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]

In this episode of Capital Link's Shipping Sector Webinar Series, we had Kristian Sorensen, CEO of BW LPG Ltd. (NYSE:BWLP) (OSLO: BWLPG), Theodore (Ted) Young, CFO & Treasurer of Dorian LPG Ltd. (NYSE:LPG) , and Mads Peter Zacho, CEO of  Navigator Gas (NYSE:NVGS) . The webinar, moderated by Chris Robertson, Vice President, LNG Infrastructure and Maritime Shipping at Deutsche Bank Securities Inc., focused on the LPG carrier market. To watch the full discussion, please visit the following link: https://www.yo ...

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 Viewpoint - MPLX has announced a letter of intent with MARA Holdings to supply natural gas for integrated power generation facilities and data centers in West Texas, ensuring a steady fuel source for MARA's operations and electricity for MPLX [1] Company Overview - MPLX is a master limited partnership formed by Marathon Petroleum, focusing on midstream and logistics assets in the energy sector, with a market cap of $55 billion and annual revenues nearing $12 billion [3] Financial Performance - In Q3 2025, MPLX reported revenues of $3.62 billion, a 22% year-over-year increase, exceeding forecasts by $460.3 million. The EPS was $1.52, surpassing estimates by $0.44, and distributable cash flow was $1.5 billion, allowing for $1.1 billion in capital returned to shareholders [9] Dividend Information - MPLX declared a quarterly dividend with a 12.5% increase, now at $1.0765 per share, resulting in an annualized dividend of $4.30 and a forward yield of 7.85% [8] Analyst Insights - Analyst Elvira Scotto from RBC views MPLX positively, highlighting its growth visibility into 2026 and potential for dividend increases, with a price target of $60 suggesting nearly 9% share appreciation [10] - The consensus rating for MPLX is Moderate Buy, with 5 Buys and 3 Holds, and an average target price of $58.88 indicating a potential 7% gain [10][11]

Core Points - BW LPG Limited has announced a cash dividend of US$0.40 per share for Q3 2025, approved by the Board [1] - For shares registered with Euronext VPS, the dividend per share is NOK 4.0474 [1] - The record date for the dividend is set for 12 December 2025 [1]

Core Insights - BW LPG Limited reported a Q3 2025 profit attributable to equity holders of US$57 million, translating to an earnings per share of US$0.38, driven by solid shipping performance despite a negative Product Services accounting result and a positive realised trading result [1] Financial Performance - The TCE (Time Charter Equivalent) income for Q3 2025 was US$51,300 per available day and US$48,700 per calendar day, indicating strong performance in the shipping sector amidst market uncertainties [1]

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Financial Data and Key Metrics Changes - The company declared a dividend of $0.65 per share, totaling $27.8 million, reflecting a commitment to returning capital to shareholders [4] - The TCE revenue per available day was $53,725, showing a strong rate environment with each month's TCE improving sequentially [7] - Adjusted EBITDA for the quarter was reported at $85.7 million, with total cash interest expense of $7 million [10][11] - Free cash flow to equity during the quarter exceeded $30 million, while free cash at the end of the quarter was $268.4 million, down $10 million from the prior quarter [11] Business Line Data and Key Metrics Changes - The Helios pool earned a TCE of $53,500 per day for its spot and COA voyages, indicating strong performance in spot chartering [8] - Daily operating expenses (OpEx) for the quarter were $9,474, down over 6% from the previous quarter [9] Market Data and Key Metrics Changes - The Baltic Index averaged $68,000 per day in the third calendar quarter, up from $48,000 in the second quarter and $33,000 in the first quarter, more than doubling since the start of the year [4][5] - Global seaborne LPG liftings reached a record high of 37.21 million tons, supported by record quarterly exports from North America and Saudi Arabia [5] Company Strategy and Development Direction - The company is focused on enhancing energy efficiency and sustainability, with ongoing investments in fuel-efficient vessels and operational improvements [20][23] - The dry docking program for 2015-built vessels is expected to be largely complete by the end of the calendar year, reflecting a commitment to maintaining a modern fleet [21] Management's Comments on Operating Environment and Future Outlook - Management noted that the VLGC market fundamentals remained firm, with improvements in freight rates and a diverse range of export destinations for U.S. LPG [15][18] - The postponement of port fees and easing trade tensions between the U.S. and China are expected to support the fundamentals of the LPG and VLGC freight markets going forward [18] Other Important Information - The company has returned approximately $695 million in dividends to shareholders since June 30, 2021, and has maintained a balance between dividends, deleveraging, and fleet investment [12][13] - The fleet remains compliant with evolving emission frameworks, and the company is well-prepared to meet future regulatory challenges [24] Q&A Session Summary Question: What caused the final TCE figure to be lower than expected? - Management indicated that the discrepancy was due to timing issues, including off-hire days and slippage from one quarter to the next, as well as the impact of dry docking on revenue [28][29] Question: What is behind the recent momentum in spot rates? - Management explained that the recent increase in rates was influenced by a wait-and-see approach regarding U.S.-China relations and the postponement of port fees, which provided relief to the market [33]

Financial Performance - The company's cash and restricted cash totaled $268.4 million as of September 30, 2025 [7] - Total debt obligations amounted to $530 million [8] - Net income for the three months ended September 30, 2025, was $5538 million, compared to $943 million for the same period in 2024 [23] - Net cash provided by operating activities was $4641 million, compared to $5733 million in the previous year [23] Fleet Operations - Helios Pool TCE was $53119 per available day [9] - Fleet OpEx (excluding drydock) was $9474 per calendar day [9] - The Helios LPG Pool includes 30 vessels, with 27 from Dorian LPG [10] Market Dynamics - Global seaborne volumes increased by 1% quarter-over-quarter and 4% year-over-year [16] - U S waterborne exports increased by 1% quarter-over-quarter and 4% year-over-year [18] - Middle East waterborne exports increased by 4% quarter-over-quarter and 2% year-over-year [18] Environmental Initiatives - Scrubber vessel daily savings were $1140 per calendar day net of OPEX [22] - The company operates 16 scrubber-fitted vessels and five dual-fuel LPG vessels [22]