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]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported TCE income of $38,800 per available day and $37,300 per calendar day, exceeding guidance of $35,000 per day [3] - The Q2 profit was $35 million, translating to an EPS of $0.23, with a declared dividend of $0.22 per share [4][26] - The net profit after tax for Q2 was $43 million, including $16 million from BW LPG India and $6 million from product services [26] - The net leverage ratio decreased to 31% from 33% at the end of the previous year [27] Business Line Data and Key Metrics Changes - Product Services achieved a gross profit of $15 million and a profit after tax of $6 million in Q2 [4] - The time charter portfolio constituted 44% of total shipping exposure, with 32% fixed rate time charter [22] - The average bar value at risk for trading was $6 million, indicating a balanced trading book [26] Market Data and Key Metrics Changes - The VLGC market is experiencing solid fundamentals with increased export volumes from the U.S. and slight growth in Middle Eastern volumes [7] - U.S. LPG exports to India exceeded 1 million tonnes in 2025, compared to less than 100,000 tonnes in 2024 [11] - The global fleet growth is low, with only seven new ships expected to be delivered in 2025 [10] Company Strategy and Development Direction - The company is focusing on expanding its time charter portfolio to mitigate risks associated with market volatility [36] - The strategy includes maintaining a strong liquidity position with $287 million in cash and $421 million in undrawn revolving credit facilities [29] - The company anticipates continued growth in U.S. LPG exports supported by terminal expansions through 2028 [19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of geopolitical events on market volatility and shipping rates [3] - The company expects the demand for shipping capacity to remain strong, driven by inefficiencies in the LPG trade patterns [9] - Future growth in U.S. LPG exports is anticipated due to increased production and terminal expansions [18] Other Important Information - The company reported a busy drydocking schedule with 139 days in Q2 and 143 days expected in Q3 [5] - The operating cash breakeven for the fleet is estimated to be $19,100 per day, a reduction from $22,800 in 2024 [28] Q&A Session Summary Question: Fleet growth and capacity concerns - Management acknowledged the fleet growth but noted that increased LPG volumes from the U.S. and Middle East would absorb the new capacity [35][36] Question: Impact of Panama Canal registration restrictions - Management indicated that fewer ships would go through the Panama Canal, potentially increasing the need for longer routes [40][46] Question: Purchase options on time charter vessels - Management confirmed there are no immediate purchase options but some are available later in the decade [49] Question: Q3 guidance and drydocking impact - Management explained that the time charter portfolio affects Q3 guidance, and drydocking will also impact results [50][52] Question: Current freight market and sustainability of spot rates - Management noted that while there is downside risk at $70,000 per day, the market fundamentals remain solid [75][76]