Q1 2024 Financial Results of BW LPG Limited

BW LPG Limited, a leading owner and operator of LPG vessels, has reported strong quarterly performance with impressive financial results. The company achieved a daily Time Charter Equivalent (TCE) of USD 61,500 per available day and USD 59,400 per calendar day. They generated a Net Profit After Tax (NPAT) of USD 150 million, with earnings per share of USD 1.07.

In addition to their financial success, BW LPG also announced a multi-year cargo contract with Enterprise Product Partners, which will enhance their shipping and cargo trading flexibility. They also delivered one VLGC to new owners, generating USD 65 million in proceeds.

BW LPG successfully listed on the New York Stock Exchange (NYSE) in April 2024, while maintaining their listing on the Oslo Stock Exchange (OSE). The company is also in the process of redomiciling from Bermuda to Singapore, with a Scheme Meeting scheduled for June 12.

Looking ahead, the market outlook for VLGC spot rates is positive, with rates reaching the high $60,000s/day by the end of May. The futures market indicates continued strength in spot earnings for the remainder of 2024.

Overall, BW LPG’s financial performance, commercial success, and strategic partnerships demonstrate their position as a key player in the LPG shipping industry. Investors and stakeholders can look forward to continued growth and success from BW LPG in the coming months.