BW LPG (BWLPG) 🚢

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BW LPG Limited Ex Dividend USD 0.18 Today

(Singapore, 4 March 2022)

With reference to the press release dated 1 March 2022 on Key Information Relating to the Cash Dividend for Q4 2021, the shares of BW LPG Limited will be traded ex-dividend from today.
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For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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Management Share Option Plan “LTIP 2017” – Exercise of options and sale of shares by primary insiders

(Singapore, 8 March 2022)

Reference is made to the previous stock exchange announcements by BW LPG Limited (“BW LPG” or the “Company”) regarding the management long-term share option plan implemented in 2017 (“LTIP 2017”).
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On 7 March 2022, primary insiders of the Company have exercised vested options granted under LTIP 2017 and sold shares in BW LPG in the market in a joint sale. The exercised options will be settled by the Company by transfer of treasury shares which the Company has bought in the market for this purpose. Following the transfer, the Company will hold 6,094,052 treasury shares.

The total number of options and shares held by the relevant primary insiders following the exercise and share sale are as set out below:

Niels Rigault, Executive Vice President, Commercial
Options (granted in 2018) exercised, each having a strike price of NOK 22.8522: 71,000
Options (granted in 2019) exercised, each having a strike price of NOK 10.6222: 113,600
Options held following the option exercise: 347,847
Total number of shares held following the option exercise: 184,600
Number of shares sold: 184,600
Average price sold at: NOK 49.8959 per share
Number of shares held following the sale: 0

Elaine Ong, Chief Financial Officer
Options (granted in 2019) exercised, each having a strike price of NOK 10.6222: 85,200
Options held following the option exercise: 255,564
Total number of shares held following the option exercise: 85,200
Number of shares sold: 85,200
Average price sold at: NOK 49.8959 per share
Number of shares held following the sale: 0

Pontus Berg, Executive Vice President, Technical & Operations
Options (granted in 2019) exercised, each having a strike price of NOK 10.6222: 51,120
Options held following the option exercise: 187,404
Total number of shares held following the option exercise: 51,120
Number of shares sold: 51,120
Average price sold at: NOK 49.8959 per share
Number of shares held following the sale: 0

Please refer to the attached for further details.

For further information, please contact:

Elaine Ong, CPA, CFA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Investor Relations and Corporate Development
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act and article 19 of the EU Market Abuse Regulation.

Kilde

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BW LPG: Repurchase of own shares

(Singapore, 18 March 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has purchased a total of 302,436 of its own common shares from 10 March 2022 to 17 March 2022 at an average price of NOK 54.3367 per share. The shares were purchased in accordance with the share buy-back programme announced on 8 December 2021 (BW LPG Sells Two Vessels, Initiates Share Buy-Back Programme).
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After these transactions, BW LPG holds 6,396,488 of its common shares, representing 4.51% of the number of issued shares. The shares purchased will be held as Treasury Stock.

A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. BW Group controls a fleet of over 420 ships transporting crude oil, oil products, and dry commodities, and comprises one of the largest gas fleets in the world with over 190 LNG and LPG vessels.

This is information is subject to the disclosure requirements under the EU Market Abuse Regulation, Commission Regulation 2016/1052 and Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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BW LPG: Repurchase of own shares

(Singapore, 28 March 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has purchased a total of 441,248 of its own common shares from 18 March 2022 to 24 March 2022 at an average price of NOK 53.8387 per share. The shares were purchased in accordance with the share buy-back programme announced on 8 December 2021 (BW LPG Sells Two Vessels, Initiates Share Buy-Back Programme).
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After these transactions, BW LPG holds 6,837,736 of its common shares, representing 4.82% of the number of issued shares. The shares purchased will be held as Treasury Stock.

A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. BW Group controls a fleet of over 420 ships transporting crude oil, oil products, and dry commodities, and comprises one of the largest gas fleets in the world with over 190 LNG and LPG vessels.

This is information is subject to the disclosure requirements under the EU Market Abuse Regulation, Commission Regulation 2016/1052 and Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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BW LPG: Repurchase of own shares

(Singapore, 6 April 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has purchased a total of 149,766 of its own common shares from 29 March 2022 to 30 March 2022 at an average price of NOK 58.6632 per share. The shares were purchased in accordance with the share buy-back programme announced on 8 December 2021 (BW LPG Sells Two Vessels, Initiates Share Buy-Back Programme).
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After these transactions, BW LPG holds 6,987,502 of its common shares, representing 4.92% of the number of issued shares. The shares purchased will be held as Treasury Stock.

A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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BW LPG Limited Annual General Meeting 2022 - Notice

(Singapore, 21 April 2022)

Notice is hereby given that the 2022 Annual General Meeting of BW LPG Limited will be conducted as per the details below:
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Date: Friday, 13 May 2022
Location: Washington Mall Phase 2, 4th Floor, Suite 400, 22 Church Street, HM 1189, Hamilton, Pembroke, HM EX, Bermuda
Time: 1700hrs local time

Please see attached documents for:

– Chairman’s Letter
– Notice of the 2022 AGM
– Form of Proxy
– Recommendation from the Nomination Committee

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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BW LPG Limited Annual General Meeting 2022 - Minutes

(Singapore, 14 May 2022)

The Annual General Meeting 2022 of BW LPG Limited was held on 13 May 2022. All proposed resolutions were resolved. Please see the attached document for the minutes of the meeting.
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For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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Key Information Relating to the Cash Dividend for Q1 2022

(Singapore, 19 May 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) provides the following key information relating to its cash dividend for Q1 2022.
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Dividend amount: USD 0.31 or NOK 2.99900 per share
Last day the stock is trading including the right to receive this dividend: 23 May 2022
Ex-date: 24 May 2022
Dividend payment date: 10 June 2022
Date of approval: 18 May 2022
Record date: 25 May 2022

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
BW LPG Limited
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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BW LPG’s Financial Results for Q1 2022

(Singapore, 19 May 2022)

Highlights
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• Generated Q1 2022 net profit after tax (NPAT) of USD 58 million. Declared a Q1 2022 cash dividend of USD 0.31 per share, equivalent to 75% of NPAT

• Highest available liquidity of USD 651 million and lowest net leverage ratio of 25% since IPO

• Achieved Q1 2022 VLGC freight rate of USD 36,900 per calendar day, or USD 40,400 per available day with 96% commercial utilisation

• Enhanced our dividend policy to target a quarterly pay-out ratio of 75% of NPAT when net leverage ratio is below 30%

• Completed the sale of a stake in BW LPG India to Maas Capital in Q1, and concluded discussions for increased ownership in Q2

• Delivered two vessels to new owners in Q1 2022 and signed a Memorandum of Agreement to sell one vessel in Q2 2022. These sales are expected to generate a total liquidity of approximately USD 95 million

• Completed our LPG dual-fuel propulsion retrofitting program for all 15 vessels ahead of schedule and within budget

Financial Performance

BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) reported a Q1 2022 net profit after tax of USD 58 million, yielding an annualised return on equity of 16% with USD 249 million of free cash flow. EBITDA was USD 93 million for the quarter, representing an EBITDA margin of 72%. Earnings per share was USD 0.41.

Net leverage ratio decreased to a record low of 25% in Q1 2022, from 42% in Q1 2021. This is mainly due to solid cash flows from operations, proceeds from the sale of two VLGCs, and capital injection into our India subsidiary. Available liquidity of USD 651 million at the end of Q1 2022 is the Company’s highest to-date.

In line with our aim to return value to our shareholders, the Board has enhanced the Company’s dividend policy to target a quarterly pay-out ratio of 75% of NPAT when the net leverage ratio is below 30%. Buoyed by strong performance lowering our net leverage ratio to 25% in Q1 2022, the Board has declared a cash dividend of USD 0.31 per share amounting to USD 42 million. This translates to a pay-out ratio of 75% of NPAT for the quarter.

BW LPG initiated a USD 50 million share buy-back program in December 2021. At the end of Q1 2022, 3.8 million shares were purchased, amounting to approximately USD 21 million. This program is another way we are returning value to our shareholders.

Commercial Performance

Q1 2022 VLGC freight rates averaged USD 36,900 per calendar day, or USD 40,400 per available day with 96% commercial utilisation. Time Charter Equivalent income decreased to USD 131 million for Q1 2022, mainly due to lower spot rates and lower fleet utilisation predominantly arising from the retrofitting of the remaining three VLGCs with LPG dual-fuel propulsion technology.

In January 2022, BW LPG completed the sale of a stake in our subsidiary, BW LPG India, to Maas Capital. Reflecting our shared confidence in the India LPG market, and belief in the long-term fundamentals of our business in India, Maas Capital has increased its ownership in the subsidiary in Q2. Following the transaction, BW LPG will own approximately 52% in BW LPG India.

The sale and delivery of BW Niigata (2010-built, Mitsubishi Heavy Industries) and BW Trader (2006-built, Daewoo Shipbuilding & Marine Engineering Co. Ltd.) for further trading were concluded in February and March respectively. These transactions generated approximately USD 70 million in liquidity and a net book gain of USD 14 million. BW LPG has signed a Memorandum of Agreement to sell BW Liberty (2007-built, Daewoo Shipbuilding & Marine Engineering Co. Ltd.) with expected delivery in Q2 2022. The sale is expected to generate USD 25 million in liquidity and a net book gain of USD 4 million.

Technical Performance

BW LPG has successfully concluded its pioneering project to retrofit 15 VLGCs with LPG dual-fuel propulsion technology. This project was an upfront investment of over USD 130 million to decarbonise operations and was completed ahead of schedule and within budget. With over 25,000 hours on LPG propulsion at sea, the technology has reduced carbon emissions by 15-20% and sulphur emissions by over 95%.

Market Outlook

Near term VLGC rates remain strong, supported by strong exports out of the US and the Middle East. However, volatilities remain due to geopolitical developments.

We now hold a more optimistic view of the 2023 VLGC market. Our revised view reflects our belief that heavy newbuilding deliveries will be offset to a greater extent by steady export growth with high oil and gas prices stimulating upstream production; resilient demand as LPG is the most viable and cost-efficient transition fuel to decarbonise and move towards a zero-carbon future; and increasing fleet inefficiencies due to tightening emission controls and Panama Canal transit delays.

Q1 2022 Earnings Presentation and Interim Financial Report

Please see attachments for the Q1 2022 Earnings Presentation and Interim Financial Report.

1. BW LPG Q1 2022 Earnings Presentation
2. BW LPG Q1 2022 Interim Financial Report

BW LPG will host an investor presentation of the financial results at 13:00hrs CET today. The presentation will be made by Anders Onarheim (CEO), Elaine Ong (CFO), Niels Rigault (EVP, Commercial) and Pontus Berg (EVP, Technical and Operations).

The presentation will be held live via Zoom. Please register in advance at the link below:

http://bit.ly/BWLPGQ12022EP

A recording of the presentation will also be available after the event on the Company’s website at: https://www.bwlpg.com/investors.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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Disclosure of shareholding

On 14 June 2022, Columbia Management Investment Advisers, LLC (“CMIA”), a United States registered investment adviser which is fully owned by Ameriprise Financial, Inc., sold 60,439 shares in BW LPG Ltd on behalf of certain funds and accounts over which CMIA has discretionary investment management and voting authority.

Following such transaction on that date, CMIA beneficially owned 7,081,276 shares in BW LPG Ltd, equal to 4.989 percent of the total outstanding number of shares of BW LPG Ltd.
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Kilde

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BW LPG Appoints Kristian Sørensen as Head of Strategy and Deputy CEO

(Singapore, 14 July 2022)

BW LPG is pleased to announce the appointment of Mr Kristian Sørensen as Head of Strategy and Deputy CEO. Mr Sørensen will join BW LPG on 1 September 2022.
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BW LPG CEO Anders Onarheim says, “Kristian is a respected leader in the maritime sector. We look forward to tapping on his knowledge and valuable experience to further strengthen our market-leading position. Together with my colleagues at BW LPG, we warmly welcome him to the team”.

For further information, please contact:

Anders Onarheim
Chief Executive Officer
E-mail: anders.onarheim@bwlpg.com

Lisa Lim
Head of Corporate Communications
Tel: +65 9732 9596
E-mail: lisa.lim@bwlpg.com

About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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BW LPG Acquires LPG Trading Operations from Vilma Oil

(Singapore, 1 August 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) today announces that it has entered into an agreement to acquire the LPG trading operations from Vilma Oil, to expand BW LPG’s Product Services division.
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The Product Services division was established in February 2019 to offer customers a low-risk and fully integrated product delivery service, and support BW LPG’s core shipping business. This acquisition will allow BW LPG to scale its product services offering to provide even better service to customers while boosting fleet utilisation. The expanded Product Services division will continue to operate within disciplined capital requirements and defined risk thresholds.

Says Anders Onarheim, BW LPG CEO: “The acquisition brings a highly experienced team with a strong track record to BW LPG, and is in line with our strategy to support our core shipping business – we want to remain the world’s leading LPG shipping company, delivering cleaner-burning energy safely and sustainably to our customers. We look forward to bringing onboard new colleagues, and returning even greater value to shareholders.”

The acquisition is subject to approval from the Spanish regulatory authorities, and the transaction is expected to close by the end of Q4 2022.

For further information, please contact:

Anders Onarheim
Chief Executive Officer
E-mail: anders.onarheim@bwlpg.com

Elaine Ong
Chief Financial Officer
E-mail: elaine.ong@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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Key Information Relating to the Cash Dividend for Q2 2022

(Singapore, 29 August 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) provides the following key information relating to its cash dividend for Q2 2022.
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Dividend amount: USD 0.20 or NOK 1.93222 per share
Last day the stock is trading including the right to receive this dividend: 31 August 2022
Ex-date: 1 September 2022
Dividend payment date: 16 September 2022
Date of approval: 26 August 2022
Record date: 2 September 2022

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
BW LPG Limited
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

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BW LPG’s Financial Results for Q2 2022

(Singapore, 29 August 2022)

Highlights
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• Achieved Q2 VLGC freight rates of USD 35,400 per calendar day
• Generated Q2 Net Profit After Tax of USD 38.6 million
• Concluded the sale and delivery of one VLGC, generating USD 19.3 million in liquidity
• Declared a Q2 cash dividend of USD 0.20 per share amounting to USD 27.0 million
• Completed the second tranche sale of stake in Indian subsidiary BW LPG India
• Entered into an agreement to acquire the LPG trading operations of Vilma Oil

Financial Performance
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) reported a Q2 2022 Net Profit After Tax of USD 38.6 million, yielding an annualised return on equity of 10.5% with USD 21.2 million of free cash flow. EBITDA was USD 82.6 million for the quarter, representing an EBITDA margin of 67.6%. Earnings per share was USD 0.26.

Net leverage ratio remained at a record low of 24.7% in Q2 2022, mainly due to solid cash flows from operations and investing activities. Available liquidity was USD 360 million at the end of Q2 2022. BW LPG’s strong financial position will allow the Company to withstand any short to medium term volatility, and to invest in the right opportunities for future growth.

On the back of another strong quarter, the Board has declared a cash dividend of USD 0.20 per share amounting to USD 27.0 million. This translates to a pay-out ratio of 75% of NPAT for the quarter.

Commercial Performance
Q2 2022 VLGC freight rates averaged USD 35,400 per calendar day, or USD 36,800 per available day with 98% commercial utilisation. Time Charter Equivalent (“TCE”) income was USD 122 million for Q2 2022, mainly due to higher LPG spot rates and higher fleet utilisation with the final three committed vessels completing their dual fuel propulsion engines retrofitting during the quarter. It also includes a net downward impact of USD 7.7 million related to the effects of IFRS 15 where spot voyages that straddle the quarter-end are now accounted for on a load-to-discharge basis.

The second tranche sale of additional stake in BW LPG India as earlier announced in BW LPG’s Q1 earnings report was completed in Q2, adding an additional USD 30 million in new equity. Following the transaction, BW LPG owns approximately 52% in BW LPG India.

The sale and delivery of BW Liberty (2007-built, Daewoo Shipbuilding & Marine Engineering Co. Ltd.) for further trading was concluded in Q2. The transaction generated approximately USD 19.3 million in liquidity and a net book gain of USD 4.8 million.

BW LPG entered into an agreement to acquire the LPG trading operations from Vilma Oil to expand the Product Services division. The acquisition is subject to approval from the Spanish regulatory authorities, and the transaction is expected to close by the end of 2022. When completed, the expanded Product Services division will enhance the Company’s core shipping business with an additional five time-charter-in vessels; with a combined total of over four million metric tons of physical LPG expected to be traded annually.

Technical Performance
Q2 is the first quarter all 15 LPG-powered vessels are on water serving customers. Approximately 10,000 metric tons of LPG fuel were used, translating to over USD 5.0 million in savings from fuel price differentials and over 15% reduction in carbon emissions compared to compliant fuels.

Market Outlook
For the rest of 2022, VLGC freight rates are expected to remain firm. This is driven by continued growth in U.S. LPG exports and recovering volumes from the Middle East. However, freight rate volatility is expected to remain high as low U.S. inventories coupled with squeezed petrochemical margins in Asia may put pressure on the LPG price arbitrage between the U.S. and the Far East.

For 2023, the Company remains optimistic despite concerns over a large VLGC orderbook and continued macroeconomic uncertainties. If oil and gas prices remain elevated, BW LPG is well positioned to benefit from a strong energy cycle ahead. If the global economy deteriorates and commodity prices fall, the Company believes that its modern fleet, low leverage, and strong liquidity will enable it to navigate through the challenges ahead.

Q2 2022 Earnings Presentation and Interim Financial Report
Please see attachments for the Q2 2022 Earnings Presentation and Q2 and H1 Interim Financial Report.

1. BW LPG Q2 2022 Earnings Presentation
2. BW LPG Q2 and H1 2022 Interim Financial Report

BW LPG will host an investor presentation of the financial results at 13:00hrs CET today. The presentation will be made by Anders Onarheim (CEO), Elaine Ong (CFO), Niels Rigault (EVP, Commercial) and Pontus Berg (EVP, Technical and Operations).

The presentation will be held live via Zoom. Please register in advance at the link below:

http://bit.ly/BWLPGQ22022EP

A recording of the presentation will also be available after the event on the Company’s website at:

https://www.bwlpg.com/investors

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW LPG: Disclosure of Large Shareholding

(Singapore, 6 September 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has, as a part of its share buyback program announced on 8 December 2021, acquired 95,000 of its common shares on 5 September 2022. Following this acquisition the total number of treasury shares in the Company amounts to 7,109,523, equal to 5.01% of the number of issued shares.
…

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For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements set out in the Norwegian Securities Trading Act Section 4-2.

Kilde

[TekBot]

BW LPG: Repurchase of own shares

(Singapore, 6 September 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has purchased a total of 638,901 of its own common shares from 29 August 2022 to 5 September 2022 at an average price of NOK 65.7262 per share.
…

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The shares were purchased in accordance with the stock notice issued by the Company on 8 December 2021 regarding the Company initiating its share buy-back programme. The Company’s programme to buy back up to 10 million common shares from the open market for a maximum amount of USD 50 million as resolved by the Board of Directors of BW LPG is still ongoing, and the share buy-back programme is expected to continue until the end of December 2022 with a daily maximum threshold of 158,448 shares.

After these transactions, BW LPG holds 7,109,523 of its common shares, representing 5.01% of the number of issued shares. The shares purchased will be held as Treasury Stock.

A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW LPG: Repurchase of own shares

(Singapore, 14 September 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has purchased a total of 575,317 of its own common shares from 6 September 2022 to 13 September 2022 at an average price of NOK 67.1201 per share. The shares were purchased in accordance with the stock notice issued by the Company on 8 December 2021.
…

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After these transactions, BW LPG holds 7,684,840 of its common shares, representing 5.41% of the number of issued shares. The shares purchased will be held as Treasury Stock.

A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW LPG: Repurchase of own shares

(Singapore, 26 September 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has purchased a total of 664,251 of its own common shares from 16 September 2022 to 23 September 2022 at an average price of NOK 70.3695 per share. The shares were purchased in accordance with the stock notice issued by the Company on 8 December 2021.
…

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After these transactions, BW LPG holds 8,349,091 of its common shares, representing 5.88% of the number of issued shares. The shares purchased will be held as Treasury Stock.

A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW LPG: Repurchase of own shares

(Singapore, 4 October 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE Ticker Code “BWLPG.OL”) has purchased a total of 208,532 of its own common shares from 26 September 2022 to 29 September 2022 at an average price of NOK 69.1467 per share. The shares were purchased in accordance with the stock notice issued by the Company on 8 December 2021.
…

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After these transactions, BW LPG holds 8,557,623 of its common shares, representing 6.03% of the number of issued shares. The shares purchased will be held as Treasury Stock.

A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Key Information Relating to the Cash Dividend for Q3 2022

(Singapore, 16 November 2022)

BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) provides the following key information relating to its cash dividend for Q3 2022.
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Dividend amount: USD 0.25 or NOK 2.50313 per share
Last day the stock is trading including the right to receive this dividend: 18 November 2022
Ex-date: 21 November 2022
Dividend payment date: 9 December 2022
Date of approval: 15 November 2022
Record date: 22 November 2022

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
BW LPG Limited
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Kilde