BW LPG Q1 2025 Earnings Report

BW LPG EPS Results

• Actual EPS: $0.30
• Consensus EPS: $0.21
• Beat/Miss: Beat by +$0.09
• One Year Ago EPS: N/A

BW LPG Revenue Results

• Actual Revenue: $158.70 million
• Expected Revenue: $183.96 million
• Beat/Miss: Missed by -$25.26 million
• YoY Revenue Growth: N/A

BW LPG Announcement Details

• Quarter: Q1 2025
• Date: 5/20/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, May 20, 2025
• Conference Call Time: 8:00AM ET

BW LPG (NYSE:BWLP) (NYSE: BWLP) is a pure‐play owner and operator of liquefied petroleum gas (LPG) carriers. The company’s core business centers on the maritime transportation of LPG, predominantly propane and butane, under both time‐ and voyage‐charter arrangements. Its fleet comprises pressurized and semi‐refrigerated vessels designed to meet the specific requirements of LPG producers, traders and end‐users around the world.

Headquartered in Singapore, BW LPG serves a global customer base, with commercial offices in key energy hubs including Houston, London, Dubai and Tokyo. Through a network of regional chartering teams and technical operations centers, the company provides integrated shipping solutions, covering voyage planning, risk management and on‐time delivery. Its vessels regularly call at major LPG export and import terminals across the Middle East, the United States, Europe and Asia.

The company traces its roots to the broader BW Group, a global maritime conglomerate, and was established as a standalone public entity in December 2014 when it launched an initial public offering on the New York Stock Exchange. Since its listing, BW LPG has focused on fleet renewal and operational efficiency, introducing dual‐fuel and eco‐design vessels to align with evolving environmental standards in the shipping industry.

BW LPG’s management team brings together seasoned professionals in shipping, engineering and energy logistics. The leadership group emphasizes safety, technical reliability and customer service, positioning the company to capture growth opportunities in international LPG trade under long‐term contracts and spot market engagements.

BW LPG Q1 2025 Earnings Call Transcript

Key Takeaways

• BW LPG delivered a Q1 TCE of $39,800 per available day and reported a $46 million profit, leading to a $0.28 per share dividend (10% annualized yield).
• The company completed a Japanese JOLCO lease for the BW Kyoto and is finalizing a $380 million bank loan refinancing with strong lender interest.
• VW Products Services posted a $33 million realized gain but recorded a $12.5 million net loss due to downward mark-to-market adjustments on unrealized positions.
• BW LPG reactivated its $20 million share buyback program after share price weakness and has seen a significant recovery as LPG market fundamentals improved.
• Management decided to exit the planned LPG import terminal project in India to focus resources on core shipping and trading amid elevated geopolitical risk.

Presentation

[Aline Anliker, Head of Corporate Communications at BW LPG]

Hello, everyone. Good morning, good afternoon, good evening. A warm welcome to BW LPG's Q1 twenty twenty five earnings presentation. My name is Aline Enlicker, and I'm the Head of Corporate Communications at BW LPG. Today's presentation will be given by our CEO, Christian Sorensen our CFO, Samantha Schuh.

[Aline Anliker, Head of Corporate Communications at BW LPG]

After the presentation, we will have a q and a session. The questions can be put into the q and a chat during the presentation, or you can raise your hand and ask your question directly once we move to the q and a part. Before we begin, I would like to highlight the legal disclaimers displayed on the current slide. Please also note that today's call is being recorded. And without further ado, I would now like to hand over to our CEO, Christian.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Thank you, Alina, and hello, everyone. Thank you for taking the time to be with us today as we review our first quarter twenty twenty five financial results and recent developments. Let's turn to Slide four, please. For Q1, we reported a TCE income of $39,800 per available day and $38,800 per calendar day. This is above our guidance of $36,000 per day, thanks to the performance of our time charter portfolio.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

After minority interests, the Q1 profit was $46,000,000 equivalent to $0.30 per share. And the Board of Directors has declared dividends of $0.28 per share, which is equivalent to 75% of our shipping NPAT and translates to an annualized dividend yield of 10%. We've been quite busy on the financing side, and I've concluded a Japanese JOLCO lease for one vessel, the BW Kyoto, while we are at the final stages of refinancing a $380,000,000 bank loan, where we have received very strong interest from the banking group. As per our trading update back in April, VW Products Services realized positions showed a solid $33,000,000 in profit in Q1. But due to a downward adjustment or the valuation of the unrealized positions, they reported a gross loss of $3,600,000 and a net loss after tax of $12,500,000 for the first quarter.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

We'd like again to emphasize that this is that it is the realized positions, generate the dividend capacity and that downward adjustments to the valuation of the unrealized positions does not necessarily mean the positions are loss making when they are realized in the future. Into the second quarter, we reactivated the share buyback program after the share price dropped in the wake of The U. S.-China tariff war. We're happy to see that the share price has improved significantly since then as the solid fundamentals in the LPG market played out. More about that later.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

For our activities in India, Two major events should be noted. The first is a sale of the twenty fifteen built BW Chinook and BW Pompero to strengthen our Indian flag fleets. And this is a strong sign of our belief in the Indian LPG market. Secondly, we have made the strategic decision to discontinue our involvement in the LPG import terminal outside Mumbai. This was a very difficult decision to make, but given the increased geopolitical risk, which our freight and trading activities are exposed to, we believe it is in our shareholders' best interest to focus our attention and resources on the key value drivers for our company.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Although this journey did not end as intended for us, I would like to thank our partners, Confidence Petroleum and Garnish Bensaplast for their cooperation on this project and wish them the best of luck going forward. Okay. Let's take a look at the market, Slide five. Q1 was relatively uneventful compared to what unfolded as we moved into the second quarter. As the Chinese retaliatory tariffs on US sourced goods and commodities were introduced, The US China LPG trade came to a halt and freight rates tumbled.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

However, the solid fundamentals of the market prevailed. And with high US LPG production, the export levels were unabated as US LPG volumes were shifted to other Asian import markets outside China. The U. S. Terminal Operators are moving forward with their expansion plans, which will facilitate for further export growth, while the OPEC cutback reversals are expected to increase the Middle Eastern exports with more export projects also on the horizon later in the decade.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

We are closely monitoring the Panama Canal traffic, and there are indications that more ships are sailing around South Africa on its way from The US to alternative markets in India and Southeast Asia, driving up ton mile as the sailing distances increase. Another event which the whole industry closely monitored was the proposed sharp hike in The US port charges for Chinese built and or Chinese controlled vessels. Ships arriving in ballast are exempted, and the BW LPG fleet is set to trade as normal, but we are awaiting news from the second public hearing, which is taking place this week, whether any changes are proposed or made. For the newbuilding market, we'll take a closer look at the order book, which is now counting 109 chips later in the presentation. The spot market has taken a sharp upturn as the exports were back on track from The US and The Middle East.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

We are currently fixing vessels around the $50,000 per day mark from The US, while The Middle East is trading around the US dollar 60 thousand dollars per day range. Next slide, please. On this slide, we're trying to show the market turmoil we went through when the Chinese introduced their import tariffs on U. S. Sourced LPG.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Overnight, it became uneconomical to ship U. S. Cargoes to China, its largest export markets, and prices for delivered LPG in Asia came off quickly. There were talks about US cargoes being canceled and withdrawn from exports. In the first week, the spot rates went from $40,000 per day to $10,000 per day in three days.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

It was a swift and brutal reaction, but it took out the downside, and the market could quickly thereafter start repricing itself. Non Chinese players quickly moved in to capitalize on the situation. And after a couple of days, the market bounced back with increasing freight rates reflecting the high activity level. A very strong force in the LPG market is the fact that it is a supply driven byproduct from crude oil and natural gas production. And LPG, which is not consumed domestically in The U.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

S, must eventually be priced to clear in the international markets. We were, however, somewhat surprised to see that The U. S. Prices remained quite resilient, while the increase of the landed price in the Far East supported freight rates to increase, while The U. S.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Mont Belvieu prices remained stable at least so far. The ninety days tariff relief announcement led to another upswing in the freight market as more players tried to secure shipments. Over the last two weeks, the ARB has narrowed, and there is currently kind of a standoff between Montelvieu prices and the Far East prices, while shipping remains tight with more ships diverting to a very active Middle East markets. Next slide, please. The LPG market is extremely dynamic and adapt very quickly to market conditions.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

And as you can see on this slide, new trades emerged within days and weeks after the Chinese import tariffs were introduced. Chinese import demand was met by cargo swapping and reshuffling of Middle Eastern and other non U. S. LPG cargoes, while U. S.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Cargoes increasingly changed destinations to Japan, Korea and Southeast Asia. India being the second largest importer of LPG played a key role in the new trade pattern which emerged, and we saw the first U. S. Cargoes shipped all the way from The U. S.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

To India. And from a shipping perspective, selling distances increased somewhat, and the more inefficient LPG supply chain supported freight rates to rebound. The fundamentals of the LPG market remain robust, and The U. S. Production of LPG is rising unabated, backed by oil price in the low $60 per barrel.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

We do, however, recognize that the lower oil price may lead to reduced production of LPG, although more U. S. LPG will come from natural gas production going forward. Terminal expansion plans are going ahead as previously announced, and is, in our view, a positive sign for shipping demand in the future. Let's take a look at the order book before Samantha walks you through the financials.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

The total order book is now at 109 ships by including vessels scheduled for delivery in 2029. There is attention on the Chinese built part of the four zero six strong sailing fleet. And currently, we count 50 of these as built in China, while 26 units are in order from Chinese yards. Dry dockings continue to absorb capacity from the global VLGC fleet. We are heading into a higher pace of dry dockings into the months ahead, which should be positive for the right environment. And then I leave the floor to you, Samantha.

[Samantha Xu, Chief Financial Officer at BW LPG]

Thank you, Christian, and hello, everyone. Please follow me to Slide 12 and have a closer look at our shipping performance. For this quarter, we are very pleased to report achieving TCE per calendar day of US38800 dollars or per available day US39800 dollars over a 96% fleet utilization after deducting technical hire and waiting time. The healthy result achieved in a volatile market was a strong statement to our commercial strategy, consistently taking on fixed rate time charter and FFA for, to cover a stronger market and to support, provide support when spot markets are under pressure. In q one, the time charter portfolio was 41% of the total shipping exposure, among which 30% is fixed rate time charter, supporting the earning when the spot market softened.

[Samantha Xu, Chief Financial Officer at BW LPG]

For Q2 twenty twenty five, we have fixed 79% of the available fleet days at about US35000 dollars per day. Looking ahead, we have secured total 30% of our portfolio with fixed rates time charters and FFA at US45000 dollars per day and US5600 dollars per day respectively. For 2,025, our time charter out fleet is estimated to generate a profit of around 24,000,000 US dollar over our time charter in fleet. And on top of that, the balance of our fixed time charter out portfolio estimate to generate a hundred and $37,000,000 for 02/2025. Next slide, please.

[Samantha Xu, Chief Financial Officer at BW LPG]

On product services side, the business posted a realized gain of 33,000,000 US dollar for q one, a very strong quarter delivered. On the unrealized open positions, we reported a negative change in mark to market valuation on our cargo of US51 million dollars which offset by a positive paper position change of US50 million dollars This brought Product Services trading result to a gross loss of US4 million dollars for the quarter. After accounting for other expenses, which mainly comprise of general and administrative expenses accruals, Product Services reported a net loss after tax of US12.5 million dollars As we mentioned in the previous quarters, the large sum of mark to market valuation change is due to the gradual phasing in of our multiple year term contract, which reflects value adjustments in time of a volatile market. While the value is significant, it reflects the delta between the balance sheet dates and we'll continue to see fluctuation before the position are realized. As at the end of Q1 twenty twenty five, Product Services book equity position stands at US53 million dollars This was after a dividend of US65 million dollars paid out to shareholders as reported in our q four earnings call.

[Samantha Xu, Chief Financial Officer at BW LPG]

As usual, we would like to highlight that the reported book equity does not include the unrealized physical shipping position of $8,000,000, which was based on our internal valuation. In q one, our average value at risk bar was 5,000,000 US dollar, reflecting a well balanced trading book, including cargoes, shipping, and derivatives, including also the impact of the increased term contract, volume as mentioned earlier. Going on our financial highlights. We reported a net profit after tax of 67,000,000 US dollar, including a profit of 48,000,000 from BW LPG India and a $12,500,000 loss from product services. Profit attributable to equity holder of the company was $46,000,000 the quarter, which translate to an earnings per share of zero three zero dollars and an annualized earning yield of 11% when compared against our share price at the March.

[Samantha Xu, Chief Financial Officer at BW LPG]

We reported a net leverage ratio of 31% in Q1, a slight decrease from 32% reported at the December due to the release of a restricted cash held in brokerage account of US30 million dollars and a reduction of total borrowing of 45,000,000 US dollar. For q one, the board declared a dividend of 28¢ per share, which translates to a 75% payout for our shipping profits. For the period end, our balance sheet reported shareholders' equity of $1,900,000,000 The annualized return on equity and on capital employed for q one were 1410%, respectively. Our q one OpEx was $8,400 per day, largely in line with previous periods. For '25, we estimate our own fleet's operating cash breakeven to be 19,300 and the total fleet operating cash breakeven, which including the time charter in vessels to be $21,700.

[Samantha Xu, Chief Financial Officer at BW LPG]

All in cash breakeven is estimated is estimated to be 25,000, some improvement than our previous estimate, but still elevated than last year driven by February dry dock program and higher financing costs. Next slide, please. On the liquidity side, as end of q one, we continue to maintain an ample position of 633,000,000, supported by $262,000,000 in cash and $371,000,000 in undrawn revolver facilities. This position was attributed to our meticulous financing planning to replenish liquidity as growth continues. Our recently concluded JoCo financing contributed 65,000,000 while we took delivery of a BW Kisuku.

[Samantha Xu, Chief Financial Officer at BW LPG]

The repayment profile is sustainable with major repayment only kicking in after 02/1929. We're also in the process of concluding a $380,000,000 bank financing on a competitive term. Once it's done, it will replace the shareholder loan from BW Group, which was arranged to doing the fleet acquisition and further enhance our liquidity. This financing is not expected to increase the current leverage ratio. On the product services side, trade finance utilization stood at a moderate level of 224,000,000 US dollar or 28 percent of our available credit line, given a very efficient room for future trading needs.

[Samantha Xu, Chief Financial Officer at BW LPG]

With that, I would like to conclude my updates. And back to you, Aileen.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you, Samantha, and thank you, Christian. We would now like to open the call for your questions. Please, you can type your questions into the q and a channel. You can also click the raise hand button to ask your question verbally. Please note that participants have been automatically muted, so please press unmute before speaking.

[Aline Anliker, Head of Corporate Communications at BW LPG]

We will start with the verbal questions first before moving on to the chat. So please, if you have a question, you might just, raise your hands. And I see a question here from Kushal. If you could please unmute yourself.

[Analyst]

Yeah. Hi. Can you hear me?

[Aline Anliker, Head of Corporate Communications at BW LPG]

Yes.

[Analyst]

Thank you. Thanks for the opportunity. Just wanted to understand a broader strategy, you know, on the India LPG terminaling business. I just noted that you are you know, we are moving out of the contract with Ganesh Benzoplast as well as Conference Petroleum where we wanted to set up this LPG port terminal. Why was the decision taken specifically given the fact that now volumes are moving from US to India directly, the LPG volume which I'm referring to? That is my first question. Thank you.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Thank you. You know, the the terminal investment for BW LPG is was estimated somewhere between 10,000,000 and $15,000,000, which is compared to the balance sheet, a relatively modest investment for our company. And like in the other greenfield infrastructure projects, there is a certain complexity, of course, when you construct a terminal. And given the challenging market environment and geopolitical turmoil, the management has had to make the decision to focus on the core value drivers of our company, which are shipping and trading. So it's it's not an easy decision we have made, but it's simply because of the circumstances where we have to focus our attention and resources and time on our shipping and trading activities.

[Analyst]

Thank you. That's that's all from my side.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you. Anyone else who would like to raise his or her hand? Yes. I have next up John Dixon. If you might unmute yourself, please.

[Analyst]

Good morning, Christian. Good morning, Samantha. Can you all hear me okay?

[Aline Anliker, Head of Corporate Communications at BW LPG]

We can. Yes.

[Analyst]

Christian, I wanted to ask a question about the share buyback. I know you said that it was concluded, but, of course, things here in The United States on The United States market, a very simple announcement by the president can have a huge impact on the stock market and on the stock prices as we've seen. Are you guys still open to continuing to buy back shares should they fall to a lower level as they did prior?

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Thanks, John. The main way we return value to our shareholders is through the dividends. That's something which is not going to change. But if you look at the Annual General Meeting last week, we renewed share buyback program, which is to be reactivated when the directors find it timely. So so they so so the I guess, the answer to your question is that, yes, we do have a new share buyback program in place.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

But our main way of returning value to our shareholders will remain the dividend payouts.

[Analyst]

Sounds good, Christian. Thank you.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you. We have also a question by Clement, if I pronounce your name correctly.

[Analyst]

Yeah. Yeah. Yeah. That was correct. Hi.

[Analyst]

Good afternoon, and thank you for taking my questions. I wanted to start by asking about your time charter portfolio. Do you have extension options on your existing time charter contracts? And if so, are those included on Slide 21? And secondly, as you think about your time charter portfolio, would you prefer to increase the number of TC ins or outs, I mean, its current market conditions?

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Thank you, Clement. The when it comes to options on our time charters, some of the time charters do have options, but they are on the charter side. So we do not include these optional periods because they are to be declared by the charters. And that is on the Indian fleet primarily. So on our side, we do not have any options to extend the period on the time charters that we have in our fleet at the moment.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

We like I said before, we have an aim to increase the share of time charters in our shipping portfolio. So we are constantly working to try to increase the number of time charters and also its share of the fleet exposure that we have. And as I have mentioned before, I think if we can come back to a level around the 40% we had before the Avance Gas transaction, I think we will be quite happy with doing so. But it's not like we're rushing into securing time charters at levels we don't find attractive. So this is something we are working on constantly, but has to be done and conducted in the right way, so to say.

[Analyst]

That's helpful. Thank you. My second question was on the trading segment. Could you talk a bit about how the tariff turmoil affected operations and whether you have any visibility on Q2 results?

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Yes, thanks. When it comes to product services trading portfolio, that's shifting day by day and week by week. So I'd rather refrain from commenting specifically on that. And we will have, as you may know, a new trading update in, like, in the July, I think it is. And we will provide you with a status for the second quarter by that time.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

But I think it's difficult for us to comment on that since the portfolio is, like any other trading portfolio, is shifting on a daily and weekly basis.

[Analyst]

Makes sense. That's all for me. Thank you for taking my questions.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you as well. Anyone else who would like to raise the hand? We have a few questions in the chat as well, but let's see if someone else wants to ask a question verbally. And if not right now, we can just move, to the questions in the chat. So the first one is from Vasilis.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Would you say that the recent VLGC spot rate strength is partly attributed to front loading relating to U. S.-China Ninety Day trade truce?

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Thank you, Vasilis. The strength in the spot market today is, like I also mentioned in the presentation, due to the strong fundamentals of the market with very good export levels from The Middle East, supporting continued growth in exports from The U. S. But of course, when you have a tariff relief like we are currently having, it does definitely impact the market the freight market and the activity in the market positively. So I would say that it's contributing.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you. We have some more hands raised. Let's go with Markus. If you could please unmute yourself. Marcus, we can't hear you just now. Maybe try to unmute yourself.

[Analyst]

Hello? Can you hear me?

[Aline Anliker, Head of Corporate Communications at BW LPG]

Yes. Now we can hear you.

[Analyst]

Yes. Thank you very much. This is Markus in Germany. Just a quick question on the finishing the business with the Indian terminal investment, is there any impact in quarter two on onetime cost?

[Samantha Xu, Chief Financial Officer at BW LPG]

Thank you for your question. So, it's a very early stage for our involvement in the terminal, in India project. So at this point in time, there's no significant sunk cost that we need to account it for.

[Analyst]

Thank you.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you. We have another question in the chat on product services from Arne. Congrats on the quarter. What is the confidence level for the product service VAR, please?

[Samantha Xu, Chief Financial Officer at BW LPG]

Thanks, Arne. I need to double check on that just to answer to you accurately. So if you don't mind, I'll reach out to you on a email.

[Aline Anliker, Head of Corporate Communications at BW LPG]

And then we have another question from Axel. Can you please explain the year over year increase in SG and A?

[Samantha Xu, Chief Financial Officer at BW LPG]

Thank you for the question. So as we have mentioned, as part of the product services performance, we'll gradually accrue, for, the the bonuses related expense based on the realized trading result. As for the year of 2023 and '24, we have seen year on year improvement of the trading result and also the same you can observe in q one twenty five as well. So the G and A increase is largely attributed to the accrued reflected as part of G and A.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you, Samantha. And actually, there has been another question from Arne, which I would also like to read out, of course. Could you give some more color on the decision to limit the share buybacks to only $2,700,000 compared to a capacity of $20,000,000 if I remember correctly?

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Thanks, Arne. We as you know, there are certain limitations when you execute on the share buybacks and how much you can buy every day. And that is one reason for it. And the other reason was that the share started to increase quite shortly after we activated the share buyback program. And we also had to end it because we were entering our blackout period where we are very much restricted to continue our share buyback program as we enter the blackout period, which is a month ahead of the earnings release.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you, Christian. And I would just like to hand back to Samantha on Arne's first question.

[Samantha Xu, Chief Financial Officer at BW LPG]

Hi, Anna. Thank you for your your patience. Just to quickly check with the team and confirmed my initial answer, which I know is accurate to that the confidence level of the product services bar is a 95%.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Alright. Thank you. There is another question in the chat from Peter. Last year, the terminals were taking a larger share of the arbitrage and putting pressure on rates. But it seems that owners are again getting a more appropriate share. Do you expect this to continue?

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

That's a very good question, Peter. I think the answer to that is that every day, as I used to say, there is this arm wrestling between cargo owners, ship owners and the terminals on how much of the profit in the LPG supply chain they can obtain. And the relative bargaining power of the shipping part of the value chain depends on the supply and demand of the vessels at that specific time. For this year and going forward, we see very little growth in the VLGC fleet. And with the continued export expansion plans from The US, which we believe will mean more volumes for export from The US, it should be a good environment for shipping going forward, simply because the supply demand balance is hopefully playing in the owners' favor.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you, Christian. Do we have any more questions either verbally or in the chat? So please put them forward. Doesn't look like. Let me just double check.

[Aline Anliker, Head of Corporate Communications at BW LPG]

No. Nothing so far. Then I will hand back to Christian to conclude the call.

[Kristian Sørensen, CEO & Head of Commercial at BW LPG]

Thank you, everyone, for joining us this quarter, and we look forward to seeing you again next quarter. Bye bye, everyone.

[Aline Anliker, Head of Corporate Communications at BW LPG]

Thank you very much. And this concludes PW LPG's q one twenty twenty five earnings presentation. The call transcript and recording will be available on our website shortly, and thank you all for dialing in. We wish you a good rest of your day.

Participants

Executives

• Aline Anliker, Head of Corporate Communications
• Kristian Sørensen, CEO & Head of Commercial
• Samantha Xu, Chief Financial Officer

Analysts

• Analyst