BWLP 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 December, 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 ☑ Form 40-F ☐
INFORMATION CONTAINED 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 December 2, 2025, announcing the Company’s financial results for the third quarter ended September 30, 2025 (“Q3 2025”).
Attached to this Report on Form 6-K as Exhibit 99.2 is the Q3 2025 Interim Financial Report of the Company.
Attached to this Report on Form 6-K as Exhibit 99.3 is the Q3 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 December 2, 2025, announcing key information regarding the Company’s cash dividend for Q3 2025.
The information contained in Exhibit 99.2 to this Report on Form 6-K 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 and the Company’s registration statement on Form F-3 (File No. 333-287996) that was filed with the U.S. Securities and Exchange Commission effective June 13, 2025.
DOCUMENTS TO BE FURNISHED AS PART OF THIS FORM 6-K
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BW LPG Limited | ||
| By: | /s/ Samantha Xu | |
| Name: | Samantha Xu | |
| Title: | Chief Financial Officer | |
Date: December 2, 2025
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Exhibit 99.1
BW LPG Limited – Financial Results for Q3 2025
Singapore, 2 December 2025
Highlights Q3 2025
| ● | Q3 2025 profit: Q3 2025 profit attributable to equity holders of the Company ended at US$57 million, representing an earnings per share of US$0.38, a result of solid shipping performance and negative Product Services accounting result, albeit a positive realised trading result. |
| ● | Solid TCE performance amidst uncertainty: TCE income – Shipping Q3 2025 concluded at US$51,300 per available day and US$48,700 per calendar day. The earnings were well supported by the Company’s time charter coverage of 44% of available days, delivering TCE at US$51,200 per day. |
| ● | Dividend declared: The Company declared a Q3 2025 cash dividend of US$0.40 per share, equivalent to 75% of Shipping NPAT for Q3 2025. |
| ● | Vessel sale: In September, the Company announced that its affiliate, BW LPG India, has entered into an agreement to sell the 2008-built BW Lord for continued trading. The vessel is scheduled for delivery before the end of 2025. |
Financial Performance
BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”) reported a Q3 2025 Net Profit After Tax (NPAT) of US$57 million, yielding an annualized return on equity of 12%. The Q3 profit attributable to the equity holders of the Company was US$57 million, and earnings per share were US$0.38.
The Company reported ample liquidity of US$855 million with a long-dated repayment profile. The end-of-quarter net leverage ratio was 29.7%, compared to 30.7% as of 30 June 2025.
The Board declared a cash dividend of US$0.40 per share, representing a 75% payout ratio of the quarterly Shipping NPAT in line with the dividend policy and an annualised dividend yield of 13%.
Commercial Performance Shipping
The Q3 2025 VLGC freight rates averaged US$51,300 per available day and US$48,700 per calendar day, with 92% fleet utilisation. Time Charter Equivalent (TCE) income was US$202 million for the quarter, with BW LPG India subsidiary contributing a TCE income of US$33 million for the quarter.
For Q4 2025, the Company has fixed ~91% of available days at an average rate of ~US$47,000 per day.
For FY 2026, the Company has secured 30% of the fleet capacity on fixed-rate time charters at US$43,600 per day, and an additional 5% through FFA hedges at an average of US$47,500 per day.
Product Services
Product Services reported a gross loss of US$23 million and a loss after tax of US$29 million for this quarter, due to a negative mark-to-market valuation adjustment of the forward portfolio.
Despite turbulent market conditions, most notably the Saudi October price reduction, which weighed on forward trading valuation, the portfolio remains well positive. Realised trading results delivered a positive US$15 million in Q3, bringing the year-to-date realised gains to US$53 million.
Corporate Update
In September, BW LPG India entered into an agreement to sell the 2008-built BW Lord for continued trading, with delivery scheduled before year-end 2025. The transaction is expected to unlock a gain of approximately US$25 million.
Two ship financing facilities were voluntarily cancelled in October and November 2025 reflecting strong liquidity. This led to repayment of a US$36 million term loan and a reduction of US$216 million in available revolving credit facilities.
Market Update
Geopolitical development and market inefficiencies continued to shape the LPG shipping market in Q3. Actions by both US and Chinese authorities prompted VLGCs repositioning and created a two-tier market, while the Saudi LPG price cut in October triggered a price reset across the value chain.
Spot rates remained elevated through the quarter, though periods of limited fixing activity occurred before normal trading conditions resumed following the temporary suspension of US-China trade tariffs and port fees. Market fundamentals remain constructive, supported by US terminal expansions coming onstream and increased LPG output from gaseous drilling wells.
Cargo Movements
US LPG exports shipped on VLGCs increased by nearly 6% in the first nine months of 2025 compared to the same period in 2024. US exports bound for China have been rising steadily since their low in May 2025 but remain well below levels seen before the two countries’ trade tensions erupted.
From the Middle East, LPG exports on VLGCs grew 1% in the first nine months of 2025 compared to the same period in 2024. OPEC+ has announced a minor oil production increase to take effect in December, with limited impact expected on LPG export volumes. For Q1 2026, OPEC+ has paused further oil production increases, helping to stabilize oil prices at current levels and indirectly supporting US production. A prolonged decline in oil prices could ultimately weigh on US oil and NGL output.
On the importing side, LPG volumes shipped on VLGCs to the Far East were flat in the first nine months of 2025 compared to the same period in 2024. Trade tensions between China and the US contributed to a modest (2%) decline in Chinese LPG imports, while other Far Eastern countries grew their imports. During the same period, Indian LPG imports on VLGCs increased by 8% year over year, supported by higher end-user demand for LPG.
Panama Canal
The new locks in the Panama Canal continue to operate at or near full capacity. Fluctuations in container-vessel traffic through the canal have, on several occasions, redirected VLGCs to sail around the Cape of Good Hope rather than transiting the canal. With continued fleet growth in several shipping segments, including container vessels, ethane carriers, and VLGCs, high utilization of the canal’s new locks is expected to persist in the coming years.
Fleet Capacity
The VLGC fleet currently stands at 413 ships, with an orderbook of 108 vessels. Year to date, 11 new VLGCs have been delivered, with one more scheduled before the end of 2025. For new orders, well-established shipyards are indicating earliest delivery slots from 2028 onwards. Notably, 43 VLGCs—representing 10% of the existing fleet are 25 years or older.
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Market Outlook
Following the easing of trade tensions between the United States and China, inefficiencies in the VLGC fleet are expected to diminish as trading restrictions on US- and China-linked fleets have been lifted. This improved trading environment should result in a modest increase in available VLGC capacity. Meanwhile, the broader fundamentals of the LPG shipping market remain constructive. US production continues to expand, and ton-mile demand is likely to benefit from recently signed long-term agreements by Indian importers for US-sourced LPG, as well as renewed supply contracts with Indonesia.
North American LPG exports are projected to grow at a mid- to high-single-digit pace over the coming years, supported by new export infrastructure and the increasingly gas-rich profile of Permian oil production.
Exports from the Middle East are also expected to rise meaningfully, driven by higher oil output and the commissioning of new gas processing facilities in the UAE and Saudi Arabia.
In China, average operating rates at PDH plants have recovered from the lows earlier this year, though recent weeks have seen some softening due to margin pressures. LPG inventories remain healthy and stable heading into the fourth quarter. While no new PDH plants are scheduled to commence operations for the remainder of 2025, nine additional facilities are planned for construction over the next two years.
The Ras Tanura–Chiba FFA market for FY 2026 is currently pricing earnings just above US$45,000 per day, though trading activity remains relatively limited.
Q3 2025 Earnings Presentation and Interim Financial Report
Please see the attachments for the Q3 2025 Earnings Presentation and Interim Financial Report.
| - | BW LPG Q3 2025 Earnings Presentation |
| - | BW LPG Q3 2025 Interim Financial Report |
BW LPG will present its financial results at 08:00hrs EST/ 14:00hrs CET/ 21:00hrs SGT today. The presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu (CFO).
The presentation will be held live via Zoom. Please register at the link below:
https://bit.ly/BWLPGQ32025
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]
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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 onshore LPG infrastructure, BW LPG offers trusted and reliable services to source and deliver LPG to customers. 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.
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Exhibit 99.2
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
FORWARD-LOOKING STATEMENTS
In this unaudited interim financial report, “the Company” or “BW LPG” refers to BW LPG Limited. “The Group” refers 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 in order 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 or present facts and circumstances. 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. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and market and industry data and forecasts prepared by and available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur. BW LPG undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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; |
| ● | general LPG market conditions, including changes in LPG freight rates, charter rates, vessel values and bunker fuel prices and other operating costs; |
| ● | changes in demand in the LPG shipping industry; |
| ● | any adverse developments in the maritime LPG transportation business; |
| ● | changes in, and the Group’s compliance with, governmental, tax, environmental, safety, data protection and privacy and other laws and regulations; |
| ● | failure in the management of climate and environmental risks and delivery and performance of management environmental objectives; |
| ● | changes in competition rules and regulations for the shipping industry; |
| ● | failure to manage disruptions, including due to climate change, abnormal weather conditions, |
| ● | pandemics, piracy, strikes and boycotts, political instability, sanctions and breaches of IT systems; |
| ● | failure to implement the Group’s business strategy or manage the Group’s growth; |
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BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
FORWARD-LOOKING STATEMENTS (continued)
| ● | damages or breakdowns of the Group’s vessels, including due to weather conditions, mechanical failures, wars or other circumstances and events; |
| ● | failure to obtain new customers or the loss of any existing major customers; |
| ● | failure to maintain sufficient cash reserves to make capital expenditures necessary for the Group’s vessels’ maintenance; |
| ● | failure to attract and retain key management personnel, technically skilled officers and other employees; |
| ● | default by third parties with whom the Group has entered into chartered-in arrangements; |
| ● | failure of the Group’s third-party technical managers or other counterparties to meet their obligations; |
| ● | the ageing of the Group’s fleet which could result in increased operating costs; |
| ● | delays in deliveries of or cost overruns in relation to newbuilds (if any); |
| ● | failure to integrate assets or businesses acquired from third parties; |
| ● | failure to identify or take advantage of arbitrage opportunities, effectively implement the Product Services division’s hedging strategy and source LPG from third-party suppliers; |
| ● | loss of major tax disputes or successful tax challenges to the Group’s operating structure or to the Group’s tax payments; |
| ● | the availability of and the Group’s ability to obtain financing to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and the Group’s ability to comply with the restrictions and other covenants set forth in the Group’s existing and future debt agreements and financing arrangements; |
Additional information about material risks 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 Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 28 March 2025.
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BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
SELECTED KEY FINANCIAL INFORMATION
Statement of Comprehensive Income |
Q3 2025 US$M | Q3 2024 US$M | Change % | YTD
Sep | YTD Sep 2024 US$M | Change % | ||||||||||||||||||
| TCE income - Shipping1 | 201.8 | 145.5 | 39 | 513.1 | 480.6 | 7 | ||||||||||||||||||
| Gross (loss)/profit – Product Services1 | (23.6 | ) | 71.7 | N.M | (12.4 | ) | 129.4 | N.M | ||||||||||||||||
| Operating profit | 69.4 | 139.2 | (50 | ) | 207.2 | 386.3 | (46 | ) | ||||||||||||||||
| Profit after tax | 56.8 | 120.5 | (53 | ) | 166.8 | 355.1 | (53 | ) | ||||||||||||||||
| Profit attributable to equity holders of the Company | 57.1 | 104.7 | (45 | ) | 138.1 | 323.4 | (57 | ) | ||||||||||||||||
| (US$ per share) | ||||||||||||||||||||||||
| Basic EPS2 | 0.38 | 0.79 | (52 | ) | 0.91 | 2.44 | (63 | ) | ||||||||||||||||
| Diluted EPS2 | 0.38 | 0.79 | (52 | ) | 0.91 | 2.44 | (63 | ) | ||||||||||||||||
| Dividend per share | 0.40 | 0.42 | N.M | 0.90 | 2.00 | N.M | ||||||||||||||||||
Balance Sheet | 30
Sep | 31 Dec 2024 US$M | Change % | |||||||||
| Cash and cash equivalents | 293.1 | 279.7 | 5 | |||||||||
| Total assets | 3,339.6 | 3,320.4 | 1 | |||||||||
| Total liabilities | 1,406.8 | 1,382.9 | 2 | |||||||||
| Total shareholders’ equity | 1,932.8 | 1,937.5 | - | |||||||||
Cash flow |
Q3 2025 US$M | Q3 2024 US$M | Change % | YTD
Sep | YTD Sep 2024 US$M | Change % | ||||||||||||||||||
| Net cash from operating activities | 128.8 | 54.5 | 136 | 389.8 | 512.9 | (24 | ) | |||||||||||||||||
| Capital expenditure | (11.7 | ) | (82.0 | ) | (86 | ) | (104.2 | ) | (18.7 | ) | N.M | |||||||||||||
| Adjusted free cash flow3 | 117.1 | (27.5 | ) | N.M | 285.6 | 494.2 | (42 | ) | ||||||||||||||||
Financial Ratios |
Q3 2025 % | Q3 2024 % | Change % | 30 Sep 2025 % | 30 Sep 2024 % | Change % | ||||||||||||||||||
ROE4 (annualised) | 11.8 | 29.8 | (60 | ) | 11.5 | 29.4 | (61 | ) | ||||||||||||||||
| ROCE5 (annualised) | 9.2 | 25.9 | (64 | ) | 9.0 | 23.4 | (62 | ) | ||||||||||||||||
| Net leverage ratio6 | 29.7 | 21.3 | 39 | 29.7 | 21.3 | 39 | ||||||||||||||||||
Other Information | 30 Sep 2025 | 31 Dec 2024 | Change % | |||||||||
| Shares – end of period (‘000 shares) | 159,282.0 | 159,282.0 | - | |||||||||
| Treasury shares – end of period (‘000 shares) | 7,939.3 | 7,743.6 | 3 | |||||||||
| Share price (USD) | 14.3 | 11.4 | 25 | |||||||||
| Share price (NOK) | 142.7 | 125.3 | 14 | |||||||||
| Market cap (USD million) | 2,161.2 | 1,721.5 | 26 | |||||||||
| Market cap (NOK million) | 21,596.6 | 18,987.8 | 14 | |||||||||
| [1] | Time Charter Equivalent (“TCE”) income - Shipping and Gross (loss)/profit – Product Services reflect the Shipping and Product Services segments, respectively. TCE income – Shipping represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission, and inter-segment expense. |
| [2] | Basic and diluted EPS (earnings per share) is computed based on Q3 2025: 151.3 million and 151.9 million (YTD Q3 2025: 151.4 million and 152.0 million) shares, respectively, the weighted average number of shares outstanding less treasury shares during the period. |
| [3] | Adjusted free cash flow is a non-IFRS measure and is computed as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels. See page 19 for a reconciliation of adjusted free cash flow to the nearest IFRS measure. |
| [4] | ROE (return on equity) is computed as, with respect to a particular period, the ratio of the profit after tax for such period to the average of the shareholders’ equity, calculated as the average of the opening and closing balance for the period as presented in the consolidated balance sheet. |
| [5] | ROCE (return on capital employed) is a non-IFRS measure and is computed as, with respect to a particular 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. See page 20 for a reconciliation of ROCE to the nearest IFRS measure. |
| [6] | Net leverage ratio is computed as the sum of total borrowings and total lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of total borrowings, total lease liabilities and total shareholders’ equity minus cash and cash equivalents as set out in the consolidated statement of cash flows. |
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BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
HIGHLIGHTS AND SUBSEQUENT EVENTS – Q3 2025
| ● | Q3 2025 profit attributable to equity holders of the Company ended at US$57.1 million or an earnings per share of US$0.38. |
| ● | TCE income – Shipping Q3 2025 concluded at US$51,280 per available day1 and US$48,730 per calendar day (total)1. |
| ● | The Company declared a Q3 2025 cash dividend of US$0.40 per share. This dividend corresponds to 75% of the Shipping NPAT2 for the quarter. This cash dividend represents a payout ratio of 105% for the quarter, as a percentage of total profit attributable to equity holders. |
| ● | As previously announced, in July 2025, the Group’s subsidiary, BW LPG India, secured a US$215 million Term Loan Facility to refinance its existing debt and to support the acquisition of two modern Very Large Gas Carriers (“VLGCs”), BW Chinook and BW Pampero, from BW LPG. |
| ● | BW LPG India entered into an agreement to sell BW Lord in September 2025 with an estimated delivery in December 2025. The sale is priced at approximately US$61.0 million and is expected to generate a net book gain of approximately US$25.0 million. |
| ● | Two ship financing facilities were voluntarily cancelled in October and November 2025 on the back of strong liquidity, which led to a repayment of US$36 million and reduction of US$216 million in available revolving credit facilities. |
PERFORMANCE REVIEW – Q3 2025 and YTD September 2025
Q3 2025
TCE income – Shipping was US$201.8 million for Q3 2025 (Q3 2024: US$145.5 million), representing an increase of US$56.3 million from Q3 2024. The TCE income increase was primarily due to a higher LPG spot market of US$51,400 per day, a 7% increase compared to Q3 2024 of US$47,900 per day, and higher available fleet days of 3,934 in Q3 2025 (27% growth) after the completion of the Avance Gas acquisition. This was partially offset by our scheduled drydocking program, which reduced available fleet days by 168 days (Q3 2024: 17 days). The effects of IFRS 15 adjustments for spot voyages that straddled the quarter-end were recognised on a load-to-discharge basis resulted in a negative US$7.3 million in Q3 2025 (Q3 2024: positive US$6.4 million). The TCE income – Shipping continues to be well supported by the increased time charter coverage of 44% (Q3 2024: 38%) of available days at US$51,200 per day (Q3 2024: US$45,000 per day). Additionally, our India subsidiary continued to deliver stable TCE income of US$33.2 million for Q3 2025 (Q3 2024: US$32.9 million), mainly from fixed-rate time charters.
Product Services achieved a realised gain of US$14.7 million for Q3 2025 (Q3 2024: realised loss of US$14.0 million). At quarter-end, unfavourable market positions resulted in an unrealised mark-to-market loss of US$38.3 million. This contrasts with the same quarter last year, where a significant unrealised gain of US$85.7 million was booked, which contributed to a reduction in unrealised results of US$124.0 million. As a result, Product Services reported a gross loss of US$23.6 million for Q3 2025 (Q3 2024: gross profit of US$71.7 million). After general and administrative expenses and income taxes of US$5.9 million (Q3 2024: US$13.2 million), Product Services reported a loss after tax of US$29.5 million for Q3 2025 (Q3 2024: profit after tax of US$58.5 million).
Profit after tax was US$56.8 million for Q3 2025 (Q3 2024: US$120.5 million). The decrease was primarily attributed to a reduction in operating profit of US$69.7 million, higher net finance expenses of US$8.6 million, and partially offset by lower income tax expense of US$14.6 million. The profit after tax was also impacted by higher vessel operating expense of US$11.3 million and depreciation of US$16.3 million, reflecting the full effect of the added Avance Gas fleet in Q4 2024.
Profit attributable to non-controlling interests was negative US$0.3 million for Q3 2025 (Q3 2024: positive US$15.8 million), mainly driven by a US$15.5 million decrease in attributable profit to non-controlling interests from BW Product Services.
| 1 | TCE income – Shipping per available and calendar day (total) are non-IFRS measures and are computed as TCE income – Shipping divided by available days and calendar days (total), respectively. See pages 18 and 19 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest IFRS measure. |
| 2 | Shipping NPAT, or Shipping’s Net Profit After Tax, is calculated as profit attributable to equity holders of BW LPG, minus BW LPG’s share of BW LPG Product Services Pte. Ltd.’s net profit/(loss) after tax. See page 17. |
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BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
PERFORMANCE REVIEW – Q3 2025 and YTD September 2025 (continued)
YTD September 2025
TCE income – Shipping for YTD September 2025 increased by US$32.5 million from YTD September 2024, primarily due to the higher available fleet days of 11,853 days in YTD September 2025. This was partially offset by a lower LPG spot market of US$43,100 per day, a 24% decline compared to YTD September 2024 of US$57,000 per day. Our scheduled drydocking program also reduced available fleet days by 387 days (YTD September 2024: 118 days). The IFRS 15 impact on TCE income – Shipping was insignificant for YTD September 2025 (YTD September 2024: positive US$32.9 million). The increased time charter coverage of 44% (YTD September 2024: 34%) supported TCE income – Shipping at available days of US$43,500 per day (YTD September 2024: US$44,100 per day). India subsidiary delivered stable TCE income of US$95.6 million for YTD September 2025 (YTD September 2024: US$92.9 million), mainly from fixed-rate time charters.
Product Services achieved a realised gain of US$52.8 million for YTD September 2025 (YTD September 2024: realised gain of US$34.8 million). At the same time, an unrealised mark-to-market loss of US$65.2 million was booked for the period. This contrasts with the same period last year, where a significant unrealised gain of US$94.6 million was booked, which contributed to a reduction in unrealised results of US$159.8 million. Overall, Product Services reported a gross loss of US$12.4 million for YTD September 2025 (YTD September 2024: gross profit of US$129.4 million), and a loss after tax of US$36.4 million for YTD September 2025 (YTD September 2024: profit after tax of US$95.3 million) after general and administrative expenses and income taxes of US$24.0 million (YTD September 2024: US$34.1 million).
Profit after tax for YTD September 2025 was US$166.8 million, down from US$355.1 million in YTD September 2024. This decrease reflects a lower operating profit of US$179.1 million and increased net finance expenses of US$30.0 million, partially offset by a lower income tax expense of US$20.6 million. The profit after tax was also impacted by higher vessel operating expense of US$30.4 million and depreciation of US$46.5 million from a larger fleet.
Profit attributable to non-controlling interests was US$28.7 million for YTD September 2025 (YTD September 2024: US$31.7 million). The decrease was driven by a US$22.2 million decrease in attributable profit to non-controlling interests from BW Product Services, offset by a US$19.2 million increase in attributable profit to non-controlling interests from BW LPG India, which was largely contributed by BW LPG India's gain of US$32.1 million from the sale of BW Cedar.
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BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
BALANCE SHEET
As of 30 September 2025, BW LPG controls a fleet of 52 VLGCs, including nine vessels which are owned and operated by BW LPG India. Total assets amounted to US$3,339.6 million (31 December 2024: US$3,320.4 million), of which US$2,394.0 million (31 December 2024: US$2,381.8 million) represented the carrying value of the vessels (including dry docking), and US$103.8 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$293.1 million as of 30 September 2025 (31 December 2024: US$279.7 million). Cash flow from operating activities generated a net cash surplus of US$389.8 million in YTD September 2025 (YTD September 2024: US$512.9 million), of which the net cash inflow of US$37.0 million (YTD September 2024: US$9.2 million) related to changes in working capital. Investing activities generated a cash outflow of US$90.5 million in YTD September 2025 (YTD September 2024: cash inflow of US$27.8 million), which comprised exercising the purchase options of BW Kizoku and BW Yushi, and US$31.0 million paid for drydocking activities. These payments were partially offset by proceeds of US$65.0 million from the sale of BW Cedar.
The YTD September 2025 net cash outflow for financing activities was US$254.8 million (YTD September 2024: US$489.4 million), driven by dividend payments of US$150.5 million, US$75.5 million in lease repayments and net principal, interest and trade financing borrowings repayments of US$16.7 million.
Net leverage ratio decreased from 32.7% as of 31 December 2024, to 29.7% as of 30 September 2025 mainly due to lower lease liabilities after the exercise of the purchase options for BW Kizoku and BW Yushi.
7
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Revenue - Shipping | 279,975 | 220,419 | 757,538 | 778,867 | ||||||||||||
| Revenue - Product Services | 663,788 | 584,602 | 2,092,198 | 1,941,134 | ||||||||||||
| Cost of cargo and delivery expenses - Product Services | (666,944 | ) | (495,581 | ) | (2,046,912 | ) | (1,776,415 | ) | ||||||||
| Voyage expenses - Shipping | (86,532 | ) | (83,623 | ) | (268,695 | ) | (309,934 | ) | ||||||||
| Vessel operating expenses | (31,575 | ) | (20,286 | ) | (93,292 | ) | (62,869 | ) | ||||||||
| Time charter contracts (non-lease components) | (3,523 | ) | (4,925 | ) | (12,222 | ) | (14,589 | ) | ||||||||
| General and administrative expenses | (19,281 | ) | (10,864 | ) | (57,262 | ) | (45,460 | ) | ||||||||
| Charter hire expenses | 1,006 | - | - | (2,214 | ) | |||||||||||
| Fair value (loss)/gain from equity financial asset | - | - | (1,172 | ) | 1,326 | |||||||||||
| Finance lease income | 306 | 235 | 614 | 432 | ||||||||||||
| Other operating (expense)/income - net | (2,264 | ) | (1,414 | ) | (3,839 | ) | 949 | |||||||||
| Depreciation | (65,461 | ) | (49,184 | ) | (191,173 | ) | (144,701 | ) | ||||||||
| Amortisation of intangible assets | (52 | ) | (212 | ) | (313 | ) | (631 | ) | ||||||||
| Gain on disposal of vessels | - | - | 32,051 | 20,391 | ||||||||||||
| Loss on derecognition of right-of-use assets (vessels) | - | - | (289 | ) | - | |||||||||||
| Operating profit | 69,443 | 139,167 | 207,232 | 386,286 | ||||||||||||
| Foreign currency exchange gain/(loss) - net | 2,018 | 1,028 | 1,632 | (496 | ) | |||||||||||
| Interest income | 2,392 | 3,153 | 7,330 | 12,379 | ||||||||||||
| Interest expense | (12,947 | ) | (4,132 | ) | (40,854 | ) | (13,043 | ) | ||||||||
| Other finance expenses | (646 | ) | (646 | ) | (1,244 | ) | (2,009 | ) | ||||||||
| Finance expenses – net | (9,183 | ) | (597 | ) | (33,136 | ) | (3,169 | ) | ||||||||
| Profit before tax | 60,260 | 138,570 | 174,096 | 383,117 | ||||||||||||
| Income tax expense | (3,508 | ) | (18,105 | ) | (7,330 | ) | (27,979 | ) | ||||||||
| Profit after tax | 56,752 | 120,465 | 166,766 | 355,138 | ||||||||||||
| Other comprehensive income/(loss): | ||||||||||||||||
| Items that will not be reclassified to profit or loss: | ||||||||||||||||
| Equity investments at FVOCI | ||||||||||||||||
| - fair value (loss)/gain | (2,900 | ) | 1,330 | (8,792 | ) | (1,070 | ) | |||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||
| Cash flow hedges | ||||||||||||||||
| - fair value (loss)/gain | (3,146 | ) | 3,699 | (5,186 | ) | 56,027 | ||||||||||
| - reclassification to profit or loss | 988 | (7,655 | ) | (4,776 | ) | (10,960 | ) | |||||||||
| Currency translation reserve | 1,057 | 952 | 2,338 | 517 | ||||||||||||
| Other comprehensive (loss)/income, net of tax | (4,001 | ) | (1,674 | ) | (16,416 | ) | 44,514 | |||||||||
| Total comprehensive income | 52,751 | 118,791 | 150,350 | 399,652 | ||||||||||||
| Profit attributable to: | ||||||||||||||||
| Equity holders of the Company | 57,071 | 104,675 | 138,080 | 323,429 | ||||||||||||
| Non-controlling interests | (319 | ) | 15,790 | 28,686 | 31,709 | |||||||||||
| 56,752 | 120,465 | 166,766 | 355,138 | |||||||||||||
| Total comprehensive income: | ||||||||||||||||
| Equity holders of the Company | 52,856 | 102,847 | 121,213 | 367,854 | ||||||||||||
| Non-controlling interests | (105 | ) | 15,944 | 29,137 | 31,798 | |||||||||||
| 52,751 | 118,791 | 150,350 | 399,652 | |||||||||||||
| Earnings per share attributable to the equity holders of the Company: | ||||||||||||||||
| (expressed in US$ per share) | ||||||||||||||||
| Basic earnings per share | 0.38 | 0.79 | 0.91 | 2.44 | ||||||||||||
| Diluted earnings per share | 0.38 | 0.79 | 0.91 | 2.44 | ||||||||||||
8
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
| 30 September 2025 | 31 December 2024 | |||||||
| US$’000 | US$’000 | |||||||
| Intangible assets | 323 | 636 | ||||||
| Investment in joint venture | 301 | 301 | ||||||
| Equity financial assets, at fair value | 14,340 | 23,132 | ||||||
| Derivative financial instruments | 3,621 | 7,469 | ||||||
| Other receivables | 10,360 | 7,980 | ||||||
| Finance lease receivables | 12,170 | 2,882 | ||||||
| Deferred tax assets | 4,129 | 1,644 | ||||||
| Total other non-current assets | 44,921 | 43,408 | ||||||
| Vessels and dry docking | 2,394,003 | 2,381,821 | ||||||
| Right-of-use assets (vessels) | 103,842 | 216,272 | ||||||
| Other property, plant and equipment | 302 | 354 | ||||||
| Property, plant and equipment | 2,498,147 | 2,598,447 | ||||||
| Total non-current assets | 2,543,391 | 2,642,491 | ||||||
| Inventories | 124,876 | 76,706 | ||||||
| Trade and other receivables | 269,195 | 202,921 | ||||||
| Equity financial assets, at fair value | 1,597 | 2,769 | ||||||
| Derivative financial instruments | 64,912 | 74,571 | ||||||
| Finance lease receivables | 7,113 | 8,283 | ||||||
| Assets held-for-sale | 35,364 | 32,998 | ||||||
| Cash and cash equivalents | 293,104 | 279,681 | ||||||
| Total current assets | 796,161 | 677,929 | ||||||
| Total assets | 3,339,552 | 3,320,420 | ||||||
| Share capital | 619,868 | 619,868 | ||||||
| Treasury shares | (50,372 | ) | (48,387 | ) | ||||
| Other reserves | 658,293 | 667,756 | ||||||
| Retained earnings | 558,494 | 565,794 | ||||||
| 1,786,283 | 1,805,031 | |||||||
| Non-controlling interests | 146,471 | 132,463 | ||||||
| Total shareholders’ equity | 1,932,754 | 1,937,494 | ||||||
| Borrowings | 801,231 | 711,664 | ||||||
| Lease liabilities | 64,081 | 60,588 | ||||||
| Derivative financial instruments | - | 569 | ||||||
| Total non-current liabilities | 865,312 | 772,821 | ||||||
| Borrowings | 164,710 | 230,344 | ||||||
| Lease liabilities | 62,475 | 170,700 | ||||||
| Derivative financial instruments | 72,162 | 25,527 | ||||||
| Current income tax liabilities | 1,521 | 14,470 | ||||||
| Trade and other payables | 240,618 | 169,064 | ||||||
| Total current liabilities | 541,486 | 610,105 | ||||||
| Total liabilities | 1,406,798 | 1,382,926 | ||||||
| Total equity and liabilities | 3,339,552 | 3,320,420 | ||||||
9
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
| Attributable to equity holders of the Company | ||||||||||||||||||||||||||||||||||||||||||||
| Share capital | Treasury shares | Capital reserve | Hedging reserve | Share- based payment reserve | Currency translation reserve | Other reserves | Retained earnings | Total | Non-controlling interests | Total equity | ||||||||||||||||||||||||||||||||||
| 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 after tax | - | - | - | - | - | - | - | 138,080 | 138,080 | 28,686 | 166,766 | |||||||||||||||||||||||||||||||||
| Other comprehensive (loss)/income for the financial period | - | - | - | (9,962 | ) | - | 1,887 | (8,792 | ) | - | (16,867 | ) | 451 | (16,416 | ) | |||||||||||||||||||||||||||||
| Total comprehensive (loss)/income for the financial period | - | - | - | (9,962 | ) | - | 1,887 | (8,792 | ) | 138,080 | 121,213 | 29,137 | 150,350 | |||||||||||||||||||||||||||||||
| Share-based payment reserve | ||||||||||||||||||||||||||||||||||||||||||||
| - Value of employee services | - | - | - | - | 1,386 | - | - | - | 1,386 | - | 1,386 | |||||||||||||||||||||||||||||||||
| Share capital reduction of subsidiary | - | - | - | - | - | - | - | - | - | (4,965 | ) | (4,965 | ) | |||||||||||||||||||||||||||||||
| Purchases of treasury shares | - | (2,739 | ) | - | - | - | - | - | - | (2,739 | ) | - | (2,739 | ) | ||||||||||||||||||||||||||||||
| Share options exercised | - | 754 | - | - | (395 | ) | - | - | 165 | 524 | - | 524 | ||||||||||||||||||||||||||||||||
| Dividend paid | - | - | - | - | - | - | - | (139,317 | ) | (139,317 | ) | (11,185 | ) | (150,502 | ) | |||||||||||||||||||||||||||||
| Changes in interest in NCI | - | - | - | - | - | - | - | 185 | 185 | 1,021 | 1,206 | |||||||||||||||||||||||||||||||||
| Transfer to tonnage tax reserve | - | - | - | - | - | - | 6,413 | (6,413 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Total transactions with owners, recognised directly in equity | - | (1,985 | ) | - | - | 991 | - | 6,413 | (145,380 | ) | (139,961 | ) | (15,129 | ) | (155,090 | ) | ||||||||||||||||||||||||||||
| Balance at 30 September 2025 | 619,868 | (50,372 | ) | 649,654 | 3,873 | 3,570 | 1,460 | (264 | ) | 558,494 | 1,786,283 | 146,471 | 1,932,754 | |||||||||||||||||||||||||||||||
10
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (continued)
| Attributable to equity holders of the Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share capital | Share premium | Treasury shares | Contributed surplus | Capital reserve | Hedging reserve | Share- based payment reserve | Currency translation reserve | Other reserves | Retained earnings | Total | Non-controlling interests | Total 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 after tax | - | - | - | - | - | - | - | - | - | 354,296 | 354,296 | 40,572 | 394,868 | |||||||||||||||||||||||||||||||||||||||
| Other 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 of re-domiciliation | 285,853 | (285,853 | ) | - | (685,913 | ) | 685,913 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||
| Share-based payment reserve | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| - Value of employee services | - | - | - | - | - | - | 2,016 | - | - | - | 2,016 | - | 2,016 | |||||||||||||||||||||||||||||||||||||||
| Share capital reduction of subsidiary | - | - | - | - | - | - | - | - | - | - | - | (4,500 | ) | (4,500 | ) | |||||||||||||||||||||||||||||||||||||
| Purchases of treasury shares | - | - | (100 | ) | - | - | - | - | - | - | - | (100 | ) | - | (100 | ) | ||||||||||||||||||||||||||||||||||||
| Sale of treasury shares | - | - | 1,091 | - | - | - | - | - | - | - | 1,091 | - | 1,091 | |||||||||||||||||||||||||||||||||||||||
| Issue of new shares | 332,615 | - | - | - | - | - | - | - | - | - | 332,615 | - | 332,615 | |||||||||||||||||||||||||||||||||||||||
| Share options exercised | - | - | 7,060 | - | - | - | (3,342 | ) | - | - | (3,143 | ) | 575 | - | 575 | |||||||||||||||||||||||||||||||||||||
| Dividend paid | - | - | - | - | - | - | - | - | - | (388,461 | ) | (388,461 | ) | (21,657 | ) | (410,118 | ) | |||||||||||||||||||||||||||||||||||
| Changes in interest in NCI | - | - | - | - | - | - | - | - | - | (215 | ) | (215 | ) | 1,777 | 1,562 | |||||||||||||||||||||||||||||||||||||
| Transfer 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 | |||||||||||||||||||||||||||||||||||||
11
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Cash flows from operating activities | ||||||||||||||||
| Profit before tax | 60,260 | 138,570 | 174,096 | 383,117 | ||||||||||||
| Adjustments for: | ||||||||||||||||
| - amortisation of intangible assets | 52 | 212 | 313 | 631 | ||||||||||||
| - depreciation charge | 65,461 | 49,184 | 191,173 | 144,701 | ||||||||||||
| - gain on disposal of vessels | - | - | (32,051 | ) | (20,391 | ) | ||||||||||
| - fair value loss/(gain) from equity financial assets | - | - | 1,172 | (1,326 | ) | |||||||||||
| - interest income | (2,392 | ) | (3,153 | ) | (7,330 | ) | (12,379 | ) | ||||||||
| - interest expenses | 12,999 | 5,296 | 43,069 | 16,817 | ||||||||||||
| - other finance expenses | 646 | 903 | 1,244 | 2,792 | ||||||||||||
| - share-based payments | 448 | 567 | 1,386 | 1,639 | ||||||||||||
| - finance lease income | (306 | ) | (235 | ) | (614 | ) | (432 | ) | ||||||||
| - loss on derecognition of right-of-use assets | - | - | 289 | - | ||||||||||||
| 137,168 | 191,344 | 372,747 | 515,169 | |||||||||||||
| Changes in working capital: | ||||||||||||||||
| - inventories | (88,065 | ) | (43,972 | ) | (48,170 | ) | 74,083 | |||||||||
| - trade and other receivables | 78,532 | 2,761 | (71,126 | ) | 54,299 | |||||||||||
| - trade and other payables | (25,224 | ) | 15,868 | 75,648 | (89,163 | ) | ||||||||||
| - derivative financial instruments | 26,069 | (64,500 | ) | 49,611 | (81,988 | ) | ||||||||||
| - margin account held with broker | 16,902 | (42,113 | ) | 31,024 | 51,973 | |||||||||||
| Total changes in working capital | 8,214 | (131,956 | ) | 36,987 | 9,204 | |||||||||||
| Taxes paid | (16,584 | ) | (4,873 | ) | (19,975 | ) | (11,428 | ) | ||||||||
| Net cash from operating activities | 128,798 | 54,515 | 389,759 | 512,945 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||||
| Deposit for vessel acquisition held in escrow | - | (82,200 | ) | - | (82,200 | ) | ||||||||||
| Additions in property, plant and equipment | (11,655 | ) | 181 | (169,261 | ) | (1,640 | ) | |||||||||
| 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 | 1,713 | 1,956 | 5,787 | 5,926 | ||||||||||||
| Interest received | 2,698 | 3,388 | 7,944 | 12,811 | ||||||||||||
| Sale of equity financial assets, at fair value | - | - | - | 2,343 | ||||||||||||
| Net cash used in investing activities | (7,244 | ) | (76,675 | ) | (90,481 | ) | (27,822 | ) | ||||||||
12
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (continued)
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Cash flows from financing activities | ||||||||||||||||
| Proceeds from borrowings | 223,629 | 16,988 | 945,097 | 34,064 | ||||||||||||
| Payment of financing fees | (1,618 | ) | - | (4,408 | ) | - | ||||||||||
| Repayments of bank borrowings | (290,040 | ) | (19,974 | ) | (911,028 | ) | (118,312 | ) | ||||||||
| Payment of lease liabilities | (25,149 | ) | (25,858 | ) | (75,455 | ) | (74,151 | ) | ||||||||
| Interest paid | (13,267 | ) | (5,811 | ) | (42,985 | ) | (17,759 | ) | ||||||||
| Other finance expense paid | (646 | ) | (903 | ) | (1,244 | ) | (2,792 | ) | ||||||||
| Purchase of treasury shares | - | - | (2,739 | ) | (100 | ) | ||||||||||
| Sale of treasury shares | - | - | - | 1,091 | ||||||||||||
| Drawdown of trust receipts | 521,599 | 565,397 | 1,666,889 | 1,642,241 | ||||||||||||
| Repayment of trust receipts | (514,888 | ) | (499,810 | ) | (1,674,666 | ) | (1,601,972 | ) | ||||||||
| Dividend payment | (33,295 | ) | (76,709 | ) | (139,317 | ) | (326,848 | ) | ||||||||
| Dividend payment to non-controlling interests | - | (7,568 | ) | (11,185 | ) | (21,657 | ) | |||||||||
| Contribution from non-controlling interests | 1,175 | 1,297 | 1,175 | 1,297 | ||||||||||||
| Capital return to non-controlling interests | - | - | (4,965 | ) | (4,500 | ) | ||||||||||
| Net cash used in financing activities | (132,500 | ) | (52,951 | ) | (254,831 | ) | (489,398 | ) | ||||||||
| Net (decrease)/increase in cash and cash equivalents | (10,946 | ) | (75,111 | ) | 44,447 | (4,275 | ) | |||||||||
| Cash and cash equivalents at beginning of the financial period | 287,293 | 232,873 | 231,900 | 162,037 | ||||||||||||
| Cash and cash equivalents at end of the financial period | 276,347 | 157,762 | 276,347 | 157,762 | ||||||||||||
For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:
| 30 Sep 2025 | 30 Sep 2024 | |||||||
| US$’000 | US$’000 | |||||||
| Cash and cash equivalents per consolidated balance sheet | 293,104 | 313,497 | ||||||
| Less: Deposit for vessel acquisition held in escrow | - | (82,200 | ) | |||||
| Less: Margin account held with broker | (16,757 | ) | (73,535 | ) | ||||
| Cash and cash equivalents per consolidated statement of cash flows | 276,347 | 157,762 | ||||||
13
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 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. For the Product Services segment, gross profit is reflected as Gross profit – Product Services. Operating segment disclosures are consistent with the information reviewed by the Management.
Segment performance is presented below:
Shipping | Product Services | Inter-segment elimination | Total | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Q3 2025 | ||||||||||||||||
| Revenue from spot voyages | 192,099 | - | - | 192,099 | ||||||||||||
| Inter-segment revenue | 13,359 | - | (13,359 | ) | - | |||||||||||
| Voyage expenses | (86,532 | ) | - | - | (86,532 | ) | ||||||||||
| Inter-segment expense | (5,052 | ) | - | 5,052 | - | |||||||||||
| Net income from spot voyages | 113,874 | - | (8,307 | ) | 105,567 | |||||||||||
| Revenue from time charter voyages | 87,876 | - | - | 87,876 | ||||||||||||
| TCE income - Shipping 1 | 201,750 | - | (8,307 | ) | 193,443 | |||||||||||
| Revenue from Product Services | - | 663,788 | - | 663,788 | ||||||||||||
| Inter-segment revenue | - | 5,052 | (5,052 | ) | - | |||||||||||
| Cost of cargo and delivery expenses | - | (666,944 | ) | - | (666,944 | ) | ||||||||||
| Inter-segment cost | - | (13,359 | ) | 13,359 | - | |||||||||||
| Depreciation | - | (12,123 | ) | - | (12,123 | ) | ||||||||||
| Gross (loss)/profit - Product Services 2 | - | (23,586 | ) | 8,307 | (15,279 | ) | ||||||||||
| Segment results | 201,750 | (23,586 | ) | - | 178,164 | |||||||||||
| YTD September 2025 | ||||||||||||||||
| Revenue from spot voyages | 529,649 | - | - | 529,649 | ||||||||||||
| Inter-segment revenue | 43,484 | - | (43,484 | ) | - | |||||||||||
| Voyage expenses | (268,695 | ) | - | - | (268,695 | ) | ||||||||||
| Inter-segment expense | (19,251 | ) | - | 19,251 | - | |||||||||||
| Net income from spot voyages | 285,187 | - | (24,233 | ) | 260,954 | |||||||||||
| Revenue from time charter voyages | 227,889 | - | - | 227,889 | ||||||||||||
| TCE income - Shipping 1 | 513,076 | - | (24,233 | ) | 488,843 | |||||||||||
| Revenue from Product Services | - | 2,092,198 | - | 2,092,198 | ||||||||||||
| Inter-segment revenue | - | 19,251 | (19,251 | ) | - | |||||||||||
| Cost of cargo and delivery expenses | - | (2,046,912 | ) | - | (2,046,912 | ) | ||||||||||
| Inter-segment cost | - | (43,484 | ) | 43,484 | - | |||||||||||
| Depreciation | - | (33,450 | ) | - | (33,450 | ) | ||||||||||
| Gross (loss)/profit - Product Services 2 | - | (12,397 | ) | 24,233 | 11,836 | |||||||||||
Segment results | 513,076 | (12,397 | ) | - | 500,679 | |||||||||||
| 1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission. |
| 2 | Gross profit - Product Services represents the net trading
results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation
from Product Services’ leased in vessels. |
14
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
Segment information (continued)
Shipping | Product Services | Inter-segment elimination | Total | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Q3 2024 | ||||||||||||||||
| Revenue from spot voyages | 167,961 | - | - | 167,961 | ||||||||||||
| Inter-segment revenue | 18,818 | - | (18,818 | ) | - | |||||||||||
| Voyage expenses | (83,622 | ) | - | - | (83,622 | ) | ||||||||||
| Inter-segment expense | (10,111 | ) | - | 10,111 | - | |||||||||||
| Net income from spot voyages | 93,046 | - | (8,707 | ) | 84,339 | |||||||||||
| Revenue from time charter voyages | 52,458 | - | - | 52,458 | ||||||||||||
| TCE income - Shipping 1 | 145,504 | - | (8,707 | ) | 136,797 | |||||||||||
| Revenue from Product Services | - | 584,602 | - | 584,602 | ||||||||||||
| Inter-segment revenue | - | 10,111 | (10,111 | ) | - | |||||||||||
| Cost of cargo and delivery expenses | - | (495,581 | ) | - | (495,581 | ) | ||||||||||
| Inter-segment cost | - | (18,818 | ) | 18,818 | - | |||||||||||
| Depreciation | - | (8,638 | ) | - | (8,638 | ) | ||||||||||
| Gross profit - Product Services 2 | - | 71,676 | 8,707 | 80,383 | ||||||||||||
| Segment results | 145,504 | 71,676 | - | 217,180 | ||||||||||||
| YTD September 2024 | ||||||||||||||||
| Revenue from spot voyages | 642,519 | - | - | 642,519 | ||||||||||||
| Inter-segment revenue | 55,121 | - | (55,121 | ) | - | |||||||||||
| Voyage expenses | (309,934 | ) | - | - | (309,934 | ) | ||||||||||
| Inter-segment expense | (43,988 | ) | - | 43,988 | - | |||||||||||
| Net income from spot voyages | 343,718 | - | (11,133 | ) | 332,585 | |||||||||||
| Revenue from time charter voyages | 136,348 | - | - | 136,348 | ||||||||||||
| Inter-segment revenue | 562 | - | (562 | ) | - | |||||||||||
| TCE income - Shipping 1 | 480,628 | - | (11,695 | ) | 468,933 | |||||||||||
| Revenue from Product Services | - | 1,941,134 | - | 1,941,134 | ||||||||||||
| Inter-segment revenue | - | 43,988 | (43,988 | ) | - | |||||||||||
| Cost of cargo and delivery expenses | - | (1,776,415 | ) | - | (1,776,415 | ) | ||||||||||
| Inter-segment cost | - | (55,683 | ) | 55,683 | - | |||||||||||
| Depreciation | - | (23,589 | ) | - | (23,589 | ) | ||||||||||
| Gross profit - Product Services 2 | - | 129,435 | 11,695 | 141,130 | ||||||||||||
| Segment results | 480,628 | 129,435 | - | 610,063 | ||||||||||||
| 1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission. |
| 2 | Gross profit - Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels. |
15
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
Segment information (continued)
Reconciliation of segment results:
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Total segment results for reportable segments | 178,164 | 217,180 | 500,679 | 610,063 | ||||||||||||
| Vessel operating expenses | (31,575 | ) | (20,286 | ) | (93,292 | ) | (62,869 | ) | ||||||||
| Time charter contracts (non-lease components) | (3,523 | ) | (4,925 | ) | (12,222 | ) | (14,589 | ) | ||||||||
| General and administrative expenses | (19,281 | ) | (10,864 | ) | (57,262 | ) | (45,460 | ) | ||||||||
| Charter hire expenses | 1,006 | - | - | (2,214 | ) | |||||||||||
| Fair value (loss)/gain from equity financial asset | - | - | (1,172 | ) | 1,326 | |||||||||||
| Finance lease income | 306 | 235 | 614 | 432 | ||||||||||||
| Other operating (expense)/income - net | (2,264 | ) | (1,414 | ) | (3,839 | ) | 949 | |||||||||
| Depreciation - Shipping segment | (53,338 | ) | (40,547 | ) | (157,723 | ) | (121,112 | ) | ||||||||
| Amortisation | (52 | ) | (212 | ) | (313 | ) | (631 | ) | ||||||||
| Gain on disposal of vessels | - | - | 32,051 | 20,391 | ||||||||||||
| Loss on derecognition of right-of-use assets (vessels) | - | - | (289 | ) | - | |||||||||||
| Operating profit | 69,443 | 139,167 | 207,232 | 386,286 | ||||||||||||
| Finance (expense)/income – net | (9,183 | ) | (597 | ) | (33,136 | ) | (3,169 | ) | ||||||||
| Income tax expense | (3,508 | ) | (18,105 | ) | (7,330 | ) | (27,979 | ) | ||||||||
| Profit after tax | 56,752 | 120,465 | 166,766 | 355,138 | ||||||||||||
Investment in subsidiaries
Set out below are the summarised financial information for the Group’s subsidiaries, BW LPG India Pte. Ltd. (“BW LPG India”) and BW LPG Product Services Pte. Ltd (“BW Product Services”), which have non-controlling interests that are material to the Group. These are presented before inter-company eliminations.
Summarised balance sheet:
| BW LPG India | BW Product Services | |||||||||||||||
| 30 September 2025 | 31 December 2024 | 30 September 2025 | 31 December 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Assets | ||||||||||||||||
| Current assets | 151,711 | 63,581 | 350,439 | 417,096 | ||||||||||||
| Includes | ||||||||||||||||
| Cash and cash equivalents | 110,477 | 19,443 | 49,392 | 175,882 | ||||||||||||
| Non-current assets | 372,018 | 278,287 | 97,847 | 92,115 | ||||||||||||
| Liabilities | ||||||||||||||||
| Current liabilities | 37,025 | 28,371 | 366,362 | 328,769 | ||||||||||||
| Includes | ||||||||||||||||
| Borrowings | 28,727 | 23,927 | 126,123 | 137,425 | ||||||||||||
| Non-current liabilities (Borrowings) | 186,834 | 76,443 | 51,911 | 50,748 | ||||||||||||
| Net assets | 299,870 | 237,054 | 30,013 | 129,694 | ||||||||||||
16
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
Investment in subsidiaries (continued)
Summarised statement of comprehensive income:
| BW LPG India | BW Product Services | |||||||||||||||
| Q3 2025 | Q3 2024 | Q3 2025 | Q3 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$,000 | |||||||||||||
| TCE income – Shipping | 33,208 | 32,880 | - | - | ||||||||||||
| Revenue from Product Services | - | - | 668,840 | 594,713 | ||||||||||||
| Cost of cargo and delivery expenses | - | - | (680,303 | ) | (514,399 | ) | ||||||||||
| Vessel operating expense | (5,960 | ) | (5,517 | ) | - | - | ||||||||||
| Depreciation and amortisation | (8,309 | ) | (8,823 | ) | (12,149 | ) | (8,664 | ) | ||||||||
| Finance expense | (1,197 | ) | (2,242 | ) | 223 | (498 | ) | |||||||||
| Other expenses – net | (6,916 | ) | (4,299 | ) | (6,135 | ) | (12,630 | ) | ||||||||
| Net profit/(loss) after tax | 10,826 | 11,999 | (29,524 | ) | 58,522 | |||||||||||
| Other comprehensive income (currency translation effects) | - | - | 1,057 | 952 | ||||||||||||
| Total comprehensive income/(loss) | 10,826 | 11,999 | (28,467 | ) | 59,474 | |||||||||||
| Total comprehensive income/(loss) allocated to non-controlling interests | 5,153 | 5,712 | (5,257 | ) | 10,111 | |||||||||||
| BW LPG India | BW Product Services | |||||||||||||||
| YTD Sep 2025 | YTD Sep 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$,000 | |||||||||||||
| TCE income – Shipping | 95,625 | 92,914 | - | - | ||||||||||||
| Revenue from Product Services | - | - | 2,111,449 | 1,985,122 | ||||||||||||
| Cost of cargo and delivery expenses | - | - | (2,090,396 | ) | (1,832,098 | ) | ||||||||||
| Vessel operating expense | (15,815 | ) | (17,330 | ) | - | - | ||||||||||
| Depreciation and amortisation | (24,146 | ) | (26,862 | ) | (33,528 | ) | (23,667 | ) | ||||||||
| Gain on disposal of vessels | 32,051 | - | - | - | ||||||||||||
| Finance (expense)/income - net | (3,495 | ) | (7,306 | ) | 766 | (402 | ) | |||||||||
| Other expenses – net | (9,990 | ) | (7,553 | ) | (24,646 | ) | (33,688 | ) | ||||||||
| Net profit after tax | 74,230 | 33,863 | (36,355 | ) | 95,267 | |||||||||||
| Other comprehensive income (currency translation effects) | - | - | 2,338 | 517 | ||||||||||||
| Total comprehensive income/(loss) | 74,230 | 33,863 | (34,017 | ) | 95,784 | |||||||||||
| Total comprehensive income/(loss) allocated to non-controlling interests | 35,334 | 16,119 | (6,197 | ) | 15,679 | |||||||||||
17
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 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 – Shipping per 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, 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 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 three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| TCE income – Shipping (US$’000) | 201,750 | 145,504 | 513,076 | 480,628 | ||||||||||||
| Calendar days (total) | 4,140 | 3,128 | 12,329 | 9,360 | ||||||||||||
| TCE income – Shipping per calendar day (total) (US$) | 48,730 | 46,520 | 41,620 | 51,350 | ||||||||||||
18
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
APPENDIX - Non-IFRS financial measures (continued)
TCE income – Shipping per 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 three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| TCE income – Shipping (US$’000) | 201,750 | 145,504 | 513,076 | 480,628 | ||||||||||||
| Available days | 3,934 | 3,108 | 11,853 | 9,134 | ||||||||||||
| TCE income – Shipping per available days (US$) | 51,280 | 46,820 | 43,290 | 52,620 | ||||||||||||
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, sale of assets held-for-sale 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).
The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Net cash from operating activities | 128,798 | 54,515 | 389,759 | 512,945 | ||||||||||||
| Deposit for vessel acquisition held in escrow | - | (82,200 | ) | - | (82,200 | ) | ||||||||||
| Additions in property, plant and equipment | (11,655 | ) | 181 | (169,261 | ) | (1,640 | ) | |||||||||
| Additions in intangible assets | - | - | - | (237 | ) | |||||||||||
| Proceeds from sale of vessels | - | - | 65,049 | 65,337 | ||||||||||||
| Adjusted free cash flow | 117,143 | (27,504 | ) | 285,547 | 494,205 | |||||||||||
19
BW LPG Limited
Interim Financial Report (Unaudited)
Q3 2025 and YTD September 2025
APPENDIX - Non-IFRS financial measures (continued)
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 three-month and nine-month periods ended 30 September 2025 and 2024 is provided below.
| Q3 2025 | Q3 2024 | YTD Sep 2025 | YTD Sep 2024 | |||||||||||||
| Operating profit (US$’000) | 69,443 | 139,167 | 207,232 | 386,286 | ||||||||||||
| Average of the total shareholders’ equity (US$’000)(1) | 1,922,200 | 1,619,100 | 1,935,124 | 1,611,734 | ||||||||||||
| Average of the total borrowings (US$’000)(1) | 995,752 | 336,386 | 953,975 | 389,889 | ||||||||||||
| Average of the total lease liabilities (US$’000)(1) | 117,403 | 189,779 | 178,922 | 196,307 | ||||||||||||
| Capital employed (US$’000) | 3,035,355 | 2,145,265 | 3,068,021 | 2,197,930 | ||||||||||||
| ROCE | 2.3 | % | 6.5 | % | 6.8 | % | 17.6 | % | ||||||||
| ROCE (annualised) | 9.2 | % | 25.9 | % | 9.0 | % | 23.4 | % | ||||||||
| (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.
20
Exhibit 99.3
Q3 2025 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 2 December 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 3 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 Q3 2025 Q3 2025 highlights and market outlook Market overview Company performance Q&A
Q3 performance • TCE income – Shipping Q3 2025 was US$ 51,300 per available day and US$48,700 per calendar day, supported by our time charter coverage of 44% of available days at US $51,200 per day • Q3 2025 profit after tax was US$57 million , and the profit attributable to equity holders of the company was US$57 million representing an earnings per share of US$0.38 • BW Product Services reported a US$23 million gross loss and a loss after tax of US$ 29 million for this quarter Continued dividend distribution • The company declared a Q3 cash dividend of $0.40 per share, equivalent to 75% of Shipping NPAT 1 Q3 2025 in line with the dividend policy Dry dock program increases offhire days • In Q3 2025, 1 6 8 days were related to vessels being in dry dock • A total of 121 days are expected to be off - hire due to dry - docking in Q4 • For 2026, the company will have a total of 13 vessels scheduled for dry docking Other subsequent events • Two ship financing facilities were voluntarily cancelled in October and November 2025 on the back of strong liquidity, leading to the repayment of US$36 million term loan and reduction of US$216 million in available revolving credit facilities Q3 2025 highlights Return to shareholders $ 0.40 Dividend per share 2 13% Annualised dividend yield 3 12 % ROE (annualised) 75% Q3 2025 payout ratio Shipping NPAT 3 Financial performance $ 57M Net profit after tax $ 855M Available liquidity $ 0.38 Earnings per share 29.7% Net leverage ratio Commercial performance $ 51,300 TCE income – Shipping per available day $48,700 TCE income – Shipping per calendar day 92% Fleet utilisation 5 % Technical offhire 4 1. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q3 2025: US$57.1 million, excluding BW LPG's s har e of BW PS' net loss after tax Q3 2025 of US$24.1 million. 2. For shares registered with Euronext Securities Oslo, dividend per share is NOK 4.0474 3. Based on $12.7/share as of 28 November 2025
Market outlook Underlying fundamentals remain robust • The current VLGC fleet consists of 413 ships • 11 VLGCs have been delivered this year, with 1 more to be delivered before the end of the year • VLGC orderbook currently consists of 108 ships, with 2027 seeing the highest number of deliveries LPG exports US / Middle East LPG export fundamentals are expected to remain sound even as fleet inefficiencies dissipate alongside reduced trade tensions. Additional export capacity, new gas projects and ongoing constraints in the Panama Canal will likely support VLGC earnings Trading inefficiencies VLGC global fleet Panama v. Cape routing FFA market • US LPG export growth is expected to continue driven by higher NGL content in the Permian basin and new US Gulf export termina ls • Stable OPEC+ production as well as new gas projects will lend support to Middle East LPG exports going forward • Overall trading inefficiencies are likely to diminish somewhat following reduced trade tensions between USA and China • Vessel repositioning could however trigger a period of reduced tonnage availability in the near term • More container vessels have been using the Panama Canal this year, diverting VLGCs around the Cape of Good Hope • Higher traffic from container vessels, VLGCs and VLECs will likely push a growing portion of VLGCs out of the canal in coming ye ars • The Ras Tanura - Chiba FFA market for the FY 2026 is currently reflecting earnings slightly above US$45,000 per day, albeit with limited liquidity 5
Agenda Q3 2025 highlights and market outlook Market overview Company performance Q&A Q3 2025
$ 30k/day $ 40k/day $ 50k/day $ 60k/day $ 70k/day $ 80k/day Aug-25 Sep-25 Oct-25 Nov-25 High headline rates, but limited fixing activity VLGC freight market reactions to geopolitical events in Q3/Q4 7 Middle East – Far East BLPG1 US – Far East BLPG3 LPG prices rebalancing Chinese tariff retaliation to Trump’s 100% tariff threat on imports from China Chinese retaliatory port fees Redirected Chinese VLGCs to AG Reduced number of VLGCs calling at US ports USTR formed a two - tier VLGC market dynamic Reduced Middle East LPG price in response to the India tender for US sourced LPG Saudi LPG contract price cut disrupted voyage economics Saudi LPG price Chinese LPG imports from the US set to rise as trade tariffs and port fees pause for one year US - China trade truce boosts Far East LPG sentiment ~$57,000/d ~$55,000/d TCE spot rates ($k/day)
Changing LPG import dynamics 8 India has been the main driver for import growth so far in 2025 Note: Imports include million tons of LPG carried on VLGCs only. Imports from regions other than Middle East and North Americ a a re omitted Far East: 0% Far East imports flat • Highest growth among the major LPG importers • Growing end user demand with stable domestic production • Imports are mainly sourced from the Middle East, but some volumes are still arriving from the USA India imports up 8% y/y • Limited growth largely due to staggered China imports • China has taken a higher share of Middle East volumes due to trade tensions • High PDH run rates to support import recovery in China Southeast Asia pivoted to N. America • North American volumes have replaced Middle East volumes during periods of trade tensions • Propane pricing strategy from Middle East conducive to regaining market share in Asia 0 0 0LGGOH(DVW 1RUWK$PHULFD 11.8 11.4 1.3 9M24 9M25 5.5 3.6 3.0 5.2 9M24 9M25 India: +8% Southeast Asia: +4% China: - 2% 10.9 13.3 13.1 10.1 9M24 9M25 11.6 14.1 25.1 22.5 9M24 9M25
Export growth story to continue 9 Terminal expansions and gaseous drilling wells lifting LPG exports • Permian crude oil wells are becoming more gaseous • Gas production set to grow twice as fast as annual crude oil • Gas production remains steadier than oil production Permian basin growth points to strong LPG production N. American terminal expansion plans Mtpa Permian oil is becoming more gaseous LPG exports forecasts Mt (VLGC only) Source: Company filings, Targa Resources Investor Presentation, NGLS 52 57 61 66 69 38 40 41 46 49 2023 2024 2025F 2026F 2027F North America Middle East 1. 2024 LPG export capacity is defined as the total LPG export across all vessel sizes from North America (including US and C ana da) ET , 7 Targa , 0.6 Enterprise 9 Enterprise 11 AltaGas , 1.6 AltaGas , 0.7 Targa , 4 ONEOK 12 50 60 70 80 90 100 110 120 2024 2025 2026 2027 2028 LPG LPG/Ethane flexible N. America 1 68
Panama Canal 10 Remains a major driver for fleet inefficiency • Container transits have fluctuated strongly in 2025 • This in turn has caused capacity issues and led to more VLGCs ballasting around Cape of Good Hope • Auction fees have also seen significant volatility in times of limited slot availability Fluctuating container traffic is driving canal congestion • Ballasting VLGCs are most sensitive to canal congestion • Recently, even laden usage by VLGCs has been dropping Canal congestion is diverting VLGCs around Cape of Good Hope 0 2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Container VLGC LNG Bulk Other Capacity Panama Canal transits Transits/day, new locks 60% 70% 80% 90% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Laden Ballast VLGC usage of the Panama Canal US – Far East route Sources: Clarksons , Anfil
69% 16% 5% 10% 0-15 years 15-20 years 20-25 years 25 years + Current VLGC dual - fuel newbuild price 2 VLGC fleet and newbuildings 11 Only one more VLGC to be delivered in 2025, with staggered fleet growth for most of 2026 Quarterly delivery schedule # of VLGCs VLGC fleet age profile and newbuilding market 413 total VLGC fleet 1 ~$116M VLGC delivery year for newbuild contracts Total orderbook number 108 VLGC newbuilds ordered in 2H25 1 2027 - 28 1. Total VLGC fleet on water (not including orderbook) 2. 88 - 91k dual - fuel non - ammonia capacity VLGC Sources: BW LPG, Clarksons 14 4 3 3 2 2 6 1 1 5 11 4 7 10 10 12 13 9 7 4 1 3 1 1 4 2 1 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 Q3 2025 Q3 2025 highlights and market outlook Market overview Company performance Q&A
13 Achieved 92% utilisation generating TCE income – Shipping of $51,300 per available day 2025 Q3 performance Guidance Q4 2025 • Fixed ~91% of our available fleet days at an average rate of ~$47,000 per day 4 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 5% 95% TCE income by calendar days $48,700/ day 1 Technical Offhire Available days 44% 53% TCE income by available days $51,300/ day 2 $ 51,4 00 2 (incl. waiting time and FFA) Spot $ 55,6 00 3 (excl. waiting time and FFA) Waiting 3% Time Charter $51, 2 00 5 4. Discharge to discharge basis 5. Time charter includes fixed and variable rate 6. Amount < 1% FY 2026 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $43,600 $2 0% 6 TC out – Fixed rate $43,000 ($2) 0% 6 TC in - Net $43,600 $182 30% Remaining TC out – Fixed rate Shipping – Performance FY 2026 Charter portfolio • 30 % covered by fixed rate TC out at $ 43,600 per day • 5 % covered by FFA hedges at avg. of $ 47,500 per day
58.0 15.0 (32.0) (6.0) (5.0) 30.0 35.0 Net assets Q2 2025 Realised positions MTM change in unrealised cargo MTM change in unrealised paper Other expenses Net assets Q3 2025 Unrealised physical shipping Product Services - Performance 14 Continued positive realised results under turbulent market conditions as a result of effective risk management 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, ~$ 0.1 M effects relating to currency translation of foreign operations which is not part of Net profit/loss Q3 2025 performance Book equity US$M 2 Net asset value end of Q3 Average VAR BW LPG VLGC cargoes lifted by BW PS Gross loss 1 Net loss Net Loss: ($29m) Currency translation: $1m
$48,700 Q3 2025 Daily TCE Income $9,300 Q3 2025 Daily OPEX FY 2025 Operating cash breakeven 8 $19,400 Owned $21,300 Total fleet $24,600 FY 2025 All - in cash breakeven 9 Income statement $57 Profit after tax $57 Profit to equity holders $0.38 Earnings per share 1 $0.40 Dividends per share 2 Balance sheet $3,340 Total assets $1,407 Total liabilities $1,933 Total shareholders’ equity 11% Earnings Yield 3 (annualised) 13% Dividend Yield 4 (annualised) 12% ROE 5 (annualised) 9% ROCE 6 (annualised) 29.7% Net leverage ratio 7 0.15 1.91 1.46 0.09 0.85 0.84 0.56 1.28 3.46 2.42 0.90 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. For shares registered with Euronext Securities Oslo, dividend per share is NOK 4 . 0474 3. Earnings yield : EPS divided by the share price at the end of the period in USD terms 4. Dividend yield : Based on $ 12 . 7 /share as of 28 November 2025 5. 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 . 6. 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 . 7. 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 8. Operating cash breakeven : Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet 9. All - in cash breakeven : Operating cash breakeven including capex (maintenance and drydock) Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q3 2025 US$ million Financial ratios Q3 2025 Dividends per share US$ Shipping per day statistics US$/day 15
86 81 81 79 628 0 100 200 300 400 500 600 700 800 900 1,000 2025 2026 2027 2028 2029 onwards US$ million $796M Trade Finance Facilities - o/s $66M Revolving Credit Facilities (RCF) - o/s $212M $221M ECA - o/s $36M $215M Term Loan - o/s $215M $380M Term Loan - o/s $240M JOLCO - o/s $62M Sale & Leaseback - o/s $124M JOLCO (o/s $62M) $791M Revolving Credit Facilities (RCF) Drawn RCF (o/s $212M) Letter of credit $87M Drawndown $66M $796M Trade Finance Facilities Total Available Liquidity 855 Undrawn RCF ² 579 Cash ¹ 276 Financing structure and repayment profile Ample liquidity of $855M with long - dated repayment profile 1. Cash presented excludes $17M held in broker margin accounts 2. $216M of undrawn RCF has since been voluntarily cancelled on 9 Oct 2025 Liquidity profile (US$M) As of 30 September 2025 Repayment profile Ship financing ³ structure Trade financing structure 4 16 3. Excludes other lease liabilities, capitalised fees, and interest payable, as of 30 Sep 2025 4. $221M ECA has since been voluntarily terminated on 3 Nov 2025
Agenda Q3 2025 Q3 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 Q3 2025
BW LPG 100% ownership 51 VLGCs and 3 LGCs operated by BW LPG 21 1. Vessels with scrubbers installed 2. LGC (Large Gas Carrier) 3. Bareboat charter As of November 2025 Vessels with dual - fuel propulsion technology Vessels retrofitted with scrubber technology Vessels on compliant fuels 18 14 22 28 BW LPG Time charter/bareboat in 7 BW LPG India 52% ownership 9 Operated 10 Shipyard Year Name Jiangnan 2015 BW Chinook Jiangnan Kawasaki S.C. 2015 2011 BW Pampero BW Pine DSME 2008 BW Lord 5 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 Product Services Hyundai H.I. 2017 Vega Sea 4 Product Services Hyundai H.I. 2017 Vega Star 4 Product Services Hyundai H.I. 2009 Denver 2 Product Services Hyundai H.I. 2009 Helsinki 2 Product Services Hyundai H.I. 2009 Tokyo 2 Shipyard Year Name DSME 2023 BW Avior DSME 2023 BW Rigel Mitsubishi H.I. 2020 BW Yushi 1 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 Hyundai H.I. 2015 BW Orion Hyundai H.I. 2015 BW Libra Hyundai H.I. 2015 BW Leo Hyundai H.I. 2015 BW Gemini Hyundai H.I. 2015 BW Carina 1 Jiangnan 2015 BW Levant 1 Jiangnan 2015 BW Breeze 1 Jiangnan 2015 BW Sirocco 1 Jiangnan 2015 BW Passat 1 Jiangnan 2015 BW Mistral 1 Jiangnan 2015 BW Monsoon 1 Hyundai H.I. 2014 BW Aries 1 Shipyard Year Name DSME 2022 BW Capella 3 DSME 2022 BW Polaris 3 Hyundai H.I. 2017 Oriental King Mitsubishi H.I. 2017 Doraji Gas Mitsubishi H.I. 2010 BW Kyoto 3 Hyundai H.I. 2006 Berge Nantong Hyundai H.I. 2006 Berge Ningbo 4. Panamax 5. BW Lord to be delivered in December 2025 to new owners
FY 2026 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $43,600 $2 0% 3 TC out - Fixed rate $43,000 ($2) 0% 3 TC in - Net $43,600 $182 30% Remaining TC out - Fixed rate VLGC charter portfolio overview 22 Fixed rate time charter out coverage for 2026 at 30% with an average rate of $43,600 per day Time charter - out – Fixed rate US$ 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 3. Amount < 1% Time charter - in 2026 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 Quarterly Yearly Yearly Yearly Quarterly 2 Time charter - out % TC days - Fixed rate 1 $17 $17 $16 $13 $2 25% 13% 12% 10% 1% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $64 $2 12% 0% 2025 2026 $55 $61 $66 $60 $55 $49 $44 $38 33% 35% 36% 34% 36% 32% 28% 25% 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $242 $184 34% 30% 2025 2026 $43.1 $44.8 $47.3 $45.1 $43.9 $43.7 $43.4 $43.2 $30.3 $32.5 $33.8 $34.2 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 4Q 26 $45.1 $43.6 $32.5 2025 2026
2026E 2025E Q4 2025E Q3 2025A Q2 2025A Q1 2025A 14,235 14,445 3,680 3,680 3,567 3,518 Owned days 49 1,957 393 460 528 576 Time charter in days 14,284 16,402 4,073 4,140 4,095 4,094 Total calendar days 322 618 142 206 166 104 Offhire * 13,962 15,784 3,931 3,934 3,929 3,990 Total available days (Net of offhire ) 8,947 8,668 2,149 2,216 2,116 2,279 Spot days (Net of offhire ) 4,232 5,356 1,325 1,312 1,362 1,265 Time charter out days (Net of offhire ) - Fixed rate 783 1,760 457 406 451 446 Time charter out days (Net of offhire ) - Variable rate 64% 55% 55% 56% 54% 57% % Spot days 30% 34% 33% 34% 35% 32% % TC days - Fixed rate 6% 11% 12% 10% 11% 11% % TC days - Variable rate TCE rates - - - $51,400 $35,600 $39,100 Spot $43,600 $45,100 $45,100 $47,300 $44,800 $43,100 Time charter out – Fixed rate - - - $51,300 $38,800 $39,800 VLGC TCE rate (Net of offhire ) Shipping segment charter portfolio 2025 - 2026 23 Fixed rate time charter out contract coverage stands at 30 % for 2026 (as of 14 Nov 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 *In years when a vessel does not have planned dry docking, an offhire of 3 days per vessel per year is assumed
2026E 2025E Q4 2025E Q3 2025A Q2 2025A Q1 2025A 2,920 2,867 828 728 637 674 Owned days - - - - - - Time charter in days 2,920 2,867 828 728 637 674 Total calendar days 76 172 88 84 - - Offhire * 2,844 2,695 740 644 637 674 Total available days (Net of offhire ) 1,728 481 247 120 94 20 Spot days (Net of offhire ) 1,116 2,214 493 524 543 654 Time charter out days (Net of offhire ) 61% 18% 33% 19% 15% 3% % Spot days 39% 82% 67% 81% 85% 97% % TC days TCE rates - - - $64,400 $54,200 $57,700 Spot $45,900 $47,700 $48,300 $48,500 $47,300 $46,700 Time charter out - - - $51,700 $48,300 $47,000 VLGC TCE rate (Net of offhire ) BW LPG India charter portfolio 2025 - 2026 24 Time charter out contract coverage stands at 39% for 2026 (as of 14 Nov 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
0.53 0.52 0.51 0.82 0.64 0.62 0.72 0.98 0.95 1.05 0.89 1.00 0.66 0.48 0.31 0.30 0.56 0.54 0.66 0.51 0.62 okt.24 nov.24 des.24 jan.25 feb.25 mar.25 apr.25 may.25 jun.25 jul.25 aug.25 sep.25 Fleet safety statistics 25 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 30th September 2025
Exhibit 99.4
BW LPG Limited – Key information relating to the cash dividend for Q3 2025
Singapore, 2 December 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 Q3 2025:
The Board has approved a dividend of US$0.40 per share on 1 December 2025. For shares registered with Euronext VPS, dividend per share is NOK 4.0474.
Record date: 12 December 2025
Shares registered with Euronext VPS - Oslo Stock Exchange
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Last trading day including the right to receive this dividend: 10 December 2025
Ex-date: 11 December 2025
Dividend payment date: On or about 22 December 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: 11 December 2025
Ex-date: 12 December 2025
Dividend payment date: On or about 22 December 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 onshore LPG infrastructure, BW LPG offers trusted and reliable services to source and deliver LPG to customers. 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.