BW LPG Reported Q2 EPS $0.58 Down From $0.59 YoY, Profit After Tax $84.9M Up From $78.2M YoY

2024-08-22 14:17

Highlights and Subsequent Events

Another strong quarter for shipping with daily TCE of US$ 49,660 per available day and US$ 48,030 per calendar day.
Generated NPAT of US$ 85 million or earnings per share of US$ 0.58. Declared a Q2 2024 cash dividend of US$ 0.58 per share amounting to US$ 76.4 million, representing 121% of Shipping NPAT and 100% of total earnings.
For the third quarter of 2024, we have fixed ~86% at an average rate of ~US$ 43,000 per available day.
BW Product Services generated a net accounting profit of US$ 15.7 million in Q2 after adjusting for G&A and tax provisions.
Announced the acquisition of 12 VLGCs from Avance Gas at a total purchase price of US$ 1,050 million. Closing of the transaction will take place on a vessel-by-vessel basis with targeted completed by 31 December 2024.
Successfully completed the redomiciliation from Bermuda to Singapore on 1 July 2024.
The BW LPG US listing has broadened investor access and strengthened our capital market activities with ~230,000 daily trading volume. The additional listing has supported share price development during the quarter