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BW LPG (BWLPG) investor relations material
BW LPG Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary2 Dec, 2025
Executive summary
Q3 2025 profit after tax was $57 million, with EPS of $0.38 and a declared dividend of $0.40 per share, representing a 75% payout ratio of shipping NPAT.
TCE income for Shipping was $51,300 per available day and $48,700 per calendar day, with 44% of available days covered by time charters at $51,200 per day.
Product Services posted a gross loss of $23 million and a net loss after tax of $29 million, mainly from negative mark-to-market adjustments.
Realized trading gains for Q3 were $15 million, with year-to-date realized results at $54 million.
Available liquidity stood at $855 million, with a net leverage ratio of 29.7% and annualized ROE of 12%.
Financial highlights
Net profit after tax was $57 million, including $11 million from BW LPG India and a $29 million loss from Product Services.
Q3 2025 TCE income - Shipping: $201.8 million (up 39% year-over-year); Q3 OpEx was $9,300 per day; all-in cash break-even was $24,600 per day.
Shareholder equity stood at $1.9 billion; annualized ROE and ROCE for Q3 were 12% and 9%, respectively.
Net leverage ratio improved to 29.7% from 32.7% at end-2024.
Total assets were $3,340 million and total liabilities $1,407 million.
Outlook and guidance
Q4 2025 guidance: 91% of available days fixed at ~$47,000 per day, above cash break-even but reflecting a slower market.
For 2026, 35% of portfolio secured with fixed-rate time charters and FFA hedges at $43,600 and $47,500 per day.
Targeting ~40% fleet coverage on period charters/FFAs for 2026 and beyond, with ongoing contract renewals.
VLGC market fundamentals remain supportive, with U.S. and Middle East LPG export growth expected.
Panama Canal constraints continue to support VLGC earnings.
Explain Product Services' Q3 unrealized MTM loss
Reconcile Q3 dividend payout with total profit
Impact of lease liability reduction on leverage
Product Services realized gains for dividend
VLGC trade patterns post US-China de-escalation
Panama Canal capacity impact on VLGC routing
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Frequently asked questions
BW LPG Limited, through its interests in BW LPG Limited, engages in the ownership and operation of liquefied petroleum gas (LPG) carriers that transport LPG and ammonia worldwide. The company was formerly known as Bergesen Worldwide Gas ASA and changed its name to BW LPG Limited in December 2015. BW LPG Limited was founded in 1935 and is headquartered in Singapore.
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