BWLP 0001104659-25-017995 6-K Filing: Feb 27, 2025

UNITED STATES

SECURITIES AND EXCHANGECOMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2025

Commission File Number: 001-42008

BW LPG Limited

(Translation of registrant’s name into English)

c/o BW LPG Holding Pte Ltd<br><br> <br>10 Pasir Panjang Road,<br><br> <br>#17-02 Mapletree Business City, Singapore 117438
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

DOCUMENTS TO BE FURNISHED AS PART OF THIS FORM 6-K

Exhibit Number	Description
99.1	BW LPG Limited - Financial Results for Q4 2024
99.2	BW LPG Limited – Key information relating to the cash dividend for Q4 2024
99.3	Q4 2024 and FY 2024 Interim Financial Report
99.4	Q4 2024 Earnings Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BW LPG Limited
	By:	/s/ Samantha Xu
	Name:	Samantha Xu
	Title:	Chief Financial Officer
Date: February 27, 2025

Exhibit 99.1

BW LPG Limited - Financial Results for Q4 2024

Singapore, 27 February 2025

Highlights and Subsequent Events

-	TCE income –<br>Shipping Q4 2024 was US$37,900 per available day and US$36,700 per calendar day.
-	The Company declared a Q4<br>2024 cash dividend of US$0.42 per share. This dividend consists of 75% of Shipping NPAT Q4 2024, and dividends from<br>BW Product Services.
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-	Completion of the acquisition of 12 modern VLGCs<br>from Avance Gas Holdings Ltd. (“Avance Gas”). The deal was partially funded through the issuance of 19.282 million new BW<br>LPG shares. Following the issuance of the new shares, the total number of issued and outstanding shares of BW LPG is 159.282 million and<br>151.538 million, respectively.
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-	BW Kizoku was delivered to BW LPG in February<br>2025, following the declaration of purchase option for a consideration of US$69.8 million.
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-	Exercised the purchase option for BW Yushi for<br>a consideration of about US$70 million with an estimated delivery in Q2 2025.
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-	Concluded the sale and delivery of BW Cedar in<br>February 2025, generating about US$65 million in proceeds and a net book gain of US$32 million.
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-	31% of fleet exposure covered by time charter<br>out at US$44,800 per day, and 2% covered by FFA hedges at US$50,600 per day for calendar year 2025.
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Financial Performance

BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”) reported a Q4 2024 Net Profit After Tax (NPAT) of US$40 million, yielding an annualised return on equity of 9%. The Q4 profit attributable to the equity holders of the company was US$31 million, and earnings per share were US$0.22.

The net leverage ratio increased from 20.5% as of 31 December 2023 to 32.7% as of 31 December 2024, mainly driven by the cash consideration for the Avance Gas transaction, which was primarily financed through the drawdown of our revolving credit facilities and our shareholder bridging loan facility, in addition to an increase in lease liabilities from new and extended time charter-in agreements.

The Board has declared a cash dividend of US$0.42 per share, which consists of 75% payout ratio from Shipping NPAT and dividends from BW Product Services. The Q4 dividend represents an annualised dividend yield of 14%.

Commercial Performance Shipping

Q4 VLGC freight rates averaged US$37,900 per available day and US$36,700 per calendar day, with 96% fleet utilisation. Time Charter Equivalent (TCE) income was US$128 million for the quarter, and our India subsidiary contributed a stable TCE income of US$34 million for the quarter.

Product Services

Product Services achieved a gross profit of US$15 million for Q4 2024 (Q4 2023: US$32 million), mainly driven by US$59 million realised gains from delivered cargoes, partially offset by US$44 million of negative change in MTM valuations of its open cargo and hedging positions. For the fourth quarter, Product Services reported net profit after tax of US$3 million after deducting general and administrative and income tax expenses. Product Services delivered a year of tremendous results, with a gross profit of US$145million, which is US$119 million higher than 2023, and realised profit of US$94 million. This reflects a strong affirmation of our overall strategy.

Corporate Update

With reference to the press release dated 15 August 2024, BW LPG announced the acquisition of 12 VLGCs from Avance Gas. The transaction was closed as planned on 31 December 2024 and all vessels were successfully delivered to BW LPG. The deal was partially funded through the issuance of 19.282 million new BW LPG shares and the total amount of issued shares is now 159.282 million shares.

With this acquisition, BW LPG has further solidified its position as the world’s leading owner and operator of VLGCs with a current owned and operated fleet of 52 VLGCs, of which 22 are equipped with LPG dual-fuel propulsion technology.

In addition, we have added to our owned fleet with the previous declared purchase option of the 2019 built BW Kizoku which was delivered to BW LPG earlier this month at a purchase price of US$69.8 million.

In February 2025, BW LPG exercised the purchase option for the 2020 built BW Yushi (BW Kizoku sister vessel) with an equally attractive purchase price of around US$70 million with expected delivery in Q2.

On the sales side we concluded the sale and delivery of 2007-built BW Cedar in February 2025, generating about US$65 million in proceeds and a net book gain of US$32 million.

Over the last months, the chartering team has concluded several time charters with commencement through 2025. For the calendar year 2025, we currently have 31% of fleet exposure covered by time charter out at US$44,800 per day, and 2% covered by FFA hedges at US$50,600 per day.

Market Update

The fourth quarter of 2024 was relatively stable compared to the earlier quarters. Exports out of the US Gulf recovered early during the quarter, and while the US – Far East arbitrage narrowed, spot rates for VLGCs remained resilient, averaging around US$44,000/day on the Houston to Far East route.

Technical issues at one export terminal in the US Gulf lasted into October, negatively impacting VLGC loadings for said month. For the remainder of the quarter, however, VLGC loadings out of the US Gulf were robust, with December showing the highest VLGC loading count for a single month in 2024, contributing to exports out of the United States growing by 5.6% in Q4 2024 compared to Q4 2023 (VLGC only).

So far in 2025, exports out of the US Gulf have been impacted by seasonally cold weather and fog, which is normal for this time of the year. Towards the second half of 2025, more terminal export capacity is scheduled to come online, supporting further demand growth for VLGC transportation.

Middle Eastern LPG exports on VLGCs fell 0.5% in the fourth quarter of 2024, compared to the same period in the previous year, mainly due to OPEC+ production cuts remaining in effect. OPEC+ announced in December 2024 that it will be pushing back the start of unwinding the production cuts to April 2025.

The Panama Canal remains well supplied with water and increased vessel throughput during the fourth quarter compared to the preceding period. Moving into 2025, the Canal’s new locks are now operating at or near full capacity. This has resulted in increased volatility in transit auction fees and could generate fleet inefficiencies going forward.

Fleet Capacity

So far in 2025, one new VLGC has been delivered. For the remainder of the year, 11 new VLGCs are scheduled for delivery, making 2025 the lowest year for VLGC newbuilding deliveries since 2018. Well established shipbuilders are indicating deliveries no earlier than the end of 2027 for VLGCs.

Market Outlook

While fluctuations in spot rates are to be expected in the VLGC market, we view the prevailing market fundamentals as supportive. So far in 2025, the VLGC market has been shielded from the most disruptive geopolitical developments globally. However, we recognize the increasing political and legislative uncertainties that could impact the market and continue to monitor it closely. Furthermore, we anticipate that the additional export capacity coming on stream in the US later this year will support export growth for VLGCs in the high single digits for the full year.

Middle East LPG exports are expected to grow in the mid-single digits over the coming years, driven by higher gas production from new projects in Qatar and UAE.

In China, LPG inventories remain healthy but have been on a declining trend for the last nine months, with six more PDH plants slated for startup in 2025, adding to China’s LPG offtake capacity.

Furthermore, 80 VLGCs are expected to dry dock during 2025, potentially creating temporary trading inefficiencies for the overall fleet. By the end of Q4 2024, 9% of the global VLGC fleet was 25 years or older.

The current FFA market for CAL2025 is trading at equivalent to approximately US$43,000 per day, reflecting support to the current spot market. The spot market is expected to fluctuate, driven by weather changes, geopolitical situation, Panama Canal availability and other drivers of the VLGC market.

Q4 2024 Earnings Presentation and Interim Financial Report

Please see the attachments for the Q4 2024 Earnings Presentation and Interim Financial Report.

·	BW LPG Q4 2024 Interim Financial Report
·	BW LPG Q4 2024 Earnings Presentation
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BW LPG will present its financial results at 14:00hrs CET/ 21:00hrs SGT today. The presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu (CFO).

The presentation will be held live via Zoom. Please register at the link below: https://bit.ly/BWLPGQ42024

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

For further information, please contact:

Kristian Sørensen, CEO

Samantha Xu, CFO

E-mail: [email protected]

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 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. 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 450 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.

Exhibit 99.2

BW LPG Limited – Key information relating to the cash dividendfor Q4 2024

Singapore, 27 February 2025

BW LPG Limited (“BW LPG" or the "Company", OSE ticker code: "BWLPG.OL", NYSE ticker code "BWLP") provides the following key information relating to the Company's cash dividend for Q4 2024:

The Board has approved a dividend of US$0.42 per share on 26 February 2025. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment.

Record date: 10 March 2025

Shares registered with Euronext VPS Oslo Stock Exchange

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Last trading day including the right to receive this dividend: 6 March 2025

Ex-date: 7 March 2025

Dividend payment date: On or about 24 March 2025

Shares registered with Depository Trust Company – New York Stock Exchange

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Last trading day including the right to receive this dividend: 7 March 2025

Ex-date: 10 March 2025

Dividend payment date: On or about 19 March 2025

For further information, please contact:

Samantha Xu

Chief Financial Officer

E-mail: [email protected]

About BW LPG

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

Exhibit 99.3

	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>Interim<br>Financial<br>Report<br>Q4 2024 and FY 2024 (unaudited)
	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>2<br>FORWARD-LOOKING STATEMENTS<br><br>Matters discussed in this unaudited interim financial report may constitute “forward-looking statements”. The<br>Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements<br>to encourage companies to provide prospective information about their business. Forward-looking statements<br>include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying<br>assumptions and other statements, which are other than statements of historical facts or present facts and<br>circumstances. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation<br>Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor legislation.<br>This unaudited interim financial report and any other written or oral statements made by us or on our behalf<br>may include forward-looking statements, which reflect our current views with respect to future events and<br>financial and operational performance.<br>These forward-looking statements may be identified by the use of forward-looking terminology, such as the<br>terms “anticipates”, “assumes”, “believes”, “can”, “continue”, “could”, “estimates”, “expects”, “forecasts”,<br>“intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “will”, “would” or, in each<br>case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG’s<br>intentions, beliefs or current expectations concerning, among other things, the financial strength and position of<br>the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as<br>other statements relating to the Group’s future business development, financial performance and the industry<br>in which the Group operates.<br>Prospective investors in BW LPG are cautioned that forward-looking statements are not guarantees of future<br>performance and that the Group’s actual financial position, operating results and liquidity, and the development<br>of the industry and potential market in which the Group may operate in the future, may differ materially from<br>those made in, or suggested by, the forward-looking statements contained in this unaudited interim financial<br>report. BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur.<br>By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties<br>and assumptions as they relate to events and depend on circumstances that may or may not occur in the future.<br>Actual results may differ materially from those expressed or implied in the forward-looking statements due to<br>various factors including, but not limited to:<br>• general economic, political and business conditions;<br>• general LPG market conditions, including changes in LPG freight rates, charter rates, vessel values and<br>bunker fuel prices and other operating costs;<br>• changes in demand in the LPG shipping industry;<br>• any adverse developments in the maritime LPG transportation business;<br>• changes in, and the Group’s compliance with, governmental, tax, environmental, safety, data protection<br>and privacy and other laws and regulations;<br>• failure in the management of climate and environmental risks and delivery and performance of<br>management environmental objectives;<br>• changes in competition rules and regulations for the shipping industry;<br>• failure to manage disruptions, including due to climate change, abnormal weather conditions,<br>pandemics, piracy, strikes and boycotts, political instability, sanctions and breaches of IT systems;<br>• failure to implement the Group’s business strategy or manage the Group’s growth;<br>• damages or breakdowns of the Group’s vessels, including due to weather conditions, mechanical<br>failures, wars or other circumstances and events;<br>• failure to obtain new customers or the loss of any existing major customers;<br>• failure to maintain sufficient cash reserves to make capital expenditures necessary for the Group’s<br>vessels’ maintenance;<br>• failure to attract and retain key management personnel, technically skilled officers and other employees,<br>default by third parties with whom the Group has entered into chartered-in arrangements;<br>• failure of the Group’s third-party technical managers or other counterparties to meet their obligations;<br>• the ageing of the Group’s fleet which could result in increased operating costs;
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>3<br>FORWARD-LOOKING STATEMENTS (continued)<br>• delays in deliveries of or cost overruns in relation to newbuilds (if any);<br>• failure to integrate assets or businesses acquired from third parties;<br>• failure to identify or take advantage of arbitrage opportunities, effectively implement the Products<br>Services division’s hedging strategy and source LPG from third-party suppliers;<br>• loss of major tax disputes or successful tax challenges to the Group’s operating structure or to the<br>• Group’s tax payments;<br>• the availability of and the Group’s ability to obtain financing to fund capital expenditures, acquisitions<br>and other general corporate activities, the terms of such financing and the Group’s ability to comply<br>with the restrictions and other covenants set forth in the Group’s existing and future debt agreements<br>and financing arrangements;<br>Additional information about material risk factors that could cause actual results to differ materially from<br>expectations and about material factors or assumptions applied in making forward-looking statements may be<br>found under “Item 3. Key Information – 3.D. Risk Factors” of BW LPG’s Registration Statement on Form 20-F, filed<br>with the U.S. Securities and Exchange Commission on 8 April 2024.
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>4<br>SELECTED KEY FINANCIAL INFORMATION<br>Statement of Comprehensive Income<br>Q4 2024<br>US$M<br>Q4 2023<br>US$M<br>Change<br>%<br>FY 2024<br>US$M<br>FY 2023<br>US$M<br>Change<br>%<br>Profit after tax 39.7 161.8 (75) 394.9 493.0 (20)<br>Profit attributable to equity holders of the<br>Company 30.9 151.4 (80) 354.3 470.0 (25)<br>TCE income - Shipping1 127.6 234.7 (46) 608.2 797.5 (24)<br>Gross profit/(loss) - Product Services1 15.4 32.0 (52) 144.8 25.8 N.M<br>(US$ per share)<br>Basic EPS2 0.22 1.16 (81) 2.65 3.59 (26)<br>Diluted EPS2 0.22 1.14 (81) 2.64 3.53 (25)<br>Dividend per share 0.42 0.90 (53) 2.42 3.46 (30)<br>Balance Sheet<br>31 Dec<br>2024<br>US$M<br>31 Dec<br>2023<br>US$M<br>Change<br>%<br>Cash and cash equivalents 279.7 287.5 (3)<br>Total assets 3,320.4 2,520.5 32<br>Total liabilities 1,382.9 934.3 48<br>Total shareholders’ equity 1,937.5 1,586.2 22<br>Cash Flow Q4 2024<br>US$M<br>Q4 2023<br>US$M<br>Change<br>%<br>31 Dec<br>2024<br>US$M<br>31 Dec<br>2023<br>US$M<br>Change<br>%<br>Net cash from operating activities 239.6 166.2 44 749.1 513.4 46<br>Capital expenditure (518.2) (38.3) N.M (537.5) 50.9 N.M<br>Adjusted free cash flow3<br>(278.6) 127.9 N.M 211.6 563.4 (63)<br>Financial Ratios Q4 2024<br>%<br>Q4 2023<br>%<br>Change<br>%<br>31 Dec<br>2024<br>%<br>31 Dec<br>2023<br>%<br>Change<br>%<br>ROE4<br>(annualised) 8.9 41.6 (79) 22.4 31.0 (28)<br>ROCE5<br>(annualised) 7.1 32.9 (78) 16.5 23.5 (30)<br>Net leverage ratio6 32.7 20.5 60 32.7 20.5 60<br>Other Information 31 Dec<br>2024<br>31 Dec<br>2023<br>Change<br>%<br> Shares – end of period (‘000 shares) 159,282 140,000 14<br>Treasury shares – end of period (‘000 shares) 7,743.6 8,926.1 (13)<br>Share price (NOK) 125.3 151.3 (17)<br>Market cap (NOK million) 19,958.0 21,182.0 (6)<br>Market cap (USD million) 1,758.2 2,076.2 (15)<br>[1] TCE income and gross profit/(loss) reflect the Shipping and Product Services segments’ performance, respectively.<br>[2] Basic and diluted EPS (earnings per share) is computed based on Q4 2024: 139.1 million (FY 2024: 133.6 million) and Q4 2024: 139.6<br>million (FY 2024: 134.2 million) shares respectively, the weighted average number of shares outstanding less treasury shares during<br>the period.<br>[3] Adjusted free cash flow is a non-IFRS measure and is computed as net cash from operating activities minus additions in property, plant<br>and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels. See page 19 for a reconciliation of<br>adjusted free cash flow to the nearest IFRS measure.<br>[4] ROE (return on equity) is computed as, with respect to a particular period, the ratio of the profit after tax for such period to the average<br>of the shareholders’ equity, calculated as the average of the opening and closing balance for the period.<br>[5] ROCE (return on capital employed) is a non-IFRS measure and is computed, with respect to a particular period, as the ratio of the<br>operating profit for such period to capital employed defined as the average of the total shareholders’ equity, total borrowings and total<br>lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance<br>sheet. See page 19 for a reconciliation of ROCE to the nearest IFRS measure.<br>[6] Net leverage ratio is computed as the sum of total borrowings and total lease liabilities minus cash and cash equivalents as set out in<br>the consolidated statement of cash flows, divided by the sum of total borrowings, total lease liabilities and total shareholders’ equity<br>minus cash and cash equivalents as set out in the consolidated statement of cash flows.
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>1<br> TCE income – Shipping per available and calendar day (total) are non-IFRS measures and are computed as TCE income – Shipping divided<br> by available days and calendar days (total), respectively. See pages 16 and 17 for a reconciliation of TCE income – Shipping per available<br> day and calendar day (total) to the nearest IFRS measure.<br>2<br> Shipping NPAT is calculated as profit attributable to equity holders of BW LPG, minus BW LPG’s share of BW LPG Product Services Pte. Ltd.’s<br>net profit/(loss) after tax. See page 16.<br>HIGHLIGHTS AND SUBSEQUENT EVENTS – Q4 2024<br>• Q4 2024 profit attributable to equity holders of the Company was US$30.9 million or an earnings per share<br>of US$0.22 or NOK2.42.<br>• TCE income – Shipping Q4 2024 was US37,890 per available day1 and US$36,730 per calendar day (total)1<br>.<br>• Completion of the delivery of 12 modern VLGCs from Avance Gas Holdings Ltd. (“Avance Gas”)..<br>• BW Kizoku was delivered to BW LPG in February 2025, following the declaration of purchase option for<br>consideration of US$69.8 million.<br>• Exercised the purchase option for BW Yushi for a consideration of approximately US$70.0 million with an<br>estimated delivery in Q2 2025.<br>• Concluded the sale and delivery of BW Cedar in February 2025, generating US$65.0 million in proceeds and<br>a net book gain of US$32.0 million.<br>• The Company declared a Q4 2024 cash dividend of US$0.42 per share. This dividend corresponds to 75% of<br>the Shipping NPAT2<br>for the quarter. Additional cash dividend was contributed by dividends distributed from<br>BW Product Services. This cash dividend represents payout ratio of 206% for the quarter and 94% for the<br>full year FY2024, as a percentage of total profit attributable to equity holders.<br>PERFORMANCE REVIEW – Q4 2024 and FY 2024<br>Q4 2024<br><br>Profit after tax was US$39.7 million for Q4 2024 (Q4 2023: US$161.8 million). Compared with Q4 2023, the<br>decrease resulted from a reduction in operating profit of US$129.3 million partially offset by lower income tax<br>expense of US$7.6 million.<br>TCE income - Shipping was US$127.6 million for Q4 2024 (Q4 2023: US$234.7 million), US$107.1 million lower<br>than Q4 2023 from lower LPG spot rate of US$35,450 per day. IFRS 15 adjustment was a negative US$7.7 million<br>for Q4 2024 (Q4 2023: negative US$4.3 million), as spot voyages that straddle the quarter-end are accounted for<br>on a load-to-discharge basis. Our India subsidiary continues to contribute stable TCE income of US$33.7 million<br>for Q4 2024 (Q4 2023: US$34.8 million) mainly from fixed rate time charters.<br>Product Services achieved a US$15.4 million gross profit for Q4 2024 (Q4 2023: gross profit of US$32.0 million).<br>This decrease was primarily attributed to a US$93.3 million reduction in the MTM valuation of unrealised positions,<br>which was partially offset by an increase in realised profits of US$76.7 million. Product Services recorded a net<br>profit after tax of US$3.4 million for Q4 2024, after netting off other expenses of US$11.5 million, which includes<br>primarily payroll and administrative expenses.
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>6<br><br>PERFORMANCE REVIEW – Q4 2024 and FY 2024 (continued)<br><br>FY 2024<br>Profit after tax was US$394.9 million for FY 2024 (FY 2023: US$493.0 million). The decrease in profit after tax is<br>mainly due to a decrease in operating profit of US$90.0 million and higher income tax expenses of US$19.1<br>million, which is partially offset by lower net finance expenses of US$11.0 million.<br>TCE income - Shipping was US$608.2 million for FY 2024 (FY 2023: US$797.5 million). The lower LPG spot rates<br>of US$50,870 per day in 2024, a reduction of approximately 31% than FY 2023 contributed mainly to the lower<br>TCE income. Total IFRS 15 adjustment was a positive US$25.1 million for FY 2024 (FY 2023: negative US$13.3<br>million), where spot voyages that straddle the year-end are accounted for on a load-to-discharge basis. Our India<br>subsidiary contributed a stable financial performance, and a TCE income of US$126.7 million in FY 2024 (FY 2023:<br>US$119.0 million) mainly from its fixed rate time charters.<br>Product Services reported a US$144.8 million gross profit for FY 2024 (FY 2023: US$25.8 million), US$119.0 million<br>higher than 2023, attributed to an increase in realised trading profits of US$69.5 million, and higher unrealised<br>MTM gains on open cargo positions of US$49.5 million. Net of general and administrative expenses of US$24.5<br>million and income tax expense of US$21.7 million, Product Services recorded a net profit after tax of US$98.7<br>million for FY 2024.<br><br>BALANCE SHEET<br>As of 31 December 2024, BW LPG controls a fleet of 55 vessels, out of which 53 are VLGCs, including eight<br>vessels which are owned and operated by our subsidiary operating in India. Total assets amounted to US$3,320.4<br>million (31 December 2023: US$2,520.5 million), of which US$2,381.8 million (31 December 2023: US$1,457.1<br>million) represented the carrying value of the vessels (including dry docking), and US$216.3 million (31<br>December 2023: US$151.8 million) represented the carrying value of right-of-use assets (vessels). Inventories<br>as at 31 December 2024 decreased to US$76.7 million as compared to US$188.6 million largely due to the<br>decrease in numbers of LPG cargoes traded in transit.<br>Cash and cash equivalents amounted to US$279.7 million as at 31 December 2024 (31 December 2023: US$287.5<br>million). Cash flow from operating activities generated a net cash surplus of US$749.1 million for FY 2024 (FY<br>2023: US$513.4 million), of which a positive net cash inflow of US$153.8 million (FY 2023: net cash outflow of<br>US$182.1 million) related to changes in working capital. Investing activities amounted to a net cash outflow of<br>US$541.2 million for FY 2024 (FY 2023: US$68.6 million) which was largely used to settle the cash consideration<br>for the acquisition of 12 VLGCs from Avance Gas, partially offset by proceeds from sale of one vessel in Q1 2024.<br>The cash generated from operations was used for bank borrowings repayments, interest on bank borrowings<br>and dividend payments. Cash consideration for Avance Gas vessels was mainly financed via the drawdown on<br>our revolving credit facilities and our shareholder bridging loan facility.<br>Net leverage ratio increased from 20.5% as at 31 December 2023, to 32.7% as at 31 December 2024 driven<br>mainly by draw down from our revolving credit facilities, increase in lease liabilities from new and extended<br>time charter-in agreements.
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>7<br><br>CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)<br> Q4 2024 Q4 2023 FY 2024 FY 2023<br>US$’000 US$’000 US$’000 US$’000<br>Revenue - Shipping 183,936 336,726 962,803 1,224,520<br>Revenue - Product Services 659,810 520,409 2,600,944 1,722,820<br>Cost of cargo and delivery expenses - Product Services (614,513) (453,373) (2,390,929) (1,547,059)<br>Voyage expenses - Shipping (73,865) (120,358) (383,798) (509,340)<br>Vessel operating expenses (22,115) (17,664) (84,984) (82,192)<br>Time charter contracts (non-lease components) (5,086) (4,566) (19,675) (20,350)<br>General and administrative expenses (25,674) (23,896) (71,134) (56,773)<br>Charter hire expenses 1,173 (6,592) (1,041) (30,712)<br>Fair value gain from equity financial asset - - 1,326 -<br>Finance lease income 203 40 635 278<br>Other operating income/(expense) - net 383 1,845 1,332 (993)<br>Depreciation (56,637) (54,010) (201,338) (217,121)<br>Amortisation of intangible assets (212) (206) (843) (762)<br>(Loss)/Gain on disposal of vessels - (328) - 42,374<br>Loss on derecognition of right-of-use assets (vessels) - (1,280) - (961)<br>Gain on disposal of assets held-for-sale - - 20,391 -<br>Operating profit 47,403 176,747 433,689 523,729<br>Foreign currency exchange gain/(loss) - net (1,153) (1,264) (1,651) (345)<br>Interest income 3,238 2,456 15,617 10,121<br>Interest expense (6,806) (5,864) (19,849) (27,304)<br>Other finance expenses (834) (570) (2,843) (2,237)<br>Finance income/(expenses) – net (5,555) (5,242) (8,726) (19,765)<br><br>Profit before tax 41,848 171,505 424,963 503,964<br>Income tax expense (2,116) (9,720) (30,095) (10,965)<br>Profit after tax 39,732 161,785 394,868 492,999<br><br>Other comprehensive (loss)/income:<br>Items that will not be reclassified to profit or loss:<br>Equity investments at FVOCI<br>- fair value loss (5,960) - (7,030) -<br><br>Items that may be reclassified subsequently to<br> profit or loss:<br>Cash flow hedges<br>- fair value gain/(loss) 6,814 (32,635) 62,841 (102,297)<br>- reclassification to profit or loss (10,504) 26,879 (21,464) 49,978<br>Currency translation reserve (1,538) 3,089 (1,022) 2,334<br>Other comprehensive (loss)/income, net of tax (11,188) (2,667) 33,325 (49,985)<br>Total comprehensive income 28,544 159,118 428,193 443,014<br><br>Profit attributable to:<br>Equity holders of the Company 30,869 151,432 354,296 469,957<br>Non-controlling interests 8,863 10,353 40,572 23,042<br>39,732 161,785 394,868 492,999<br>Total comprehensive income:<br>Equity holders of the Company 19,946 147,066 387,797 418,818<br>Non-controlling interests 8,598 12,052 40,396 24,196<br>28,544 159,118 428,193 443,014<br>Earnings per share attributable to the equity holders<br> of the Company:<br>(expressed in US$ per share)<br>Basic earnings per share 0.22 1.16 2.65 3.59<br>Diluted earnings per share 0.22 1.14 2.64 3.53
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>8<br><br>CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)<br>31 December<br>2024<br>31 December<br>2023<br>US$’000 US$’000<br><br>Intangible assets 636 1,242<br><br>Investment in joint venture 301 301<br>Equity financial assets, at fair value 23,132 -<br>Derivative financial instruments 7,469 11,002<br>Other receivables 7,980 13,206<br>Finance lease receivables 2,882 -<br>Deferred tax assets 1,644 6,855<br>Total other non-current assets 43,408 31,364<br><br>Vessels and dry docking 2,381,821 1,457,086<br>Right-of-use assets (vessels) 216,272 151,784<br>Other property, plant and equipment 354 277<br>Property, plant and equipment 2,598,447 1,609,147<br><br>Total non-current assets 2,642,491 1,641,753<br><br>Inventories 76,706 188,592<br>Trade and other receivables 202,921 315,238<br>Equity financial assets, at fair value 2,769 3,271<br>Derivative financial instruments 74,571 37,083<br>Finance lease receivables 8,283 2,684<br>Assets held-for-sale 32,998 44,296<br>Cash and cash equivalents 279,681 287,545<br>Total current assets 677,929 878,709<br><br>Total assets 3,320,420 2,520,462<br><br>Share capital 619,868 1,400<br>Share premium - 285,853<br>Treasury shares (48,387) (56,438)<br>Contributed surplus - 685,913<br>Other reserves 667,756 (56,494)<br>Retained earnings 565,794 609,479<br> 1,805,031 1,469,713<br>Non-controlling interests 132,463 116,447<br>Total shareholders’ equity 1,937,494 1,586,160<br><br>Borrowings 711,664 199,917<br>Lease liabilities 60,588 78,363<br>Derivative financial instruments 569 679<br>Total non-current liabilities 772,821 278,959<br><br>Borrowings 230,344 212,432<br>Lease liabilities 170,700 79,476<br>Derivative financial instruments 25,527 90,214<br>Current income tax liabilities 14,470 8,121<br>Trade and other payables 169,064 265,100<br>Total current liabilities 610,105 655,343<br><br>Total liabilities 1,382,926 934,302<br><br>Total equity and liabilities 3,320,420 2,520,462
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>9<br><br>CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)<br><br>Attributable to equity holders of the Company<br>Share<br>capital<br>Share<br>premium<br>Treasury<br>shares<br>Contributed<br>surplus<br>Capital<br>reserve<br>Hedging<br>reserve<br>Share-based<br>payment<br>reserve<br>Currency<br>translation<br>reserve<br>Other<br>reserves<br>Retained<br>earnings Total<br>Non-controlling<br>interests<br>Total<br>equity<br>US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000<br>Balance at 1 January 2024 1,400 285,853 (56,438) 685,913 (36,259) (27,542) 3,905 419 2,983 609,479 1,469,713 116,447 1,586,160<br><br>Profit after tax - - - - - - - - - 354,296 354,296 40,572 394,868<br>Other comprehensive income/(loss) for<br>the financial period - - - - - 41,377 - (846) (7,030) - 33,501 (176) 33,325<br>Total comprehensive income/(loss) for<br>the financial period - - - - - 41,377 - (846)<br><br>(7,030) 354,296<br><br>387,797 40,396 428,193<br>Effects of re-domiciliation 285,853 (285,853) - (685,913) 685,913 - - - - - - - -<br>Share-based payment reserve<br>- Value of employee services - - - - - - 2,016 - - - 2,016 - 2,016<br>Share capital reduction of subsidiary - - - - - - - - - - - (4,500) (4,500)<br>Purchases of treasury shares - - (100) - - - - - - - (100) - (100)<br>Transfer of treasury shares - - 1,091 - - - - - - - 1,091 - 1,091<br>Issue of new shares 332,615 - - - - - - - - - 332,615 - 332,615<br>Share options exercised - - 7,060 - - - (3,342) - - (3,143) 575 - 575<br>Dividend paid - - - - - - - - - (388,461) (388,461) (21,657) (410,118)<br>Changes in interest in NCI - - - - - - - - - (215) (215) 1,777 1,562<br>Transfer to tonnage tax reserve - - - - - - - - 6,162 (6,162) - - -<br>Total transactions with owners,<br> recognised directly in equity 618,468 - 8,051 - 685,913 - (1,326) -<br><br>6,162 (397,981)<br><br>(52,479) (24,380)<br><br>(76,859)<br>Balance at 31 December 2024 619,868 - (48,387) - 649,654 13,835 2,579 (427) 2,115 565,794 1,805,031 132,463 1,937,494
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>10<br><br>CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (continued)<br>Attributable to equity holders of the Company<br>Share<br>capital<br>Share<br>premium<br>Treasury<br>shares<br>Contributed<br>surplus<br>Capital<br>reserve<br>Hedging<br>reserve<br>Share-based<br>payment<br>reserve<br>Currency<br>translation<br>reserve<br>Other<br>reserves<br>Retained<br>earnings Total<br>Non-controlling<br>interests<br>Total<br>equity<br>US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000<br>Balance at 1 January 2023 1,419 289,812 (47,631) 685,913 (36,259) 24,777 2,141 (761) 325 556,996 1,476,732 119,858 1,596,590<br><br>Profit after tax - - - - - - - - - 469,957 469,947 23,042 492,999<br>Other comprehensive (loss)/income for<br>the financial period - - - - - (52,319) - 1,180 - - (51,139) 1,154 (49,985)<br>Total comprehensive (loss)/income for<br>the financial period - - - - - (52,319) - 1,180<br><br>- 469,957<br><br>418,818 24,196 443,014<br>Share-based payment reserve<br>- Value of employee services - - - - - - 1,696 - - - 1,696 - 1,696<br>Purchases of treasury shares - - (23,698) - - - - - - - (23,698) - (23,698)<br>Share options exercised - - 2,676 - - - 68 - 1,833 (2,919) 1,658 - 1,658<br>Shares cancellation (19) (3,959) 12,215 - - - - - - (8,237) - - -<br>Dividend paid - - - - - - - - - (405,493) (405,493) (27,607) (433,100)<br>Transfer to tonnage tax reserve - - - - - - - - 825 (825) - - -<br>Total transactions with owners,<br> recognised directly in equity (19) (3,959) (8,807) - - - 1,764 -<br><br>2,658 (417,474)<br><br>(425,837) (27,607)<br><br>(453,444)<br>Balance at 31 December 2023 1,400 285,853 (56,438) 685,913 (36,259) (27,542) 3,905 419 2,983 609,479 1,469,713 116,447 1,586,160
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>11<br>CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)<br><br>Q4 2024 Q4 2023 FY 2024 FY 2023<br> US$’000 US$’000 US$’000 US$’000<br><br><br>Cash flows from operating activities<br><br><br><br>Profit before tax 41,848 171,505 424,963 503,964<br>Adjustments for:<br> - amortisation of intangible assets 212 206 843 762<br> - depreciation charge 56,637 54,010 201,338 217,121<br> - gain on disposal of vessels - 328 (20,391) (42,374)<br> - fair value gain from equity financial assets - - (1,326) -<br> - interest income (3,238) (2,456) (15,617) (10,121)<br> - interest expenses 6,806 5,864 19,849 27,304<br> - other finance expenses 1,147 488 3,939 1,747<br> - share-based payments 377 (1,340) 2,016 1,696<br> - finance lease income (203) (40) (635) (278)<br> - gain on derecognition of right-of-use assets - 1,280 - 961<br>103,586 229,845 614,979 700,782<br>Changes in working capital:<br> - inventories 37,803 (57,388) 111,886 (52,660)<br> - trade and other receivables 59,094 (37,077) 112,689 (112,648)<br> - trade and other payables 3,436 110,656 (84,638) 52,701<br> - derivative financial instruments 18,127 (105,183) (63,860) (3,061)<br> - margin account held with broker 25,754 28,173 77,727 (66,384)<br>Total changes in working capital 144,214 (60,819) 153,804 (182,052)<br><br>Taxes paid (8,211) (2,855) (19,639) (5,367)<br>Net cash from operating activities 239,589 166,171 749,144 513,363<br><br>Cash flows from investing activities<br>Additions in property, plant and equipment (518,172) (38,303) (602,012) (116,045)<br>Additions in intangible assets - (9) (237) (634)<br>Proceeds from sale of vessels - - 64,687 167,588<br>Purchase of equity financial assets - - (30,162) -<br>Repayment of finance lease receivables 1,989 1,990 7,915 7,842<br>Interest received 3,441 2,497 16,252 10,118<br>Sale of equity financial assets, at fair value - - 2,343 -<br>Investment in joint venture - (301) - (301)<br>Net cash (used in)/from investing activities (512,742) (34,126) (541,214) 68,568
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>12<br><br>CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (continued)<br><br>For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the<br>following:<br>31<br>December<br>2024<br>31<br>December<br>2023<br>US$’000 US$’000<br><br>Cash and cash equivalents per consolidated balance sheet 279,681 287,545<br>Less: Margin account held with broker (47,781) (125,508)<br>Cash and cash equivalents per consolidated statement of cash flows 231,900 162,037<br> Q4 2024 Q4 2023 FY 2024 FY 2023<br>US$’000 US$’000 US$’000 US$’000<br><br>Cash flows from financing activities<br>Proceeds from borrowings 576,819 17,070 610,883 72,070<br>Payment of financing fees (4,430) - (4,430) -<br>Repayments of bank borrowings (78,375) (15,061) (197,437) (171,659)<br>Payment of lease liabilities (28,613) (23,357) (102,764) (93,513)<br>Interest paid (4,585) (3,972) (17,818) (24,864)<br>Other finance expense paid (1,147) - (3,939) (1,652)<br>Purchase of treasury shares - - (100) (23,698)<br>Sale of treasury shares - - 1,091 -<br>Drawdown of trust receipts 465,580 278,267 2,107,821 1,021,010<br>Repayment of trust receipts (516,346) (280,314) (2,118,318) (989,884)<br>Dividend payment (61,613) (104,902) (388,461) (405,493)<br>Dividend payment to non-controlling interests - (27,607) (21,657) (27,607)<br>Contribution from non-controlling interests - - 1,562 -<br>Capital return to non-controlling interests - - (4,500) -<br>Net cash from/(used in) financing activities 347,290 (159,876) (138,067) (645,290)<br><br>Net increase/(decrease) in cash and cash equivalents 74,137 (27,831) 69,863 (63,359)<br>Cash and cash equivalents at beginning of the financial<br> period 157,763 189,868 162,037 225,396<br><br>Cash and cash equivalents at end of the financial period 231,900 162,037 231,900 162,037
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>13<br><br>Segment information<br>The executive management team (“EMT”) is the Group’s chief operating decision-maker. The Group identifies<br>segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers<br>the business from each individual business segment perspective which comprises the Shipping and Product<br>Services segments.<br>The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of<br>the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. Operating<br>segment disclosures are consistent with the information reviewed by the Management.<br>Segment performance is presented below:<br>1<br>“TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less<br>voyage expenses comprising primarily fuel oil, port charges and commission.<br>2 Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative<br> gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels.<br><br>Shipping<br>Product<br>Services<br>Inter-segment<br>elimination Total<br>US$’000 US$’000 US$’000 US$’000<br>Q4 2024<br><br>Revenue from spot voyages 130,520 - - 130,520<br>Inter-segment revenue 23,009 - (23,009) -<br>Voyage expenses (73,865) - - (73,865)<br>Inter-segment expense (5,513) - 5,513 -<br>Net income from spot voyages 74,151 - (17,496) 56,655<br>Revenue from time charter voyages 53,416 - - 53,416<br>TCE income - Shipping<br>1 127,567 - (17,496) 110,071<br>Revenue from Product Services - 659,810 - 659,810<br>Inter-segment revenue - 5,513 (5,513) -<br>Cost of cargo and delivery expenses - (614,513) - (614,513)<br>Inter-segment cost - (23,009) 23,009 -<br>Depreciation - (12,403) - (12,403)<br>Gross profit - Product Services<br>2<br>- 15,398 17,496 32,894<br><br>Segment results 127,567 15,398 - 142,965<br><br>FY 2024<br><br>Revenue from spot voyages 773,039 - - 773,039<br>Inter-segment revenue 78,130 - (78,130) -<br>Voyage expenses (383,798) - - (383,798)<br>Inter-segment expense (49,501) - 49,501 -<br>Net income from spot voyages 417,870 - (28,629) 389,241<br>Revenue from time charter voyages 189,764 - - 189,764<br>Inter-segment revenue 562 - (562) -<br>TCE income - Shipping 1<br> 608,196 - (29,191) 579,005<br><br>Revenue from Product Services - 2,600,944 - 2,600,944<br>Inter-segment revenue - 49,501 (49,501) -<br>Cost of cargo and delivery expenses - (2,390,929) - (2,390,929)<br>Inter-segment cost - (78,692) 78,692 -<br>Depreciation - (35,991) - (35,991)<br>Gross profit - Product Services 2<br> - 144,833 29,191 174,024<br><br>Segment results 608,196 144,833 - 753,029
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>14<br>Segment information (continued)<br>1<br>“TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less<br> voyage expenses comprising primarily fuel oil, port charges and commission.<br>2 Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative<br>gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels.<br><br><br>Shipping<br>Product<br>Services<br>Inter-segment<br>elimination Total<br>US$’000 US$’000 US$’000 US$’000<br>Q4 2023<br><br>Revenue from spot voyages 303,705 - - 303,705<br>Inter-segment revenue 36,896 - (36,896) -<br>Voyage expenses (120,358) - - (120,358)<br>Inter-segment expense (37,534) - 37,534 -<br>Net income from spot voyages 182,709 - 638 183,347<br>Revenue from time charter voyages 52,019 - (18,998) 33,021<br>TCE income - Shipping 1<br> 234,728 - (18,360) 216,368<br><br>Revenue from Product Services - 520,409 - 520,409<br>Inter-segment revenue - 37,534 (37,534) -<br>Cost of cargo and delivery expenses - (453,373) - (453,373)<br>Inter-segment cost - (55,894) 55,894 -<br>Depreciation - (16,679) - (16,679)<br>Gross profit - Product Services 2<br> - 31,997 18,360 50,357<br><br>Segment results 234,728 31,997 - 266,725<br><br>FY 2023<br><br>Revenue from spot voyages 1,059,024 - - 1,059,024<br>Inter-segment revenue 175,528 - (175,528) -<br>Voyage expenses (509,340) - - (509,340)<br>Inter-segment expense (112,211) - 112,211 -<br>Net income from spot voyages 613,001 - (63,317) 549,684<br>Revenue from time charter voyages 184,494 - (18,998) 165,496<br>TCE income - Shipping 1<br> 797,495 - (82,315) 715,180<br><br>Revenue from Product Services - 1,722,820 - 1,722,820<br>Inter-segment revenue - 112,211 (112,211) -<br>Cost of cargo and delivery expenses - (1,547,059) - (1,547,059)<br>Inter-segment cost - (194,526) 194,526 -<br>Depreciation - (67,609) - (67,609)<br>Gross (loss)/profit - Product Services 2<br> - 25,837 82,315 108,152<br><br>Segment results 797,495 25,837 - 823,332
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>15<br>Segment information (continued)<br>Reconciliation of segment results:<br><br><br><br>Investment in subsidiaries<br>Set out below are the summarised financial information for BW LPG India Pte. Ltd. (“BW India”) and BW LPG<br>Product Services Pte. Ltd (“BW Product Services”), which have non-controlling interests of 47.6% and 17.2%<br>respectively, that are material to the Group. These are presented before inter-company eliminations.<br><br>Summarised balance sheet:<br>BW India BW Product Services<br>31 December<br>2024<br>31 December<br>2023<br>31 December<br>2024<br>31 December<br>2023<br>US$’000 US$’000 US$’000 US$’000<br>Assets<br>Current assets 63,581 27,935 417,096 431,420<br>Includes<br>Cash and cash equivalents 19,443 15,882 175,882 77,980<br>Non-current assets 278,287 347,933 92,115 75,727<br><br>Liabilities<br>Current liabilities 28,371 33,901 328,769 402,789<br>Includes<br>Borrowings 23,927 27,929 137,425 138,380<br>Non-current liabilities (Borrowings) 76,443 112,473 50,748 40,815<br>Net assets 237,054 229,494 129,694 63,543<br><br><br> Q4 2024 Q4 2023 FY 2024 FY 2023<br>US$’000 US$’000 US$’000 US$’000<br><br>Total segment results for reportable segments 142,965 266,725 753,029 823,332<br>Vessel operating expenses (22,115) (17,664) (84,984) (82,192)<br>Time charter contracts (non-lease components) (5,086) (4,566) (19,675) (20,350)<br>General and administrative expenses (25,674) (23,896) (71,134) (56,773)<br>Charter hire expenses 1,173 (6,592) (1,041) (30,712)<br>Fair value gain from equity financial asset - - 1,326 -<br>Finance lease income 203 40 635 278<br>Other operating income/(expense) - net 383 1,845 1,332 (993)<br>Depreciation - Shipping segment (44,234) (37,331) (165,347) (149,512)<br>Amortisation (212) (206) (843) (762)<br>Gain on disposal of vessels - (328) 20,391 42,374<br>Gain on derecognition of right-of-use assets (vessels) - (1,280) - (961)<br>Finance income/(expenses) – net (5,555) (5,242) (8,726) (19,765)<br>Income tax expense (2,116) (9,720) (30,095) (10,965)<br>Profit after tax 39,732 161,785 394,868 492,999
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>16<br><br>Investment in subsidiaries (continued)<br>Summarised statement of comprehensive income:<br><br><br><br> BW India Product Services<br> Q4 2024 Q4 2023 Q4 2024 Q4 2023<br>US$’000 US$’000 US$’000 US$,000<br><br>TCE income – Shipping 33,745 34,762 - -<br>Revenue from Product Services - - 665,323 557,943<br>Cost of cargo and delivery expenses - - (637,522) (509,267)<br>Vessel operating expense (4,893) (5,333) - -<br>Depreciation and amortisation (7,990) (8,636) (12,403) (16,679)<br>Finance expense (1,673) (2,623) (532) (863)<br>Other expenses – net (1,791) (2,129) (11,483) (13,671)<br>Net profit after tax 17,398 16,041 3,383 17,463<br><br>Other comprehensive loss (currency translation<br>effects) - 2,355 (1,538) 734<br>Total comprehensive income 17,398 18,396 1,845 18,197<br><br>Total comprehensive income allocated to<br> non-controlling interests 8,281 9,346 317 2,706<br> BW India Product Services<br> FY 2024 FY 2023 FY 2024 FY 2023<br>US$’000 US$’000 US$’000 US$,000<br><br>TCE income – Shipping 126,660 118,999 - -<br>Revenue from Product Services - - 2,650,445 1,835,031<br>Cost of cargo and delivery expenses - - (2,469,621) (1,741,585)<br>Vessel operating expense (22,223) (21,503) - -<br>Depreciation and amortisation (34,853) (33,950) (36,095) (67,609)<br>Finance (expense)/income - net (8,980) (9,510) (934) (4,426)<br>Other expenses – net (9,344) (6,045) (45,145) (20,033)<br>Net profit after tax 51,260 47,991 98,650 1,378<br><br>Other comprehensive (loss)/income (currency<br>translation effects) - 416 (1,022) 1,918<br>Total comprehensive income 51,260 48,407 97,628 3,296<br><br>Total comprehensive income allocated to<br> non-controlling interests 24,400 23,716 15,996 480
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>17<br><br>APPENDIX - Non-IFRS financial measures<br>This interim financial report contains a number of non-IFRS financial measures that Management uses to<br>monitor and analyse the performance of the Group’s business. Non-IFRS financial measures exclude<br>amounts that are included in, or include amounts that are excluded from, the most directly comparable<br>measure calculated and presented in accordance with IFRS, or are calculated using measures that are not<br>calculated in accordance with IFRS. Non-IFRS financial measures may be considered in addition to, but not<br>as a substitute for or superior to, information presented in accordance with IFRS.<br>The Group believes that these non-IFRS financial measures, in addition to IFRS measures, provide an<br>enhanced understanding of the Group’sresults and related trends, therefore increasing transparency and<br>clarity of the Group’s results and business.<br>There are no generally accepted accounting principles governing the calculation of these measures and the<br>criteria upon which these measures are based can vary from company to company. The non-IFRS financial<br>measures presented in this interim financial report may not be comparable to other similarly titled measures<br>used by other companies, have limitations as analytical tools and should not be considered in isolation or<br>as a substitute for analysis of the Group’s operating results as reported under IFRS. The Group encourages<br>investors and analysts not to rely on any single financial measure but to review the Group’s financial and<br>non-financial information in its entirety.<br>The following non-IFRS measures are presented in this interim financial report.<br><br>TCE income – Shipping per calendar day (total)<br><br>The Group defines TCE income - Shipping per calendar day (total) as TCE income - Shipping divided by<br>calendar days (total).<br>The Group defines calendar days (total) as the total number of days in a period during which vessels are<br>owned or chartered-in is in its possession, including technical off-hire days and waiting days. Calendar days<br>(total) are an indicator of the size of the fleet over a period and affect both the amount of revenue and the<br>amount of expense that the Group records during that period.<br>The Group defines waiting days as the number of days its vessels are unemployed for market reasons,<br>excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters<br>and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not<br>considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and<br>chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership<br>share in each vessel).<br>The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs,<br>drydockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for<br>owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).<br>The Group believes TCE income - Shipping per calendar day (total) is meaningful to investors because it is a<br>measure of how well the Company manages the fleet technically and commercially.<br>The reconciliation of TCE income - Shipping per calendar day (total) to TCE income – Shipping for the periods<br>ended 31 December 2024 and 2023 is provided below.<br><br>Q4 2024 Q4 2023 FY 2024 FY 2023<br><br>TCE income – Shipping (US$’000) 127,567 234,728 608,196 797,495<br>Calendar days (total) 3,473 3,128 12,833 12,940<br>TCE income – Shipping per calendar day (total) (US$) 36,730 75,040 47,390 61,630
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>18<br><br>APPENDIX - Non-IFRS financial measures (continued)<br><br>TCE income – Shipping per available day<br><br>The Group defines TCE income – Shipping per available day as TCE income – Shipping divided by available<br>days.<br>The Group defines available days as the total number of days (including waiting time) in a period during<br>which each vessel is owned or chartered-in, net of technical off-hire days. The Group uses available days to<br>measure the number of days in a period during which vessels actually generate or are capable of generating<br>revenue.<br>The Group defines waiting days as the number of days its vessels are unemployed for market reasons,<br>excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters<br>and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not<br>considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and<br>chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership<br>share in each vessel).<br>The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry<br>dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for<br>owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).<br>The Group believes TCE income – Shipping per available day is meaningful to investors because it is a<br>measure of how well the Group manages the fleet commercially.<br>The reconciliation of TCE income – Shipping per available day to TCE income – Shipping for the periods ended<br>31 December 2024 and 2023 is provided below.<br>Q4 2024 Q4 2023 FY 2024 FY 2023<br><br>TCE income – Shipping (US$’000) 127,567 234,728 608,196 797,495<br>Available days 3,367 3,087 12,593 12,657<br>TCE income – Shipping per available days (US$) 37,890 76,040 48,300 63,010<br>Adjusted free cash flow<br>The Group defines adjusted free cash flow as net cash from operating activities minus cash outflows for<br>additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale<br>and sale of vessels.<br>The Group believes adjusted free cash flow is meaningful to investors because it is the measure of the funds<br>generated by the Group available for distribution of dividends, repayment of debt or to fund the Group’s<br>strategic initiatives, including acquisitions. The purpose of presenting adjusted free cash flow is to indicate<br>the ongoing cash generation within the control of the Group after taking account of the necessary cash<br>expenditures for maintaining the operating structure of the Group (in the form of capital expenditure).
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	BW LPG Limited<br>Interim Financial Report (Unaudited)<br>Q4 2024 and FY 2024<br>19<br><br>APPENDIX - Non-IFRS financial measures (continued)<br>Adjusted free cash flow (continued)<br>The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the periods<br>ended 31 December 2024 and 2023 is provided below.<br>Q4 2024<br>US$’000<br>Q4 2023<br>US$’000<br>FY 2024<br>US$’000<br>FY 2023<br>US$’000<br><br>Net cash from operating activities 239,589 166,171 749,144 513,363<br>Additions in property, plant and equipment (518,172) (38,303) (602,012) (116,045)<br>Additions in intangible assets - (9) (237) (634)<br>Proceeds from sale of vessels - - 64,687 167,588<br>Adjusted free cash flow (406,858) 127,859 211,582 564,272<br><br>Return on capital employed (ROCE)<br>The Group defines return on capital employed (“ROCE”) as, with respect to a particular financial period, the<br>ratio of the operating profit for such period to capital employed defined as the average of the total<br>shareholders’ equity, total borrowings and total lease liabilities, calculated as the average of the opening<br>and closing balance for such period as presented in the consolidated balance sheet.<br>The Group believes ROCE is meaningful to investors because it measures the Group’s financial efficiency and<br>its ability to create future growth in value.<br>The reconciliation of ROCE to operating profit for the periods ended 31 December 2024 and 2023 is provided<br>below.<br><br>Q4 2024 Q4 2023 FY 2024 FY 2023<br><br>Operating profit (US$’000) 47,403 176,747 433,689 523,729<br>Average of the total shareholders’ equity (US$’000)(1) 1,787,401 1,554,172 1,761,827 1,591,375<br>Average of the total borrowings (US$’000)(1) 654,719 411,958 677,179 445,361<br>Average of the total lease liabilities (US$’000)(1) 233,031 182,394 194,564 192,661<br>Capital employed (US$’000) 2,675,151 2,148,524 2,633,659 2,229,397<br>ROCE 1.8% 8.2% 16.5% 23.5%<br>ROCE (annualised) 7.1% 32.9% 16.5% 23.5%<br><br>(1) Calculated as the average of the opening and closing balances for the period as presented in the consolidated balance<br>sheet<br><br>Rounding of figures<br>Certain financial information presented in tables in this interim financial report has been rounded to the<br>nearest whole number or the nearest decimal place. Therefore, the sum of the numbers in a column may<br>not conform exactly to the total figure given for that column. In addition, certain percentages presented in<br>the tables in this interim financial report reflect calculations based upon the underlying information prior to<br>rounding, and, accordingly, may not conform exactly to the percentages that would be derived if the relevant<br>calculations were based upon the rounded numbers.
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Exhibit 99.4

	Earnings Presentation<br>Q4 2024<br>27 February 2025 ● BW LPG Earnings Presentation
	Disclaimer and forward-looking statements<br>NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR<br>IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE<br>SAME WOULD BE UNLAWFUL. BY ATTENDING THE MEETING WHERE THIS<br>PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU<br>ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS.<br>This presentation has been produced by BW LPG Limited (“BW LPG”) exclusively for<br>information purposes. This presentation may not be reproduced or redistributed, in whole or<br>in part, to any other person.<br>Matters discussed in this presentation and any materials distributed in connection with this<br>presentation may constitute or include forward–looking statements. Forward–looking<br>statements are statements that are not historical facts and may be identified by words such<br>as “anticipates”, “believes”, “continues”, “estimates”, “expects”, “intends”, “may”, “should”,<br>“will” and similar expressions, such as “going forward”. These forward–looking statements<br>reflect BW LPG’s reasonable beliefs, intentions and current expectations concerning, among<br>other things, BW LPG’s results of operations, financial condition, liquidity, prospects, growth<br>and strategies. Forward–looking statements include statements regarding: objectives, goals,<br>strategies, outlook and growth prospects; future plans, events or performance and potential<br>for future growth; liquidity, capital resources and capital expenditures; economic outlook and<br>industry trends; developments of BW LPG’s markets; the impact of regulatory initiatives; and<br>the strength of BW LPG’s competitors. Forward–looking statements involve risks and<br>uncertainties because they relate to events and depend on circumstances that may or may<br>not occur in the future. The forward–looking statements in this presentation are based upon<br>various assumptions, many of which are based, in turn, upon further assumptions, including<br>without limitation, management’s examination of historical operating trends, data contained in<br>BW LPG’s records and other data available from Fourth parties. Although BW LPG believes<br>that these assumptions were reasonable when made, these assumptions are inherently<br>subject to significant known and unknown risks, uncertainties, contingencies and other<br>important factors which are difficult or impossible to predict and are beyond its control.<br>Forward–looking statements are not guarantees of future performance and such risks,<br>uncertainties, contingencies and other important factors could cause the actual results of<br>operations, financial condition and liquidity of BW LPG or the industry to differ materially from<br>those results expressed or implied in this presentation by such forward–looking statements.<br>No representation is made that any of these forward–looking statements or forecasts will<br>come to pass or that any forecast result will be achieved and you are cautioned not to place<br>any undue influence on any forward–looking statement.<br>2<br>No representation, warranty or undertaking, express or implied, is made by BW LPG, its<br>affiliates or representatives as to, and no reliance should be placed on, the fairness,<br>accuracy, completeness or correctness of the information or the opinions contained herein,<br>for any purpose whatsoever. Neither BW LPG nor any of its affiliates or representatives shall<br>have any responsibility or liability whatsoever (for negligence or otherwise) for any loss<br>whatsoever and howsoever arising from any use of this presentation or its contents or<br>otherwise arising in connection with this presentation. All information in this presentation is<br>subject to updating, revision, verification, correction, completion, amendment and may<br>change materially and without notice. In giving this presentation, none of BW LPG, its<br>affiliates or representatives undertakes any obligation to provide the recipient with access to<br>any additional information or to update this presentation or any information or to correct any<br>inaccuracies in any such information. The information contained in this presentation should<br>be considered in the context of the circumstances prevailing at the time and has not been,<br>and will not be, updated to reflect material developments which may occur after the date of<br>the presentation.<br>The contents of this presentation are not to be construed as legal, business, investment or<br>tax advice. Each recipient should consult its own legal, business, investment or tax adviser<br>as to legal, business, investment or tax advice. By attending this presentation you<br>acknowledge that you will be solely responsible for your own assessment of the market and<br>the market position of BW LPG and that you will conduct your own analysis and be solely<br>responsible for forming your own view on the potential future performance of the business of<br>BW LPG. This presentation must be read in conjunction with the recent financial information<br>and the disclosures therein.<br>A number of measures are used to report the performance of our business, which are non-IFRS measures, such as TCE income – Shipping per available day, TCE income – Shipping<br>per calendar day and Return on capital employed (ROCE). These measures are defined and<br>reconciliations to the nearest IFRS measure are available in BW LPG’s Q4 2024 Interim<br>Financial Report and BW LPG’s Registration Statement on Form 20-F.<br>Neither this presentation nor anything contained herein shall form the basis of, or be relied<br>upon in connection with, any offer or purchase whatsoever in any jurisdiction and shall not<br>constitute or form part of an offer to sell or the solicitation of an offer to buy any securities in<br>the United States or in any other jurisdiction. The securities referred to herein may not be<br>offered or sold in the United States absent registration with the United States Securities and<br>Exchange Commission or an exemption from registration under the U.S. Securities Act of<br>1933, as amended (the “Securities Act”). BW LPG does not intend to register any part of any<br>offering in the United States or to conduct a public offering in the United States of the shares<br>to which this presentation relates.<br>In the EEA Member States, with the exception of Norway (each such EEA Member State, a<br>“Relevant State“), this presentation and the information contained herein are intended only<br>for and directed to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129<br>of the European Parliament and of the Council of 14 June 2017 (the “Prospectus<br>Regulation”). The securities mentioned in this presentation are not intended to be offered to<br>the public in any Relevant State and are only available to qualified investors except in<br>accordance with exceptions in the Prospectus Regulation. Persons in any Relevant State<br>who are not qualified investors should not take any actions based on this presentation, nor<br>rely on it.<br>In the United Kingdom, this presentation is directed only at, and communicated only to,<br>persons who are qualified investors within the meaning of Article 2(e) of the Prospectus<br>Regulation as it forms part of domestic law in the United Kingdom by virtue of the European<br>Union (Withdrawal) Act 2018 who are (i) persons who fall within the definition of "investment<br>professional" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial<br>Promotion) Order 2005, as amended (the “Order”), or (ii) persons who fall within Article<br>49(2)(a) to (d) of the Order, or (iii) persons to whom it may otherwise be lawfully<br>communicated (all such persons referred to in (i), (ii) and (iii) above together being referred<br>to as “Relevant Persons”). This presentation must not be acted on or relied on by persons in<br>the United Kingdom who are not Relevant Persons.
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	Agenda<br>01 Highlights<br>02 Market<br>03 Performance<br>04 Q&A
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	2024 Q4 highlights and market outlook<br>4<br>Market Outlook<br>While fluctuations in spot rates should be expected in the VLGC market, we view the prevailing<br>market fundamentals as supportive, while we recognize the increased political and legislative<br>uncertainty.<br>• Expect US Gulf Coast VLGC loadings to improve as winter conditions dissipate.<br>• Additional terminal export capacity coming on stream from Energy Transfer and Targa later<br>this year will increase seaborne trade of LPG.<br>• Qatar’s expansion of its North Field will also yield additional LPG volumes in coming years.<br>• The Panama Canal is currently operating its new locks at or near full capacity. Its limited<br>capacity of ten transits in total per day leaves it sensitive to minor increase in traffic and<br>increased inefficiencies.<br>• 80 VLGCs are scheduled for dry docking this year, absorbing capacity from the total fleet of<br>~403 VLGCs.<br>• Demand is expected to continue to grow in the main LPG importing regions, especially<br>China where additional PDH plants will increase LPG offtake capacity in coming years.<br>• The Houston-Chiba FFA market for CAL2025 is currently trading at ~US$ 43,000 per day,<br>albeit with limited liquidity.<br>TCE per day presented is for the Shipping Segment<br>1. This does not constitute an offer to sell or the solicitation of an offer to buy any securities of BW LPG nor shall there be any sale of any securities of BW LPG in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or<br>qualification under the securities laws of any such jurisdiction.<br>2. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q4 2024: US$30.9 million (2024: US$354.3 million), minus BW LPG's share of BW PS' net profit/(loss) after tax Q4 2024: US$2.8 million (2024: US$82.5 million).<br>$37,900<br>TCE income – Shipping<br>per available day<br>96%<br>Fleet utilisation<br>$36,700<br>TCE income – Shipping<br>per calendar day<br>3%<br>Technical offhire<br>Commercial Performance Financial Performance Return to Shareholders<br>$40M<br>Net profit after tax<br>$603M<br>Available liquidity<br>$0.22<br>Earnings per share<br>33%<br>Net leverage ratio<br>$0.42<br>Dividend per share<br>14%<br>Annualised<br>Dividend Yield<br>9%<br>ROE (annualised)<br>123%<br>2024 Payout Ratio<br>Shipping NPAT2<br>Highlights and Subsequent Events<br>• TCE income – Shipping Q4 2024 was US$37,900 per available day and US$36,700 per calendar day.<br>• The Company declared a Q4 2024 cash dividend of US$0.42 per share. This dividend consists of 75%<br>of Shipping NPAT2 Q4 2024, in addition to dividends declared from BW Product Services.<br>• Completion of the acquisition of 12 modern VLGCs from Avance Gas Holdings Ltd. (“Avance Gas”).<br>The deal was partially funded through the issuance of 19.282 million new BW LPG shares. Following<br>the issuance of the new shares, the total number of issued and outstanding shares of BW LPG is<br>159.282 million and 151.538 million, respectively.<br>• BW Kizoku was delivered to BW LPG in February 2025, following the declaration of purchase option<br>for a consideration of US$69.8 million.<br>• Exercised the purchase option for BW Yushi for a consideration of about US$70 million with an<br>estimated delivery in Q2 2025.<br>• Concluded the sale and delivery of BW Cedar in February 2025, generating about US$65 million in<br>proceeds and a net book gain of US$32 million.<br>• 31% of fleet exposure covered by time charter out at US$44,800 per day, and 2% covered by FFA<br>hedges at US$50,600 per day for calendar year 2025.
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	Market<br>5<br>02
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	0<br>10<br>20<br>30<br>40<br>50<br>60<br>70<br>80<br>2024 2025<br>Spot rate FFA<br>102 95 100 115<br>69 71 69 62<br>54 46 46<br>57<br>35 35 39<br>41<br>1Q24 2Q24 3Q24 4Q24<br>EHT ET: Nederland Targa: Galena Park<br>P66: Freeport Corpus Christi<br>Spot market snapshot – Winter to fade, exports to rise<br>6<br>US Gulf terminals picking up the pace as winter weather subsides<br>US – Far East spot rates<br>TCE US$‘000/day<br>US Gulf VLGC loadings<br>#loadings (2024-2025)<br>Q4 2024 review<br>Spot rates were relatively stable<br>Exports recovered with strong December loadings<br>Growth ahead<br>More export capacity coming in the US Gulf<br>Gas projects in Middle East to raise LPG output<br>FFA market reflecting upside to current rates,<br>but with limited liquidity<br>Winter season<br>Cold weather and fog have impacted US loadings<br>so far in Q1 2025<br>Panama Canal operating near full capacity<br>Sources: S&P, Bloomberg, BW LPG<br>US-Far East spot rates as of 24 February, FFA BLPG3 VLSFO fuel<br>N. America and Middle East LPG exports<br>Million tons (VLGC only)<br>52<br>57<br>62 64 67<br>38 40 42 44 46<br>2023 2024 2025E 2026E 2027E<br>North America Middle East<br>262 250 255<br>278
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	7.4 0.6 4.2<br>10.6<br>8.8 1.6 2.0 3.9<br>11.8<br>114<br>165<br>2024 Total<br>Substantial LPG export expansion coming on stream in next three years<br>7<br>US terminal expansion plans are driving the increase in LPG export capacity, coincides with VLGC newbuilding deliveries in 2026-2028<br>Sources: Energy Transfer, Enterprise, ONEOK, AltaGas, Argus, BW LPG<br>1: Assuming flex capacity is in full propane service<br>2: North America = United States and Canada<br>3: 2024 LPG export capacity is defined as the total LPG export across all vessel sizes from North America (including US and Canada) and the Middle East<br>4: Phase 2<br>New LPG export capacity projects in North America and Middle East<br>Million tons per year<br>North Field Expansion<br>Qatar’s North Field will primarily<br>produce natural gas, but also<br>increase output of LPG<br>Strong growth potential<br>North America is expected to see<br>significant growth of up to ~66% in LPG<br>export capacity from 2024 to 2028, if<br>flex capacity is in full LPG service<br>Canada expanding capacity<br>AltaGas’ Ridley Island Energy<br>Export facility (REEF) to come on<br>stream near year-end 2026<br>Terminal flexibility<br>Energy Transfer’s Nederland and<br>Enterprise’s Neches River4<br>- option to<br>switch between LPG and ethane<br>20243<br>Canada:<br>REEF<br>YE 2026 US:<br>Energy Transfer<br>Nederland<br>Flexport<br>Mid 2025<br>US:<br>Targa<br>Galena Park<br>Q4 2025<br>Qatar:<br>North Field East<br>2026<br>US:<br>Enterprise<br>Neches River4<br>1H 2026<br>US:<br>Enterprise<br>EHT Expansion<br>YE 2026<br>Qatar:<br>North Field South<br>1H 2027<br>US:<br>ONEOK / MPLX<br>Q1 2028<br>2025 2026 2027 2028 Expected LPG export<br>capacity in 2028<br>~+45%1<br>Flex capacity<br>LPG/ethane<br>Flex capacity<br>LPG/ethane<br>147<br>18<br>Flex capacity<br>LPG/ethane<br>68<br>North America2<br>46<br>Middle East<br>113<br>North America2<br>52<br>Middle East<br>US:<br>Targa<br>GPMT Expansion<br>Q3 2027
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	13.7 13.6 14.4<br>15.4<br>16.7<br>2023 2024 2025E 2026E 2027E<br>18<br>21<br>22 22 23<br>2023 2024 2025E 2026E 2027E<br>33<br>36<br>40<br>44<br>47<br>2023 2024 2025E 2026E 2027E<br>Strong and sustained demand growth in Asia<br>8<br>Asian demand absorbs increase in exports from the US and the Middle East, with continued growth expected in the coming years<br>China LPG imports<br>Million tons<br>India LPG imports<br>Million tons<br>South-East Asia LPG imports<br>Million tons<br>Sources: NGLS, Vortexa,<br>1: CRISIL (S&P Global)<br>2: For the full year 2024, VLGC only<br>Reliance on US exports<br>51% of imports originate from US<br>New PDH plants continue to drive<br>China’s LPG demand<br>LPG demand from PDH plants is projected<br>to nearly double by 2035<br>Growth in LPG consumption<br>increasingly dependent on imports<br>The share of LPG consumption imported<br>increased from 40% in 2013 to 64% in 20231<br>~40% of India’s LPG imports<br>are lifted on VLGCs<br>Reports about India potentially importing energy from<br>the US in the future to diversify its supply sources<br>Large volumes from the US<br>36% of imports originate from US2<br>Significant growth<br>Imports from South-East Asia expected to<br>grow 23% from 2024 to 2027
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	69%<br>16%<br>6%<br>9%<br>0-15 years<br>15-20 years<br>20-25 years<br>25 years +<br>14<br>4<br>3 3<br>1<br>1<br>1<br>4 4<br>3 3 3<br>9<br>7<br>8<br>11<br>13<br>8<br>4<br>2<br>1<br>1 1<br>2<br>1<br>2<br>3<br>2<br>1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28<br>Existing Newbuild - Ammonia Newbuild - Non-ammonia<br>VLGC fleet and newbuildings<br>9<br>Modest fleet growth over the next 18 months<br>Sources: BW LPG, Clarksons<br>1: Total VLGC fleet on water (not including orderbook)<br>2: Since last quarter<br>3: Non-ammonia specifications<br>VLGC fleet profile and newbuilding market<br>403<br>total VLGC<br>fleet1 ~$121M<br>VLGC delivery year for<br>newbuild contracts<br>2027<br>Established shipyards<br>Current VLGC dual-fuel<br>newbuild price3<br>Quarterly delivery schedule<br># of VLGCs<br>Total orderbook<br>number<br>94<br>Number of dry docks<br>in 2025<br>80<br>~20%<br>committed to<br>captive trade<br>Orderbook changes2<br>:<br>2027: 3 more VLGCs<br>2028: 2 more VLGCs<br>Fleet growth next 18 months<br>represent ~5% of current fleet
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	Performance<br>10<br>03
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	2025<br>% of total<br>Fleet<br>Revenue/<br>(Cost) in $M<br>Average<br>day rate<br>TC out 12% $86 $44,800<br>TC in 12% ($64) $33,100<br>Net $22<br>Remaining<br>TC out 19% $137 $44,800<br>Shipping – Performance<br>11<br>Achieved 96% fleet utilisation generating TCE income - Shipping of $37,900 per available day<br>2024 Q4 performance<br>Q1 2025<br>▪ Fixed ~91% of our available fleet days at an<br>average rate of ~$36,000 per day4<br>Guidance<br>2025 Charter portfolio<br>▪ 31% covered by TC out at $44,800 per day<br>▪ 2% covered by FFA hedges at $50,600 per day<br>3%<br>97%<br>TCE income by calendar days<br>$36,700/ day1<br>Technical Offhire<br>Available days<br>38%<br>61%<br>TCE income by available days<br>$37,900/ day2<br>$35,4002<br>(incl. waiting time and FFA)<br>Spot<br>$31,6003<br>(excl. waiting time and FFA)<br>Time Charter<br>$41,900<br>Waiting<br>1%<br>1. TCE rates per day are inclusive of both commercial waiting and technical offhire days (i.e. 100% of calendar days)<br>2. TCE rates per day are inclusive of commercial waiting days and exclusive of technical offhire days (i.e. 100% of available days)<br>3. TCE rates per day are exclusive of both commercial waiting and technical offhire days<br>4. Discharge to discharge basis
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	127.9<br>58.9<br>(71.2)<br>27.4<br>(13.3)<br>129.7<br>Net assets Q3 2024 Realised positions Unrealised cargo Unrealised paper Other expenses Net assets Q4 2024<br>1Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable<br>costs, including depreciation from Product Services’ lease-in vessels<br>2<br>Included within Other expenses, ~$1.5M effects relating to currency translation of foreign operations which is not part of Net profit<br>12<br>Product Services – Performance<br>$15M<br>Gross Profit1<br>$3M<br>Net Profit<br>$130M<br>Net asset value End of Q4<br>$7M<br>Average VAR<br>14%<br>BW LPG VLGC cargoes<br>lifted by BW PS<br>2024 Q4 Performance Book Equity ($m)<br>Q4 Net profit:<br>$3.4M<br>Strong realisation of profits offset partially by net change in valuation of open cargo positions<br>2
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	$0.15<br>$1.91<br>$1.46<br>$0.09 $0.85 $0.84 $0.56<br>$1.28<br>$3.46<br>$2.42<br>2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024<br>Financial highlights<br>13<br>Low leverage, strong liquidity, ready for growth opportunities<br>Earnings Yield2 (annualised) 8%<br>Dividend Yield3<br>(annualised) 14%<br>ROE4 (annualised) 9%<br>ROCE5 (annualised) 7%<br>Net leverage ratio6 33%<br>1. EPS (earnings per share) is computed based on the weighted average number of shares<br>outstanding less treasury shares during the period<br>2. Earnings yield: EPS divided by the share price at the end of the period in USD terms<br>3. Dividend yield: Annualised dividend divided by the share price in USD on 25th Feb 2025<br>4. ROE (return on equity): with respect to a particular financial period, the ratio of the profit<br>after tax to the average of the shareholders’ equity, calculated as the average of the opening<br>and closing balance for the financial period as presented in the consolidated balance sheet.<br>5. ROCE (return on capital employed): with respect to a particular financial period, the ratio of<br>the operating profit to capital employed defined as the average of the total shareholders’<br>equity, total borrowings and lease liabilities, calculated as the average of the opening and<br>closing balance for the financial period as presented in the consolidated balance sheet.<br>6. Net leverage ratio: The sum of total borrowings and lease liabilities minus cash and cash<br>equivalents as set out in the consolidated statement of cash flows, divided by the sum of the<br>total borrowings, total lease liabilities, and shareholders’ equity minus cash and cash<br>equivalents as set out in the consolidated statement of cashflows<br>7. Operating cash breakeven: Total expected cash costs (excluding capex) divided by available<br>days, owned fleet or total fleet<br>8. All-in cash breakeven: Operating cash breakeven including capex (maintenance and<br>drydock)<br>Financial Ratios Q4 2024<br>Income Statement<br>Profit after tax $40<br>Profit to equity holders $31<br>Earnings per share1 $0.22<br>Dividends per share $0.42<br>Balance Sheet<br>Total assets $3,320<br>Total liabilities $1,383<br>Total shareholders’ equity $1,937<br>Dividends per Share<br>FY 2024 Daily TCE Income $47,400<br>FY 2024 Daily OPEX $8,300<br>FY 2025 Operating cash breakeven7<br>Owned $19,800<br>Total fleet $22,200<br>FY 2025 All-in cash breakeven8 $25,600<br>Shipping Per Day Statistics (USD/Day)<br>Key Financials Q4 2024 (USD million)
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	US$ million As of 31 Dec 2024<br>Undrawn amount under revolving credit facility 371<br>Cash1 232<br>Total available liquidity 603<br>SLB<br>(o/s $129M)<br>$221M ECA<br>(o/s $45M)<br>$198M Term Loan<br>(o/s $100M)<br>$946M<br>Revolving<br>Credit<br>Facilities<br>(RCF)<br>Drawn RCF<br>(o/s $575M)<br>Undrawn RCF - $371M<br>Outstanding Debt - $849M<br>Financial – Financing structure and repayment profile<br>14<br>Ample liquidity of $603M with long-dated repayment profile<br>Trade financing structure2<br>Total Available Liquidity<br>1. Cash presented excludes $48M held in broker margin accounts<br>2. Excludes other lease liabilities, capitalised fees, and interest payable, as of 31 Dec 2024<br>Ship financing structure2<br>205<br>121<br>55<br>85<br>457<br>0<br>50<br>100<br>150<br>200<br>250<br>300<br>350<br>400<br>450<br>500<br>2025 2026 2027 2028 2029<br>onwards<br>USD millions<br>$796M Trade Finance Facilities - o/s $74M<br>$198M BW LPG India Term Loan - o/s $100M<br>Revolving Credit Facilities (RCF) - o/s $575M<br>$221M ECA - o/s $45M<br>Sale & Leaseback - o/s $129M<br>Repayment profile2<br>Letter of<br>credit<br>$94M<br>Drawndown<br>$74M<br>$796M Trade<br>Finance Facilities<br>Unutilised Facilities - $628M<br>Utilised Facilities - $168M
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	Q&A<br>15<br>04
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	Q&A<br>CEO Kristian Sørensen<br>CFO Samantha Xu
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	Contact us<br>Investor Relations<br>[email protected]<br>Ticker (OSE) / Ticker (NYSE)<br>BWLPG / BWLP<br>LinkedIn<br>linkedin.com/company/bwlpg<br>Telephone<br>+65 6705 5588<br>Website<br>https://investor.bwlpg.com<br>Address<br>10 Pasir Panjang Road<br>Mapletree Business City #17<br>-02<br>Singapore 117438<br>17
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	Appendices<br>18<br>05
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	1. Vessels with scrubbers installed<br>2. LGC (Large Gas Carrier)<br>3. Bareboat charter<br>52 VLGCs and 2 LGCs operated by BW LPG as of 13 February 2025<br>BW LPG 30 100% ownership<br>BW LPG 8 Time charter/bareboat in<br>BW LPG India<br>52% ownership 7 9 Operated<br>22<br>Vessels with dual-fuel propulsion technology Vessels retrofitted with scrubber technology Vessels on compliant fuels<br>15 17<br>19<br>Name Year Shipyard Name Year Shipyard Name Year Shipyard Name Year Shipyard Beneficiary<br>BW Avior 2023 DSME BW Capella 3 2022 DSME BW Pine 2011 Kawasaki S.C. Gas Jupiter 2023 Jiangnan Sinogas Maritime<br>BW Rigel 2023 DSME BW Polaris 3 2022 DSME BW Lord 2008 DSME Kaede 2023 Hyundai H.I. Product Services<br>BW Kizoku 1 2019 Mitsubishi H.I. BW Yushi 1 2020 Mitsubishi H.I. BW Tyr 2008 Hyundai H.I. Gas Venus 2021 Jiangnan Sinogas Maritime<br>BW Messina 2017 DSME Gas Zenith 1 2017 Hyundai H.I. BW Loyalty 1 2008 DSME Gas Gabriela 1 2021 Hyundai H.I. Product Services<br>BW Mindoro 2017 DSME Oriental King 2017 Hyundai H.I. BW Oak 2008 Hyundai H.I. Reference Point 1 2020 Jiangnan Product Services<br>BW Malacca 2016 DSME Doraji Gas 2017 Mitsubishi H.I. BW Elm 2007 Hyundai H.I. Clipper Wilma 1 2019 Hyundai H.I. Product Services<br>BW Magellan 2016 DSME Berge Nantong 2006 Hyundai H.I. BW Birch 2007 Hyundai H.I. BW Tokyo 2009 Mitsubishi H.I. Exmar<br>BW Frigg 2016 Hyundai H.I. Berge Ningbo 2006 Hyundai H.I. Denver 2 2009 Hyundai H.I. Product Services<br>BW Freyja 2016 Hyundai H.I. Helsinki 2 2009 Hyundai H.I. Product Services<br>BW Volans 2016 Hyundai H.I.<br>BW Brage 2016 Hyundai H.I.<br>BW Tucana 2016 Hyundai H.I.<br>BW Var 2016 Hyundai H.I.<br>BW Njord 2016 Hyundai H.I.<br>BW Balder 2016 Hyundai H.I.<br>BW Pampero 2015 Jiangnan<br>BW Orion 2015 Hyundai H.I.<br>BW Chinook 2015 Jiangnan<br>BW Libra 2015 Hyundai H.I.<br>BW Levant 1 2015 Jiangnan<br>BW Breeze 1 2015 Jiangnan<br>BW Sirocoo 1 2015 Jiangnan<br>BW Passat 1 2015 Jiangnan<br>BW Leo 2015 Hyundai H.I.<br>BW Gemini 2015 Hyundai H.I.<br>BW Carina 1 2015 Hyundai H.I.<br>BW Mistral 1 2015 Jiangnan<br>BW Monsoon 1 2015 Jiangnan<br>BW Aries 1 2014 Hyundai H.I.<br>BW Kyoto 2010 Mitsubishi H.I.
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	2025 Time charter<br>% of total Revenue/ Average<br>Fleet (Cost) in $M day rate<br>TC out 12% $86 $44,800<br>TC in 12% ($64) $33,100<br>Net - $22<br>Remaining TC out 19% $137 $44,800<br>1. % of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days<br>2. Majority of the TC in contracts will end in 2025 with the last TC in contract ending in Q1 2026<br>VLGC charter portfolio overview<br>20<br>Time charter-out coverage for 2025 at 31% at an average rate of $44,800 per day<br>Revenue in USD millions % of total available days of the whole fleet Cost in USD millions % of total available days of the whole fleet<br>Avg. TC out rate Avg. TC in rate<br>Time charter-out<br>Time charter rate (US$ thousands / day)<br>Time charter-in<br>Net time charter position<br>$223 $158<br>31%<br>25%<br>2025 2026<br>Yearly<br>$18 $16 $16 $13 $2<br>25%<br>13% 11%<br>10%<br>1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26<br>Quarterly<br>$64 $2<br>12%<br>2025 2026<br>Yearly<br>$44.8 $44.2<br>$33.1<br>$43.0<br>2025 2026<br>Yearly<br>$53 $57 $56 $57 $51 $41 $36 $29<br>29%<br>32% 31% 33% 33%<br>26%<br>22%<br>18%<br>1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26<br>Quarterly<br>$45.2 $44.7 $45.0 $44.2 $43.5 $44.7 $44.4 $44.4<br>$31.9<br>$33.0 $33.8 $34.2<br>$43.0<br>1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26<br>Quarterly
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	0.17<br>0.53 0.53 0.53 0.53 0.53 0.7 0.7 0.53 0.52 0.51<br>0.17<br>0.53 0.53 0.53 0.53 0.53 0.7 0.7 0.53 0.52<br>Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24<br>Fleet safety statistics<br>21<br>Safety and Zero Harm onboard remain our key focus<br>Total Recordable Case Frequency (TRCF): Work-related fatalities and injuries per one million hours worked<br>Lost Time Injury Frequency (LTIF): Work-related fatalities and injuries per one million hours worked that leads to lost work time<br>TRCF 12 Month Rolling Average (MRA)<br>LTIF 12 Month Rolling Average (MRA)<br>Data as of 31st December 2024
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	Q1 2025E Q2 2025E Q3 2025E Q4 2025E 2025E 2026E<br>Owned days 3,502 3,596 3,680 3,680 14,458 14,600<br>Time charter in days 575 499 460 393 1,927 49<br>Total calendar days 4,077 4,095 4,140 4,073 16,385 14,649<br>Offhire1<br>53 115 85 135 387 321<br>Total available days (Net of offhire) 4,024 3,980 4,055 3,938 15,998 14,328<br>Spot days (Net of offhire) 2,855 2,716 2,801 2,648 11,021 10,762<br>Time charter out days (Net of offhire) 1,169 1,264 1,254 1,290 4,977 3,566<br>% Spot days 71% 68% 69% 67% 69% 75%<br>% TC days 29% 32% 31% 33% 31% 25%<br>TCE rates<br>Spot - - - - - -<br>Time charter out $45,200 $44,700 $45,000 $44,200 $44,800 $44,200<br>VLGC TCE rate (Net of offhire) - - - - -<br>Shipping segment charter portfolio 2025-2026<br>22<br>Time Charter Out contract coverage stands at 31% for 2025 (as of 14 February 2025)<br>Notes:<br>BW LPG India Charter Portfolio is a subset of the Shipping Segment Charter Portfolio<br>Pool revenue distributed to participants and the associated days are excluded from the presentation<br>1. Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings
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	BW LPG India charter portfolio 2025-2026<br>23<br>Time Charter Out contract coverage stands at 87% for 2025 (as of 14 February 2025)<br>1. Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings<br>Q1 2025E Q2 2025E Q3 2025E Q4 2025E 2025E 2026E<br>Owned days 657 637 644 644 2,582 2,555<br>Time charter in days - - - - - -<br>Total calendar days 657 637 644 644 2,582 2,555<br>Offhire1<br>4 4 3 55 66 91<br>Total available days (Net of offhire) 653 633 641 589 2,516 2,464<br>Spot days (Net of offhire) 56 90 91 91 328 1,382<br>Time charter out days (Net of offhire) 597 543 550 498 2,188 1,082<br>% Spot days 9% 14% 14% 15% 13% 56%<br>% TC days 91% 86% 86% 85% 87% 44%<br>TCE rates<br>Spot - - - - - -<br>Time charter out $47,900 $48,200 $47,700 $47,900 $47,900 $45,100<br>VLGC TCE rate (Net of offhire) - - - - - -
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BWLP 6-K