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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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BW LPG (BWLPG) investor relations material
BW LPG Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary26 Aug, 2025
Executive summary
Q2 2025 profit after tax was $43M, with $35M attributable to equity holders and EPS of $0.23; H1 2025 profit was $110M, both down significantly year-over-year.
Declared a Q2 cash dividend of $0.22 per share, representing a 110% payout of shipping profit.
Achieved 94% fleet utilization and TCE income of $38,800 per available day, with spot rates fluctuating widely.
Product Services delivered $15M gross profit and $6M net profit in Q2, both down sharply year-over-year.
Liquidity at quarter-end was $708M, with net leverage ratio at 31%.
Financial highlights
Q2 2025 profit after tax: $43M; profit to equity holders: $35M; EPS: $0.23; annualized earning yield 8%.
Dividend per share: $0.22; annualized dividend yield: 5%.
Q2 TCE income per available day: $38,800; OpEx: $9,000 per day; all-in cash breakeven: $24,800 per day.
Net leverage ratio improved to 31% from 33% at year-end.
Net cash from operating activities in H1 2025 was $261M, down 43% year-over-year.
Outlook and guidance
Q3 2025 guidance: 90% of available days fixed at ~$53,000 per day, above all-in cash breakeven.
Second half 2025: 31–34% of portfolio secured at $45,200 (time charter) and $51,700 (FFA hedge) per day.
US and Middle East LPG export volumes expected to grow, supported by terminal expansions and new projects.
VLGC freight rates rebounded above $70,000/day after mid-year lows, with continued volatility expected.
Market fundamentals remain solid, but Panama Canal congestion and container traffic are key wildcards.
What drove the net leverage ratio change H1 2025?
Factors for Product Services H1 2025 profit decline?
How will fleet growth impact VLGC market balance?
Panama Canal's future impact on VLGC rates?
Time charter portfolio growth strategy?
Product Services' long-term strategic role?
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Next BW LPG earnings date
Q3 20252 Dec, 2025
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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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