BW LPG Limited - BWLP STOCK NEWS

BW LPG reported a strong Q3 2024 with a Net Profit After Tax of US$120 million, achieving a 30% annualized return on equity. The company's shipping performance showed TCE rates of US$46,800 per available day with 98% fleet utilization. A quarterly dividend of US$0.42 per share was declared, representing a 100% payout ratio of Shipping NPAT. The company completed strategic fleet renewal, selling BW Cedar and purchasing BW Kizoku. Nine Avance Gas vessels are being integrated, increasing total shares outstanding to 146.7 million. BW Product Services generated US$58M in net accounting profit, largely from unrealized MtM gains.

BW LPG has taken delivery of vessel BW Levant, marking the fifth delivery out of 12 Very Large Gas Carriers (VLGCs) being acquired from Avance Gas Holdings . As part of the transaction, BW LPG has issued 1,350,000 new shares to Avance Gas, bringing the total issued shares to 147,500,000 with a total share capital of USD 416,627,548. Following this issuance, Avance Gas now holds 7,500,000 shares in BW LPG, representing approximately 5.08% shareholding.

BW LPG has taken delivery of the vessel BW Sirocco from Avance Gas Holdings on November 21, 2024, marking the third delivery out of 12 planned Very Large Gas Carriers (VLGCs) acquisitions announced on August 15, 2024. As part of the transaction, BW LPG issued 1,350,000 new shares to Avance Gas, bringing the total issued shares to 144,800,000 with a total share capital of USD 370,052,548. Following this issuance, Avance Gas now holds 4,800,000 shares in BW LPG, representing approximately 3.31% shareholding.

BW LPG has taken delivery of vessel BW Capella on November 20, 2024, marking the second delivery out of 12 Very Large Gas Carriers (VLGCs) being acquired from Avance Gas Holdings. As part of the transaction, BW LPG has issued 2,100,000 new shares to Avance Gas, bringing the total issued shares to 143,450,000 with a total share capital of USD 346,765,048. Following this issuance, Avance Gas now holds 3,450,000 shares in BW LPG, representing approximately 2.41% shareholding.

BW LPG announces two strategic fleet transactions: the sale of its 2007-built BW Cedar for US$65 million, expected to generate a US$33 million net book gain and US$51 million in net cash after loan repayment, with delivery scheduled for Q1 2025. Additionally, the company exercised a purchase option for the 2019-built BW Kizoku at US$69.8 million, with delivery expected in January 2025. These moves are part of the company's fleet renewal strategy, capitalizing on strong second-hand market prices while acquiring modern vessels at competitive rates.

BW LPG (NYSE: BWLP) has announced it will release its Q3 2024 Financial Report on December 2, 2024, at 0700hrs CET. The company will host an earnings presentation featuring CEO Kristian Sørensen and CFO Samantha Xu. The presentation will be conducted via Zoom with sessions scheduled for Oslo (14:00 CET), New York (08:00 EST), and Singapore (21:00 SGT). BW LPG, the world's leading owner and operator of LPG vessels, manages Very Large Gas Carriers with a total capacity exceeding 3 million CBM.

BW LPG has taken delivery of vessel BW Chinook from Avance Gas Holdings on November 1, 2024, as part of its previously announced acquisition of 12 modern Very Large Gas Carriers (VLGCs). As part of the transaction, BW LPG issued 1,350,000 new shares to Avance Gas, bringing the total issued shares to 141,350,000 with a total share capital of USD 310,540,048. Following this issuance, Avance Gas now holds approximately 0.96% shareholding in BW LPG.

BW LPG has announced that a primary insider, Knut-Helge Knutsen, Vice President and Head of Technical, has sold shares in the company on 10 October 2024. This sale follows the accelerated vesting of options granted under 'LTIP 2022' announced on 15 July 2024 and the exercise of these options on 29 August 2024.

The details of the sale are as follows:

• Total number of shares held after option exercise: 24,840
• Number of shares sold: 24,840
• Average price sold at: NOK 166.4458 per share
• Number of shares held following the sale: 0

BW LPG is the world's leading owner and operator of LPG vessels, with a total carrying capacity of over 3 million CBM. The company is associated with BW Group, a global maritime company involved in various sectors including shipping, floating infrastructure, and sustainable technologies.

BW LPG has released an update on its Product Services segment performance for Q3 2024. BW Product Services reported an estimated gross profit of approximately USD 71 million for the quarter ended 30 September 2024. This profit primarily resulted from:

• USD 86 million in unrealised marked-to-market value of open cargo contracts and hedging transactions
• USD 16 million in realised trading gains
• Offset by USD 31 million in hedging losses on realised positions

The segment's estimated net profit was approximately USD 60 million after expenses and taxes. The average Value-At-Risk (VAR) for the quarter was about USD 5 million. BW LPG's CEO, Kristian Sørensen, noted that the high accounting profit doesn't immediately increase the company's dividend capacity due to unrealised positions.