BW LPG (BWLPG) investor relations material

Market position and operations

• Leading owner and operator of VLGCs, controlling about 11% of the global fleet and operating 46 vessels, including 31 owned ships.

• Substantial player in LPG commodity markets, trading about 6% of global physical LPG on VLGCs.

• Agile platform with a focus on value creation and risk management across shipping and trading cycles.

Financial performance and capital allocation

• Approximately 77% of earnings paid out as dividends since IPO, with a 1H 2026 dividend of $1.62 per share.

• Annual return to investors since IPO is around 29%, with a 15% annualized dividend yield.

• Share buyback program and disciplined investment approach, including $940M for newbuildings and $1,050M for vessel acquisitions.

• Issued a $300M senior unsecured convertible bond due 2031, supporting fleet renewal and corporate purposes.

Market dynamics and strategy

• Middle East LPG exports significantly reduced in 2026, replaced by increased US exports.

• Panama Canal congestion and the closure of the Strait of Hormuz have led to longer sailing distances and higher freight rates.

• Active risk management through time charters, cargo, and derivatives portfolios.

• Targeting 40-45% time charter coverage to balance exposure and stability.