BW LPG Limited(US:BWLP)2025-08-26 12:00Q2 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]