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    Axel Styrman

    Research Analyst at Kepler Cheuvreux

    Axel Styrman is Head of Research Norway and Analyst-Equity at Kepler Cheuvreux, specializing in coverage of sectors such as transportation, finance, and consumer services, with notable coverage including companies like BWLPG and major Nordic-listed firms. Previously, he served as Director & Transportation Sector Coordinator at Nordea Bank and Analyst-Equity at Carnegie Investment Bank, bringing decades of experience in Scandinavian equity markets. Styrman started his analyst career in 2010 at Carnegie, joined Nordea Bank in 2017, and currently leads Kepler Cheuvreux's Norwegian research team. He holds an MBA from the Wisconsin School of Business; further professional credentials or licensing details are not publicly listed.

    Axel Styrman's questions to CMB.TECH (CMBT) leadership

    Axel Styrman's questions to CMB.TECH (CMBT) leadership • Q2 2025

    Question

    Axel Styrman of Kepler Cheuvreux asked if the projected growth in iron ore volumes from Africa in 2026-2027 is expected to replace existing volumes from other regions. He also inquired if the company would consider share buybacks, given the stock's trading discount to its net asset value.

    Answer

    CEO Alexander Saverys explained that the new iron ore volumes would likely be additive to the market if conditions are supportive, but could replace other volumes if the market is weak, with the iron ore price being a key determinant. CFO Ludovic Saverys stated that while share buybacks are a tool, the current focus is on post-merger integration and allowing the market to recognize the company's value, though buybacks remain a possibility.

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    Axel Styrman's questions to BW LPG (BWLP) leadership

    Axel Styrman's questions to BW LPG (BWLP) leadership • Q1 2025

    Question

    Axel Styrman requested an explanation for the year-over-year increase in Selling, General & Administrative (SG&A) expenses.

    Answer

    CFO Samantha Xu attributed the rise in SG&A largely to accrued bonus-related expenses within the Product Services division. She noted this was a direct result of the year-on-year improvement in realized trading results, which was also observed in Q1 2025.

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    Axel Styrman's questions to BW LPG (BWLP) leadership • Q4 2024

    Question

    Analyst Axel Styrman asked about BW LPG's contingency plans for its Chinese-built vessels if the U.S. imposes tariffs, and requested an explanation for a positive charter hire expense on the P&L.

    Answer

    CEO Kristian Sørensen stated it was hard to speculate on a legislative proposal but noted the company's commercial platform provides flexibility to employ vessels outside the U.S. market. He added that such a tariff would be highly disruptive to the entire shipping industry. CFO Samantha Xu explained the positive charter hire expense was due to off-hire income related to one vessel.

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    Axel Styrman's questions to BW LPG (BWLP) leadership • Q2 2024

    Question

    Axel Styrman of Kepler Cheuvreux questioned whether BW LPG plans to significantly ramp up activity in its Product Services division now that it is substantially growing its VLGC fleet.

    Answer

    Kristian Sørensen, an executive, stated that there are no current plans to further expand the Product Services division on a contract basis beyond the extension of the Enterprise contract that was announced in the previous quarter.

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    Axel Styrman's questions to BW LPG (BWLP) leadership • Q2 2024

    Question

    Axel Styrman from Kepler Cheuvreux questioned whether BW LPG intends to ramp up activity in its Product Services division to match the significant growth of its VLGC fleet.

    Answer

    Executive Kristian Sørensen clarified that following the recent extension of the Enterprise contract announced last quarter, there are no current plans to further expand the Product Services division on a contractual basis.

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