight increase in TCE income from Shipping Q2 2025 Key Performance Indicators | Metric | Q2 2025 (US$M) | Q2 2024 (US$M) | Change (US$M) | Change (%) | | :-------------------------------- | :------------- | :------------- | :------------ | :--------- | | TCE income – Shipping | 152.7 | 148.6 | 4.1 | 3 | | Gross profit – Product Services | 14.8 | 24.5 | (9.7) | (40) | | Profit after tax | 43.4 | 84.9 | (41.5) | (49) | | Profit attributable to equity holders | 34.9 | 76.8 | (41.9) | (55) | | Basic EPS (US$) | 0.23 | 0.58 | (0.35) | (60) | | Dividend per share (US$) | 0.22 | 0.58 | (0.36) | N.M | | LPG spot market (US$/day) | 35,600 | 53,000 | (17,400) | (33) | | Available fleet days | 3,929 | 2,992 | 937 | 31 | | Time charter coverage | 44% | 35% | 9% | | | Time charter rate (US$/day) | 43,000 | 42,800 | 200 | 0.5 | - The Company declared a Q2 2025 cash dividend of **US$0.22 per share**, representing 110% of Shipping NPAT and a 96% payout ratio of total profit attributable to equity holders[26](index=26&type=chunk) - BW Yushi was delivered to BW LPG in June 2025 following the exercise of a purchase option for **US$69.2 million**[26](index=26&type=chunk) - In June 2025, the Group secured a **US$380 million Term Loan and Revolving Credit Facility** to refinance vessels acquired from Avance Gas and terminated a **US$250 million shareholder loan**[26](index=26&type=chunk) [H1 2025 Performance](index=6&type=section&id=H1%202025%20Performance) For the first half of 2025, BW LPG experienced a significant decrease in overall profitability, with TCE income from Shipping and gross profit from Product Services declining substantially due to a softer LPG spot market, despite an enlarged fleet H1 2025 Key Performance Indicators | Metric | H1 2025 (US$M) | H1 2024 (US$M) | Change (US$M) | Change (%) | | :-------------------------------- | :------------- | :------------- | :------------ | :--------- | | TCE income – Shipping | 311.3 | 335.1 | (23.8) | (7) | | Gross profit – Product Services | 11.2 | 57.8 | (46.6) | (81) | | Profit after tax | 110.0 | 234.7 | (124.7) | (53) | | LPG spot market (US$/day) | 37,500 | 61,500 | (24,000) | (39) | | Available fleet days | 7,919 | 6,026 | 1,893 | 31 | | Time charter coverage | 42% | 32% | 10% | | | Time charter rate (US$/day) | 41,900 | 43,600 | (1,700) | (3.9) | - Profit attributable to non-controlling interests increased to **US$29.0 million** (H1 2024: US$15.9 million), primarily driven by BW LPG India's **US$32.1 million gain** from the sale of BW Cedar[31](index=31&type=chunk) [Balance Sheet Overview](index=6&type=section&id=BALANCE%20SHEET) As of June 30, 2025, BW LPG's total assets increased slightly, with a larger fleet of 51 VLGCs. Cash and cash equivalents improved, and the net leverage ratio decreased due to lower lease liabilities and new financing activities - BW LPG controls a fleet of **51 VLGCs** as of June 30, 2025, including seven vessels owned and operated by BW LPG India[32](index=32&type=chunk) Balance Sheet Highlights (30 June 2025 vs 31 December 2024) | Metric | 30 Jun 2025 (US$M) | 31 Dec 2024 (US$M) | Change (US$M) | Change (%) | | :------------------------ | :----------------- | :----------------- | :------------ | :--------- | | Total assets | 3,384.8 | 3,320.4 | 64.4 | 2 | | Vessels (carrying value) | 2,459.5 | 2,381.8 | 77.7 | 3 | | Right-of-use assets (vessels) | 97.8 | 216.3 | (118.5) | (55) | | Cash and cash equivalents | 321.0 | 279.7 | 41.3 | 15 | | Net cash from operating activities (H1) | 261.0 | 458.4 | (197.4) | (43) | | Cash outflow from investing activities (H1) | (83.2) | 48.9 | (132.1) | N.M | | Cash outflow from financing activities (H1) | (122.3) | (436.4) | 314.1 | (72) | | Net leverage ratio | 30.7% | 32.7% | (2.0%) | (6) | - Investing activities resulted in a cash outflow of **US$83.2 million** in H1 2025, primarily due to exercising purchase options for BW Kizoku and BW Yushi, and drydocking activities, partially offset by proceeds from the sale of BW Cedar[33](index=33&type=chunk) - Financing activities had a net cash outflow of **US$122.3 million** in H1 2025, driven by principal and interest repayments, dividend payments, lease repayments, and net repayment of trade finance borrowings, partially offset by net drawdown of bank facilities[34](index=34&type=chunk) [Market Update & Outlook](index=7&type=section&id=MARKET%20UPDATE) This section provides an overview of H1 2025 market conditions, fleet capacity changes, and the outlook for the VLGC freight market [H1 2025 Market Conditions](index=7&type=section&id=H1%202025%20Market%20Conditions) The first half of 2025 saw significant geopolitical events impacting LPG freight rates and trading patterns, with a trade war between the US and China causing initial shifts in export destinations, though overall US LPG exports grew - Spot rates for the Houston to Chiba route declined through winter but strengthened in April before falling sharply due to the US-China trade war[38](index=38&type=chunk)[39](index=39&type=chunk) - US LPG exports carried on VLGCs grew by **7.1%** in H1 2025 compared to H1 2024, with India emerging as a significant new buyer[39](index=39&type=chunk) - Middle East VLGC export volumes increased by **0.6%** in H1 2025, shifting from India to China, which positively impacted ton-mile demand and freight rates[40](index=40&type=chunk) - Panama Canal slot demand was stronger than usual in August, leading to rerouting of several VLGCs via the Cape of Good Hope[42](index=42&type=chunk) [Fleet Capacity](index=7&type=section&id=Fleet%20Capacity) Seven new VLGCs have been delivered in 2025, with an additional seven expected by year-end, contributing to a substantial order book representing 27% of the existing fleet - Seven new VLGCs have been delivered so far in 2025, with seven more expected by year-end[43](index=43&type=chunk) - There are currently **111 VLGCs on order**, representing **27% of the existing fleet**, with new deliveries not expected before late 2027[43](index=43&type=chunk) [VLGC Freight Market Outlook](index=7&type=section&id=VLGC%20Freight%20Market%20Outlook) The VLGC freight market has rebounded, supported by strong fundamentals and trading inefficiencies, with expectations for mid to high single-digit percentage growth in North American and Middle Eastern LPG exports over the next three years - Freight rates have rebounded to levels exceeding **US$70,000 per day**[44](index=44&type=chunk) - North American LPG export growth is projected to be in the **mid to high single-digit percentage range** over the next three years[45](index=45&type=chunk) - Middle Eastern LPG exports are anticipated to grow in the same range in the coming years, driven by increased gas production[45](index=45&type=chunk) - Chinese PDH plant run rates have returned to pre-trade war levels, contributing to a constructive US-Far East arbitrage[46](index=46&type=chunk) - The Forward Freight Agreement (FFA) market for the remainder of 2025 is trading at approximately **US$75,000 per day**[49](index=49&type=chunk) [Management & Auditor Statements](index=8&type=section&id=Statements%20to%20the%20Interim%20Financial%20Information) This section includes management's confirmation regarding the interim financial information and the independent auditors' review report [Management's Confirmation](index=8&type=section&id=Statements%20to%20the%20Interim%20Financial%20Information) Management confirms that the Interim Financial Information for Q2 and H1 2025 has been prepared in accordance with IAS 34, providing a true and fair view of the Group's financial position and performance - Management confirms the Interim Financial Information for Q2 and H1 2025 is prepared in accordance with IAS 34 and gives a true and fair view of the consolidated assets, liabilities, financial position, and income statement[50](index=50&type=chunk) [Independent Auditors' Report](index=9&type=section&id=INDEPENDENT%20AUDITORS'%20REPORT%20ON%20REVIEW%20OF%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION) KPMG LLP, the independent auditors, concluded that nothing came to their attention suggesting the accompanying condensed consolidated interim financial information as of June 30, 2025, is not prepared, in all material respects, in accordance with IAS 34 - KPMG LLP, the independent auditors, concluded that the condensed consolidated interim financial information as at 30 June 2025 is prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'[56](index=56&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME%20(UNAUDITED)) This section presents the unaudited condensed consolidated statements of comprehensive income, balance sheet, changes in equity, and cash flows [Statement of Comprehensive Income](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME%20(UNAUDITED)) The Group reported a significant decrease in profit after tax for both Q2 and H1 2025 compared to the prior year, driven by lower operating profit and higher net finance expenses, despite increased revenue from Product Services Condensed Consolidated Statement of Comprehensive Income (Unaudited) | Metric | Q2 2025 (US$ thousand) | Q2 2024 (US$ thousand) | H1 2025 (US$ thousand) | H1 2024 (US$ thousand) | | :-------------------------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Revenue - Shipping | 230,537 | 262,382 | 477,563 | 558,448 | | Revenue - Product Services | 813,364 | 614,107 | 1,428,410 | 1,356,532 | | Operating profit | 58,839 | 89,312 | 137,790 | 247,120 | | Finance (expenses)/income – net | (11,769) | 55 | (23,953) | (2,572) | | Profit after tax | 43,438 | 84,907 | 110,015 | 234,674 | | Profit attributable to equity holders | 34,927 | 76,831 | 81,010 | 218,755 | | Basic earnings per share (US$) | 0.23 | 0.58 | 0.53 | 1.66 | [Balance Sheet](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET%20(UNAUDITED)) The Group's total assets increased slightly as of June 30, 2025, primarily due to an increase in vessels and dry docking, while total shareholders' equity saw a minor decrease Condensed Consolidated Balance Sheet (Unaudited) | Metric | 30 June 2025 (US$ thousand) | 31 December 2024 (US$ thousand) | | :-------------------------- | :--------------------- | :------------------------ | | Total non-current assets | 2,592,819 | 2,642,491 | | Vessels and dry docking | 2,459,515 | 2,381,821 | | Right-of-use assets (vessels) | 97,805 | 216,272 | | Total current assets | 792,025 | 677,929 | | Cash and cash equivalents | 320,952 | 279,681 | | Total assets | 3,384,844 | 3,320,420 | | Total shareholders' equity | 1,911,646 | 1,937,494 | | Total non-current liabilities | 851,922 | 772,821 | | Total current liabilities | 621,276 | 610,105 | | Total liabilities | 1,473,198 | 1,382,926 | [Statement of Changes in Equity](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY%20(UNAUDITED)) The statement of changes in equity for H1 2025 shows a decrease in total equity, primarily due to dividend payments and other comprehensive losses, partially offset by profit after tax Condensed Consolidated Statement of Changes in Equity (Unaudited) - H1 2025 | Metric | 1 Jan 2025 (US$ thousand) | Total comprehensive (loss)/income (US$ thousand) | Total transactions with owners (US$ thousand) | 30 Jun 2025 (US$ thousand) | | :-------------------------- | :------------------- | :----------------------------------------- | :--------------------------------------- | :-------------------- | | Equity holders of the Company | 1,805,031 | 68,360 | (107,299) | 1,766,092 | | Non-controlling interests | 132,463 | 29,241 | (16,150) | 145,554 | | Total equity | 1,937,494 | 97,601 | (123,449) | 1,911,646 | Condensed Consolidated Statement of Changes in Equity (Unaudited) - H1 2024 | Metric | 1 Jan 2024 (US$ thousand) | Total comprehensive (loss)/income (US$ thousand) | Total transactions with owners (US$ thousand) | 31 Dec 2024 (US$ thousand) | | :-------------------------- | :------------------- | :----------------------------------------- | :--------------------------------------- | :-------------------- | | Equity holders of the Company | 1,469,713 | 387,797 | (52,479) | 1,805,031 | | Non-controlling interests | 116,447 | 40,396 | (24,380) | 132,463 | | Total equity | 1,586,160 | 428,193 | (76,859) | 1,937,494 | [Statement of Cash Flows](index=14&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS%20(UNAUDITED)) Net cash from operating activities decreased significantly in H1 2025 compared to H1 2024, while investing activities shifted from a net inflow to a net outflow, reflecting vessel acquisitions and drydocking Condensed Consolidated Statement of Cash Flows (Unaudited) | Metric | Q2 2025 (US$ thousand) | Q2 2024 (US$ thousand) | H1 2025 (US$ thousand) | H1 2024 (US$ thousand) | | :-------------------------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Net cash from operating activities | 94,719 | 52,849 | 260,961 | 458,429 | | Net cash (used in)/from investing activities | (77,113) | 7,076 | (83,237) | 48,853 | | Net cash from/(used in) financing activities | 8,173 | (141,027) | (122,331) | (436,447) | | Net increase/(decrease) in cash and cash equivalents | 25,779 | (81,102) | 55,393 | 70,835 | | Cash and cash equivalents at end of period | 287,293 | 232,872 | 287,293 | 232,872 | [Notes to the Condensed Consolidated Interim Financial Information](index=16&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION%20(UNAUDITED)) This section details the general information, material accounting policies, derivative financial instruments, property, plant and equipment, treasury shares, borrowings, related party transactions, financial risk management, segment information, investment in subsidiaries, dividends paid, and subsequent events [General Information](index=16&type=section&id=1.%20General%20information) BW LPG Limited is a public company dual-listed on the Oslo Stock Exchange and New York Stock Exchange, redomiciled to Singapore in July 2024, with principal activities in ship owning, chartering, and LPG trading - BW LPG Limited is a public company dual-listed on the Oslo Stock Exchange and New York Stock Exchange, redomiciled to Singapore on July 1, 2024[75](index=75&type=chunk) - The principal activities of the Group are ship owning, chartering, and LPG trading[76](index=76&type=chunk) [Material Accounting Policies](index=16&type=section&id=2.%20Material%20accounting%20policies) The interim financial information is prepared in accordance with IAS 34, applying the same accounting policies, judgments, estimates, and assumptions as the annual financial statements for the year ended December 31, 2024 - The Interim Financial Information is prepared in accordance with IAS 34, 'Interim Financial Reporting'[77](index=77&type=chunk) - The same accounting policies, judgments, estimates, and assumptions have been applied as those used in the annual financial statements for the year ended 31 December 2024[78](index=78&type=chunk)[80](index=80&type=chunk) [Derivative Financial Instruments](index=17&type=section&id=3.%20Derivative%20financial%20instruments) The Group uses various derivative financial instruments, including interest rate swaps, forward freight agreements, bunker swaps, and commodity contracts, to manage interest rate, freight rate, bunker price, and commodity price risks Derivative Financial Instruments (US$ thousand) | Type | 30 June 2025 Assets | 30 June 2025 Liabilities | 31 December 2024 Assets | 31 December 2024 Liabilities | | :----------------------------------- | :------------------ | :----------------------- | :---------------------- | :--------------------------- | | Interest rate swaps | 4,338 | — | 7,469 | (179) | | Forward freight agreements and related bunker swaps | 1,357 | (536) | 3,993 | — | | Commodity contracts and derivatives | 72,416 | (53,008) | 70,565 | (25,835) | | Forward foreign exchange contracts | 32 | — | 13 | (82) | | **Total** | **78,143** | **(53,544)** | **82,040** | **(26,096)** | - Interest rate swaps hedge interest rate risk on bank borrowings, effectively fixing rates between **1.98% and 3.73% per annum**[84](index=84&type=chunk) - Forward freight agreements and bunker swaps hedge freight rates and bunker price risks, with hedge accounting adopted[85](index=85&type=chunk) - Commodity contracts and derivatives are measured at fair value through profit or loss, without hedge accounting[85](index=85&type=chunk) [Property, Plant and Equipment](index=18&type=section&id=4.%20Property,%20plant%20and%20equipment) The Group's net book value of property, plant and equipment decreased slightly as of June 30, 2025, primarily due to the derecognition of right-of-use assets following the exercise of purchase options for two VLGCs and the sale of BW Cedar Property, Plant and Equipment Net Book Value (US$ thousand) | Category | 30 June 2025 | 31 December 2024 | | :-------------------- | :----------- | :--------------- | | Vessels | 2,416,439 | 2,353,290 | | Dry docking | 43,076 | 28,531 | | Furniture and fixtures | 320 | 354 | | Right-of-use assets (Vessels) | 97,805 | 216,272 | | **Total** | **2,557,640** | **2,598,447** | - Vessels with an aggregate carrying amount of **US$1,765.2 million** (31 December 2024: US$1,091.0 million) are secured on bank borrowings[89](index=89&type=chunk) - In H1 2025, **US$138.5 million** of right-of-use assets (vessels) were derecognized upon delivery of two VLGCs after exercising purchase options[90](index=90&type=chunk) - The sale of BW Cedar in February 2025 generated **US$65.0 million** in proceeds and a net book gain of **US$32.1 million**[90](index=90&type=chunk) [Treasury Shares](index=18&type=section&id=5.%20Treasury%20shares) The Group's treasury shares increased in H1 2025 due to a share buyback program, partially offset by shares transferred for exercised employee share options Treasury Shares Movement | Metric | 30 June 2025 ('000 shares) | 30 June 2024 ('000 shares) | 30 June 2025 (US$ thousand) | 30 June 2024 (US$ thousand) | | :-------------------------- | :------------------------- | :------------------------- | :--------------------- | :--------------------- | | At beginning of the period | 7,743 | 8,926 | 48,387 | 56,438 | | Purchases of treasury shares | 317 | 9 | 2,739 | 100 | | Share options exercised | (121) | (598) | (754) | (3,911) | | At end of the period | 7,939 | 8,247 | 50,372 | 51,536 | - The Company acquired **316,437 ordinary shares** for **US$2.73 million** under a share buyback program in April 2025[91](index=91&type=chunk) - **120,647 shares** were transferred in Q1 2025 due to the exercise of vested options under LTIP 2022 at an average strike price of **US$4.54**[92](index=92&type=chunk) [Borrowings and Lease Liabilities](index=19&type=section&id=6.%20Borrowings%20and%20lease%20liabilities) Total borrowings and lease liabilities increased as of June 30, 2025, primarily due to new bank borrowings and lease financing arrangements, with the Group remaining compliant with its loan covenants Borrowings and Lease Liabilities (US$ thousand) | Category | 30 June 2025 | 31 December 2024 | | :-------------------- | :----------- | :--------------- | | **Borrowings** | | | | Bank borrowings | 773,920 | 655,795 | | Lease financing arrangement | 188,992 | 129,110 | | Shareholder loan | — | 79,501 | | Trust receipts | 59,278 | 73,766 | | Interest payable | 3,372 | 3,836 | | **Total Borrowings** | **1,025,562** | **942,008** | | **Lease liabilities** | | | | Non-current | 40,951 | 60,588 | | Current | 67,299 | 170,700 | | **Total Lease Liabilities** | **108,250** | **231,288** | Movements in Borrowings and Lease Liabilities (H1 2025) | Metric | Borrowings (US$ thousand) | Lease liabilities (US$ thousand) | Total (US$ thousand) | | :-------------------------- | :------------------- | :-------------------------- | :-------------- | | At 1 January 2025 | 942,008 | 231,288 | 1,173,296 | | Drawdown of trust receipts | 1,145,290 | — | 1,145,290 | | Additions | 721,468 | — | 721,468 | | Lease modifications | — | (72,732) | (72,732) | | Principal repayment | (620,988) | (50,306) | (671,294) | | Repayment of trust receipts | (1,159,778) | — | (1,159,778) | | At 30 June 2025 | 1,025,562 | 108,250 | 1,133,812 | - Borrowings amounting to **US$937.0 million** (31 December 2024: US$762.6 million) are secured by mortgages over certain vessels[96](index=96&type=chunk) - The Group complied with its Quarterly Covenants as of June 30, 2025, and expects to continue to comply within 12 months[97](index=97&type=chunk) [Related Party Transactions](index=20&type=section&id=7.%20Related%20party%20transactions) The Group engaged in various transactions with related parties, primarily for corporate service fees, ship management fees, and key management remuneration, which increased in H1 2025 compared to H1 2024 Related Party Transactions (US$ thousand) | Transaction Type | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------------------------ | :------ | :------ | :------ | :------ | | Corporate service fees charged by related parties | 2,140 | 1,396 | 4,300 | 3,318 | | Ship management fees charged by related parties | 25 | 201 | 192 | 402 | | Salaries and other short-term employee benefits | 669 | 542 | 2,313 | 1,944 | | Post-employment benefits and share-based payment | 610 | 423 | 995 | 706 | | Directors' fees | 144 | 187 | 296 | 250 | | **Total Key Management Remuneration** | **1,423** | **1,152** | **3,604** | **2,900** | [Financial Risk Management](index=21&type=section&id=8.%20Financial%20risk%20management) The Group's financial risk management policies remain consistent with the previous year, with financial instruments categorized and fair values estimated using a hierarchy of inputs (Level 1, 2, and 3) - No major changes in financial risk management policies or processes since the previous year-end[101](index=101&type=chunk) Aggregate Carrying Amounts of Financial Instruments (US$ thousand) | Category | 30 June 2025 | 31 December 2024 | | :-------------------------------- | :----------- | :--------------- | | Equity financial assets, at FVOCI | 17,240 | 23,132 | | Equity financial assets, at FVPL | 1,597 | 2,769 | | Derivative assets measured at fair value | 78,143 | 82,040 | | Derivative liabilities measured at fair value | (53,544) | (26,096) | | Financial assets at amortised cost | 680,217 | 437,401 | | Financial liabilities at amortised cost | (1,284,407) | (1,097,701) | - Fair values of derivative financial instruments are primarily classified as **Level 2** (exchange-traded futures, interest rate swaps, FFAs, bunker swaps) and **Level 3** (physical buy and sell commodity contracts with unobservable inputs)[104](index=104&type=chunk)[105](index=105&type=chunk) [Segment Information](index=22&type=section&id=9.%20Segment%20information) The Group operates through Shipping and Product Services segments, with segment performance measured by gross profit. Both segments saw a decline in gross profit in H1 2025 compared to H1 2024 - The Group's operating segments are Shipping and Product Services, with performance assessed by gross profit (TCE income for Shipping, Gross profit for Product Services)[110](index=110&type=chunk)[111](index=111&type=chunk) Segment Performance (Q2 2025 vs Q2 2024) | Metric | Shipping Q2 2025 (US$ thousand) | Product Services Q2 2025 (US$ thousand) | Shipping Q2 2024 (US$ thousand) | Product Services Q2 2024 (US$ thousand) | | :-------------------------- | :------------------------- | :-------------------------- | :------------------------- | :-------------------------- | | TCE income - Shipping | 152,656 | — | 148,594 | — | | Gross profit - Product Services | — | 14,825 | — | 24,514 | | Segment results | 152,656 | 14,825 | 148,594 | 24,514 | Segment Performance (H1 2025 vs H1 2024) | Metric | Shipping H1 2025 (US$ thousand) | Product Services H1 2025 (US$ thousand) | Shipping H1 2024 (US$ thousand) | Product Services H1 2024 (US$ thousand) | | :-------------------------- | :------------------------- | :-------------------------- | :------------------------- | :-------------------------- | | TCE income - Shipping | 311,326 | — | 335,124 | — | | Gross profit - Product Services | — | 11,188 | — | 57,761 | | Segment results | 311,326 | 11,188 | 335,124 | 57,761 | Reconciliation of Segment Results to Profit After Tax (US$ thousand) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Total segment results | 167,481 | 173,108 | 322,514 | 392,885 | | Profit after tax | 43,438 | 84,907 | 110,015 | 234,674 | [Investment in Subsidiaries](index=25&type=section&id=10.%20Investment%20in%20subsidiaries) Summarized financial information for material subsidiaries, BW LPG India and BW Product Services, shows an increase in net assets for BW LPG India and a decrease for BW Product Services in H1 2025 Summarized Balance Sheet for Material Subsidiaries (US$ thousand) | Metric | BW LPG India 30 Jun 2025 | BW LPG India 31 Dec 2024 | BW Product Services 30 Jun 2025 | BW Product Services 31 Dec 2024 | | :-------------------- | :----------------------- | :----------------------- | :------------------------------ | :------------------------------ | | Current assets | 130,407 | 63,581 | 415,977 | 417,096 | | Non-current assets | 253,926 | 278,287 | 80,450 | 92,115 | | Current liabilities | 56,656 | 28,371 | 396,995 | 328,769 | | Non-current liabilities | 38,305 | 76,443 | 40,951 | 50,748 | | Net assets | 289,372 | 237,054 | 58,481 | 129,694 | Summarized Statement of Comprehensive Income for Material Subsidiaries (H1 2025 vs H1 2024) | Metric | BW LPG India H1 2025 (US$ thousand) | BW LPG India H1 2024 (US$ thousand) | BW Product Services H1 2025 (US$ thousand) | BW Product Services H1 2024 (US$ thousand) | | :-------------------------- | :----------------------------- | :----------------------------- | :------------------------------------ | :------------------------------------ | | Net profit after tax | 63,404 | 21,864 | (6,832) | 36,745 | [Dividends Paid](index=26&type=section&id=11.%20Dividends%20paid) An interim dividend of US$42.4 million (US$0.28 per share) was paid in June 2025 for Q1 2025, a decrease from the US$131.8 million (US$1.00 per share) paid in June 2024 for Q1 2024 - An interim dividend of **US$42.4 million** (**US$0.28 per share**) was paid in June 2025 for Q1 2025[127](index=127&type=chunk) - In the corresponding period last year, an interim dividend of **US$131.8 million** (**US$1.00 per share**) was paid in June 2024 for Q1 2024[127](index=127&type=chunk) [Subsequent Event](index=26&type=section&id=12.%20Subsequent%20event) In July 2025, BW LPG India secured a US$215 million Term Loan Facility to refinance existing debt and acquire two modern VLGCs from BW LPG - In July 2025, BW LPG India secured a **US$215 million Term Loan Facility** to refinance existing debt and support the acquisition of two modern VLGCs (BW Chinook and BW Pampero) from BW LPG[128](index=128&type=chunk) [Appendix - Non-IFRS Financial Measures](index=27&type=section&id=APPENDIX%20-%20Non-IFRS%20financial%20measures) This appendix provides definitions and calculations for non-IFRS financial measures, including TCE income per calendar day, TCE income per available day, adjusted free cash flow, and return on capital employed [TCE Income – Shipping per Calendar Day (Total)](index=27&type=section&id=TCE%20income%20%E2%80%93%20Shipping%20per%20calendar%20day%20(total)) This non-IFRS measure, defined as TCE income – Shipping divided by total calendar days, indicates the Company's technical and commercial fleet management efficiency - TCE income – Shipping per calendar day (total) is a non-IFRS measure computed as TCE income – Shipping divided by calendar days (total), indicating fleet management efficiency[135](index=135&type=chunk)[138](index=138&type=chunk) TCE Income – Shipping per Calendar Day (Total) (US$) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | TCE income – Shipping (US$ thousand) | 152,656 | 148,594 | 311,326 | 335,124 | | Calendar days (total) | 4,095 | 3,094 | 8,189 | 6,232 | | TCE income – Shipping per calendar day (total) | 37,280 | 48,030 | 38,020 | 53,770 | [TCE Income – Shipping per Available Day](index=28&type=section&id=TCE%20income%20%E2%80%93%20Shipping%20per%20available%20day) This non-IFRS measure, calculated as TCE income – Shipping divided by available days, assesses the Group's commercial management of its fleet - TCE income – Shipping per available day is a non-IFRS measure computed as TCE income – Shipping divided by available days, indicating commercial fleet management efficiency[142](index=142&type=chunk)[145](index=145&type=chunk) TCE Income – Shipping per Available Day (US$) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | TCE income – Shipping (US$ thousand) | 152,656 | 148,594 | 311,326 | 335,124 | | Available days | 3,929 | 2,992 | 7,919 | 6,026 | | TCE income – Shipping per available days | 38,850 | 49,660 | 39,310 | 55,610 | [Adjusted Free Cash Flow](index=28&type=section&id=Adjusted%20free%20cash%20flow) Adjusted free cash flow is a non-IFRS measure that represents net cash from operating activities minus capital expenditures and asset sales, indicating funds available for dividends, debt repayment, or strategic initiatives - Adjusted free cash flow is a non-IFRS measure computed as net cash from operating activities minus cash outflows for additions in property, plant and equipment and intangible assets, plus proceeds from sale of assets/vessels[148](index=148&type=chunk) - This measure indicates funds available for dividends, debt repayment, or strategic initiatives[149](index=149&type=chunk) Adjusted Free Cash Flow (US$ thousand) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Net cash from operating activities | 94,719 | 52,849 | 260,961 | 458,429 | | Additions in property, plant and equipment | (81,308) | 415 | (157,606) | (1,821) | | Proceeds from sale of vessels | — | — | 65,049 | 65,337 | | Adjusted free cash flow | 13,411 | 53,264 | 168,404 | 521,708 | [Return on Capital Employed (ROCE)](index=29&type=section&id=Return%20on%20capital%20employed%20(ROCE)) ROCE is a non-IFRS measure that assesses the Group's financial efficiency and ability to create value, calculated as the ratio of operating profit to average capital employed - ROCE is a non-IFRS measure computed as the ratio of operating profit to capital employed (average of total shareholders' equity, total borrowings, and total lease liabilities)[154](index=154&type=chunk) - ROCE measures the Group's financial efficiency and its ability to create future growth in value[155](index=155&type=chunk) Return on Capital Employed (ROCE) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Operating profit (US$ thousand) | 58,839 | 89,312 | 137,790 | 247,120 | | Capital employed (US$ thousand) | 3,044,383 | 2,080,524 | 3,078,124 | 2,103,933 | | ROCE | 1.9 % | 4.3 % | 4.5 % | 11.7 % | | ROCE (annualised) | 7.7 % | 17.2 % | 9.0 % | 23.5 % |

Group 1 - BW LPG Limited (NYSE: BWLP) has a strong dividend policy that is expected to ensure that the high rates from Very Large Gas Carriers (VLGCs) are passed directly to shareholders, with a current leverage translating to a 75% payout [1] - The second quarter is anticipated to be weak, indicating potential challenges ahead for the company [1] - The analyst has a diverse professional background across various industries, which contributes to a comprehensive understanding of market dynamics [1] Group 2 - The analyst has been actively investing for over a decade, focusing on cyclical industries while maintaining a diversified portfolio that includes bonds, commodities, and forex [1] - There is an emphasis on the potential for significant returns in cyclical sectors during periods of economic recovery and growth [1] - The importance of balancing risk is acknowledged, leading to the incorporation of fixed-income investments [1]

Corporate Actions - BW LPG Limited signed a Memorandum of Agreement (MOA) to sell two Very Large Gas Carriers (VLGCs) to BW LPG India[4] - The report was signed on March 31, 2025[7] Regulatory Filings - The report is filed under the Securities Exchange Act of 1934 for the month of March 2025[2] - The filing includes documents as part of Form 6-K[4] - The company indicates it files annual reports under Form 20-F[3] Company Information - The company is registered under Commission File Number: 001-42008[2] - The principal executive office is located at 10 Pasir Panjang Road, 17-02 Mapletree Business City, Singapore[2] - The address of the principal executive office is 117438 Singapore[2] - Samantha Xu serves as the Chief Financial Officer of BW LPG Limited[7] - The report is signed on behalf of the registrant by the authorized individual[6]

Acquisition - BW LPG Limited successfully completed the acquisition of 12 VLGCs from Avance Gas, with the final vessel BW Avior delivered[4] Reporting - The company is filing its reports under Form 20-F for the fiscal year ending December 2024[3] - The report was signed by Chief Financial Officer Samantha Xu on December 31, 2024[7] Location - The principal executive office is located in Singapore at Mapletree Business City[2]

Revenue and Financial Performance - In 2024, 80.3% of the Group's revenue from LPG shipping was generated based on spot prices, while 19.7% was from time charters[69]. - The Group's revenue and profitability are subject to the cyclical nature of the LPG shipping industry, which can lead to volatility in results[69]. - Revenue from Product Services reached US$2,600.9 million in 2024, supporting the core shipping business by providing integrated LPG delivery services[247]. - In 2024, 80.3% of Revenue — Shipping, totaling US$773.0 million, was derived from spot voyages, while 19.7% or US$189.8 million came from time charters[246]. - The Group's top five shipping customers accounted for 40.8% of its revenue in 2024, highlighting a significant reliance on a limited customer base[116]. Market and Economic Conditions - The Group's growth is dependent on the continued growth of the global LPG market, which may be adversely affected by various factors[87]. - Increased trade protectionism and tariffs could significantly impact global trade and the shipping industry, potentially leading to reduced demand for shipping services[72]. - Adverse global economic conditions could materially affect the Group's business, financial condition, and results of operations, particularly in LPG consuming regions[89]. - Geopolitical events, such as the war in Ukraine, continue to disrupt energy production and trade patterns, affecting LPG carrier rates and operational costs[77]. - The COVID-19 pandemic has introduced uncertainty in operational and financial activities, negatively impacting demand for LPG and shipping services[84]. Operational Risks and Challenges - The Group faces risks related to climate change, which could lead to increased operational costs and regulatory compliance challenges[83]. - An oversupply of LPG shipping capacity may adversely affect freight rates, impacting the Group's financial condition and results of operations[86]. - The Group's international operations face risks from piracy, geopolitical tensions, and sanctions, which could increase operational costs and impact financial performance[98]. - The Group's operational challenges, including mechanical risks and reliance on timely supply deliveries, could adversely affect revenue and increase costs[127]. - The Group's vessels are currently enrolled with multiple classification societies, including DNV and Lloyds Register, ensuring compliance with safety and seaworthiness standards[130]. Competition and Market Position - The Group faces intense competition in the LPG shipping market, which may hinder its ability to secure new charter agreements and maintain profitability[106]. - The Group's business is heavily dependent on the maritime LPG transportation sector, making it vulnerable to adverse developments in this specific market[112]. - The Group's charter hire income and vessel values may be negatively impacted by competition from more technologically advanced LPG carriers[108]. Capital Expenditures and Investments - The Group's capital expenditure for drydocking is projected to be $5.0 million for 2024 and $59.2 million for 2025, indicating a substantial investment in fleet maintenance[110]. - The Group's capital expenditures for drydockings, vessel maintenance, retrofitting dual-fuel LPG engines, and second-hand vessel purchases totaled US$1,064 million, US$116 million, and US$46 million for the years ended December 31, 2024, 2023, and 2022, respectively[222]. - In August 2024, the Group entered into agreements to acquire 12 VLGCs for a total consideration of US$1,050 million, increasing the owned fleet by more than 40%[221]. - The Group signed a joint venture agreement in November 2023, committing to invest approximately US$40 million in an LPG onshore import terminal[218]. Environmental and Regulatory Factors - Sustainability pressures from investors and lenders may impose additional costs and affect the Group's access to capital[80]. - Changes in governmental regulations could impact the attractiveness of LPG consumption compared to other energy sources[88]. - The Group's compliance with the Maritime Labour Convention is crucial, as non-compliance could lead to legal and operational risks[139]. Financial Management and Governance - The Group's management regularly reviews its business strategy with the Board of Directors to ensure effective growth management[105]. - The Group's existing credit facilities impose financial covenants that may limit its ability to operate, incur additional indebtedness, or pay dividends[178]. - The Group has identified material weaknesses in its internal control over financial reporting, which could lead to material misstatements in financial statements[187]. - The Group's management is implementing a plan to remediate identified material weaknesses, including recruiting qualified personnel[189]. Tax and Financial Obligations - The Group faces potential tax challenges that could increase its effective tax rate, negatively impacting earnings and cash flows[161]. - Changes in international tax laws, including the implementation of BEPS 2.0, could result in higher tax expenses for the Group[163]. - The Group expects to qualify for tax exemptions under Section 883 of the Code, but any changes could subject it to a 2% US federal income tax on gross shipping income, affecting its ability to pay dividends[171]. - The Group relies on cash flow from subsidiaries to meet obligations and pay dividends to shareholders[172]. Strategic Focus and Future Outlook - The Group's strategy focuses on operational excellence and exploring growth opportunities within the LPG shipping and adjacent value chain areas[104]. - The Group aims to explore growth opportunities along the LPG value chain, including expanding its Product Services and enhancing operational excellence[258][261]. - Product Services' profitability relies on identifying arbitrage opportunities in the fragmented and volatile LPG market, which can be influenced by pricing discrepancies across locations[151].

Financial Data and Key Metrics Changes - The total charter income per available day ended at $37,900, which is lower than the previous quarter but above the guidance of $36,000 per day [3][4] - The company reported a net profit after tax of $40 million in Q4, with profit attributable to equity holders of $31 million, translating to an earnings per share of $0.22 [26][28] - The net leverage ratio increased to 33% in Q4 from 12% in Q3, primarily due to additional borrowings for fleet financing [27][28] Business Line Data and Key Metrics Changes - The product services segment achieved a gross profit of $50 million, including a realized profit of $59 million from trading activities [23][24] - The time charter portfolio constituted 38% of total shipping exposure, supporting earnings when the spot market softened [21][22] - The average value at risk for product services was $7 million, reflecting a well-balanced trading book [25] Market Data and Key Metrics Changes - Spot market rates fluctuated between $35,000 and $40,000 per day, with current rates hovering around mid $20,000 per day from the Middle East and U.S. Gulf [3][9] - The VLGC market fundamentals are positive, with expectations of increased U.S. exports due to terminal expansions [12][15] - The overall LPG export capacity is projected to increase by about 45% by 2028, with North America specifically seeing a 66% increase [16] Company Strategy and Development Direction - The company aims to maintain a solid time charter ratio to mitigate spot market volatility [8][21] - There is a focus on expanding product services to stabilize and enhance returns to shareholders [28] - The company is closely monitoring geopolitical and regulatory developments to optimize its position [10][44] Management Comments on Operating Environment and Future Outlook - Management noted that the VLGC market is currently experiencing a seasonal trough but anticipates increased volumes from the U.S. in the upcoming months [9][14] - The geopolitical landscape is affecting global trade patterns, which in turn impacts the shipping industry [90] - The company is optimistic about the growth prospects in the Indian LPG market and is actively participating in that sector [94] Other Important Information - The board declared a dividend of $0.42 per share, representing a 123% payout ratio of total shipping impact for the year [4][28] - The company ended 2024 with a liquidity position of $603 million, supported by $232 million in cash [31] Q&A Session Summary Question: Financing strategy related to new ships and dividend payouts - Management explained that share issuance was used as a currency during the Avance Gas transaction and clarified that dividends are paid from product services results, not exceeding earnings [35][38] Question: Impact of U.S. tariffs on LPG trade with China - Management stated that there are currently no tariffs on LPG and emphasized the importance of monitoring developments closely [43][44] Question: Share buyback plans - Management confirmed that a share buyback program is under consideration and may be activated when deemed appropriate [47] Question: Strategy for reducing debt ratio - Management indicated that the current leverage ratio is healthy and that cash flow will be used to gradually pay down debt while also returning value to shareholders [50][51] Question: Governance role of Avance Gas - Management clarified that Avance Gas has divested most of its shares in BW LPG and there are no plans for increased governance involvement [80] Question: Upcoming CapEx in Q1 and FY '25 - Management noted that CapEx will primarily reflect dry docking programs, estimated at approximately $4,000 per day for 2025 [83] Question: Global perception of the shipping industry - Management attributed low price-to-earnings multiples to earnings volatility and emphasized the company's strategy to mitigate this through time charters and diversification into adjacent value chains [88][89]

Industry Overview - Capital Link released a comprehensive booklet titled "SHIPPING: STATE OF PLAY & WHAT LIES AHEAD," summarizing key insights from the 2024 Shipping Sector Webinar Series held in December 2024 [2] - The booklet focuses on six main sectors: Dry Bulk, Containers, Crude Tankers, Product Tankers, LNG, and LPG, providing analysis of trends shaping the future of global shipping [3] - The guide highlights potential trade policy changes, geopolitical risks, key trade rerouting, and environmental regulations, with more changes anticipated for 2025 [3] Key Sectors and Trends - The Dry Bulk Shipping Sector webinar was moderated by Mr Gregory Lewis, Head of Maritime Research at BTIG, with panelists including CEOs and executives from EuroDry Ltd, Golden Ocean Group Ltd, and Safe Bulkers Inc [6][8] - The Container Shipping Sector webinar was moderated by Ms Muneeba Kayani, Managing Director at Bank of America Global Research, with panelists from Danaos Corporation, Euroseas Ltd, and Global Ship Lease Inc [6][8] - The Product Tanker Shipping Sector webinar was moderated by Mr Jorgen Lian, Head of Shipping Equity Research at DNB Markets, with panelists including CEOs from d'Amico International Shipping S A and Hafnia Ltd [9][12] - The Crude Tankers Shipping Sector webinar was moderated by Mr Nils Thommesen, Deputy Head of Research at Fearnley Securities, with panelists from International Seaways Inc and Scorpio Tankers Inc [9][12] - The LNG Shipping Sector webinar was moderated by Mr Liam Burke, Managing Director at B Riley Securities, with panelists including CEOs from Capital Clean Energy Carriers Corp and FLEX LNG Ltd [9][12] - The LPG Shipping Sector webinar was moderated by Mr Fredrik Dybwad, Senior Shipping Analyst at Fearnley Securities, with panelists from BW LPG Ltd and Dorian LPG Ltd [9][12] Expert Insights and Strategies - The booklet provides cutting-edge insights into the strategies and market moves driving the evolution of the shipping industry [7] - It features expert voices from leading shipowners, a major stakeholder group in the global supply chain [7] - Sector spotlights dive deep into key segments, offering a detailed look at what's next for the industry [7] Access and Participation - The booklet is a resource for investors, industry professionals, and stakeholders seeking a deeper understanding of the dynamics driving the maritime industry [4] - Complimentary PDF copies of the booklet and access to webinar replays are available on the Capital Link website [5] - The webinars feature leadership insights from senior executives of publicly listed shipping companies, providing a comprehensive analysis of industry trends [2][6]

Financial Data and Key Metrics Changes - Time Charter income per available day was $46,800, slightly lower than the previous quarter but above the guidance of $43,000 per day [3] - The net profit after tax for Q3 was $120 million, with profit attributed to equity holders of the company at $105 million, translating to an earnings per share of $0.79 [21][22] - The net leverage ratio increased to 21% in Q3 from 12% at the end of June, primarily due to short-term trade finance and margin requirements [22][23] Business Line Data and Key Metrics Changes - Product Services reported a net profit of $58 million, driven by gross profits of $71 million, which included an unrealized mark-to-market gain of $86 million [18][21] - The Time Charter and FFA portfolio represented about 45% of the shipping exposure, with 90% of available days fixed at approximately $36,000 per day for Q4 [17] Market Data and Key Metrics Changes - The VLGC market experienced significant volatility, with freight rates fluctuating between low $20,000 and $50,000 per day [4] - The market outlook for Q4 and next year is positive, with US Gulf export levels stabilizing and freight rates finding an equilibrium around $40,000 per day [8][10] Company Strategy and Development Direction - The company is focused on expanding its fleet, with five out of twelve acquired Avance Gas ships delivered and plans for further deliveries [4][27] - The company aims to maintain a healthy leverage and financing structure while evaluating refinancing options for vessels in early 2025 [27][28] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the market fundamentals, highlighting the expected increase in North American export capacity and growth in Middle Eastern export volumes [10][11] - The company anticipates greater volatility in unrealized positions in future quarters due to the nature of their trading activities [20] Other Important Information - The Board declared a dividend of $0.42 per share, representing a 100% payout of shipping NPAT [5][24] - The company ended the quarter with a strong liquidity position of $750 million, expected to remain healthy post-delivery of the Avance Gas fleet [26][27] Q&A Session Summary Question: Cost and revenue timing for Avance vessels - Management indicated that costs for the ships will be incurred before revenues, as invoicing occurs post-voyage completion [32] Question: Impact of asset market prices on new acquisitions - Management noted that the asset market for new ships has remained stable over the past six to eight months [38] Question: Adjustments to net leverage ratio and dividend policy - Management confirmed that the dividend policy remains unchanged, with the Board having the final say on declarations [44] Question: Product Services performance in current market conditions - Management acknowledged the challenges in extracting value due to fluctuating rates but emphasized the diverse strategies available to the Product Services division [68] Question: Guidance on G&A and depreciation - Management explained that G&A expenses fluctuate based on accrued bonuses and that depreciation will increase with the acquisition of new vessels [71][74]

Group 1 - The article highlights a list of thirty-five low-priced dividend stocks, referred to as "DiviPower dogs," which are considered good investment opportunities due to their attractive dividend yields and free cash-flow yields [1] - Eleven of these stocks are identified as particularly promising, as they offer "safer" dividends where the free cash-flow yield exceeds the dividend yield, making them ready for purchase [1] Group 2 - The article promotes a live video series on Facebook called the "Underdog Daily Dividend Show," which features portfolio candidates and encourages audience interaction regarding stock tickers [2]