BW LPG (NYSE: BWLP) Q1 profit jumps, boosts cash dividend and orders VLGCs
Rhea-AI Filing Summary
BW LPG Limited delivered a very strong Q1 2026, with net profit after tax of US$187.3 million, up sharply from US$66.6 million a year earlier. Profit attributable to equity holders was US$164.3 million, giving earnings per share of US$1.08 and an annualised return on equity of 38%.
Shipping TCE income reached US$197.7 million, translating to US$55,500 per available day with 92% fleet utilisation, supported by 53% time-charter coverage at US$48,200 per day. The Product Services segment swung to a gross profit of US$126.8 million from a loss, driven mainly by a positive unrealised mark-to-market change of US$136.8 million that more than offset a realised trading loss of US$10 million.
The Board declared a cash dividend of US$0.67 per share, equal to 100% of Q1 2026 Shipping NPAT plus US$0.11 per share from a prior capital return. Liquidity remained ample with US$618 million available and cash of US$273.1 million, while the net leverage ratio improved to 26.3%. For Q2 2026, about 85% of available days are fixed at roughly US$81,000 per day, and the company has ordered eight Panamax VLGC newbuilds for delivery from 2029 to Q2 2030 at an aggregate price of approximately US$940 million.
Positive
- Profit and returns surged: Q1 2026 profit after tax rose to US$187.3 million from US$66.6 million, with annualised ROE reaching 38%, indicating very strong profitability.
- Robust balance sheet and liquidity: Available liquidity was US$618 million, cash stood at US$273.1 million, and the net leverage ratio improved to 26.3%, giving capacity to fund growth and dividends.
- Attractive cash dividend: The Board approved a Q1 2026 cash dividend of US$0.67 per share, based on 100% of Shipping NPAT plus US$0.11 per share from BW Product Services’ 2025 capital return.
Negative
- Earnings mix relies on unrealised gains: Product Services’ gross profit of US$126.8 million was driven mainly by a US$136.8 million positive unrealised mark-to-market change, while realised trading posted a US$10 million loss, making a significant portion of Q1 profit valuation-based.
- Large forward capex commitment: The newbuilding contract for eight Panamax VLGCs, with a total price of about US$940 million, adds substantial long-dated capital needs that will require future financing and depend on market conditions at delivery.
Insights
BW LPG posts exceptionally strong Q1 earnings, but a large portion comes from unrealised trading gains and long-dated growth commitments.
BW LPG reported Q1 2026 profit after tax of US$187.3 million, almost triple Q1 2025, with annualised ROE at 38%. Shipping TCE income of US$197.7 million and TCE per available day of US$55,500 show a tight VLGC market and effective use of 53% time-charter coverage at US$48,200 per day.
Results were heavily influenced by the Product Services division, which generated gross profit of US$126.8 million and net profit after tax of US$97.9 million mainly from a US$136.8 million positive unrealised mark-to-market on open positions, while realised trading showed a US$10 million loss. This mix highlights that part of the uplift reflects valuation changes rather than cash already locked in.
Cash from operations was solid at US$165.5 million, but there was a working capital outflow of US$114.4 million and net financing cash outflow of US$206.9 million, including US$86.5 million in dividends. Even after this, available liquidity stood at US$618 million and net leverage improved to 26.3%. The new order for eight Panamax VLGCs totaling about US$940 million, with deliveries from 2029 to Q2 2030, adds substantial future growth capacity but also represents a sizeable long-term capital commitment that will rely on continued access to financing and supportive freight markets.
Key Figures
Key Terms
Time Charter Equivalent (TCE) financial
mark-to-market financial
net leverage ratio financial
Very Large Gas Carriers (VLGCs) technical
Return on capital employed (ROCE) financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2026.
Commission File Number: 001-42008
BW LPG Limited
(Translation of registrant’s name into English)
c/o BW LPG Holding Pte Ltd
10 Pasir Panjang Road,
#17-02 Mapletree Business City, Singapore
117438
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K
Attached to this Report on Form 6-K as Exhibit 99.1 is the press release of BW LPG Limited (the “Company”), dated June 2, 2026, announcing the Company’s financial results for the first quarter ended March 31, 2026 (“Q1 2026”).
Attached to this Report on Form 6-K as Exhibit 99.2 is the Q1 2026 Interim Financial Report of the Company.
Attached to this Report on Form 6-K as Exhibit 99.3 is the Q1 2026 Earnings Presentation of the Company.
Attached to this Report on Form 6-K as Exhibit 99.4 is the press release of the Company, dated June 2, 2026, announcing key information regarding the Company’s cash dividend for Q1 2026.
The information contained in Exhibit 99.2 to this Report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form S-8 (File No. 333-280892) that was filed with the U.S. Securities and Exchange Commission effective July 19, 2024 and the Company’s registration statement on Form F-3 (File No. 333-287996) that was filed with the U.S. Securities and Exchange Commission effective June 13, 2025.
DOCUMENTS TO BE FURNISHED AS PART OF THIS FORM 6-K
| Exhibit Number |
Exhibit Description | |
| 99.1 | Press release of BW LPG Limited dated June 2, 2026 – Financial Results for Q1 2026 | |
| 99.2 | BW LPG Limited Q1 2026 (unaudited) Interim Financial Report | |
| 99.3 | BW LPG Limited Q1 2026 Earnings Presentation | |
| 99.4 | Press release of BW LPG Limited dated June 2, 2026 – Key information relating to the cash dividend for Q1 2026 |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BW LPG Limited | ||
| By: | /s/ Samantha Xu | |
| Name: | Samantha Xu | |
| Title: | Chief Financial Officer | |
Date: June 2, 2026
2
Exhibit 99.1
BW LPG Limited – Financial Results for Q1 2026
Singapore, 2 June 2026
Highlights Q1 2026
Financial performance
| ● | Q1 2026 profit attributable to equity holders of the Company ended at US$164 million, representing an earnings per share of US$1.08, contributed by strong shipping performance and a significant positive unrealised MtM valuation gain in the BW Product Services trading portfolio. |
Commercial performance
| ● | TCE income – Shipping Q1 2026 concluded at US$55,500 per available day and US$51,300 per calendar day, above our guidance of US$54,000 per day. The earnings also reflect the Company’s time charter coverage of 53% of available days at US$48,200 per day. |
Q2 2026 TCE guidance
| ● | Fixed 85% of available fleet days at an average rate of ~US$81,000 per day. |
Cash dividend declared
| ● | The Company declared a Q1 2026 cash dividend of US$0.67 per share, which consists of 100% of Shipping NPAT Q1 2026, in addition to US$0.11 per share from BW Product Services’ capital return from 2025. |
Subsequent events
| ● | Signed newbuilding contract for eight 90‘cbm Panamax VLGCs with expected deliveries from start of 2029 to Q2 2030 with a total price of approximately US$940 million. |
| ● | BW Brage and BW Gemini fixed for three- and five-year time charter out agreements in the low US$40,000s per day. |
| ● | BW Pampero fixed for one-year time charter out at high US$60,000 per day with delivery in August. |
Financial Performance
BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”) reported a Q1 2026 Net Profit After Tax (NPAT) of US$187 million, yielding an annualised return on equity of 38%. The Q1 profit attributable to the equity holders of the Company was US$164 million, and earnings per share were US$1.08.
The Company reported ample liquidity of US$618 million. The end-of-quarter net leverage ratio was 26.3%, compared to 28.4% as of 31 December 2025.
The Board declared a cash dividend of US$0.67 per share, which consists of 100% of Shipping NPAT Q1 2026, in addition to US$0.11 per share from BW Product Services’ capital return from 2025, above the dividend policy.
Commercial Performance Shipping
The Q1 2026 shipping performance resulted in US$55,500 per available day and US$51,300 per calendar day, with 92% fleet utilisation. Time Charter Equivalent (TCE) income was US$197.7 million for the quarter, with the BW LPG India subsidiary contributing a TCE income of US$29 million for the quarter.
For Q2 2026, the Company has fixed ~85% of available days at an average rate of ~US$81,000 per day.
For FY 2026, the Company has secured 39% of the fleet capacity on fixed-rate time charters at US$44,800 per day, and an additional 3% through FFA hedges at an average rate of US$48,100 per day.
Product Services
Product Services presents a strong quarter, reporting a gross profit of US$127 million and a net profit after tax of US$98 million for this quarter. This gross profit comprises of a positive unrealised mark-to-market change of US$137 million from our open cargo contracts and hedging transactions, offset by a realised trading loss of US$10 million from our portfolio of cargo, freight and hedging transactions.
Market Update
During Q1 2026, the VLGC market experienced one of its most disruptive events on record. Towards the end of February, the outbreak of war in the Middle East led to the blockade of the Strait of Hormuz, disrupting significant LPG export volumes from the region.
Initially, spot freight rates declined as market participants anticipated an oversupply of vessels. However, the market quickly tightened as LPG buyers turned to the US to replace lost Middle Eastern volumes.
At the same time, fewer VLGCs than expected repositioned from the Middle East to the US, likely reflecting expectations of a short-lived disruption and operational constraints related to US trading requirements.
As a result, vessel availability in the US Gulf tightened rapidly, driving spot freight rates sharply higher.
The market was further supported by increased congestion and higher transit fees in the Panama Canal, which caused more VLGCs to sail via the Cape of Good Hope to Asia, effectively reducing vessel supply.
Cargo Movements
LPG exports from the US carried on VLGCs increased by 5.9% in Q1 2026 compared to Q1 2025. Following the end of the quarter, export growth accelerated as the blockade of the Strait of Hormuz increased demand for US LPG, supported by additional capacity from new export terminals.
In April 2026, US LPG exports to China reached their highest level since May 2025, although volumes remained below the levels seen prior to the escalation of trade tensions between China and the US.
During the first three months of 2026, LPG exports on VLGCs out of the Middle East fell by 22% compared to the same period in 2025, as the outbreak of war resulted in a blockade of the Strait of Hormuz and a severely restricted flow of LPG volumes.
Far East LPG imports on VLGCs declined by 8% in Q1 2026 compared to the same period in 2025. The decrease was driven primarily by lower Chinese imports, which fell by 13% as the country continued to draw on LPG inventories.
Imports shipped on VLGCs into Southeast Asia increased by 7% during the quarter, while India also recorded modest import growth despite the outbreak of war in the Middle East. Both regions are, however, expected to see weaker import volumes during Q2 2026.
2
Panama Canal
Even before the outbreak of war in the Middle East, the new locks of the Panama Canal were operating at near full capacity. In the wake of the closing of the Strait of Hormuz, demand for using the canal increased further. This was especially visible as LPG and oil tankers drove a sharp increase in transit auction fees, which at one point reached USD 4m for a single transit.
As a result, more VLGCs opted to sail via the Cape of Good Hope rather than transit the canal, reducing vessel supply in the market.
In the coming years, demand for using the Panama Canal will likely continue to grow as LNG, ethane and LPG newbuildings are delivered.
China PDH plants
In China, average operating rates at PDH plants declined sharply following the blockade of the Strait of Hormuz. Run rates now appear to have stabilized, albeit at below-normal levels.
At the same time, Chinese LPG inventories have fallen to the lowest level in more than three years, suggesting the potential for pent-up demand if the Middle East conflict is resolved.
Looking ahead, two additional PDH plants are scheduled to start up in 2026, followed by a further six, four and two in 2027, 2028 and 2029 respectively.
Fleet Capacity
The VLGC fleet currently stands at 429 ships, with an orderbook of 130 vessels. Year to date, 18 new VLGCs have been delivered, with 20 more scheduled for the remainder of 2026. For new orders, well-established shipyards are indicating delivery slots no earlier than the second half of 2029 for VLGCs. More than 9% of the existing fleet are 25 years or older.
Market Outlook
VLGC freight rates are expected to remain highly sensitive to geopolitical developments. Current earnings continue to be supported by trading inefficiencies and a shortage of available vessels on the US–Far East trade.
A full reopening of the Strait of Hormuz would likely narrow the US–Far East arbitrage and could put downward pressure on US Gulf spot freight rates.
Over the longer term, LPG exports from North America are expected to continue growing, supported by new export infrastructure and increasingly gas-rich oil production from the Permian Basin.
Middle East LPG exports are likely to remain constrained for the duration of the conflict involving Iran, the US and Israel. While a reopening of the Strait of Hormuz would allow exports to recover from current levels, uncertainty remains regarding the timeline for repairing export infrastructure damaged during the war.
Q1 2026 Earnings Presentation and Interim Financial Report
Please see the attachments for the Q1 2026 Earnings Presentation and Interim Financial Report, or download the documents here: https://www.bwlpg.com/investor/financial-reports-presentations/
BW LPG will present its financial results at 08:00hrs EDT/ 14:00hrs CEST/ 20:00hrs SGT today. The presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu (CFO).
The presentation will be held live via Zoom. Please register at the link below:
https://bit.ly/BWLPGQ12026
Registered participants will receive a confirmation email containing access details for the Zoom meeting. A recording of the presentation will be made available on the Company’s website following the event at https://www.bwlpg.com/investor/financial-reports-presentations/
3
For further information, please contact:
Kristian Sørensen, CEO
Samantha Xu, CFO
E-mail: investor.relations@bwlpg.com
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, with a fleet of about 50 Very Large Gas Carriers (VLGCs), including over 20 vessels powered by LPG dual-fuel propulsion technology. Building on over five decades of LPG shipping experience, the company is strengthened by an in-house LPG trading division and the commercial expertise to explore investments in value chain assets. Together, these capabilities enable BW LPG to provide trusted and reliable services for sourcing and delivering LPG to customers worldwide. Delivering energy for a better world – more information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global energy and maritime company involved in shipping, deepwater oil & gas production, renewable energy and digital infrastructure. BW controls a fleet of over 400 vessels transporting oil, gas and dry commodities. In the infrastructure space, the group operates in wind, batteries, water, subsea cable networks and data centres. bw-group.com
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
4
Exhibit 99.2
|
|
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
FORWARD-LOOKING STATEMENTS
In this unaudited interim financial report, “the Company” or “BW LPG” refers to BW LPG Limited. “The Group” refers to BW LPG Limited together with its consolidated subsidiaries.
Matters discussed in this unaudited interim financial report may constitute “forward-looking statements”. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts or present facts and circumstances. This unaudited interim financial report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.
These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG’s intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates.
Prospective investors in BW LPG are cautioned that forward-looking statements are not guarantees of future performance and that the Group’s actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this unaudited interim financial report. The forward-looking statements in this report are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and market and industry data and forecasts prepared by and available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur. BW LPG undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
2
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:
| ● | general economic, political and business conditions; |
| ● | general LPG market conditions, including changes in LPG freight rates, charter rates, vessel values and bunker fuel prices and other operating costs; |
| ● | changes in demand in the LPG shipping industry; |
| ● | any adverse developments in the maritime LPG transportation business; |
| ● | changes in, and the Group’s compliance with, governmental, tax, environmental, safety, data protection and privacy and other laws and regulations; |
| ● | failure in the management of climate and environmental risks and delivery and performance of management environmental objectives; |
| ● | changes in competition rules and regulations for the shipping industry; |
| ● | failure to manage disruptions, including due to climate change, abnormal weather conditions, |
| ● | pandemics, piracy, strikes and boycotts, political instability, sanctions and breaches of IT systems; |
| ● | failure to implement the Group’s business strategy or manage the Group’s growth; |
| ● | damages or breakdowns of the Group’s vessels, including due to weather conditions, mechanical failures, wars or other circumstances and events; |
| ● | failure to obtain new customers or the loss of any existing major customers; |
| ● | failure to maintain sufficient cash reserves to make capital expenditures necessary for the Group’s vessels’ maintenance; |
3
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
FORWARD-LOOKING STATEMENTS (continued)
| ● | failure to attract and retain key management personnel, technically skilled officers and other employees; |
| ● | default by third parties with whom the Group has entered into chartered-in arrangements; |
| ● | failure of the Group’s third-party technical managers or other counterparties to meet their obligations; |
| ● | the ageing of the Group’s fleet which could result in increased operating costs; |
| ● | delays in deliveries of or cost overruns in relation to newbuilds (if any); |
| ● | failure to integrate assets or businesses acquired from third parties; |
| ● | failure to identify or take advantage of arbitrage opportunities, effectively implement the Product Services division’s hedging strategy and source LPG from third-party suppliers; |
| ● | loss of major tax disputes or successful tax challenges to the Group’s operating structure or to the Group’s tax payments; |
| ● | the availability of and the Group’s ability to obtain financing to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and the Group’s ability to comply with the restrictions and other covenants set forth in the Group’s existing and future debt agreements and financing arrangements; |
Additional information about material risks that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under “Item 3. Key Information – 3.D. Risk Factors” of BW LPG’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 31 March 2026.
4
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
SELECTED KEY FINANCIAL INFORMATION
| Statement of Comprehensive Income | Q1 2026 US$M |
Q1 2025 US$M |
Change % |
|||||||||
| TCE income - Shipping1 | 197.7 | 158.7 | 25 | |||||||||
| Gross profit – Product Services1 | 126.8 | (3.6 | ) | N.M | ||||||||
| Operating profit | 219.7 | 79.0 | 178 | |||||||||
| Profit after tax | 187.3 | 66.6 | 181 | |||||||||
| Profit attributable to equity holders of the Company | 164.3 | 46.1 | N.M | |||||||||
| (US$ per share) | ||||||||||||
| Basic EPS2 | 1.08 | 0.30 | N.M | |||||||||
| Diluted EPS2 | 1.08 | 0.30 | N.M | |||||||||
| Dividend per share | 0.67 | 0.28 | 139 | |||||||||
| Balance Sheet | 31 Mar 2026 US$M |
31 Dec 2025 US$M |
Change % |
|||||||||
| Cash and cash equivalents | 273.1 | 242.0 | 13 | |||||||||
| Total assets | 3,331.1 | 3,149.9 | 6 | |||||||||
| Total liabilities | 1,311.6 | 1,224.3 | 7 | |||||||||
| Total shareholders’ equity | 2,019.6 | 1,925.6 | 5 | |||||||||
| Cash flow | Q1 2026 US$M |
Q1 2025 US$M |
Change % |
|||||||||
| Net cash from operating activities | 165.5 | 166.2 | - | |||||||||
| Capital expenditure | (11.4 | ) | (11.2 | ) | 2 | |||||||
| Adjusted free cash flow3 | 154.1 | 155.0 | (1 | ) | ||||||||
| Financial Ratios | Q1 2026 % |
Q1 2025 % |
Change % |
|||||||||
| ROE4 (annualised) | 38.0 | 13.8 | 175 | |||||||||
| ROCE5 (annualised) | 30.1 | 10.3 | 192 | |||||||||
| Net leverage ratio6 | 26.3 | 31.2 | (16 | ) | ||||||||
| Other Information | 31 Mar 2026 |
31 Dec 2025 |
Change % |
|||||||||
| Shares – end of period (‘000 shares) | 159,282.0 | 159,282.0 | - | |||||||||
| Treasury shares – end of period (‘000 shares) | 7,467.4 | 7,939.3 | (6 | ) | ||||||||
| Share price (USD) | 17.4 | 13.1 | 33 | |||||||||
| Share price (NOK) | 171.2 | 132.0 | 30 | |||||||||
| Market cap (USD million) | 2,641.6 | 1,982.6 | 33 | |||||||||
| Market cap (NOK million) | 25,990.7 | 19,977.2 | 30 | |||||||||
| [1] | Time Charter Equivalent (“TCE”) income - Shipping and Gross profit – Product Services reflect the Shipping and Product Services segments, respectively. TCE income – Shipping represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission, and inter-segment expense. |
| [2] | Basic and diluted EPS (earnings per share) is computed based on Q1 2026: 151.5 million and 151.8 million (Q1 2025: 151.6 million and 152.0 million) shares, respectively, the weighted average number of shares outstanding less treasury shares during the period. |
| [3] | Adjusted free cash flow is a non-IFRS measure and is computed as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels. See page 17 for a reconciliation of adjusted free cash flow to the nearest IFRS measure. |
| [4] | ROE (return on equity) is computed as, with respect to a particular period, the ratio of the profit after tax for such period to the average of the shareholders’ equity, calculated as the average of the opening and closing balance for the period as presented in the consolidated balance sheet. |
| [5] | ROCE (return on capital employed) is a non-IFRS measure and is computed as, with respect to a particular period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders’ equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet. See page 18 for a reconciliation of ROCE to the nearest IFRS measure. |
| [6] | Net leverage ratio is computed as the sum of total borrowings and total lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of total borrowings, total lease liabilities and total shareholders’ equity minus cash and cash equivalents as set out in the consolidated statement of cash flows. |
5
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
HIGHLIGHTS AND SUBSEQUENT EVENTS – Q1 2026
| ● | Q1 2026 profit attributable to equity holders of the Company ended at US$164.3 million or an earnings per share of US$1.08. |
| ● | TCE income – Shipping Q1 2026 concluded at US$55,450 per available day1 and US$51,350 per calendar day (total)1. |
| ● | The Company declared a Q1 2026 cash dividend of US$0.67 per share. This dividend corresponds to 120% of the Shipping NPAT2 for the quarter. This cash dividend represents a payout ratio of 62% for the quarter, as a percentage of total profit attributable to equity holders. |
| ● | On 30 May 2026, the Company signed a contract for the construction of eight 90’cbm Panamax Very Large Gas Carriers (VLGCs), for a total consideration of about US$940 million, subject to the final technical specifications. The newbuildings are expected to be delivered sequentially from the start of 2029 until the second quarter of 2030. |
PERFORMANCE REVIEW – Q1 2026
TCE income – Shipping was US$197.7 million for Q1 2026 (Q1 2025: US$158.7 million), representing an increase of US$39.0 million from Q1 2025. The TCE income increase was primarily due to a higher LPG spot market of US$63,700 per day, a 63% increase compared to Q1 2025 of US$39,100 per day. This was partially offset by our scheduled drydocking program, which reduced available fleet days by 279 days for Q1 2026 (Q1 2025: 81 days). IFRS 15 adjustments in Q1 2026 of positive US$0.5 million (Q1 2025: US$11.7 million), reflecting spot voyages that straddled the quarter-end, were recognised on a load-to-discharge basis. The TCE income – Shipping continues to be well supported by the increased time charter coverage of 53% (Q1 2025: 41%) of available days at US$48,200 per day (Q1 2025: US$40,700 per day). Within it, our India subsidiary continued to deliver stable TCE income of US$29.2 million for Q1 2026 (Q1 2025: US$31.7 million), mainly from fixed-rate time charters.
Product Services reported a gross profit of US$126.8 million for Q1 2026 (Q1 2025: gross loss of US$3.6 million). The substantially high gross profit was mainly driven by an increase of US$172.8 million in the mark-to-market valuation of unrealised positions relative to Q1 2025, from negative US$36.0 million in Q1 2025 to positive US$136.8 million in Q1 2026, which offset the decrease in realised profits by US$42.3 million, from positive US$32.3 million in Q1 2025 to negative US$10.0m in Q1 2026. After general and administrative expenses and income taxes totalling US$28.9 million (Q1 2025: US$8.8 million), Product Services reported a profit after tax of US$97.9 million in Q1 2026 (Q1 2025: loss after tax of US$12.5 million).
Profit attributable to non-controlling interests was positive US$23.1 million for Q1 2026 (Q1 2025: US$20.5 million). The increase was mainly driven by a US$20.9 million increase from BW Product Services, partly offset by an US$18.3 million decline from BW LPG India, reflecting a non-recurring gain of US$32.1 million on the sale of BW Cedar in Q1 2025.
| 1 | TCE income – Shipping per available and calendar day (total) are non-IFRS measures and are computed as TCE income – Shipping divided by available days and calendar days (total), respectively. See pages 16 and 17 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest IFRS measure. |
| 2 | Shipping NPAT, or Shipping’s Net Profit After Tax, is calculated as profit attributable to equity holders of BW LPG, minus BW LPG’s share of BW LPG Product Services Pte. Ltd.’s net profit/(loss) after tax. See page 15. |
6
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
BALANCE SHEET
As of 31 March 2026, BW LPG controls a fleet of 49 VLGCs, including eight vessels which are owned and operated by BW LPG India. Total assets amounted to US$3,331.1 million (31 December 2025: US$3,149.9 million), of which carrying value of the vessels (including dry docking) were US$2,337.5 million (31 December 2025: US$2,366.0 million), and right-of-use assets (vessels) US$114.8 million (31 December 2025: US$116.7 million).
Net derivative financial instruments increased from US$4.2 million as of 31 December 2025 to US$95.0 million as of 31 March 2026 mainly due to the increase in the value BW Product Services’ US cargoes as a result of significant market volatility influenced by the US/Israel-Iran conflict.
Cash and cash equivalents amounted to US$273.1 million as of 31 March 2026 (31 December 2025: US$242.0 million). Cash flow from operating activities generated a net cash of US$165.5 million in Q1 2026 (Q1 2025: US$166.2 million), of which working capital outflow of US$114.4 million (Q1 2025: inflow of US$49.8 million). Investing activities showed a cash outflow of US$8.1 million in Q1 2026 (Q1 2025: US$6.1 million), including US$11.4 million paid for drydocking activities.
Net cash outflow for financing activities of US$206.9 million (Q1 2025: US$130.5 million) included net principal and interest repayments of US$58.7 million, dividend payments of US$86.5 million, US$21.5 million in lease repayments, and a net repayment of US$39.8 million trade finance borrowings.
Net leverage ratio decreased from 28.4% as of 31 December 2025, to 26.3% as of 31 March 2026 mainly due to principal repayments in Q1 2026.
7
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
| Q1 2026 | Q1 2025 | |||||||
| US$’000 | US$’000 | |||||||
| Revenue – Shipping | 254,387 | 247,026 | ||||||
| Revenue - Product Services | 584,504 | 615,046 | ||||||
| Cost of cargo and delivery expenses - Product Services | (439,943 | ) | (603,267 | ) | ||||
| Voyage expenses - Shipping | (59,092 | ) | (92,872 | ) | ||||
| Vessel operating expenses | (28,536 | ) | (29,687 | ) | ||||
| Time charter contracts (non-lease components) | (886 | ) | (4,678 | ) | ||||
| General and administrative expenses | (18,498 | ) | (20,843 | ) | ||||
| Charter hire expenses | (10,165 | ) | (267 | ) | ||||
| Finance lease income | 254 | 171 | ||||||
| Other operating expense - net | (2,017 | ) | (838 | ) | ||||
| Depreciation | (60,268 | ) | (63,124 | ) | ||||
| Amortisation of intangible assets | (60 | ) | (210 | ) | ||||
| Loss on derecognition of right-of-use assets (vessels) | - | 443 | ||||||
| Gain on disposal of vessels | - | 32,051 | ||||||
| Operating profit | 219,680 | 78,951 | ||||||
| Foreign currency exchange gain - net | 122 | 541 | ||||||
| Interest income | 1,284 | 2,933 | ||||||
| Interest expense | (8,801 | ) | (15,274 | ) | ||||
| Other finance expenses | (623 | ) | (384 | ) | ||||
| Finance expenses – net | (8,018 | ) | (12,184 | ) | ||||
| Profit before tax | 211,662 | 66,767 | ||||||
| Income tax expense | (24,320 | ) | (190 | ) | ||||
| Profit after tax | 187,342 | 66,577 | ||||||
| Other comprehensive income/(loss): | ||||||||
| Items that will not be reclassified to profit or loss: | ||||||||
| Equity investments at FVOCI | ||||||||
| - fair value gain/(loss) | 1,180 | (7,652 | ) | |||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||
| Cash flow hedges | ||||||||
| - fair value loss | (13,893 | ) | (34 | ) | ||||
| - reclassification to profit or loss | 4,017 | (3,515 | ) | |||||
| Currency translation reserve | (694 | ) | 1,196 | |||||
| Other comprehensive (loss)/income, net of tax | (9,390 | ) | (10,005 | ) | ||||
| Total comprehensive income | 177,952 | 56,572 | ||||||
| Profit attributable to: | ||||||||
| Equity holders of the Company | 164,283 | 46,088 | ||||||
| Non-controlling interests | 23,059 | 20,489 | ||||||
| 187,342 | 66,577 | |||||||
| Total comprehensive income: | ||||||||
| Equity holders of the Company | 155,026 | 35,877 | ||||||
| Non-controlling interests | 22,926 | 20,695 | ||||||
| 177,952 | 56,572 | |||||||
| Earnings per share attributable to the equity holders of the Company: | ||||||||
| (expressed in US$ per share) | ||||||||
| Basic earnings per share | 1.08 | 0.30 | ||||||
| Diluted earnings per share | 1.08 | 0.30 | ||||||
8
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
| 31 March 2026 |
31 December 2025 |
|||||||
| US$’000 | US$’000 | |||||||
| Intangible assets | 296 | 356 | ||||||
| Investment in joint venture | 301 | 301 | ||||||
| Derivative financial instruments | 2,342 | 3,055 | ||||||
| Other receivables | 3,345 | 3,812 | ||||||
| Finance lease receivables | 8,451 | 10,324 | ||||||
| Deferred tax assets | 279 | 5,321 | ||||||
| Total other non-current assets | 14,718 | 22,813 | ||||||
| Vessels and dry docking | 2,337,497 | 2,365,965 | ||||||
| Right-of-use assets (vessels) | 114,785 | 116,742 | ||||||
| Other property, plant and equipment | 503 | 433 | ||||||
| Property, plant and equipment | 2,452,785 | 2,483,140 | ||||||
| Total non-current assets | 2,467,799 | 2,506,309 | ||||||
| Inventories | 106,912 | 123,885 | ||||||
| Trade and other receivables | 178,123 | 231,207 | ||||||
| Equity financial assets, at FVOCI | 12,890 | 11,710 | ||||||
| Equity financial assets, at FVPL | 1,597 | 1,597 | ||||||
| Derivative financial instruments | 283,411 | 25,956 | ||||||
| Finance lease receivables | 7,329 | 7,220 | ||||||
| Cash and cash equivalents | 273,076 | 242,009 | ||||||
| Total current assets | 863,338 | 643,584 | ||||||
| Total assets | 3,331,137 | 3,149,893 | ||||||
| Share capital | 619,868 | 619,868 | ||||||
| Treasury shares | (47,377 | ) | (50,372 | ) | ||||
| Other reserves | 644,810 | 655,303 | ||||||
| Retained earnings | 683,772 | 605,203 | ||||||
| 1,901,073 | 1,830,002 | |||||||
| Non-controlling interests | 118,477 | 95,551 | ||||||
| Total shareholders’ equity | 2,019,550 | 1,925,553 | ||||||
| Borrowings | 663,100 | 730,394 | ||||||
| Lease liabilities | 61,267 | 72,836 | ||||||
| Derivative financial instruments | 101 | 411 | ||||||
| Total non-current liabilities | 724,468 | 803,641 | ||||||
| Borrowings | 100,823 | 122,709 | ||||||
| Lease liabilities | 72,641 | 64,303 | ||||||
| Derivative financial instruments | 190,647 | 24,398 | ||||||
| Current income tax liabilities | 19,170 | 1,520 | ||||||
| Trade and other payables | 203,838 | 207,769 | ||||||
| Total current liabilities | 587,119 | 420,699 | ||||||
| Total liabilities | 1,311,587 | 1,224,340 | ||||||
| Total equity and liabilities | 3,331,137 | 3,149,893 | ||||||
9
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
| Attributable to equity holders of the Company | ||||||||||||||||||||||||||||||||||||||||||||
| Share capital | Treasury shares | Capital Reserve | Hedging reserve | Share- based payment reserve | Currency translation reserve | Other reserves | Retained earnings | Total | Non-controlling interests | Total equity | ||||||||||||||||||||||||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||||||||||||||
| Balance at 1 January 2026 | 619,868 | (50,372 | ) | 649,654 | 3,279 | 3,937 | 1,333 | (2,900 | ) | 605,203 | 1,830,002 | 95,551 | 1,925,553 | |||||||||||||||||||||||||||||||
| Profit after tax | - | - | - | - | - | - | - | 164,283 | 164,283 | 23,059 | 187,342 | |||||||||||||||||||||||||||||||||
| Other comprehensive (loss)/income for the financial period | - | - | - | (9,876 | ) | - | (561 | ) | 1,180 | - | (9,257 | ) | (133 | ) | (9,390 | ) | ||||||||||||||||||||||||||||
| Total comprehensive (loss)/income for the financial period | - | - | - | (9,876 | ) | - | (561 | ) | 1,180 | 164,283 | 155,026 | 22,926 | 177,952 | |||||||||||||||||||||||||||||||
| Share-based payment reserve Value of employee services | - | - | - | - | 448 | - | - | - | 448 | - | 448 | |||||||||||||||||||||||||||||||||
| Share options exercised | - | 2,995 | - | - | (1,684 | ) | - | - | 820 | 2,131 | - | 2,131 | ||||||||||||||||||||||||||||||||
| Dividend paid | - | - | - | - | - | - | - | (86,534 | ) | (86,534 | ) | - | (86,534 | ) | ||||||||||||||||||||||||||||||
| Total transactions with owners, recognised directly in equity | - | 2,995 | - | - | (1,236 | ) | - | - | (85,714 | ) | (83,955 | ) | - | (83,955 | ) | |||||||||||||||||||||||||||||
| Balance at 31 March 2026 | 619,868 | (47,377 | ) | 649,654 | (6,597 | ) | 2,701 | 772 | (1,720 | ) | 683,772 | 1,901,073 | 118,477 | 2,019,550 | ||||||||||||||||||||||||||||||
10
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
| Attributable to equity holders of the Company | ||||||||||||||||||||||||||||||||||||||||||||
| Share capital | Treasury shares | Capital reserve | Hedging reserve | Share- based payment reserve | Currency translation reserve | Other reserves | Retained earnings | Total | Non-controlling interests | Total equity | ||||||||||||||||||||||||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||||||||||||||
| Balance at 1 January 2025 | 619,868 | (48,387 | ) | 649,654 | 13,835 | 2,579 | (427 | ) | 2,115 | 565,794 | 1,805,031 | 132,463 | 1,937,494 | |||||||||||||||||||||||||||||||
| Profit after tax | - | - | - | - | - | - | - | 242,313 | 242,313 | 47,398 | 289,711 | |||||||||||||||||||||||||||||||||
| Other comprehensive (loss)/income for the financial period | - | - | - | (10,556 | ) | - | 1,760 | (11,422 | ) | - | (20,218 | ) | 444 | (19,774 | ) | |||||||||||||||||||||||||||||
| Total comprehensive (loss)/income for the financial period | - | - | - | (10,556 | ) | - | 1,760 | (11,422 | ) | 242,313 | 222,095 | 47,842 | 269,937 | |||||||||||||||||||||||||||||||
| Share-based payment reserve - Value of employee services | - | - | - | - | 1,753 | - | - | - | 1,753 | - | 1,753 | |||||||||||||||||||||||||||||||||
| Share capital reduction of subsidiary | - | - | - | - | - | - | - | - | - | (41,616 | ) | (41,616 | ) | |||||||||||||||||||||||||||||||
| Purchases of treasury shares | - | (2,739 | ) | - | - | - | - | - | - | (2,739 | ) | - | (2,739 | ) | ||||||||||||||||||||||||||||||
| Share options exercised | - | 754 | - | - | (395 | ) | - | - | 164 | 523 | - | 523 | ||||||||||||||||||||||||||||||||
| Dividend paid | - | - | - | - | - | - | - | (199,855 | ) | (199,855 | ) | (41,120 | ) | (240,975 | ) | |||||||||||||||||||||||||||||
| Changes in NCI | - | - | - | - | - | - | - | 3,194 | 3,194 | (2,018 | ) | 1,176 | ||||||||||||||||||||||||||||||||
| Transfer to tonnage tax reserve | - | - | - | - | - | - | 6,407 | (6,407 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Total transactions with owners, recognised directly in equity | - | (1,985 | ) | - | - | 1,358 | - | 6,407 | (202,904 | ) | (197,124 | ) | (84,754 | ) | (281,878 | ) | ||||||||||||||||||||||||||||
| Balance at 31 December 2025 | 619,868 | (50,372 | ) | 649,654 | 3,279 | 3,937 | 1,333 | (2,900 | ) | 605,203 | 1,830,002 | 95,551 | 1,925,553 | |||||||||||||||||||||||||||||||
11
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
| Q1 2026 | Q1 2025 | |||||||
| US$’000 | US$’000 | |||||||
| Cash flows from operating activities | ||||||||
| Profit before tax | 211,662 | 66,767 | ||||||
| Adjustments for: | ||||||||
| - amortisation of intangible assets | 60 | 210 | ||||||
| - depreciation charge | 60,268 | 63,124 | ||||||
| - gain on disposal of vessels | - | (32,051 | ) | |||||
| - interest income | (1,284 | ) | (2,933 | ) | ||||
| - interest expenses | 8,801 | 17,027 | ||||||
| - other finance expenses | 317 | 384 | ||||||
| - share-based payments | 448 | 355 | ||||||
| - finance lease income | (254 | ) | (171 | ) | ||||
| - loss on derecognition of right-of-use assets | - | (443 | ) | |||||
| 280,018 | 112,269 | |||||||
| Changes in working capital: | ||||||||
| - inventories | 16,973 | (19,143 | ) | |||||
| - trade and other receivables | 52,237 | (66,143 | ) | |||||
| - trade and other payables | (2,595 | ) | 71,386 | |||||
| - derivative financial instruments | (100,396 | ) | 34,620 | |||||
| - margin account held with broker | (80,617 | ) | 29,110 | |||||
| Total changes in working capital | (114,398 | ) | 49,830 | |||||
| Taxes (paid)/refund | (140 | ) | 4,143 | |||||
| Net cash from operating activities | 165,480 | 166,242 | ||||||
| Cash flows from investing activities | ||||||||
| Additions in property, plant and equipment | (11,446 | ) | (76,298 | ) | ||||
| Proceeds from sale of vessels | - | 65,049 | ||||||
| Repayment of finance lease receivables | 1,765 | 2,021 | ||||||
| Interest received | 1,538 | 3,104 | ||||||
| Net cash used in investing activities | (8,143 | ) | (6,124 | ) | ||||
12
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (continued)
| Q1 2026 | Q1 2025 | |||||||
| US$’000 | US$’000 | |||||||
| Cash flows from financing activities | ||||||||
| Proceeds from borrowings | 335,065 | 221,730 | ||||||
| Payment of financing fees | - | (203 | ) | |||||
| Repayments of bank borrowings | (384,879 | ) | (197,355 | ) | ||||
| Payment of lease liabilities | (21,505 | ) | (25,560 | ) | ||||
| Interest paid | (8,925 | ) | (15,249 | ) | ||||
| Other finance expense paid | (317 | ) | (384 | ) | ||||
| Drawdown of trust receipts | 288,285 | 562,039 | ||||||
| Repayment of trust receipts | (328,077 | ) | (595,731 | ) | ||||
| Dividend payment | (86,534 | ) | (63,646 | ) | ||||
| Dividend payment to non-controlling interests | - | (11,180 | ) | |||||
| Capital return to non-controlling interests | - | (4,965 | ) | |||||
| Net cash used in financing activities | (206,887 | ) | (130,504 | ) | ||||
| Net (decrease)/increase in cash and cash equivalents | (49,550 | ) | 29,614 | |||||
| Cash and cash equivalents at beginning of the financial period | 225,714 | 231,900 | ||||||
| Cash and cash equivalents at end of the financial period | 176,164 | 261,514 | ||||||
For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:
31 March 2026 | 31 March 2025 | |||||||
| US$’000 | US$’000 | |||||||
| Cash and cash equivalents per consolidated balance sheet | 273,076 | 280,185 | ||||||
| Less: Margin account held with broker | (96,912 | ) | (18,671 | ) | ||||
| Cash and cash equivalents per consolidated statement of cash flows | 176,164 | 261,514 | ||||||
13
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
Segment information
The executive management team (“EMT”) is the Group’s chief operating decision-maker. The Group identifies segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers the business from each individual business segment perspective which comprises the Shipping and Product Services segments.
The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. For the Product Services segment, gross profit is reflected as Gross profit – Product Services. Operating segment disclosures are consistent with the information reviewed by the Management.
Segment performance is presented below:
| Shipping | Product Services |
Inter- segment elimination |
Total | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Q1 2026 | ||||||||||||||||
| Revenue from spot voyages | 162,588 | - | - | 162,588 | ||||||||||||
| Inter-segment revenue | 8,119 | - | (8,119 | ) | - | |||||||||||
| Voyage expenses | (59,092 | ) | - | - | (59,092 | ) | ||||||||||
| Inter-segment expense | (5,725 | ) | - | 5,725 | - | |||||||||||
| Net income from spot voyages | 105,890 | - | (2,394 | ) | 103,496 | |||||||||||
| Revenue from time charter voyages | 91,799 | - | - | 91,799 | ||||||||||||
| TCE income - Shipping 1 | 197,689 | - | (2,394 | ) | 195,295 | |||||||||||
| Revenue from Product Services | - | 584,504 | - | 584,504 | ||||||||||||
| Inter-segment revenue | - | 5,725 | (5,725 | ) | - | |||||||||||
| Cost of cargo and delivery expenses | - | (439,943 | ) | - | (439,943 | ) | ||||||||||
| Inter-segment cost | - | (8,119 | ) | 8,119 | - | |||||||||||
| Depreciation | - | (15,344 | ) | - | (15,344 | ) | ||||||||||
| Gross profit - Product Services 2 | - | 126,823 | 2,394 | 129,217 | ||||||||||||
| Segment results | 197,689 | 126,823 | - | 324,512 | ||||||||||||
| Q1 2025 | ||||||||||||||||
| Revenue from spot voyages | 181,091 | - | - | 181,091 | ||||||||||||
| Inter-segment revenue | 10,152 | - | (10,152 | ) | - | |||||||||||
| Voyage expenses | (92,872 | ) | - | - | (92,872 | ) | ||||||||||
| Inter-segment expense | (5,636 | ) | - | 5,636 | - | |||||||||||
| Net income from spot voyages | 92,735 | - | (4,516 | ) | 88,219 | |||||||||||
| Revenue from time charter voyages | 65,935 | - | - | 65,935 | ||||||||||||
| TCE income - Shipping 1 | 158,670 | - | (4,516 | ) | 154,154 | |||||||||||
| Revenue from Product Services | - | 615,046 | - | 615,046 | ||||||||||||
| Inter-segment revenue | - | 5,636 | (5,636 | ) | - | |||||||||||
| Cost of cargo and delivery expenses | - | (603,267 | ) | - | (603,267 | ) | ||||||||||
| Inter-segment cost | - | (10,152 | ) | 10,152 | - | |||||||||||
| Depreciation | - | (10,900 | ) | - | (10,900 | ) | ||||||||||
| Gross profit - Product Services 2 | - | (3,637 | ) | 4,516 | 879 | |||||||||||
| Segment results | 158,670 | (3,637 | ) | - | 155,033 | |||||||||||
| 1 | “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and spot voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission. |
| 2 | Gross profit - Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels. |
14
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
Segment information (continued)
Reconciliation of segment results:
| Q1 2026 | Q1 2025 | |||||||
| US$’000 | US$’000 | |||||||
| Total segment results for reportable segments | 324,512 | 155,033 | ||||||
| Vessel operating expenses | (28,536 | ) | (29,687 | ) | ||||
| Time charter contracts (non-lease components) | (886 | ) | (4,678 | ) | ||||
| General and administrative expenses | (18,498 | ) | (20,843 | ) | ||||
| Charter hire expenses | (10,165 | ) | (267 | ) | ||||
| Finance lease income | 254 | 171 | ||||||
| Other operating expense - net | (2,017 | ) | (838 | ) | ||||
| Depreciation - Shipping segment | (44,924 | ) | (52,224 | ) | ||||
| Amortisation | (60 | ) | (210 | ) | ||||
| Loss on derecognition of right-of-use assets (vessels) | - | 443 | ||||||
| Gain on disposal of vessels | - | 32,051 | ||||||
| Operating profit | 219,680 | 78,951 | ||||||
| Finance expense – net | (8,018 | ) | (12,184 | ) | ||||
| Income tax expense | (24,320 | ) | (190 | ) | ||||
| Profit after tax | 187,342 | 66,577 | ||||||
Investment in subsidiaries
Set out below are the summarised financial information for the Group’s subsidiaries, BW LPG India Pte. Ltd. (“BW LPG India”) and BW LPG Product Services Pte. Ltd (“BW Product Services”), which have non-controlling interests that are material to the Group. These are presented before inter-company eliminations.
Summarised balance sheet:
| BW LPG India | BW Product Services | |||||||||||||||
| 31 March 2026 |
31 December 2025 |
31 March 2026 |
31 December 2025 |
|||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
| Assets | ||||||||||||||||
| Current assets | 46,536 | 52,901 | 587,843 | 291,218 | ||||||||||||
| Includes | ||||||||||||||||
| Cash and cash equivalents | 19,869 | 30,821 | 165,719 | 39,917 | ||||||||||||
| Non-current assets | 351,988 | 355,533 | 101,676 | 114,202 | ||||||||||||
| Liabilities | ||||||||||||||||
| Current liabilities | 33,380 | 45,446 | 487,177 | 290,400 | ||||||||||||
| Includes | ||||||||||||||||
| Borrowings | 27,943 | 28,268 | 141,444 | 100,649 | ||||||||||||
| Non-current liabilities (Borrowings) | 173,596 | 180,217 | 52,816 | 62,512 | ||||||||||||
| Net assets | 191,548 | 182,771 | 149,526 | 52,508 | ||||||||||||
15
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
Investment in subsidiaries (continued)
Summarised statement of comprehensive income:
| BW LPG India | BW Product Services | |||||||||||||||
| Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | |||||||||||||
| US$’000 | US$’000 | US$’000 | US$,000 | |||||||||||||
| TCE income – Shipping | 29,239 | 31,683 | - | - | ||||||||||||
| Revenue from Product Services | - | - | 590,229 | 620,682 | ||||||||||||
| Cost of cargo and delivery expenses | - | - | (448,062 | ) | (613,419 | ) | ||||||||||
| Vessel operating expense | (5,579 | ) | (4,873 | ) | - | - | ||||||||||
| Charter hire expense | (1,310 | ) | - | - | - | |||||||||||
| Depreciation and amortisation | (8,236 | ) | (8,318 | ) | (15,370 | ) | (10,900 | ) | ||||||||
| Gain on disposal of vessels | - | 32,051 | - | - | ||||||||||||
| Finance expense - net | (2,689 | ) | (1,340 | ) | (113 | ) | (77 | ) | ||||||||
| Other expenses – net | (2,394 | ) | (1,587 | ) | (4,908 | ) | (8,622 | ) | ||||||||
| Income tax expense | (40 | ) | (73 | ) | (23,891 | ) | (117 | ) | ||||||||
| Net profit after tax | 8,991 | 47,543 | 97,885 | (12,453 | ) | |||||||||||
| Other comprehensive income (currency translation effects) | - | - | (696 | ) | 1,196 | |||||||||||
| Total comprehensive income | 8,991 | 47,543 | 97,189 | (11,257 | ) | |||||||||||
Total comprehensive income allocated to non-controlling interests | 4,280 | 22,630 | 18,646 | (1,935 | ) | |||||||||||
16
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
APPENDIX - Non-IFRS financial measures
This interim financial report contains a number of non-IFRS financial measures that Management uses to monitor and analyse the performance of the Group’s business. Non-IFRS financial measures exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using measures that are not calculated in accordance with IFRS. Non-IFRS financial measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS.
The Group believes that these non-IFRS financial measures, in addition to IFRS measures, provide an enhanced understanding of the Group’s results and related trends, therefore increasing transparency and clarity of the Group’s results and business.
There are no generally accepted accounting principles governing the calculation of these measures and the criteria upon which these measures are based can vary from company to company. The non-IFRS financial measures presented in this interim financial report may not be comparable to other similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Group’s operating results as reported under IFRS. The Group encourages investors and analysts not to rely on any single financial measure but to review the Group’s financial and non-financial information in its entirety.
The following non-IFRS measures are presented in this interim financial report.
TCE income – Shipping per calendar day (total)
The Group defines TCE income - Shipping per calendar day (total) as TCE income - Shipping divided by calendar days (total).
The Group defines calendar days (total) as the total number of days in a period during which vessels are owned or chartered-in is in its possession, including technical off-hire days and waiting days. Calendar days (total) are an indicator of the size of the fleet over a period and affect both the amount of revenue and the amount of expense that the Group records during that period.
The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).
The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).
The Group believes TCE income - Shipping per calendar day (total) is meaningful to investors because it is a measure of how well the Company manages the fleet technically and commercially.
The reconciliation of TCE income - Shipping per calendar day (total) to TCE income - Shipping for the periods ended 31 March 2026 and 2025 is provided below.
| Q1 2026 | Q1 2025 | |||||||
| TCE income – Shipping (US$’000) | 197,689 | 158,670 | ||||||
| Calendar days (total) | 3,850 | 4,094 | ||||||
| TCE income – Shipping per calendar day (total) (US$) | 51,350 | 38,760 | ||||||
17
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
APPENDIX - Non-IFRS financial measures (continued)
TCE income – Shipping per available day
The Group defines TCE income – Shipping per available day as TCE income – Shipping divided by available days.
The Group defines available days as the total number of days (including waiting time) in a period during which each vessel is owned or chartered-in, net of technical off-hire days. The Group uses available days to measure the number of days in a period during which vessels actually generate or are capable of generating revenue.
The Group defines waiting days as the number of days its vessels are unemployed for market reasons, excluding technical off-hire days. Ballast voyages, positioning voyages prior to deliveries on time charters and time spent on cleaning of tanks when vessels are switching from one cargo type to another are not considered waiting time. Waiting days per vessel are calculated as total waiting days for owned and chartered-in vessels divided by the number of owned and chartered-in vessels (not weighted by ownership share in each vessel).
The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, dry dockings or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel).
The Group believes TCE income – Shipping per available day is meaningful to investors because it is a measure of how well the Group manages the fleet commercially.
The reconciliation of TCE income - Shipping per available day to TCE income - Shipping for the periods ended 31 March 2026 and 2025 is provided below.
| Q1 2026 | Q1 2025 | |||||||
| TCE income – Shipping (US$’000) | 197,689 | 158,670 | ||||||
| Available days | 3,565 | 3,990 | ||||||
| TCE income – Shipping per available days (US$) | 55,450 | 39,770 | ||||||
Adjusted free cash flow
The Group defines adjusted free cash flow as net cash from operating activities minus cash outflows for additions in property, plant and equipment and additions in intangible assets, sale of assets held-for-sale and sale of vessels.
The Group believes adjusted free cash flow is meaningful to investors because it is the measure of the funds generated by the Group available for distribution of dividends, repayment of debt or to fund the Group’s strategic initiatives, including acquisitions. The purpose of presenting adjusted free cash flow is to indicate the ongoing cash generation within the control of the Group after taking account of the necessary cash expenditures for maintaining the operating structure of the Group (in the form of capital expenditure).
The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the periods ended 31 March 2026 and 2025 is provided below.
Q1 2026 | Q1 2025 | |||||||
| US$’000 | US$’000 | |||||||
| Net cash from operating activities | 165,480 | 166,242 | ||||||
| Additions in property, plant and equipment | (11,446 | ) | (76,298 | ) | ||||
| Proceeds from sale of vessels | - | 65,049 | ||||||
| Adjusted free cash flow | 154,034 | 154,993 | ||||||
18
BW LPG Limited
Interim Financial Report (Unaudited)
Q1 2026
APPENDIX - Non-IFRS financial measures (continued)
Return on capital employed (ROCE)
The Group defines return on capital employed (“ROCE”) as, with respect to a particular financial period, the ratio of the operating profit for such period to capital employed defined as the average of the total shareholders’ equity, total borrowings and total lease liabilities, calculated as the average of the opening and closing balance for such period as presented in the consolidated balance sheet.
The Group believes ROCE is meaningful to investors because it measures the Group’s financial efficiency and its ability to create future growth in value.
The reconciliation of ROCE to operating profit for the periods ended 31 March 2026 and 2025 is provided below.
| Q1 2026 | Q1 2025 | |||||||
| Operating profit (US$’000) | 219,680 | 78,951 | ||||||
| Average of the total shareholders’ equity (US$’000)(1) | 1,972,552 | 1,926,324 | ||||||
| Average of the total borrowings (US$’000)(1) | 808,513 | 937,961 | ||||||
| Average of the total lease liabilities (US$’000)(1) | 135,524 | 212,764 | ||||||
| Capital employed (US$’000) | 2,916,589 | 3,077,049 | ||||||
| ROCE | 7.5 | % | 2.6 | % | ||||
| ROCE (annualised) | 30.1 | % | 10.3 | % | ||||
| (1) | Calculated as the average of the opening and closing balances for the period as presented in the consolidated balance sheet |
Rounding of figures
Certain financial information presented in tables in this interim financial report has been rounded to the nearest whole number or the nearest decimal place. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this interim financial report reflect calculations based upon the underlying information prior to rounding, and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.
19
Exhibit 99.3
Q1 2026 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 2 June 2026
NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR IN TO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL . BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS . This presentation has been produced by BW LPG Limited (“BW LPG”) exclusively for information purposes . This presentation may not be reproduced or redistributed, in whole or in part, to any other person . Matters discussed in this presentation and any materials distributed in connection with this presentation may constitute or include forward – looking statements . Forward – looking statements are statements that are not historical facts and may be identified by words such as “anticipates”, “believes”, “continues”, “estimates”, “expects”, “intends”, “may”, “should”, “will” and similar expressions, such as “going forward” . These forward – looking statements reflect BW LPG’s reasonable beliefs, intentions and current expectations concerning, among other things, BW LPG’s results of operations, financial condition, liquidity, prospects, growth and strategies . Forward – looking statements include statements regarding : objectives, goals, strategies, outlook and growth prospects ; future plans, events or performance and potential for future growth ; liquidity, capital resources and capital expenditures ; economic outlook and industry trends ; developments of BW LPG’s markets ; the impact of regulatory initiatives ; and the strength of BW LPG’s competitors . Forward – looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future . The forward – looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in BW LPG’s records and other data available from Fourth parties . Although BW LPG believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control . Forward – looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of BW LPG or the industry to differ materially from those results expressed or implied in this presentation by such forward – looking statements . No representation is made that any of these forward – looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward – looking statement . Disclaimer and forward - looking statements 2 No representation, warranty or undertaking, express or implied, is made by BW LPG, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever . Neither BW LPG nor any of its affiliates or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss whatsoever and howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation . All information in this presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice . In giving this presentation, none of BW LPG, its affiliates or representatives undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information . The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation . The contents of this presentation are not to be construed as legal, business, investment or tax advice . Each recipient should consult its own legal, business, investment or tax adviser as to legal, business, investment or tax advice . By attending this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW LPG and that you will conduct your own analysis and be solely responsible for forming your own view on the potential future performance of the business of BW LPG . This presentation must be read in conjunction with the recent financial information and the disclosures therein . A number of measures are used to report the performance of our business, which are non - IFRS measures, such as TCE income – Shipping per available day, TCE income – Shipping per calendar day and Return on capital employed (ROCE) . These measures are defined and reconciliations to the nearest IFRS measure are available in BW LPG’s Q 1 2026 Interim Financial Report and BW LPG’s Registration Statement on Form 20 - F . Neither this presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or purchase whatsoever in any jurisdiction and shall not constitute or form part of an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction . The securities referred to herein may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U . S . Securities Act of 1933 , as amended (the “Securities Act”) . BW LPG does not intend to register any part of any offering in the United States or to conduct a public offering in the United States of the shares to which this presentation relates . In the EEA Member States, with the exception of Norway (each such EEA Member State, a “Relevant State“), this presentation and the information contained herein are intended only for and directed to qualified investors as defined in Article 2 (e) of Regulation (EU) 2017 / 1129 of the European Parliament and of the Council of 14 June 2017 (the “Prospectus Regulation”) . The securities mentioned in this presentation are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation . Persons in any Relevant State who are not qualified investors should not take any actions based on this presentation, nor rely on it . In the United Kingdom, this presentation is directed only at, and communicated only to, persons who are qualified investors within the meaning of Article 2 (e) of the Prospectus Regulation as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 who are ( i ) persons who fall within the definition of "investment professional" in Article 19 ( 5 ) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 , as amended (the “Order”), or (ii) persons who fall within Article 49 ( 2 )(a) to (d) of the Order, or (iii) persons to whom it may otherwise be lawfully communicated (all such persons referred to in ( i ), (ii) and (iii) above together being referred to as “Relevant Persons”) . This presentation must not be acted on or relied on by persons in the United Kingdom who are not Relevant Persons .
Agenda Q1 2026 Q1 2026 highlights and market outlook Market overview Company performance Q&A
Q1 performance • TCE income – Shipping Q1 2026 was US$55,500 per available day and US$51,300 per calendar day, supported by our time charter coverage of 53% of available days at US$48,200 per day • Q1 2026 profit after tax was US$187 million, and the profit attributable to equity holders of the company was US$164 million representing an earnings per share of US$1.08 • Mainly driven by a large unrealised MtM valuation gain of the portfolio, BW Product Services reported a US$127 million gross profit and a profit after tax of US$98 million for this quarter Q2 2026 guidance • Fixed 85% of available fleet days at an average rate of ~US$81,000/day • Increased inefficiencies from the Middle East conflict are driving higher shipping demand from the US and resulting in extraordinary high freight rates Continued dividend distribution • The company declared a Q1 cash dividend of US$0.67 per share, which consists of 100% of Shipping NPAT 1 Q1 2026, in addition to US$0.11 per share from BW Product Services' capital return from 2025 Dry dock program increases off - hire days • In Q1 2026, 257 days were related to vessels being in dry dock • A total of 105 4 days are expected to be off - hire due to dry - docking in Q2, with a total of 13 vessels scheduled for dry docking in 2026 Other subsequent events • Signed newbuilding contract for eight 90’cbm Panamax VLGCs with expected deliveries from start of 2029 to Q2 2030 with a total price of approximately US$940M • BW Brage and BW Gemini fixed for three - and five - year time charter out agreements in the low US$40,000s per day • BW Pampero fixed for one - year time charter out at high US$60,000 per day with delivery in August Q1 2026 highlights Return to shareholders $0.67 Dividend per share 2 13.7% Annualised dividend yield 3 38 % ROE (annualised) 120% Q1 2026 payout ratio Shipping NPAT 1 Financial performance $ 187M Net profit after tax $618M Available liquidity $ 1.08 Earnings per share 26.3% Net leverage ratio Commercial performance $ 55,500 TCE income – Shipping per available day $51,300 TCE income – Shipping per calendar day 9 2 % Fleet utilisation 7% Technical offhire 4 1. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q1 2026: US$164.3 million, less BW LPG's share of BW PS' net profit after tax Q1 2026 of US$79.1 million. 2. For shares registered with Euronext Securities Oslo, dividend per share is NOK 6.1960 3. Based on US$19.6/share as of 29 May 2026 4. Includes chartered - in vessels
Contract signed for eight 90’cbm Panamax VLGCs with HHI Expected deliveries from start of 2029 to Q2 2030 5 Newbuilding prices have come down from their peak at ~US $125M Higher energy prices likely to increase inflationary pressure Constrained shipyard capacity for the foreseeable future Fleet renewal Reducing the average age of the current fleet by ~ 3 years following the last NB delivery Fleet composition Adding Panamax flexibility to our current fleet portfolio Future proofing the fleet with eight additional dual - fuel vessels Strategic positioning Favorable timing as NB deliveries follow the peak of the orderbook in 2027/2028, coinciding with additional US/ME LPG export capacity coming online Disciplined and returns driven Robust balance sheet capacity supports fleet renewal and capital structure optimisation, while balancing shareholder returns and long - term value creation Panamax VLGC newbuildings Cargo carrying spec Engine Shaft generator Size (cbm) Type Delivery Vessel LPG as cargo with option to upgrade to ammonia LPG Dual - Fuel Shaft generator 90,000cbm Panamax Q1 2029 NB 1 Q1 2029 NB 2 Q2 2029 NB 3 Q2 2029 NB 4 Q3 2029 NB 5 Q4 2029 NB 6 Q1 2030 NB 7 Q2 2030 NB 8 8x 8x newbuilding order overview Financing highlights ~ US$ 117.5M per vessel (subject to the technical upgrades of the specific vessel) 30% of total newbuilding price to be paid within the next 6 months Various financing options are being considered
Agenda Q1 2026 highlights and market outlook Market overview Company performance Q&A Q1 2026
$ /d $50 000/d $100 000/d $150 000/d $200 000/d $250 000/d Jan-26 Feb-26 Mar-26 Apr-26 May-26 2026 market reactions and freight rate development Increasing inefficiencies are supporting higher shipping demand and freight rates 7 Middle East – Far East BLPG1 US – Far East BLPG3 Start of the 2026 US – Iran war ~$170,000/d ~$1 90 ,000/d Panama Canal auction activity and fees have intensified Auction fees have ranged from $100K to as high as $4M! TCE spot rates ($/day) All - in cash breakeven ~$24,500/d Lost Middle East LPG export volumes in 2026… Changes in LPG trade patterns and increased traffic in the Panama Canal …replaced by increased LPG exports from North America 35 36 36 48 Jan Feb Mar Apr # VLGC US spot fixtures High US spot fixture activity Many VLGCs waiting in the Arabian Sea for Strait of Hormuz to reopen Sources: Baltic Exchange, BW LPG, AnfilGas Nederland terminal expansion capacity ramp - up increasing loadings
VLGC market reactions and trade dynamics Simultaneous market reactions reshape trade dynamics and absorb shipping capacity India 8 US LPG export volumes Mt (VLGC only) 5.1 4.6 5.1 5.8 Jan Feb Mar Apr US Gulf Houston Chiba Middle East Ras Tanura Chiba +0.7mt ~15Mt (VLGC only) 19 21 4M2025 4M2026 Japan India China 753% 50% 59% 35% SE Asia 4M US LPG export volumes Mt (VLGC only) *Assuming the Strait of Hormuz reopens in Q2 More VLGCs than expected have been waiting in the Arabian Sea for the Strait of Hormuz to reopen rather than seeking US cargoes Increase in LPG exports from the US Lost Middle East LPG export volumes 2026 Increased trade flows from the US to India and SE Asia Panama Canal congestion increases number of VLGCs sailing via COGH ~60% driven by additional US terminal export capacity ramp - up Auction fees have ranged from $100K to as high as $4M! Sources: NGLS, Vortexa , BW LPG
7 11 1 9 2 4 12 Energy Transfer Targa Enterprise Enterprise AltaGas Targa ONEOK LPG / Ethane flexible LPG only LPG export forecasts Increased export capacity will enable further growth in LPG exports • North American export forecast raised significantly for 2026, on the back of high oil and gas activity and demand for Middle East replacement volumes • Further out in time, recovery of Middle East exports will likely contribute more to overall growth in exports • Forecast assumes reopening of Hormuz during Q2 2026 and gradual recovery North America racing to replace lost Middle East volumes • US LPG exports have seen support from new flexible terminal expansions • The coming years will see elevated delivery of Very Large Ethane Carriers (VLECs), which could occupy more of the flexible export capacity • Several LPG only export projects are scheduled to come online in coming years More export capacity to come online North America and Middle East LPG exports Mtpa (VLGC only) North American terminal expansion projects Mtpa Sources: NGLS, company filings 9 57 60 71 72 72 40 39 29 37 45 2024 2025 2026F 2027F 2028F North America Middle East Operational 2026 2028 2027 Mtpa (VLGC only) Flex capacity to gradually shift toward ethane
VLGC fleet and newbuildings 10 Delivery pace to decellerate from 2027 Quarterly delivery schedule # of VLGCs VLGC fleet age profile and newbuilding market VLGC delivery year for newbuild contracts Total orderbook number 130 VLGC newbuilds ordered in 2026 38 2029 1. Total VLGC fleet on water (not including orderbook) 2. 88 - 91k dual - fuel non - ammonia capacity VLGC, at “first class competitive yard” Sources: Shipping Intelligence Network 70% 16% 5% 9% 0-15 years 15-20 years 20-25 years 25 years + 429 total VLGC fleet 1 12 6 3 4 6 11 9 5 6 8 8 6 2 4 4 4 4 1 2 2 3 3 4 5 5 2 4 1 4 5 3 1 1 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 1Q29 2Q29 3Q29 4Q29 1Q30 Delivered NB - Ammonia NB - Non-ammonia ~53 VLGCs are considered part of the shadow fleet
Market outlook US LPG export growth has been front - loaded due to lost Middle East volumes • 429 VLGCs are currently on the water • 18 VLGCs have been delivered so far in 2026, with 20 more scheduled for delivery before 2027 • VLGC orderbook currently consists of 130 ships, with deliveries slowing down after 2027 LPG exports US / Middle East Simultaneous market reactions are reshaping trade dynamics, increasing inefficiencies, absorbing shipping capacity, and supporting higher freight rates Market dynamics VLGC global fleet Panama v. Cape routing • Growth to see support from high LPG production and commissioning of new export infrastructure • Middle East exports likely to remain heavily restricted for the duration of the Middle East war • Repairs of Middle East LPG export infrastructure needed to fully recover to pre - war export levels • Strong demand for - and growing supply of US LPG to continue to support freight rates • High demand for using the Panama Canal and vessels idling in the Middle East elevate market inefficiencies • Longer sailing distances to stretch global fleet capacity • High competition for transiting the Neo - Panamax locks drive VLGCs to sail around Cape of Good Hope • Demand for canal usage likely to stay high with fleet growth in ethane, LPG and LNG segments 11
Agenda Q1 2026 Q1 2026 highlights and market outlook Market overview Company performance Q&A
13 Achieved 92% utilisation generating TCE income – Shipping of US$55,500 per available day 2026 Q1 performance Guidance Q2 2026 • Fixed 85% of our available fleet days at an average rate of ~US$81,000 per day 4 1. TCE rates per day are inclusive of both commercial waiting and technical offhire days (i.e. 100% of calendar days) 2. TCE rates per day are inclusive of commercial waiting days and exclusive of technical offhire days (i.e. 100% of available days) 3. TCE rates per day are exclusive of both commercial waiting and technical offhire days 7% 93% TCE income by calendar days US$51,300/day 1 Technical off - hire Available days 53% 46% TCE income by available days US$55,500/day 2 US$ 63,7 00 2 (incl. waiting time and FFA) Spot US$ 68,100 3 (excl. waiting time and FFA) Waiting 1% Time Charter US$48, 2 00 5 4. Discharge to discharge basis 5. Time charter includes fixed and variable rate FY 2026 Time charter Average day rate Revenue/ (Cost) in US$M % of total Fleet $44,800 $19 3% TC out – Fixed rate $37,700 ($16) 3% TC in – Fixed rate $3 Net $44,800 $242 36% Remaining TC out – Fixed rate Shipping – Performance FY 2026 Charter portfolio • 39 % covered by fixed rate TC out at US$ 44,800/ day • 3 % covered by FFA hedges at avg. of US$ 48,100/ day
53 - 10 145 - 8 - 30 150 69 Net assets Q4 2025 Realised positions MTM change in unrealised cargo MTM change in unrealised paper Other expenses Net assets Q1 2026 Unrealised physical shipping Product Services – Performance 14 Strong Q1 trading performance driven largely by positive unrealised mark - to - market changes from open cargo contracts 1. Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivativ e g ains and losses, and other trading attributable costs, including depreciation from Product Services’ lease - in vessels 2. Included within Other expenses, ~$1M effects relating to currency translation of foreign operations which is not part of Net pro fit/loss 3. Unrealised physical shipping is a Non - IFRS measure and refers to the forward value of Time Charter - in contracts based on forward market fr eight indexes Q1 2026 performance Book equity US$M Net asset value end of Q1 Net profit Gross profit 1 Average VAR Unrealised physical shipping 3 BW LPG VLGC cargoes lifted by BW PS Net Profit: $98m Currency translation: ($1m) 2
$51,300 Q1 2026 Daily TCE Income $7,300 Q1 2026 Daily OPEX FY 2026 Operating cash breakeven 8 $19,000 Owned $21,300 Total fleet $24,500 FY 2026 All - in cash breakeven 9 Income statement $187 Profit after tax $164 Profit to equity holders $1.08 Earnings per share 1 $0.67 Dividends per share 2 Balance sheet $3,331 Total assets $1,312 Total liabilities $2,019 Total shareholders’ equity 25% Earnings Yield 3 (annualised) 13.7% Dividend Yield 4 (annualised) 38% ROE 5 (annualised) 30% ROCE 6 (annualised) 26.3% Net leverage ratio 7 0.09 0.85 0.84 0.56 1.28 3.46 2.42 1.47 0.67 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 1. EPS (earnings per share) is computed based on the weighted average number of shares outstanding less treasury shares during the period 2. For shares registered with Euronext Securities Oslo, dividend per share is NOK 6 . 1960 3. Earnings yield : EPS divided by the share price at the end of the period in USD terms 4. Dividend yield : Based on US $ 19 . 6 /share as of 29 May 2026 5. ROE (return on equity) : with respect to a particular financial period, the ratio of the profit after tax to the average of the shareholders’ equity, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet . 6. ROCE (return on capital employed) : with respect to a particular financial period, the ratio of the operating profit to capital employed defined as the average of the total shareholders’ equity, total borrowings and lease liabilities, calculated as the average of the opening and closing balance for the financial period as presented in the consolidated balance sheet . 7. Net leverage ratio : The sum of total borrowings and lease liabilities minus cash and cash equivalents as set out in the consolidated statement of cash flows, divided by the sum of the total borrowings, total lease liabilities, and shareholders’ equity minus cash and cash equivalents as set out in the consolidated statement of cashflows 8. Operating cash breakeven : Total expected cash costs (excluding capex) divided by available days, owned fleet or total fleet 9. All - in cash breakeven : Operating cash breakeven including capex (maintenance and drydock) Financial highlights Low leverage, strong liquidity, ready for growth opportunities Key financials Q1 2026 US$ million Financial ratios Q1 2026 Dividends per share US$ Shipping per day statistics US$/day 15
61 67 70 71 477 0 100 200 300 400 500 600 700 800 900 1,000 2026 2027 2028 2029 2030 onwards US$ million $746M Trade Finance Facilities - o/s $17M Revolving Credit Facilities (RCF) - o/s $117M $215M Term Loan - o/s $202M $380M Term Loan - o/s $231M JOLCO - o/s $58M Sale & Leaseback - o/s $121M Total Available Liquidity 618 Undrawn RCF 442 Cash ¹ 176 Financing structure and repayment profile Ample liquidity of US$618M with long - dated repayment profile 1. Cash presented excludes ~$97M held in broker margin accounts 2. Excludes other lease liabilities, capitalised fees, and interest payable, as of 31 March 2026 3. Trade facilities were voluntarily reduced by $50M in March 2026 on the back of ample headroom Liquidity profile (US$M) As of 31 March 2026 Repayment profile Ship financing 2 structure Trade financing 3 structure 16 SLB (o/s $121M) $215M Term Loan (o/s $202M) $380M Term Loan (o/s $231M) JOLCO (o/s $58M) $559M Revolving Credit Facilities (RCF) Drawn RCF (o/s $117M) Letter of credit $144M Drawndown $17M $746M Trade Finance Facilities 3
Agenda Q1 2026 Q1 2026 highlights and market outlook Market overview Company performance Q&A
Q&A Kristian Sørensen CEO Samantha Xu CFO
Thank you Investor Relations investor.relations@bwlpg.com Ticker Oslo Stock Exchange “ BWLPG” New York Stock Exchange “BWLP” LinkedIn linkedin.com/company/ bwlpg Website https://www.bwlpg.com/investor/ Telephone +65 6705 5588 Address 10 Pasir Panjang Road Mapletree Business City #17 - 02 Singapore 117438
Appendix Q1 2026
BW LPG 100% ownership 48 VLGCs and 3 LGCs owned and operated by BW LPG 1. LGC (Large Gas Carrier) 2. Bareboat charter As of 15 May 2026 Vessels with dual - fuel propulsion technology Vessels on compliant fuels 21 28 BW LPG Time charter/bareboat in 6 BW LPG India 52% ownership 8 Pool/Product Services operated 9 3. Panamax 4. Pool operated Vessels retrofitted with scrubber technology 13 17 Shipyard Year Name DSME 2023 BW Avior DSME 2023 BW Rigel Mitsubishi H.I. 2020 BW Yushi Mitsubishi H.I. 2019 BW Kizoku DSME 2017 BW Messina DSME 2017 BW Mindoro DSME 2016 BW Malacca DSME 2016 BW Magellan Hyundai H.I. 2016 BW Frigg Hyundai H.I. 2016 BW Freyja Hyundai H.I. 2016 BW Volans Hyundai H.I. 2016 BW Brage Hyundai H.I. 2016 BW Tucana Hyundai H.I. 2016 BW Var Hyundai H.I. 2016 BW Njord Hyundai H.I. 2016 BW Balder Hyundai H.I. 2015 BW Orion Hyundai H.I. 2015 BW Libra Hyundai H.I. 2015 BW Leo Hyundai H.I. 2015 BW Gemini Hyundai H.I. 2015 BW Carina Jiangnan 2015 BW Levant Jiangnan 2015 BW Breeze Jiangnan 2015 BW Sirocoo Jiangnan 2015 BW Passat Jiangnan 2015 BW Mistral Jiangnan 2015 BW Monsoon Hyundai H.I. 2014 BW Aries Shipyard Year Name DSME 2022 BW Capella 2 DSME 2022 BW Polaris 2 Mitsubishi H.I. 2010 BW Kyoto 2 Hyundai H.I. 2017 Oriental King Hyundai H.I. 2006 Berge Nantong Hyundai H.I. 2006 Berge Ningbo Shipyard Year Name Jiangnan 2015 BW Chinook Jiangnan 2015 BW Pampero Kawasaki S.C. 2011 BW Pine Hyundai H.I. 2008 BW Loyalty Hyundai H.I. 2008 BW Tyr Hyundai H.I. 2008 BW Oak Hyundai H.I. 2007 BW Elm Hyundai H.I. 2007 BW Birch Beneficiary Shipyard Year Name Sinogas Maritime Jiangnan 2023 Gas Jupiter 4 Product Services Hyundai H.I. 2023 Kaede 4 Product Services Hyundai H.I. 2021 Gas Gabriela 3 Product Services Hyundai H.I. 2019 Clipper Wilma 3 Product Services Hyundai H.I. 2017 Vega Sea 3 Product Services Hyundai H.I. 2017 Vega Star 3 Product Services Hyundai H.I. 2009 Tokyo 1 Product Services Hyundai H.I. 2009 Denver 1 Product Services Hyundai H.I. 2009 Helsinki 1 21
$48 $1 8% 2026 2027 $13 $12 $11 $11 $1 10% 7% 7% 7% 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 Quarterly 2 $68 $65 $65 $63 $52 $48 $45 $44 41% 40% 39% 37% 35% 31% 29% 28% 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 Quarterly $261 $189 39% 31% 2026 2027 $46.6 $44.0 $44.4 $44.1 $44.1 $44.5 $43.5 $42.6 $38.5 $45.7 $40.8 $38.6 $35.3 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 Quarterly Avg. TC out rate Avg. TC in rate FY 2026 Time charter Average day rate Revenue/ (Cost) in $M % of total Fleet $44,800 $19 3% TC out - Fixed rate $37,700 ($16) 3% TC in - Fixed rate $3 Net $44,800 $242 36% Remaining TC out - Fixed rate VLGC charter portfolio overview 22 Fixed rate time charter out coverage for 2026 at 39% with an average rate of US$44,800 per day Time charter - out – Fixed rate US$ thousands/day 1. % of fleet ratio is basis: TC out is based on total available days and TC in is based on total calendar days 2. Includes both fixed and variable TC in contracts 3. Majority of the TC in contracts will end in 2026 with the last TC in contract expiring in end - Jan 2027 Time charter - in 2026 time charter position Revenue in USD millions % of total available days of the whole fleet Cost in USD millions % of total available days of the whole fleet Yearly Yearly Yearly 3 Time charter - out % TC days - Fixed rate 1 $44.8 $43.7 $40.8 2026 2027
2027E 2026E Q4 2026E Q3 2026E Q2 2026E Q1 2026A 14,235 14,235 3,588 3,588 3,549 3,510 Owned days 34 1,165 276 276 273 340 Time charter in days 14,269 15,400 3,864 3,864 3,822 3,850 Total calendar days 269 536 66 83 124 263 Offhire * 14,000 14,864 3,798 3,781 3,698 3,587 Total available days (Net of offhire ) 9,234 7,518 2,016 1,969 1,849 1,684 Spot days (Net of offhire ) 4,321 5,832 1,416 1,473 1,487 1,456 Time charter out days (Net of offhire ) - Fixed rate 445 1,514 366 339 362 447 Time charter out days (Net of offhire ) - Variable rate 66% 51% 53% 52% 50% 47% % Spot days 31% 39% 37% 39% 40% 41% % TC days - Fixed rate 3% 10% 10% 9% 10% 12% % TC days - Variable rate TCE rates - - - - - $63,700 Spot $43,700 $44,800 $44,100 $44,400 $44,000 $46,600 Time charter out – Fixed rate - - - - - $55,500 VLGC TCE rate (Net of offhire ) Shipping segment charter portfolio 2026 - 2027 23 Fixed rate time charter out contract coverage stands at 39 % for 2026 (as of 14 May 2026) BW LPG India Charter Portfolio is a subset of the Shipping Segment Charter Portfolio Pool revenue distributed to participants and the associated days are excluded from the presentation *In years when a vessel does not have planned dry docking, an offhire of 3 days per vessel per year is assumed
2027E 2026E Q4 2026E Q3 2026E Q2 2026E Q1 2026A 2,920 2,920 736 736 728 720 Owned days - - - - - - Time charter in days 2,920 2,920 736 736 728 720 Total calendar days 70 161 4 4 12 141 Offhire * 2,850 2,759 732 732 716 579 Total available days (Net of offhire ) 2,267 1,236 392 350 342 152 Spot days (Net of offhire ) 583 1,523 340 382 374 427 Time charter out days (Net of offhire ) 80% 45% 54% 48% 48% 26% % Spot days 20% 55% 46% 52% 52% 74% % TC days TCE rates - - - - - $68,600 Spot $47,200 $45,600 $47,900 $46,000 $44,600 $44,000 Time charter out - - - - - $50,500 VLGC TCE rate (Net of offhire ) BW LPG India charter portfolio 2026 - 2027 24 Time charter out contract coverage stands at 55% for 2026 (as of 14 May 2026) * Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have plann ed dry dockings
0.72 0.98 0.95 1.05 0.89 1.00 1.10 1.08 1.19 1.07 1.08 1.08 0.30 0.56 0.54 0.66 0.51 0.62 0.73 0.72 0.71 0.60 0.60 0.60 apr.25 may.25 jun.25 jul.25 aug.25 sep.25 oct.25 nov.25 dec.25 jan.26 feb.26 mar.26 Fleet safety statistics 25 Safety and Zero Harm onboard remain our key focus Total Recordable Case Frequency (TRCF): Work - related fatalities and injuries per one million hours worked Lost Time Injury Frequency (LTIF): Work - related fatalities and injuries per one million hours worked that leads to lost work time TRCF 12 Month Rolling Average ( MRA ) LTIF 12 Month Rolling Average (MRA) As of 31 March 2026
Exhibit 99.4
BW LPG Limited – Key information relating to the cash dividend for Q1 2026
Singapore, 2 June 2026
BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code “BWLP”) provides the following key information relating to the Company’s cash dividend for Q1 2026:
The Board has approved a dividend of US$0.67 per share on 1 June 2026. For shares registered with Euronext VPS, dividend per share is NOK 6.1960.
Record date: 12 June 2026
Shares registered with Euronext VPS - Oslo Stock Exchange
=============================================================
Last trading day including the right to receive this dividend: 10 June 2026
Ex-date: 11 June 2026
Dividend payment date: On or about 23 June 2026
Shares registered with Depository Trust Company – New York Stock Exchange
=============================================================
Last trading day including the right to receive this dividend: 11 June 2026
Ex-date: 12 June 2026
Dividend payment date: On or about 23 June 2026
For further information, please contact:
Samantha Xu
Chief Financial Officer
E-mail: investor.relations@bwlpg.com
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, with a fleet of about 50 Very Large Gas Carriers (VLGCs), including
over 20 vessels powered by LPG dual-fuel propulsion technology. Building on over five decades of LPG shipping experience, the company
is strengthened by an in-house LPG trading division and the commercial expertise to explore investments in value chain assets. Together,
these capabilities enable BW LPG to provide trusted and reliable services for sourcing and delivering LPG to customers worldwide.
Delivering energy for a better world – more information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global energy and maritime company involved in shipping, deepwater oil & gas production, renewable energy and digital infrastructure. BW controls a fleet of over 400 vessels transporting oil, gas and dry commodities. In the infrastructure space, the group operates in wind, batteries, water, subsea cable networks and data centres. bw-group.com.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
FAQ
How did BW LPG (BWLP) perform financially in Q1 2026?
What dividend did BW LPG (BWLP) declare for Q1 2026 and when will it be paid?
How strong were BW LPG’s (BWLP) shipping operations in Q1 2026?
What drove BW LPG’s (BWLP) Product Services profit in Q1 2026?
What is BW LPG’s (BWLP) outlook and coverage for Q2 2026 and FY 2026?
What is BW LPG’s (BWLP) current leverage and liquidity position?
What are the details of BW LPG’s new Panamax VLGC order?
Filing Exhibits & Attachments
4 documentsPress Releases
- EX-99.1 PRESS RELEASE OF BW LPG LIMITED DATED JUNE 2, 2026 - FINANCIAL RESULTS FOR Q1 20 27.1 KB
- EX-99.2 BW LPG LIMITED Q1 2026 (UNAUDITED) INTERIM FINANCIAL REPORT 376.5 KB
- EX-99.3 BW LPG LIMITED Q1 2026 EARNINGS PRESENTATION 48.4 KB
- EX-99.4 PRESS RELEASE OF BW LPG LIMITED DATED JUNE 2, 2026 - KEY INFORMATION RELATING TO 6.2 KB