6-K
BW LPG Ltd (BWLP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2025.
Commission File Number: 001-42008
BW LPG Limited
(Translation of registrant’s name into English)
c/o BW LPG Holding Pte Ltd
10 Pasir Panjang Road,
#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 ¨
INFORMATIONCONTAINED IN THIS FORM 6-K
Attached to this Report on Form 6-K as Exhibit 99.1 is the press release of BW LPG Limited (the “Company”), dated May 20, 2025, announcing the Company’s financial results for the first quarter ended March 31, 2025 (“Q1 2025”).
Attached to this Report on Form 6-K as Exhibit 99.2 is the Q1 2025 Interim Financial Report of the Company.
Attached to this Report on Form 6-K as Exhibit 99.3 is the Q1 2025 Earnings Presentation of the Company.
Attached to this Report on Form 6-K as Exhibit 99.4 is the press release of the Company, dated May 20, 2025, announcing key information regarding the Company’s cash dividend for Q1 2025.
Attached to this Report on Form 6-K as Exhibit 99.5 is the press release of the Company, dated May 20, 2025, announcing the cessation of its investment in the planned LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India.
The information contained in Exhibits 99.2 and 99.3 to this Report on Form 6-K, except for the sections entitled “Market outlook” and “Market overview” of Exhibit 99.3, is hereby incorporated by reference into the Company’s registration statement on Form S-8 (File No. 333-280892) that was filed with the U.S. Securities and Exchange Commission effective July 19, 2024.
DOCUMENTS TOBE FURNISHED AS PART OF THIS FORM 6-K
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/<br> Samantha Xu |
| Name: | Samantha Xu |
| Title: | Chief Financial Officer |
Date: May 20, 2025
Exhibit 99.1
BW LPG Limited – Financial Results for Q1 2025
Singapore, 20 May 2025
Highlights and Subsequent Events – Q1 2025
| · | RobustTCE Performance: The Company reported Time Charter Equivalent (TCE) income for Q1 2025, averaging US$39,800 per available day and<br>US$38,800 per calendar day. |
|---|---|
| · | DividendDeclared: A cash dividend of US$0.28 per share was declared for Q1 2025, representing 75% of Shipping net profit after tax (NPAT)<br>for the quarter. This underscores the Company’s continued commitment to shareholder returns. |
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| · | Strategic Financing Activities: |
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| · | Successfully completed a US$65 million JOLCO (Japanese Operating<br>Lease with Call Option) financing for one vessel on 28 February 2025. |
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| · | Currently in the final stages of securing approximately US$380<br>million in bank financing |
Both transactions on competitive terms.
| · | VesselSale Agreement: The Company has agreed to sell BW Chinook and BW Pampero to<br>BW India at a price of approximately US$75 million per vessel. Delivery of the vessels is expected in Q3 2025. |
|---|---|
| · | ShareBuyback Execution: The Company initiated a share buyback program between 8 to 17 April 2025, purchasing 316,437 ordinary shares at<br>an average price of US$8.63 per share, reflecting confidence in the long-term value of the business. |
| --- | --- |
| · | Fleet Coverage and Hedging: For the 2025 calendar year, 28% of available days are secured through fixed rate time charter-out contracts at<br> US$45,000 per day, with an additional 2% hedged via Forward Freight Agreements (FFAs) at US$50,600 per day. |
| --- | --- |
Financial Performance
BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”) reported a Q1 2025 Net Profit After Tax (NPAT) of US$67 million, yielding an annualised return on equity of 14%. The Q1 profit attributable to the equity holders of the company was US$46 million, and earnings per share were US$0.30.
The Company reported ample liquidity of $633M.
The net leverage ratio declined slightly, from 32.7% as of 31 December 2024 to 31.2% as of 31 March 2025, primarily driven by an increase in cash balances (excluding restricted cash held with brokers) and decreased lease liabilities.
The Board has declared a cash dividend of US$0.28 per share, representing a 75% payout ratio from Shipping NPAT. The Q1 dividend represents an annualised dividend yield of 10%.
Commercial Performance Shipping
Q1 VLGC freight rates averaged US$39,800 per available day and US$38,800 per calendar day, with 96% fleet utilisation. Time Charter Equivalent (TCE) income was US$158.7 million for the quarter, with our India subsidiary contributing a stable TCE income of US$31.7 million for the quarter.
Over the last months, the chartering team has concluded several time charters with commencement through 2025. For the calendar year 2025, we currently have 28% of fleet exposure covered by fixed rate time charter out at US$45,000 per day, and 2% covered by FFA hedges at US$50,600 per day.
Product Services
Product Services continued to post strong realised gains from delivered cargos of US$33 million for Q1 2025, reflecting effective execution and strong market engagement. On the unrealised open positions, we reported a negative change in mark-to-market valuation of US$36 million on our cargo and paper positions, which resulted in Product Services reporting a gross trading loss position of US$4 million.
After accounting for other expenses which comprise mainly of payroll and administrative costs, Product Services reported a net loss after tax of US$12.5 million for Q1 2025.
Corporate Update
The Company completed a JOLCO financing covering one vessel and released US$65 million on 28 February 2025; while it is also in the process of concluding a US$380 million bank financing, both on very competitive terms.
On 31 March 2025, BW LPG signed a memorandum of agreement with BW India to sell two VLGCs – BW Chinook and BW Pampero – at a price of approximately US$75.0 million per vessel. The delivery of the two vessels is expected in Q3 2025.
On 8 April 2025, the Company launched a share buyback program during 8 to 17 April 2025, repurchasing 316,437 ordinary shares at an average price of US$8.63 per share, reflecting confidence in the long-term value of the business.
Today, BW LPG announces that the Company will cease its investment in the planned LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India and discontinue its involvement in the terminal’s development. In light of ongoing and heightened market uncertainties influencing the global business landscape, the BW LPG management has decided to narrow its strategic focus to the Company’s core value drivers—shipping and trading. Consequently, the Company will scale back activities within its infrastructure segment to ensure optimal resource allocation and maintain operational agility.
Market Update
For the first quarter of 2025, spot rates developed in line with seasonal patterns common for this time of year. The market saw a relatively moderate impact from cold weather and fog in the US, and the benchmark US – Far East route averaged US$32,000/day for the full quarter. Subsequently, the outbreak of a trade war between China and the US and later a temporary roll-back of most US/China tariffs caused substantial short-term fluctuations in LPG shipping economics as well as VLGC spot rates. Despite this, VLGC earnings have shown resilience, as the market adapts to new trading conditions.
Cargo movements Q1 2025
LPG exports carried on VLGCs out of the US grew nearly 10% during Q1 2025 compared to the same period in 2024. While VLGC loadings were negatively affected by fog and cold weather during the first quarter of 2025, the market impact was not as severe as during the cold snap experienced during Q1 2024. So far in the second quarter, VLGC loadings out of the US gulf have continued at a high pace.
In the Middle East, LPG exports on VLGCs grew a modest 2.8% during Q1 2025 compared to Q1 2024, largely due to the OPEC+ production cuts remaining in effect. Recently however, several OPEC+ members have agreed to increase output and potentially reverse the whole voluntary production cut by November this year. While this could boost LPG exports from the Middle East, it may also weigh on US production if oil prices stay under pressure for an extended period.
Panama Canal
The new Panama Canal locks are currently operating at or near full capacity, while the canal as a whole is well supplied with water. We may see increased number of VLGCs sailing around Cape of Good Hope, if there is more competition for Panama Canal transits or trading patterns change due to import tariffs on LPG.
Fleet Capacity
The VLGC fleet currently stands at 406 ships, with a total orderbook of 109 vessels. Year to date, four new VLGCs have been delivered from shipyards, with another 10 slated for delivery for the remainder of 2025. For new orders, well established shipyards are indicating deliveries no earlier than the end of 2027 or beginning of 2028 for VLGCs. 37 VLGCs - or 9% of the existing fleet is 25 years or older.
Market Outlook
Recently, tariff uncertainty and related short term market disruptions have shaken the VLGC market. At the same time, the underlying fundamentals for the LPG shipping market have remained intact. US production of LPG has continued to grow and export levels remain in line with previous months.
Moreover, LPG shipping remains a supply driven market where excess production is priced to clear in the international market. And while there is still uncertainty surrounding US/China tariffs, we view the prevailing market fundamentals as supportive.
We furthermore anticipate that the additional export capacity coming on stream in the US later this year will facilitate export growth for VLGCs in the mid to high single digits for the years ahead.
Middle East LPG exports are also expected to grow in the mid to high single digits over the coming years, driven by higher gas production from new projects in Saudia Arabia, Qatar and UAE and expected reversal of OPEC+ production cuts.
LPG inventories in China remain at a healthy level and have increased in recent weeks. The average PDH run rate is currently in the low 60% range compared to mid-70% average in Q1 2025. Run rates are likely to increase subject to favourable trading conditions. Four more PDH plants or expansions are scheduled for startup in 2025, followed by a further six in 2026.
69 VLGCs are furthermore expected to dry dock for the balance of 2025, which will absorb capacity from the overall fleet.
The current US – Far East FFA market for CAL2025 is trading at equivalent to approximately US$49,000 per day, reflecting support to the current spot market.
Q1 2025 Earnings Presentation and Interim Financial Report
Please see the attachments for the Q1 2025 Earnings Presentation and Interim Financial Report.
| - | BW<br> LPG Q1 2025 Earnings Presentation |
|---|---|
| - | BW<br> LPG Q1 2025 Interim Financial Report |
| --- | --- |
BW LPG will present its financial results at 08:00hrs EDT/ 14:00hrs CEST/ 20:00hrs 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/BWLPGQ12025
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 a fleet of more than 50 Very Large Gas Carriers (VLGCs) 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 investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world
- more information about BW LPG can be found at https://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, 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
Interim Financial Report (Unaudited)
Q1 2025
FORWARD-LOOKING STATEMENTS
In this unaudited interim financial report, “the Company” or “BW LPG” refer to BW LPG Limited. “The Group” refer to BW LPG Limited together with its consolidated subsidiaries.
Matters discussed in this unaudited interim financial report may constitute “forward-looking statements”. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. This unaudited interim financial report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.
These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG’s intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates.
Prospective investors in BW LPG are cautioned that forward-looking statements are not guarantees of future performance and that the Group’s actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this unaudited interim financial report. BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur.
By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:
| ● | general economic, political and business conditions; |
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| ● | general LPG market conditions, including changes<br>in LPG freight rates, charter rates, vessel values and bunker fuel prices and other operating costs; |
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| ● | changes in demand in the LPG shipping industry; |
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| ● | any adverse developments in the maritime LPG transportation<br>business; |
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| ● | changes in, and the Group’s compliance with,<br>governmental, tax, environmental, safety, data protection and privacy and other laws and regulations; |
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| ● | failure in the management of climate and environmental<br>risks and delivery and performance of management environmental objectives; |
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| ● | changes in competition rules and regulations<br>for the shipping industry; |
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| ● | increase in protectionism, trade disputes and<br>the introduction of or increases to existing tariffs that impact global trade, the shipping industry and the Group’s business; |
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| ● | failure to manage disruptions, including due to<br>climate change, abnormal weather conditions, pandemics, piracy, strikes and boycotts, political instability, sanctions and breaches of<br>IT systems; |
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| ● | failure to implement the Group’s business<br>strategy or manage the Group’s growth; |
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| ● | damages or breakdowns of the Group’s vessels,<br>including due to weather conditions, mechanical failures, wars or other circumstances and events; |
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| ● | failure to obtain new customers or the loss of<br>any existing major customers; |
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| ● | failure to maintain sufficient cash reserves to<br>make capital expenditures necessary for the Group’s vessels’ maintenance; |
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| ● | failure to attract and retain key management personnel,<br>technically skilled officers and other employees, default by third parties with whom the Group has entered into chartered-in arrangements; |
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| ● | failure of the Group’s third-party technical<br>managers or other counterparties to meet their obligations; |
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2
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
FORWARD-LOOKING STATEMENTS (continued)
| ● | the ageing of the Group’s fleet which could<br>result in increased operating costs; |
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| ● | delays in deliveries of or cost overruns in relation<br>to newbuilds (if any); |
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| ● | failure to integrate assets or businesses acquired<br>from third parties; |
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| ● | failure to identify or take advantage of arbitrage<br>opportunities, effectively implement the Products Services division’s hedging strategy and source LPG from third-party suppliers; |
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| ● | loss of major tax disputes or successful tax challenges<br>to the Group’s operating structure or to the |
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| ● | Group’s tax payments; and |
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| ● | the availability of and the Group’s ability<br>to obtain financing to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and<br>the Group’s ability to comply with the restrictions and other covenants set forth in the Group’s existing and future debt<br>agreements and financing arrangements. |
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Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under “Item 3. Key Information – 3.D. Risk Factors” of BW LPG’s FY2024 Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 28 March 2025.
3
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
SELECTED KEY FINANCIAL INFORMATION
| Statement of Comprehensive<br> Income | Q1 2024<br><br> <br>US$M | Change<br><br> <br>% |
|---|---|---|
| Profit after tax | 149.8 | (56) |
| Profit attributable to equity holders of the Company | 141.9 | (68) |
| TCE income - Shipping1 | 186.5 | (15) |
| Gross (loss)/profit - Product Services1 | 33.2 | N.M |
| (US per share) | ||
| Basic EPS2 | 1.08 | (72) |
| Diluted EPS2 | 1.07 | (72) |
| Dividend per share | 1.00 | N.M |
| Balance Sheet | 31 Dec<br><br> <br>2024<br><br> <br>US$M | Change<br><br> <br>% |
| Cash and cash equivalents | 279.7 | - |
| Total assets | 3,320.4 | 1 |
| Total liabilities | 1,382.9 | 4 |
| Total shareholders’ equity | 1,937.5 | (1) |
| Cash Flow | 31 Mar <br><br>2024<br><br> <br>US$M | Change<br><br> <br>% |
| Net cash from operating activities | 405.6 | (59) |
| Capital expenditure | 62.9 | N.M |
| Adjusted free cash flow3 | 468.5 | (67) |
| Financial Ratios | 31 Mar<br><br> <br>2024<br><br> <br>% | Change<br><br> <br>% |
| ROE4 (annualised) | 36.9 | (63) |
| ROCE5 (annualised) | 29.6 | (65) |
| Net leverage ratio6 | 7.3 | N.M |
| Other Information | 31 Dec<br><br>2024 | Change<br><br> <br>% |
| Shares – end of period (‘000 shares) | 159,282.0 | - |
| Treasury shares – end of period (‘000 shares) | 7,743.6 | (2) |
| Share price (NOK) | 125.3 | (9) |
| Market cap (NOK million) | 19,958.0 | (9) |
| Market cap ( million) | 1,758.2 | (2) |
All values are in US Dollars.
| [1] | TCE income and gross profit/(loss) reflect the Shipping and<br>Product Services segments’ performance, respectively. |
|---|---|
| [2] | Basic and diluted EPS (earnings per share) is computed based<br>on Q1 2025: 151.6 million (Q1 2024: 131.5 million) and Q1 2025: 152.0 million (Q1 2024: 132.2 million) shares respectively, the weighted<br>average number of shares outstanding less treasury shares during the period. |
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| [3] | Adjusted free cash flow is a non-IFRS measure and is computed as net cash from operating activities minus<br>additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels. See page 17<br>and 18 for a reconciliation of adjusted free cash flow to the nearest IFRS measure. |
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| [4] | ROE (return on equity) is computed as, with respect to a particular period, the ratio of the profit after<br>tax for such period to the average of the shareholders’ equity, calculated as the average of the opening and closing balance for<br>the period. |
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| [5] | ROCE (return on capital employed) is a non-IFRS measure and is computed, with respect to a particular<br>period, as the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders’<br>equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as<br>presented in the consolidated balance sheet. See page 18 for a reconciliation of ROCE to the nearest IFRS measure. |
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| [6] | Net leverage ratio is computed as the sum of total borrowings<br>and total lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum<br>of total borrowings, total lease liabilities and total shareholders’ equity minus cash and cash equivalents as set out in the consolidated<br>statement of cash flows. |
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4
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
HIGHLIGHTS ANDSUBSEQUENT EVENTS – Q1 2025
| ● | Q1 2025 profit attributable to equity holders<br>of the Company was US$46.1 million or an earnings per share of US$0.30. |
|---|---|
| ● | TCE income – Shipping Q1 2025 was US$39,770<br>per available day^1^ and US$38,760 per calendar day (total)^1^. |
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| ● | On 31 March 2025, the Company signed a memorandum<br>of agreement with BW India to sell two VLGCs at a price of approximately US$75.0 million per vessel. The delivery of the two vessels is<br>expected in Q3 2025. |
| --- | --- |
| ● | On 8 April 2025, the Board of Directors of<br>the Company approved a share buyback program under which the Company may purchase up to 3 million ordinary shares for a maximum amount<br>of US$20.0 million. The program commenced on 8 April and finalized on 17 April 2025. During this period, the Company acquired<br>a total of 316,437 ordinary shares at an average price of US$8.63 per share for a total consideration of US$2,732,109. |
| --- | --- |
| ● | The Company declared a Q1 2025 cash dividend of<br>US$0.28 per share. This dividend corresponds to 75% of the Shipping NPAT^2^ for the quarter. This cash dividend represents a<br>payout ratio of 93% for the quarter, as a percentage of total profit attributable to equity holders. |
| --- | --- |
| ● | The Company has made a strategic decision to cease<br>its investment in the planned LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India and discontinue<br>its involvement in the terminal’s development. |
| --- | --- |
PERFORMANCE REVIEW – Q1 2025
Profit after tax was US$66.6 million for Q1 2025 (Q1 2024: US$149.8 million). The decrease in profit after tax is primarily attributed to a reduction in operating profit of US$78.9 million and an increase in net finance expenses of US$9.6 million. The rise in finance expenses is largely due to full effect of bank borrowings costs after the acquisition of Avance Gas fleet in Q4 2024. The lower profit after tax was partially offset by a lower income tax expense of US$5.2 million compared with the same quarter last year.
Profit attributable to non-controlling interests was US$20.7 million for Q1 2025 (Q1 2024: US$7.7 million). The increase of US$17.9 million came from BW India's gain of US$32.1 million from the sale of BW Cedar. This was partially offset by a US$5.3 million decrease in attributed profit to non-controlling interests from BW Product Services.
TCE income - Shipping was US$158.7 million for Q1 2025 (Q1 2024: US$186.5 million), US$27.8 million lower than Q1 2024 mainly due to achieved LPG spot rate reduction of 44% to US$39,380 per day, which takes into account IFRS 15 adjustments which was a positive US$11.7 million for Q1 2025 (Q1 2024: positive US$26.3 million), as spot voyages that straddle the quarter-end are accounted for on a load-to-discharge basis. Our expanded fleet translates into total calendar ships days of 4,094 days for Q1 2025, which is approximately 30% higher than the same period last year. Additionally, our India subsidiary continues to provide stable TCE income of US$31.7 million for Q1 2025 (Q1 2024: US$29.5 million) mainly from fixed rate time charters.
Product Services reported a US$3.6 million gross loss for Q1 2025 (Q1 2024: gross profit of US$33.2 million), this included realised profits of US$32.4 million achieved in the quarter. The realised trading result was offset by the negative change in unrealised valuation of US$36.0 million which was attributable to periodic marked to market (MTM) valuation of the open trading portfolio. After general and administrative expenses and income taxes of US$8.7 million, Product Services reported a result of negative US$12.5 million for Q1 2025.
| ^1^ | TCE income – Shipping per available and calendar day (total)<br>are non-IFRS measures and are computed as TCE income – Shipping divided by available days and calendar days (total), respectively.<br>See pages 16 and 17 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest<br>IFRS measure. |
|---|---|
| ^2^ | Shipping NPAT is calculated as profit attributable to equity<br>holders of BW LPG, minus BW LPG’s share of BW LPG Product Services Pte. Ltd.’s net profit/(loss) after tax. See page 15. |
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5
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
BALANCE SHEET
As of 31 March 2025, BW LPG controls a fleet of 51 VLGCs, including seven vessels which are owned and operated by our subsidiary operating in India. Total assets amounted to US$3,354.2 million (31 December 2024: US$3,320.4 million), of which US$2,418.9 million (31 December 2024: US$2,381.8 million) represented the carrying value of the vessels (including dry docking), and US$181.7 million (31 December 2024: US$216.3 million) represented the carrying value of right-of-use assets (vessels).
Cash and cash equivalents amounted to US$280.2 million as at 31 March 2025 (31 December 2024: US$279.7 million). Cash flow from operating activities generated a net cash surplus of US$166.2 million for Q1 2025 (Q1 2024: US$405.6 million), of which a positive net cash inflow of US$49.8 million (Q1 2024: net cash inflow of US$221.6 million) related to changes in working capital. Investing activities amounted to a net cash outflow of US$6.1 million for Q1 2025 (Q1 2024: cash inflow of US$41.8 million) which comprised of US$66.8 million settlement for the purchase option of BW Kizoku, and US$9.5 million paid for drydocking activities. These payments were partially offset by proceeds received for the sale of BW Cedar of US$65.0 million.
Financing activities resulted in a net outflow of $130.8 million for the quarter (Q1 2024: US$295.4 million) which comprised of bank borrowing and interest repayments totalling US$212.6 million, which included $80.0 million used to fully repay the shareholder loan drawn in Q4 2024, $80.0 million of repayments on our revolver credit facility drawn during the quarter, and $20.7 million repaid on our short-term margin loan. Additional outflows included $79.8 million in dividend payments, $25.6 million in lease repayments, and a $33.7 million net repayment of trade finance borrowings. These outflows were partially offset by the drawdowns of US$146.8 million and US$65.0 million from our revolver credit facility, as well as a new Japanese operating lease with call option financing, respectively.
Net leverage ratio decreased from 32.7% as at 31 December 2024, to 31.2% as at 31 March 2025 mainly due to increase in cash balances, net of restricted cash held in brokerage accounts.
6
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
CONDENSED CONSOLIDATEDSTATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
| Q1 2024 | |
|---|---|
| US$’000 | |
| Revenue - Shipping | 296,066 |
| Revenue - Product Services | 742,425 |
| Cost of cargo and delivery expenses - Product Services | (689,389) |
| Voyage expenses - Shipping | (121,476) |
| Vessel operating expenses | (21,970) |
| Time charter contracts (non-lease components) | (4,686) |
| General and administrative expenses | (16,733) |
| Charter hire expenses | (505) |
| Fair value gain from equity financial asset | 1,415 |
| Finance lease income | 20 |
| Other operating (expense)/income - net | 1,205 |
| Depreciation | (48,745) |
| Amortisation of intangible assets | (210) |
| Gain on disposal of vessels | 20,391 |
| Gain on derecognition of right-of-use assets (vessels) | - |
| Operating profit | 157,808 |
| Foreign currency exchange<br> gain/(loss) - net | (1,776) |
| Interest income | 4,540 |
| Interest expense | (4,761) |
| Other finance expenses | (631) |
| Finance expenses – net | (2,628) |
| Profit before tax | 155,180 |
| Income tax expense | (5,414) |
| Profit after tax | 149,766 |
| Other comprehensive (loss)/income: | |
| Items that will not be reclassified to profit or loss: | |
| Equity investments at FVOCI | |
| - fair value loss | - |
| Items that may be reclassified subsequently<br>to profit or loss: | |
| Cash flow hedges | |
| - fair value (loss)/gain | 57,401 |
| - reclassification to profit or loss | (2,260) |
| Currency translation reserve | (832) |
| Other comprehensive (loss)/income, net of tax | 54,309 |
| Total comprehensive income | 204,075 |
| Profit attributable to:<br> Equity holders of the Company | 141,923 |
| Non-controlling interests | 7,843 |
| 149,766 | |
| Total comprehensive income: | |
| Equity holders of the Company | 196,357 |
| Non-controlling interests | 7,718 |
| 204,075 | |
| Earnings per share attributable to the equity<br>holders of the Company:<br> (expressed in US per share) | |
| Basic earnings per share | 1.08 |
| Diluted earnings per share | 1.07 |
All values are in US Dollars.
7
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
| 31 March<br><br> <br>2025 | 31 December<br><br> <br>2024 | |
|---|---|---|
| US$’000 | US$’000 | |
| Intangible assets | 426 | 636 |
| Investment in joint venture | 301 | 301 |
| Equity financial assets, at fair value | 15,480 | 23,132 |
| Derivative financial instruments | 5,447 | 7,469 |
| Other receivables | 6,969 | 7,980 |
| Finance lease receivables | 726 | 2,882 |
| Deferred tax assets | 1,931 | 1,644 |
| Total other non-current assets | 30,854 | 43,408 |
| Vessels and dry docking | 2,418,939 | 2,381,821 |
| Right-of-use assets (vessels) | 181,704 | 216,272 |
| Other property, plant and equipment | 338 | 354 |
| Property, plant and equipment | 2,600,981 | 2,598,447 |
| Total non-current assets | 2,632,261 | 2,642,491 |
| Inventories | 95,849 | 76,706 |
| Trade and other receivables | 270,075 | 202,921 |
| Equity financial assets, at fair value | 2,769 | 2,769 |
| Derivative financial instruments | 64,674 | 74,571 |
| Finance lease receivables | 8,418 | 8,283 |
| Assets held-for-sale | - | 32,998 |
| Cash and cash equivalents | 280,185 | 279,681 |
| Total current assets | 721,970 | 677,929 |
| Total assets | 3,354,231 | 3,320,420 |
| Share capital | 619,868 | 619,868 |
| Treasury shares | (47,633) | (48,387) |
| Other reserves | 657,505 | 667,756 |
| Retained earnings | 548,401 | 565,794 |
| 1,778,141 | 1,805,031 | |
| Non-controlling interests | 137,013 | 132,463 |
| Total shareholders’ equity | 1,915,154 | 1,937,494 |
| Borrowings | 804,897 | 711,664 |
| Lease liabilities | 44,575 | 60,588 |
| Derivative financial instruments | - | 569 |
| Total non-current liabilities | 849,472 | 772,821 |
| Borrowings | 129,016 | 230,344 |
| Lease liabilities | 149,664 | 170,700 |
| Derivative financial instruments | 52,346 | 25,527 |
| Current income tax liabilities | 18,745 | 14,470 |
| Trade and other payables | 239,834 | 169,064 |
| Total current liabilities | 589,605 | 610,105 |
| Total liabilities | 1,439,077 | 1,382,926 |
| Total equity and liabilities | 3,354,231 | 3,320,420 |
8
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
CONDENSED CONSOLIDATED STATEMENT OF CHANGESIN EQUITY (UNAUDITED)
| Attributable<br> to equity holders of the Company | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share<br><br> capital | Share<br><br> premium | Treasury<br><br> shares | Contributed<br><br> surplus | Capital<br><br> reserve | Hedging<br><br> reserve | Share-<br><br> based<br><br> payment<br><br> reserve | Currency<br><br> translation<br><br> reserve | Other<br><br> reserves | Retained<br><br> earnings | Total | Non-<br><br> controlling <br><br> interests | Total<br><br> equity | |
| 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$’000 | |
| Balance at 1 January 2025 | 619,868 | - | (48,387) | - | 649,654 | 13,835 | 2,579 | (427) | 2,115 | 565,794 | 1,805,031 | 132,463 | 1,937,494 |
| Profit<br> after tax | - | - | - | - | - | - | - | - | - | 46,088 | 46,088 | 20,489 | 66,577 |
| Other<br> comprehensive (loss)/income for the financial period | - | - | - | - | - | (3,549) | - | 990 | (7,652) | - | (10,211) | 206 | (10,005) |
| Total comprehensive (loss)/income for the financial period | - | - | - | - | - | (3,549) | - | 990 | (7,652) | 46,088 | 35,877 | 20,695 | 56,572 |
| Share-based<br> payment reserve-Value of employee services | - | - | - | - | - | - | 355 | - | - | - | 355 | - | 355 |
| Share<br> capital reduction of subsidiary | - | - | - | - | - | - | - | - | - | - | - | (4,965) | (4,965) |
| Share options exercised | - | - | 754 | - | - | - | (395) | - | - | 165 | 524 | - | 524 |
| Dividend paid | - | - | - | - | - | - | - | - | - | (63,646) | (63,646) | (11,180) | (74,826) |
| Total transactions with owners, recognised directly in equity | - | - | 754 | - | - | - | (40) | - | - | (63,481) | (62,767) | (16,145) | (78,912) |
| Balance at 31 March 2025 | 619,868 | - | (47,633) | - | 649,654 | 10,286 | 2,539 | 563 | (5,537) | 548,401 | 1,778,141 | 137,013 | 1,915,154 |
9
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
CONDENSED CONSOLIDATED STATEMENT OF CHANGESIN EQUITY (UNAUDITED) (continued)
| Attributable<br> to equity holders of the Company | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share<br><br> capital | Share<br><br> premium | Treasury<br><br> shares | Contributed<br><br> surplus | Capital<br><br> reserve | Hedging<br><br> reserve | Share-<br><br> based<br><br> payment<br><br> reserve | Currency<br><br> translation<br><br> reserve | Other<br><br> reserves | Retained<br><br> earnings | Total | Non-<br><br> controlling<br><br> interests | Total<br><br> equity | |
| US$’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 | |
| 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 |
| Profit<br> after tax | - | - | - | - | - | - | - | - | - | 354,296 | 354,296 | 40,572 | 394,868 |
| Other<br> comprehensive income/(loss) for the financial period | - | - | - | - | - | 41,377 | - | (846) | (7,030) | - | 33,501 | (176) | 33,325 |
| Total comprehensive income/(loss) for the financial period | - | - | - | - | - | 41,377 | - | (846) | (7,030) | 354,296 | 387,797 | 40,396 | 428,193 |
| Effects<br> of re-domiciliation | 285,853 | (285,853) | - | (685,913) | 685,913 | - | - | - | - | - | - | - | - |
| Share-based<br> payment reserve-Value of employee services | - | - | - | - | - | - | 2,016 | - | - | - | 2,016 | - | 2,016 |
| Share<br> capital reduction of subsidiary | - | - | - | - | - | - | - | - | - | - | - | (4,500) | (4,500) |
| Purchases<br> of treasury shares | - | - | (100) | - | - | - | - | - | - | - | (100) | - | (100) |
| Transfer<br> of treasury shares | - | - | 1,091 | - | - | - | - | - | - | - | 1,091 | - | 1,091 |
| Issue<br> of new shares | 332,615 | - | - | - | - | - | - | - | - | - | 332,615 | - | 332,615 |
| Share<br> options exercised | - | - | 7,060 | - | - | - | (3,342) | - | - | (3,143) | 575 | - | 575 |
| Dividend<br> paid | - | - | - | - | - | - | - | - | - | (388,461) | (388,461) | (21,657) | (410,118) |
| Changes<br> in interest in NCI | - | - | - | - | - | - | - | - | - | (215) | (215) | 1,777 | 1,562 |
| Transfer<br> to tonnage tax reserve | - | - | - | - | - | - | - | - | 6,162 | (6,162) | - | - | - |
| Total transactions with owners, recognised directly in equity | 618,468 | (285,853) | 8,051 | (685,913) | 685,913 | - | (1,326) | - | 6,162 | (397,981) | (52,479) | (24,380) | (76,859) |
| 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 |
10
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
| Q1 2025 | Q1 2024 | |
|---|---|---|
| **** | US$’000 | US$’000 |
| Cash flows from operating activities | ||
| Profit before tax | 66,767 | 155,180 |
| Adjustments for: | ||
| - amortisation of intangible assets | 210 | 210 |
| - depreciation charge | 63,124 | 48,745 |
| - gain on disposal of vessels | (32,051) | (20,391) |
| - gain on derecognition of right-of-use assets | (443) | - |
| - fair value gain from equity financial assets | - | (1,415) |
| - interest income | (2,933) | (4,540) |
| - interest expenses | 17,027 | 6,483 |
| - other finance expenses | 384 | 888 |
| - share-based payments | 355 | 663 |
| - finance lease income | (171) | (20) |
| 112,269 | 185,803 | |
| Changes in working capital: | ||
| - inventories | (19,143) | 92,058 |
| - trade and other receivables | (66,143) | 136,182 |
| - trade and other payables | 71,386 | (103,590) |
| - derivative financial instruments | 34,620 | (14,367) |
| - margin account held with broker | 29,110 | 111,332 |
| Total changes in working capital | 49,830 | 221,615 |
| Taxes refund/(paid) | 4,143 | (1,838) |
| Net cash from operating activities | 166,242 | 405,580 |
| Cash flows from investing activities | ||
| Additions in property, plant and equipment | (76,298) | (2,236) |
| Additions in intangible assets | - | (237) |
| Proceeds from sale of vessels | 65,049 | 65,337 |
| Purchase of equity financial assets | - | (30,162) |
| Repayment of finance lease receivables | 2,021 | 2,010 |
| Interest received | 3,104 | 4,722 |
| Sale of equity financial assets, at fair value | - | 2,343 |
| Net cash (used in)/from investing activities | (6,124) | 41,777 |
11
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(UNAUDITED) (continued)
| Q1 2025 | Q1 2024 | |
|---|---|---|
| US$’000 | US$’000 | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 221,730 | - |
| Payment of financing fees | (203) | - |
| Repayments of bank borrowings | (197,355) | (67,734) |
| Payment of lease liabilities | (25,560) | (26,020) |
| Interest paid | (15,249) | (5,191) |
| Other finance expense paid | (384) | (888) |
| Purchase of treasury shares | - | (100) |
| Drawdown of trust receipts | 562,039 | 560,217 |
| Repayment of trust receipts | (595,731) | (629,320) |
| Dividend payment | (63,646) | (118,387) |
| Dividend payment to non-controlling interests | (11,180) | (7,997) |
| Capital return to non-controlling interests | (4,965) | - |
| Net cash used in financing activities | (130,504) | (295,420) |
| Net increase in cash and cash equivalents | 29,614 | 151,937 |
| Cash and cash<br>equivalents at beginning of the financial period | 231,900 | 162,037 |
| Cash and cash equivalents at end of the financial period | 261,514 | 313,974 |
For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:
| 31 March<br><br> <br>2025 | 31 March<br><br> <br>2024 | |
|---|---|---|
| US$’000 | US$’000 | |
| Cash and cash equivalents per consolidated balance sheet | 280,185 | 328,150 |
| Less: Margin account held with broker | (18,671) | (14,176) |
| Cash and cash equivalents per consolidated statement of cash flows | 261,514 | 313,974 |
12
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
Segment information
The executive management team (“EMT”) is the Group’s chief operating decision-maker. The Group identifies segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers the business from each individual business segment perspective which comprises the Shipping and Product Services segments.
The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. Operating segment disclosures are consistent with the information reviewed by the Management.
Segment performance is presented below:
| ****<br><br> <br>Shipping | Product<br><br> <br>Services | Inter-segment elimination | Total | |
|---|---|---|---|---|
| US$’000 | US$’000 | US$’000 | US$’000 | |
| Q1 2025 | ||||
| Revenue from spot voyages | 181,091 | - | - | 181,091 |
| Inter-segment revenue | 10,152 | - | (10,152) | - |
| Voyage expenses | (92,872) | - | - | (92,872) |
| Inter-segment expense | (5,636) | - | 5,636 | - |
| Net income from spot voyages | 92,735 | - | (4,516) | 88,219 |
| Revenue from time charter voyages | 65,935 | - | - | 65,935 |
| TCE income - Shipping ^1^ | 158,670 | - | (4,516) | 154,154 |
| Revenue from Product Services | - | 615,046 | - | 615,046 |
| Inter-segment revenue | - | 5,636 | (5,636) | - |
| Cost of cargo and delivery expenses | - | (603,267) | - | (603,267) |
| Inter-segment cost | - | (10,152) | 10,152 | - |
| Depreciation | - | (10,900) | - | (10,900) |
| Gross (loss)/profit - Product Services ^2^ | - | (3,637) | 4,516 | 879 |
| ****<br><br> <br>Segment results | 158,670 | (3,637) | - | 155,033 |
| Q1 2024 | ||||
| Revenue from spot voyages | 257,024 | - | - | 257,024 |
| Inter-segment revenue | 30,894 | - | (30,894) | - |
| Voyage expenses | (121,476) | - | - | (121,476) |
| Inter-segment expense | (19,516) | - | 19,516 | - |
| Net income from spot voyages | 146,926 | - | (11,378) | 135,548 |
| Revenue from time charter voyages | 39,042 | - | - | 39,042 |
| Inter-segment revenue | 562 | - | (562) | - |
| TCE income - Shipping ^1^ | 186,530 | - | (11,940) | 174,590 |
| Revenue from Product Services | - | 742,425 | - | 742,425 |
| Inter-segment revenue | - | 19,516 | (19,516) | - |
| Cost of cargo and delivery expenses | - | (689,389) | - | (689,389) |
| Inter-segment cost | - | (31,456) | 31,456 | - |
| Depreciation | - | (7,849) | - | (7,849) |
| Gross profit - Product Services ^2^ | - | 33,247 | 11,940 | 45,187 |
| ****<br><br> <br>Segment results | 186,530 | 33,247 | - | 219,777 |
| ^1^ | “TCE income” denotes “time charter equivalent<br>income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily fuel oil, port<br>charges and commission. | |||
| --- | --- | |||
| ^2^ | Gross profit from Product Services represents the net trading<br>results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation<br>from Product Services’ leased in vessels. | |||
| --- | --- |
13
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
Segment information (continued)
Reconciliation of segment results:
| Q1 2025 | Q1 2024 | |
|---|---|---|
| US$’000 | US$’000 | |
| Total segment results for reportable segments | 155,033 | 219,777 |
| Vessel operating expenses | (29,687) | (21,970) |
| Time charter contracts (non-lease components) | (4,678) | (4,686) |
| General and administrative expenses | (20,843) | (16,733) |
| Charter hire expenses | (267) | (505) |
| Fair value gain from equity financial asset | - | 1,415 |
| Finance lease income | 171 | 20 |
| Other operating (expense)/income - net | (838) | 1,205 |
| Depreciation - Shipping segment | (52,224) | (40,896) |
| Amortisation | (210) | (210) |
| Gain on disposal of vessels | 32,051 | 20,391 |
| Gain on derecognition of right-of-use assets (vessels) | 443 | - |
| Finance expenses – net | (12,184) | (2,628) |
| Income tax expense | (190) | (5,414) |
| Profit after tax | 66,577 | 149,766 |
Investment in subsidiaries
Set out below are the summarised financial information for BW LPG India Pte. Ltd. (“BW India”) and BW LPG Product Services Pte. Ltd (“BW Product Services”), which have non-controlling interests of 47.6% and 17.2% respectively, that are material to the Group. These are presented before inter-company eliminations.
Summarised balance sheet:
| BW India | BW Product Services | |||
|---|---|---|---|---|
| 31 March<br><br> <br>2025 | 31<br> December<br><br> <br>2024 | 31 March<br><br> <br>2025 | 31<br> December<br><br> <br>2024 | |
| US$’000 | US$’000 | US$’000 | US$’000 | |
| Assets | ||||
| Current assets | 95,690 | 63,581 | 375,009 | 417,096 |
| Includes | ||||
| Cash and cash equivalents | 86,781 | 19,443 | 81,203 | 175,882 |
| Non-current assets | 278,563 | 278,287 | 81,476 | 92,115 |
| Liabilities | ||||
| Current liabilities | 29,727 | 28,371 | 359,196 | 328,769 |
| Includes | ||||
| Borrowings | 23,804 | 23,927 | 89,316 | 137,425 |
| Non-current liabilities (Borrowings) | 70,780 | 76,443 | 43,849 | 50,748 |
| Net assets | 273,746 | 237,054 | 53,440 | 129,694 |
14
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
Investment in subsidiaries (continued)
Summarised statement of comprehensive income:
| BW India | BW Product Services | |||
|---|---|---|---|---|
| Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | |
| US$’000 | US$’000 | US$’000 | US$,000 | |
| TCE income – Shipping | 31,683 | 29,457 | - | - |
| Revenue from Product Services | - | - | 620,682 | 761,941 |
| Cost of cargo and delivery expenses | - | - | (613,419) | (720,845) |
| Vessel operating expense | (4,873) | (6,150) | - | - |
| Depreciation and amortisation | (8,318) | (9,261) | (10,900) | (7,849) |
| Gain on disposal of vessels | 32,051 | - | - | - |
| Finance expense | (1,340) | (2,299) | (77) | (491) |
| Other expenses – net | (1,660) | (1,889) | (8,739) | (11,754) |
| Net profit/(loss) after tax | 47,543 | 9,858 | (12,453) | 21,002 |
| Other comprehensive income/(loss) (currency translation effects) | - | - | 1,196 | (832) |
| Total comprehensive income/(loss) | 47,543 | 9,858 | (11,257) | 20,170 |
| ****<br><br> <br>Total comprehensive income/(loss) allocated to<br><br> <br>non-controlling interests | 22,630 | 4,692 | (1,935) | 3,026 |
15
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
APPENDIX - Non-IFRS financial measures
This interim financial report contains a number of non-IFRS financial measures that Management uses to monitor and analyse the performance of the Group’s business. Non-IFRS financial measures exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using measures that are not calculated in accordance with IFRS. Non-IFRS financial measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS.
The Group believes that these non-IFRS financial measures, in addition to IFRS measures, provide an enhanced understanding of the Group’s results and related trends, therefore increasing transparency and clarity of the Group’s results and business.
There are no generally accepted accounting principles governing the calculation of these measures and the criteria upon which these measures are based can vary from company to company. The non-IFRS financial measures presented in this interim financial report may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Group’s operating results as reported under IFRS. The Group encourages investors and analysts not to rely on any single financial measure but to review the Group’s financial and non-financial information in its entirety.
The following non-IFRS measures are presented in this interim financial report.
TCE income – Shippingper calendar day (total)
The Group defines TCE income - Shipping per calendar day (total) as TCE income - Shipping divided by calendar days (total).
The Group defines calendar days (total) as the total number of days in a period during which vessels are owned or chartered-in is in its possession, including technical off-hire days and waiting days. Calendar days (total) are an indicator of the size of the fleet over a period and affect both the amount of revenue and the amount of expense that the Group records during that period.
The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).
The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, drydockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).
The Group believes TCE income - Shipping per calendar day (total) is meaningful to investors because it is a measure of how well the Company manages the fleet technically and commercially.
The reconciliation of TCE income
- Shipping per calendar day (total) to TCE income – Shipping for the periods ended 31 March 2025 and 2024 is provided below.
| Q1 2025 | Q1 2024 | |
|---|---|---|
| TCE income – Shipping (US$’000) | 158,670 | 186,530 |
| Calendar days (total) | 4,094 | 3,138 |
| TCE income – Shipping per calendar day (total) (US$) | 38,760 | 59,440 |
16
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
APPENDIX - Non-IFRS financial measures (continued)
TCE income – Shippingper available day
The Group defines TCE income – Shipping per available day as TCE income – Shipping divided by available days.
The Group defines available days as the total number of days (including waiting time) in a period during which each vessel is owned or chartered-in, net of technical off-hire days. The Group uses available days to measure the number of days in a period during which vessels actually generate or are capable of generating revenue.
The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).
The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).
The Group believes TCE income – Shipping per available day is meaningful to investors because it is a measure of how well the Group manages the fleet commercially.
The reconciliation of TCE income – Shipping per available day to TCE income – Shipping for the periods ended 31 March 2025 and 2024 is provided below.
| Q1 2025 | Q1 2024 | |
|---|---|---|
| TCE income – Shipping (US$’000) | 158,670 | 186,530 |
| Available days | 3,990 | 3,033 |
| TCE income – Shipping per available days (US$) | 39,770 | 61,500 |
Adjusted free cash flow
The Group defines adjusted free cash flow as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets and sale of vessels.
The Group believes adjusted free cash flow is meaningful to investors because it is the measure of the funds generated by the Group available for distribution of dividends, repayment of debt or to fund the Group’s strategic initiatives, including acquisitions. The purpose of presenting adjusted free cash flow is to indicate the ongoing cash generation within the control of the Group after taking account of the necessary cash expenditures for maintaining the operating structure of the Group (in the form of capital expenditure).
17
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2025
APPENDIX - Non-IFRS financial measures (continued)
Adjusted free cash flow (continued)
The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the periods ended 31 March 2025 and 2024 is provided below.
| Q1 2025<br><br> <br>US$’000 | Q1 2024<br><br> <br>US$’000 | |
|---|---|---|
| Net cash from operating activities | 166,242 | 405,580 |
| Additions in property, plant and equipment | (76,298) | (2,236) |
| Additions in intangible assets | - | (237) |
| Proceeds from sale of vessels | 65,049 | 65,337 |
| Adjusted free cash flow | 154,993 | 468,444 |
Return on capital employed(ROCE)
The Group defines return on capital employed (“ROCE”) as, with respect to a particular financial period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders’ equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet.
The Group believes ROCE is meaningful to investors because it measures the Group’s financial efficiency and its ability to create future growth in value.
The reconciliation of ROCE to operating profit for the periods ended 31 March 2025 and 2024 is provided below.
| Q1 2025 | Q1 2024 | |
|---|---|---|
| Operating profit (US$’000) | 78,951 | 157,808 |
| Average of the total shareholders’ equity (US$’000)^(1)^ | 1,926,324 | 1,625,556 |
| Average of the total borrowings (US$’000)^(1)^ | 937,961 | 343,692 |
| Average of the total lease liabilities (US$’000)^(1)^ | 212,764 | 163,691 |
| Capital employed (US$’000) | 3,077,048 | 2,132,939 |
| ROCE | 2.6% | 7.4% |
| ROCE (annualised) | 10.3% | 29.6% |
^(1)^Calculated as the average of the opening and closing balances for the period as presented in the consolidated balance sheet
Rounding of figures
Certain financial information presented in tables in this interim financial report has been rounded to the nearest whole number or the nearest decimal place. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this interim financial report reflect calculations based upon the underlying information prior to rounding, and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.
18
Exhibit 99.3
Q1 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 20 May 2025
NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL . BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS . This presentation has been produced by BW LPG Limited (“BW LPG”) exclusively for information purposes . This presentation may not be reproduced or redistributed, in whole or in part, to any other person . Matters discussed in this presentation and any materials distributed in connection with this presentation may constitute or include forward – looking statements . Forward – looking statements are statements that are not historical facts and may be identified by words such as “anticipates”, “believes”, “continues”, “estimates”, “expects”, “intends”, “may”, “should”, “will” and similar expressions, such as “going forward” . These forward – looking statements reflect BW LPG’s reasonable beliefs, intentions and current expectations concerning, among other things, BW LPG’s results of operations, financial condition, liquidity, prospects, growth and strategies . Forward – looking statements include statements regarding : objectives, goals, strategies, outlook and growth prospects ; future plans, events or performance and potential for future growth ; liquidity, capital resources and capital expenditures ; economic outlook and industry trends ; developments of BW LPG’s markets ; the impact of regulatory initiatives ; and the strength of BW LPG’s competitors . Forward – looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future . The forward – looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in BW LPG’s records and other data available from Fourth parties . Although BW LPG believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control . Forward – looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of BW LPG or the industry to differ materially from those results expressed or implied in this presentation by such forward – looking statements . No representation is made that any of these forward – looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward – looking statement . Disclaimer and forward - looking statements 2 No representation, warranty or undertaking, express or implied, is made by BW LPG, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever . Neither BW LPG nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation . All information in this presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice . In giving this presentation, none of BW LPG, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information . The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation . The contents of this presentation are not to be construed as legal, business, investment or tax advice . Each recipient should consult its own legal, business, investment or tax adviser as to legal, business, investment or tax advice . By attending this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW LPG and that you will conduct your own analysis and be solely responsible for forming your own view on the potential future performance of the business of BW LPG . This presentation must be read in conjunction with the recent financial information and the disclosures therein . 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 per calendar day and Return on capital employed (ROCE) . These measures are defined and reconciliations to the nearest IFRS measure are available in BW LPG’s Q 1 2025 Interim Financial Report and BW LPG’s Registration Statement on Form 20 - F . Neither this presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or purchase whatsoever in any jurisdiction and shall not constitute or form part of an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction . The securities referred to herein may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U . S . Securities Act of 1933 , as amended (the “Securities Act”) . BW LPG does not intend to register any part of any offering in the United States or to conduct a public offering in the United States of the shares to which this presentation relates . In the EEA Member States, with the exception of Norway (each such EEA Member State, a “Relevant State“), this presentation and the information contained herein are intended only for and directed to qualified investors as defined in Article 2 (e) of Regulation (EU) 2017 / 1129 of the European Parliament and of the Council of 14 June 2017 (the “Prospectus Regulation”) . The securities mentioned in this presentation are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation . Persons in any Relevant State who are not qualified investors should not take any actions based on this presentation, nor rely on it . In the United Kingdom, this presentation is directed only at, and communicated only to, persons who are qualified investors within the meaning of Article 2 (e) of the Prospectus Regulation as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 who are ( i ) persons who fall within the definition of "investment professional" in Article 19 ( 5 ) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 , as amended (the “Order”), or (ii) persons who fall within Article 49 ( 2 )(a) to (d) of the Order, or (iii) persons to whom it may otherwise be lawfully communicated (all such persons referred to in ( i ), (ii) and (iii) above together being referred to as “Relevant Persons”) . This presentation must not be acted on or relied on by persons in the United Kingdom who are not Relevant Persons .
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Q1 performance • TCE income – Shipping Q1 2025 was US$39,800 per available day and US$38,800 per calendar day, well supported by our time charter coverage of 41% of available days at $40,700/day • Q1 2025 profit attributable to equity holders of the company was US$46 million representing an earnings per share of US$0.30/share • Completed one vessel US$65 million JOLCO financing on 28 Feb 2025, and in the process of concluding a ~US$380 million bank financing , both on very competitive terms • BW Product Services reported a US$3.6 million gross loss in the first quarter and a net loss after tax of US$12.5 million for Q1 2025 Q1 2025 highlights TCE per day presented is for the Shipping Segment 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 reg is tration or qualification under the securities laws of any such jurisdiction. 2. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q1 2025: US$46.1 million, minus BW LPG's share of BW PS' net profit/(loss) after tax Q1 2025: (US$10.3 million) . Continued dividend distribution • Declared a Q1 cash dividend of $0.28 per share, corresponding to 75% of the Shipping NPAT 2 for the quarter Other subsequent events • Sale of BW Chinook and BW Pampero to BW India at a price of approximately US$75 million per vessel. Delivery of the vessels is expected in Q3 2025 • From 8 - 17 April 2025, the company activated its share buyback programme, under which it acquired 316,437 ordinary shares at an average price of US$8.63 per share • BW LPG has made a strategic decision to cease the investment in the onshore LPG import terminal at JNPT in India and discontinue its involvement in the terminal’s development Return to shareholders $0.28 Dividend per share 10% Annualised d ividend y ield 14% ROE (annualised) 75% Q1 2025 payout ratio Shipping NPAT 2 Financial performance $67M Net profit after tax $ 633M Available liquidity $0.30 Earnings per share 31% Net leverage ratio Commercial performance $ 39,800 TCE income – Shipping per available day $38,800 TCE income – Shipping per calendar day 96% Fleet utilisation 3% Technical offhire 4
Market outlook Solid fundamentals – political uncertainty • VLGC orderbook of 109 ships, with 2027 seeing the highest delivery pace • 69 VLGCs are scheduled for dry docking balance of this year, absorbing capacity from the total fleet of ~406 VLGCs • Increased US port charges targeting Chinese operated vessels LPG exports US / Middle East Despite tariff escalations and short - term market disruptions, the market fundamentals are solid. US LPG production has remained unabated and export levels are steady compared to previous months as US LPG volumes found new destinations outside China Trading inefficiencies VLGC global fleet Panama v. Cape routing TC and FFA coverage • US terminal operators moving forward with expansion projects, which will enable further growth in US LPG exports • Roll - back of OPEC+ production cuts likely to raise Middle East LPG exports. Projects in UAE, Qatar and Saudi Arabia will also add additional LPG volumes in coming years • LPG is supply - driven and excess production is priced - to - clear in the international market • Increased distances can be expected as traders reshuffle their LPG sourcing to adapt to new tariff conditions • The Panama Canal is operating its new locks at or near full capacity. Increased volatility in auction prices could lead to further trading disruptions and there are indications of more vessels sailing via Cape of Good Hope • The Houston - Chiba FFA market for the rest of 2025 is currently reflecting earnings of ~US$ 49,000/day, although with a bid/ask spread and limited liquidity 5
Agenda Q1 2025 highlights and market outlook Market overview Company performance Q&A Q1 2025
$0k/d $10k/d $20k/d $30k/d $40k/d $50k/d $60k/d 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 3-Mar 10-Mar 17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May Short term tariff implications and development of the LPG freight market First week VLGC spot rates came under severe pressure when US - FarEast LPG trade halted Mont Belvieu Propane US market - based price incl. terminal fee Cargo margin VLGC Freight Houston - Chiba via Panama Canal Asia Far East Index Asian - market based price US - Far East arb narrowing Houston Far East Solid fundamentals Shipping demand recovered on the back of resilient LPG exports and solid fundamentals Mont Belvieu Propane US market - based price incl. terminal fee Cargo margin VLGC Freight Houston - Chiba via Panama Canal Asia Far East Index Asian - market based price US - Far East arb widening Minor upward trend in LPG export volumes Unchanged production of LPG Asia Far East prices increasing and supply chain inefficiencies US - FarEast arb window widening Houston «Liberation Day» Tariff shock! US - China trade war ~$53,000/day China (Left) Other Asia (Left) Rest of the world (Left) Mn t/week US LPG export TCE spot rates | US - Far East Far East Sources: Vortexa , Bloomberg (BLPG3 spot rates) 90 days tariff relief announcement! Unchanged Uneconomical to sell US cargoes to China US - FarEast arb window narrowed significantly Market talks about cancellations of US cargoes
Changed LPG trade patterns (pre - 90 - days tariff relief announcement) 8 The market quickly responded to a new dynamic • Canadian imports appearing in China customs data • Japan, South Korea, Indonesia are increasing imports from the US • China’s regional LPG exports (~1mt in 2024) could be consumed domestically Far East remains a key destination for LPG • Market participants are using US volumes to service their Indian commitments, allowing for increased Middle East volumes to go to China, increasing distances • Altering Indian imports is however challenging due to cargo composition of 50/50 propane/butane as well as commercial agreements Traders are adapting to new tariff reality China sourcing from others Asian importers are re - shuffling their LPG sources India switching emerging Potential driver for longer sailing distances Sources: Bloomberg, Anfil Gas Emerging trade Conventional trade
Robust supply fundamentals despite trade - war and geopolitical turmoil 9 US and the ME are increasing production and expanding export infrastructure, however sensitive to crude oil price Production continues to grow • New terminal capacity in North America on track to facilitate further growth in LPG exports for several years • Some terminals will be flexible, capable of switching between LPG and ethane Expansions to enable further export growth • Higher gas production expected from Permian Basin • New projects in Saudi Arabia, Qatar and UAE to drive growth in exports • Reversal of OPEC+ production cuts to make more LPG available for exports Sustained growth expected, but oil price dependent US propane production Mb/d N. American terminal expansion plans Mtpa N. America and Middle East LPG exports Million tons (VLGC only) 1: 2024 LPG export capacity is defined as the total LPG export across all vessel sizes from North America (including US and Cana da) Sources: NGLS , Bloomberg, company filings, EIA, BW LPG • Despite trade tensions between US and China, US propane production has continued to grow • Domestic consumption expected to remain relatively flat, making exports the key outlet for incremental volumes 52 57 60 65 68 38 40 42 45 47 2023 2024 2025F 2026F 2027F North America Middle East ET , 7 Targa , 0.6 Enterprise 9 Enterprise 11 AltaGas , 1.6 Targa , 4 ONEOK 12 2024 2025 2026 2027 2028 LPG LPG/Ethane flexible North America 1 68 1.6 2.0 2.4 2.8 1Q 2Q 3Q 4Q 3y Average 2025
Current VLGC dual - fuel newbuild price 2 69% 16% 6% 9% 0-15 years 15-20 years 20-25 years 25 years + VLGC fleet and newbuildings 10 Modest fleet growth for 2025 and 2026 Quarterly delivery schedule # of VLGCs VLGC fleet profile and newbuilding market 406 total VLGC fleet 1 ~$121M VLGC delivery year for newbuild contracts Total orderbook number 109 Number of dry docks for rest of 2025 69 Sources: BW LPG, Clarksons 1: Total VLGC fleet on water (not including orderbook) 2: 88 - 91k Conventional VLGC 2027 - 28 Chinese - built ships on water in the global VLGC fleet 50 Newbuilding orders at Chinese shipyards 26 14 4 3 3 2 2 1 4 4 2 5 4 11 11 9 8 16 10 5 3 1 1 1 1 2 1 2 1 1 1 2 1 1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 Existing Newbuild - Ammonia Newbuild - Non-ammonia
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
2025 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $45,000 $87 12% TC out – Fixed rate $32,600 ($63) 12% TC in $24 Net $45,000 $116 16% Remaining TC out – Fixed rate Shipping – Performance 12 Achieved 96% generating TCE income – Shipping of $39,800 per available day 2025 Q1 performance Guidance Q2 2025 • Fixed ~79% of our available fleet days at an average rate of ~$35,000 per day 4 2025 Charter portfolio • 28% covered by fixed rate TC out at $ 45,000 per day • 2 % covered by FFA hedges at $ 50,600 per day 1. TCE rates per day are inclusive of both commercial waiting and technical offhire days (i.e. 100% of calendar days) 2. TCE rates per day are inclusive of commercial waiting days and exclusive of technical offhire days (i.e. 100% of available days) 3. TCE rates per day are exclusive of both commercial waiting and technical offhire days 4. Discharge to discharge basis 3% 97% TCE income by calendar days $38,800/ day 1 Technical Offhire Available days 41% 58% TCE income by available days $39,800/ day 2 $ 39,1 00 2 (incl. waiting time and FFA) Spot $ 39,0 00 3 (excl. waiting time and FFA) Waiting 1% Time Charter $40,700 5 5. Time charter includes fixed and variable rate
130 - 65 65 33 - 51 15 - 8 53 Net assets Q4 2024 Dividends NAV FY2024 - post dividend Realised positions MTM change in unrealised cargo MTM change in unrealised paper Other expenses Net assets Q1 2025 Product Services - Performance 13 Strong realisation of profits offset by net change in valuation of open cargo positions 1. Gross loss from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gai ns and losses, and other trading attributable costs, including depreciation from Product Services’ lease - in vessels 2. Included within Other expenses, ~$1.2M effects relating to currency translation of foreign operations which is not part of Ne t p rofit/loss Q1 2025 performance Book equity US$ Q1 Net loss: $12.5M 2 Net asset value End of Q1 $12.5M Net Loss Average VAR Gross Loss 1 BW LPG VLGC cargoes lifted by BW PS
$38,800 Q1 2025 Daily TCE Income $8,400 Q1 2025 Daily OPEX FY 2025 Operating cash breakeven 7 $19,300 Owned $21,700 Total fleet $25,000 FY 2025 All - in cash breakeven 8 Income statement $67 Profit after tax $46 Profit to equity holders $0.30 Earnings per share 1 $0.28 Dividends per share Balance sheet $3,354 Total assets $1,439 Total liabilities $1,915 Total shareholders’ equity 11% Earnings Yield 2 (annualised) 10% Dividend Yield 3 (annualised) 14% ROE 4 (annualised) 10% ROCE 5 (annualised) 31% Net leverage ratio 6 0.15 1.91 1.46 0.09 0.85 0.84 0.56 1.28 3.46 2.42 0.28 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 1. EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period 2. Earnings yield : EPS divided by the share price at the end of the period in USD terms 3. Dividend yield : Annualised dividend divided by the share price in USD on 16 th May 2025 4. ROE (return on equity) : with respect to a particular financial period, the ratio of the profit after tax to the average of the shareholders’ equity, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet . 5. ROCE (return on capital employed) : with respect to a particular financial period, the ratio of the operating profit to capital employed defined as the average of the total shareholders’ equity, total borrowings and lease liabilities, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet . 6. Net leverage ratio : The sum of total borrowings and lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of the total borrowings, total lease liabilities, and shareholders’ equity minus cash and cash equivalents as set out in the consolidated statement of cashflows 7. Operating cash breakeven : Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet 8. All - in cash breakeven : Operating cash breakeven including capex (maintenance and drydock) Financial highlights 14 Low leverage, strong liquidity, ready for growth opportunities Key financials Q1 2025 US$ million Financial ratios Q1 2025 Dividends per share US$ Shipping per day statistics US$/day
SLB (o/s $127M) $221M ECA (o/s $42M) $198M Term Loan (o/s $94M) JOLCO (o/s $65M) $927M Revolving Credit Facilities (RCF) Drawn RCF (o/s $556M) Letter of credit $184M Drawndown $40M $796M Trade Finance Facilities Total Available Liquidity 633 Undrawn RCF 3 371 Cash 1 262 95 128 62 127 512 0 100 200 300 400 500 2025 2026 2027 2028 2029 onwards US$ million $796M Trade Finance Facilities - o/s $40M $198M BW LPG India Term Loan - o/s $94M Revolving Credit Facilities (RCF) - o/s $556M $221M ECA - o/s $42M JOLCO - o/s $65M Sale & Leaseback - o/s $127M Financial – Financing Structure and Repayment Profile 15 Ample liquidity of $633M with long - dated repayment profile 1. Cash presented excludes $19M held in broker margin accounts 2. Excludes other lease liabilities, capitalised fees, and interest payable, as of 31 Mar 2025 3. RCF refers to Revolving Credit Facilities US$ million As of 31 March 2025 Repayment profile 2 Ship financing structure 2 Trade financing structure 2
Agenda Q1 2025 Q1 2025 highlights and market outlook Market overview Company performance Q&A
Q&A Kristian Sørensen CEO Samantha Xu CFO
Thank you Investor Relations [email protected] Ticker Oslo Stock Exchange “ BWLPG” New York Stock Exchange “ BWLP ” LinkedIn linkedin.com/company/ bwlpg Website https://investor.bwlpg.com Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17 - 02 Singapore 117438
Appendix Q1 2025
BW LPG 100% ownership 51 VLGCs and 2 LGCs operated by BW LPG 20 1. Vessels with scrubbers installed 2. LGC (Large Gas Carrier) 3. Bareboat charter As of 1 May 2025 Vessels with dual - fuel propulsion technology Vessels retrofitted with scrubber technology Vessels on compliant fuels 17 14 22 30 Shipyard Year Name DSME 2023 BW Avior DSME 2023 BW Rigel Mitsubishi H.I. 2019 BW Kizoku 1 DSME 2017 BW Messina DSME 2017 BW Mindoro DSME 2016 BW Malacca DSME 2016 BW Magellan Hyundai H.I. 2016 BW Frigg Hyundai H.I. 2016 BW Freyja Hyundai H.I. 2016 BW Volans Hyundai H.I. 2016 BW Brage Hyundai H.I. 2016 BW Tucana Hyundai H.I. 2016 BW Var Hyundai H.I. 2016 BW Njord Hyundai H.I. 2016 BW Balder Jiangnan 2015 BW Pampero Hyundai H.I. 2015 BW Orion Jiangnan 2015 BW Chinook Hyundai H.I. 2015 BW Libra Jiangnan 2015 BW Levant 1 Jiangnan 2015 BW Breeze 1 Jiangnan 2015 BW Sirocoo 1 Jiangnan 2015 BW Passat 1 Hyundai H.I. 2015 BW Leo Hyundai H.I. 2015 BW Gemini Hyundai H.I. 2015 BW Carina 1 Jiangnan 2015 BW Mistral 1 Jiangnan 2015 BW Monsoon 1 Hyundai H.I. 2014 BW Aries 1 Mitsubishi H.I. 2010 BW Kyoto Shipyard Year Name DSME 2022 BW Capella 3 DSME 2022 BW Polaris 3 Mitsubishi H.I. 2020 BW Yushi 1 Hyundai H.I. 2017 Gas Zenith 1 Hyundai H.I. 2017 Oriental King Mitsubishi H.I. 2017 Doraji Gas Hyundai H.I. 2006 Berge Nantong Hyundai H.I. 2006 Berge Ningbo Shipyard Year Name Kawasaki S.C. 2011 BW Pine DSME 2008 BW Lord Hyundai H.I. 2008 BW Tyr DSME 2008 BW Loyalty 1 Hyundai H.I. 2008 BW Oak Hyundai H.I. 2007 BW Elm Hyundai H.I. 2007 BW Birch Beneficiary Shipyard Year Name Sinogas Maritime Jiangnan 2023 Gas Jupiter Product Services Hyundai H.I. 2023 Kaede Sinogas Maritime Jiangnan 2021 Gas Venus Product Services Hyundai H.I. 2021 Gas Gabriela 1 Product Services Hyundai H.I. 2019 Clipper Wilma 1 Exmar Mitsubishi H.I. 2009 BW Tokyo Product Services Hyundai H.I. 2009 Denver 2 Product Services Hyundai H.I. 2009 Helsinki 2 BW LPG Time charter/bareboat in 8 BW LPG India 52% ownership 7 Operated 8
$51 $53 $49 $50 $45 $38 $35 $31 30% 30% 26% 28% 29% 24% 22% 19% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $203 $148 28% 24% 2025 2026 $63 $2 12% 0% 2025 2026 2025 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $45,000 $87 12% TC out - Fixed rate $32,600 ($63) 12% TC in $24 Net $45,000 $116 16% Remaining TC out - Fixed rate VLGC charter portfolio overview 21 Fixed rate time charter - out coverage for 2025 at 28% at an average rate of $45,000 per day Time charter - out rate – Fixed rate US$ thousands/day 1. % of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days 2. Majority of the TC in contracts will end in 2025 with the last TC in contract expiring in end - Jan 2026 Time charter - in Net time charter position Revenue in USD millions % of total available days of the whole fleet Quarterly Cost in USD millions % of total available days of the whole fleet Avg. TC out rate Avg. TC in rate Time charter - out - Fixed rate Quarterly Yearly Yearly Yearly Quarterly $17 $16 $16 $13 $2 25% 13% 11% 10% 1% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $44.0 $45.5 $45.4 $45.2 $44.2 $44.9 $44.5 $44.3 $30.3 $33.0 $33.8 $34.2 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $45.0 $44.5 $32.6 2025 2026 2 2
0.53 0.53 0.53 0.7 0.7 0.53 0.52 0.51 0.82 0.64 0.62 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Fleet safety statistics 22 Safety and Zero Harm onboard remain our key focus Total Recordable Case Frequency (TRCF): Work - related fatalities and injuries per one million hours worked Lost Time Injury Frequency (LTIF): Work - related fatalities and injuries per one million hours worked that leads to lost work time TRCF 12 Month Rolling Average ( MRA ) LTIF 12 Month Rolling Average (MRA) As of 31st March 2025
2026E 2025E Q4 2025E Q3 2025E Q2 2025E Q1 2025A 14,600 14,474 3,680 3,680 3,596 3,518 Owned days 51 1,928 393 460 499 576 Time charter in days 14,651 16,402 4,073 4,140 4,095 4,094 Total calendar days 321 445 140 85 116 104 Offhire 1 14,330 15,957 3,933 4,055 3,979 3,990 Total available days (Net of offhire ) 10,905 9,811 2,466 2,619 2,357 2,369 Spot days (Net of offhire ) 3,336 4,519 1,102 1,071 1,171 1,175 Time charter out days (Net of offhire) - Fixed rate 89 1,627 365 365 451 446 Time charter out days (Net of offhire) - Variable rate 76% 62% 63% 65% 59% 59% % Spot days 24% 28% 28% 26% 30% 30% % TC days - Fixed rate - 10% 9% 9% 11% 11% % TC days - Variable rate TCE rates - - - - - $39,100 Spot $44,500 $45,000 $45,200 $45,400 $45,500 $44,000 Time charter out – Fixed rate - - - - - $39,800 VLGC TCE rate (Net of offhire) Shipping segment charter portfolio 2025 - 2026 23 Fixed rate time charter out contract coverage stands at 28 % for 2025 (as of 5 May 2025) BW LPG India Charter Portfolio is a subset of the Shipping Segment Charter Portfolio Pool revenue distributed to participants and the associated days are excluded from the presentation Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have plann ed dry dockings
2026E 2025E Q4 2025E Q3 2025E Q2 2025E Q1 2025A 3,285 2,932 828 793 637 674 Owned days - - - - - - Time charter in days 3,285 2,932 828 793 637 674 Total calendar days 95 105 88 13 4 - Offhire 1 3,190 2,827 740 780 633 674 Total available days (Net of offhire ) 2,073 587 247 230 90 20 Spot days (Net of offhire ) 1,117 2,240 493 550 543 654 Time charter out days (Net of offhire ) 65% 21% 33% 29% 14% 3% % Spot days 35% 79% 67% 71% 86% 97% % TC days TCE rates - - - - - $56,700 Spot $45,100 $47,600 $47,900 $47,700 $48,200 $46,700 Time charter out - - - - - $47,000 VLGC TCE rate (Net of offhire ) BW LPG India charter portfolio 2025 - 2026 24 Time charter out contract coverage stands at 79% for 2025 (as of 5 May 2025) Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have plann ed dry dockings
Exhibit 99.4
BW LPG Limited – Key information relating to the cash dividendfor Q1 2025
Singapore, 20 May 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 Q1 2025:
The Board has approved a dividend of US$0.28 per share on 19 May 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: 30 May 2025
Shares registered with Euronext VPS Oslo Stock Exchange
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Last trading day including the right to receive this dividend: 27 May 2025
Ex-date: 28 May 2025
Dividend payment date: On or about 12 June 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: 29 May 2025
Ex-date: 30 May 2025
Dividend payment date: On or about 9 June 2025
For further information, please contact:
Samantha Xu
Chief Financial Officer
E-mail: [email protected]
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) 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 investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world
- more information about BW LPG can be found at https://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, and water treatment.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
1
Exhibit 99.5
BW LPG Limited ceases investment in LPG onshore import terminal projectin India
Singapore, 20 May 2025
BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code: “BWLP”) has announced its cessation of its investment in the planned LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India.
The project, initiated through a partnership agreement with BW Confidence Enterprise Private Limited (“BW Confidence”), a joint venture that BW LPG entered into with Confidence Petroleum India Ltd. (NSE/BSE code: “CONFIPET”), and Ganesh Benzoplast Limited (“Ganesh Benzoplast”, NSE Code: “GANESHBE”, BSE Code: 500153”) aimed to develop a cryogenic LPG storage facility at JNPA, with a BW LPG investment of approximately USD 10 million.
In light of ongoing and heightened market uncertainties influencing the global business landscape, the BW LPG management has decided to strengthen its strategic focus on the company’s core value drivers—shipping and trading. Consequently, the company will scale back activities within its infrastructure segment to ensure optimal resource allocation and maintain operational agility. As a result, the Company has made a strategic decision to cease the investment in the onshore LPG import terminal at JNPA and discontinue its involvement in the terminal’s development.
Kristian Sørensen, CEO at BW LPG, states, “We are deeply grateful to our partners in India for their commitment and collaboration throughout the project’s planning phase. This decision was not made lightly but reflects a realignment of our business priorities in a changing environment. India remains a vital market for BW LPG, and we continue to support its energy transition through other strategic initiatives.”
For further information, please contact
Kristian Sørensen, Chief Executive Officer
Samantha Xu, Chief Financial Officer
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) 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 investment in LPG downstream distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. Delivering energy for a better world
- more information about BW LPG can be found at https://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, and water treatment.
This information constitutes inside information pursuant to Article 7 of the EU Market Abuse Regulation and is subject to the disclosure requirements set out in Section 5-12 of the Norwegian Securities Trading Act. This stock announcement was published by Aline Anliker, Head of Corporate Communications, on 20 May 2025 at 7:00am CET.