BW LPG (BWLP) Company Report

Analyst Coverage

Research analysts who have asked questions during BW LPG earnings calls.

Axel Styrman

Kepler Cheuvreux

4 questions for BWLP

Also covers: CMBT

Petter Haugen

ABG Sundal Collier

3 questions for BWLP

Also covers: CLCO, DHT, ECO +3 more

Eirik Haavaldsen

Pareto Securities

2 questions for BWLP

Also covers: CMBT, DHT

Arne S.

Arctic Securities

1 question for BWLP

Charles

Mizuho Securities USA LLC

1 question for BWLP

Also covers: AWI, EOLS, RLMD

Clement Guivarch

Berenberg

1 question for BWLP

Marcus Bellander

Nordea

1 question for BWLP

Peter T.

Cleaves Securities

1 question for BWLP

Vasilis Dalacouras

AXIA Ventures Group

1 question for BWLP

Yohanna Pinheiro

Argus Media

1 question for BWLP

Latest news

Recent press releases and 8-K filings for BWLP.

BW LPG Updates on Product Services Q4 2025 Performance

BWLP

Earnings

BW LPG's Product Services segment reported a gross profit of approximately USD 27 million for Q4 2025, which included a realised gain of USD 12 million and a positive unrealised mark-to-market change of USD 15 million.
The segment's net profit for Q4 2025 was approximately USD 23 million after accounting for general and administrative expenses and income taxes.
For the full fiscal year 2025, the Product Services segment achieved a realised trading result of approximately USD 66 million before deducting general and administrative expenses and income taxes.
The average Value-At-Risk (VAR) for the quarter was approximately USD 3 million.

Jan 16, 2026, 11:09 AM

6-K

BW LPG Reports Q3 2025 Financial Results and Declares Dividend

BWLP

Earnings

Dividends

Guidance Update

BW LPG reported a Q3 2025 profit of $57 million after minority interests, equivalent to an earnings per share of $0.38.
The board of directors declared a dividend of $0.40 per share for Q3, representing 75% of shipping NPAT.
The company achieved a TCE income of $48,700 per calendar day in Q3 2025 and provided guidance of approximately $47,000 per day for Q4 2025, with 91% of available days fixed.
Product Services reported a gross loss of $23 million and an after-tax loss of $29 million for Q3 due to a negative mark-to-market valuation adjustment, but a realized gain of $15 million for the quarter, bringing the aggregated realized result to $54 million as of September 30th.
Market conditions in Q3 were marked by geopolitical events, increased volatility, and trade tensions between the U.S. and China, which impacted fixing activity and sailing patterns.

Dec 2, 2025, 1:00 PM

Transcript

BW LPG Reports Q3 2025 Financial Results and Q4 Guidance

BWLP

Earnings

Guidance Update

Dividends

BW LPG reported a Q3 2025 profit of $57 million, translating to $0.38 earnings per share, and declared a dividend of $0.40 per share.
The company's TCE income was $48,700 per calendar day for Q3 2025, with Q4 2025 guidance set at $47,000 per day for 91% of available days.
Product Services reported a loss after tax of $29 million due to negative mark-to-market valuation, but achieved a realized gain of $15 million in Q3, bringing the aggregated realized result to $54 million year-to-date.
The VLGC market is characterized by solid fundamentals and expected growth in US LPG exports, despite volatility from geopolitical events, US-China trade tensions, and Panama Canal congestion.
BW LPG maintains a robust liquidity position of $855 million as of Q3 2025, following refinancing actions that reduced ship financing facilities.

Dec 2, 2025, 1:00 PM

Transcript

BW LPG Reports Q3 2025 Profit of $57 Million and Declares $0.40 Dividend

BWLP

Earnings

Dividends

Guidance Update

BW LPG reported a Q3 2025 profit of $57 million, equivalent to an earnings per share of $0.38, and declared a dividend of $0.40 per share, representing 75% of shipping NPAT.
The company achieved a Time Charter Equivalent (TCE) income of $48,700 per calendar day in Q3 2025 and provided Q4 2025 guidance of $47,000 per day with 91% of available days fixed.
Product Services recorded a $29 million loss after tax due to a negative mark-to-market valuation adjustment, but generated a realized gain of $15 million for Q3, contributing to an aggregated realized result of $54 million year-to-date as of September 30.
The VLGC market is characterized by solid fundamentals with expected growth in US and Middle East LPG exports, although geopolitical events and Panama Canal congestion continue to affect the trading environment.
BW LPG reported a robust liquidity position of $855 million and an improved net leverage ratio of 29.7% as of Q3 2025.

Dec 2, 2025, 1:00 PM

Transcript

BW LPG Limited Announces Q3 2025 Financial Results

BWLP

Earnings

Dividends

Demand Weakening

BW LPG Limited reported a Q3 2025 profit attributable to equity holders of US$57 million and earnings per share of US$0.38.
The company declared a Q3 2025 cash dividend of US$0.40 per share, approved on December 1, 2025, with a record date of December 12, 2025, and payment around December 22, 2025.
TCE income – Shipping for Q3 2025 was US$201.8 million, averaging US$51,300 per available day.
As of September 30, 2025, the net leverage ratio was 29.7%, and the company maintained US$855 million in total available liquidity.
BW LPG India entered into an agreement in September to sell the vessel BW Lord, expected to generate a net book gain of approximately US$25 million upon delivery before year-end 2025.

Dec 2, 2025, 11:11 AM

6-K

BW LPG Announces Sale of BW Lord Vessel

BWLP

M&A

New Projects/Investments

BW LPG Limited's 52%-owned subsidiary, BW LPG India, has entered into an agreement to sell the 2008-built BW Lord vessel.
The sale is expected to generate a net book gain of approximately US$25 million and net cash proceeds of around US$61 million.
The vessel is scheduled for delivery to the buyer before the end of 2025, allowing BW LPG India to continue earning income from the asset until handover.
This transaction is part of BW LPG's strategy to modernize BW LPG India's fleet and capitalize on strong asset values in the second-hand market.