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]