BW LPG (NYSE: BWLP) turns 27% ROE into full Q2 payout
Rhea-AI Filing Summary
BW LPG Limited (BWLP) reported very strong Q2 2026 results, with net profit after tax of US$137.9 million and profit attributable to equity holders of US$120.1 million, equivalent to EPS of US$0.79. Annualised ROE was 27.1%, supported by robust shipping markets and improved trading performance year to date.
Shipping TCE income rose to US$274.9 million in Q2, up 80% from Q2 2025, driven by spot earnings of US$85,200 per day and higher time-charter rates. For Q3 2026, about 92% of available days are fixed at ~US$88,000 per day, and for 2H 2026, 41% of fleet capacity is on fixed-rate charters plus 4% hedged via FFAs.
Product Services generated a strong realised trading gain of US$127.4 million but reported a Q2 gross loss of US$18.1 million due to a non-cash unrealised mark-to-market loss of US$145.5 million on open positions. Liquidity remained high at US$773 million and the net leverage ratio decreased to 23.5%. The Board approved a Q2 2026 cash dividend of US$0.95 per share, representing 100% of Shipping NPAT for the quarter.
Positive
- Net profit after tax surged to US$137.9 million in Q2 2026, up from US$43.4 million in Q2 2025, with H1 2026 profit after tax of US$325.3 million versus US$110.0 million a year earlier.
- Shipping TCE income reached US$274.9 million in Q2 2026, an 80% increase year-on-year, with spot earnings of US$85,200 per day, 139% above Q2 2025.
- Annualised ROE rose to 27.1% in Q2 2026 from 9.1%, and adjusted free cash flow climbed to US$192.6 million in Q2 and US$346.7 million in H1, more than doubling year-on-year.
- The net leverage ratio improved to 23.5% from 30.7% a year earlier, while cash and cash equivalents increased to US$303.9 million and total liquidity was reported at US$773 million.
- The Board declared a Q2 2026 cash dividend of US$0.95 per share, up from US$0.22 in Q2 2025, corresponding to 100% of Shipping NPAT for the quarter.
Negative
- Product Services recorded a Q2 2026 gross loss of US$18.1 million versus a US$14.8 million gross profit in Q2 2025, mainly due to a US$145.5 million non-cash unrealised mark-to-market loss on open positions.
- VLGC market conditions remain highly volatile, with Middle East LPG exports down 46% year-on-year in H1 2026 and a VLGC orderbook of 155 vessels, 35% of the existing fleet, adding future supply risk.
Filing Explained
Three agreed vessel sales remain pending, with approximately US$64 million, US$64 million, and US$38 million of expected net cash proceeds.
Form 6-K is a foreign private issuer’s interim report for material information published in its home market. BW LPG furnished its Q2 2026 interim financial report, earnings presentation and dividend information on
Except for the market-update and statements sections, the interim financial information is incorporated by reference into the company’s existing Form S-8 and Form F-3 registration statements. This adds the financial information to those registration-statement disclosures; the filing describes incorporation, not a reported securities sale.
The board-approved
Three vessel-sale agreements are disclosed but remain pending delivery: BW Elm is expected to produce approximately
The stated resolution milestones are delivery of BW Elm by
The equity statement also records treasury shares released through share-option exercises, reducing treasury shares at
Key Figures
Key Terms
Time Charter Equivalent (TCE) financial
VLGC technical
Forward Freight Agreement (FFA) financial
net leverage ratio financial
Adjusted free cash flow financial
Return on capital employed (ROCE) financial
Earnings Snapshot
For Q3 2026, about 92% of available days are fixed at an average rate of ~US$88,000 per day; for 2H 2026, 41% of fleet capacity is on fixed-rate time charters and 4% hedged via FFAs.
FAQ
How profitable was BWLP in Q2 2026?
What were BWLP's shipping TCE earnings in Q2 2026?
What dividend did BWLP declare for Q2 2026?
How strong is BWLP's balance sheet and leverage?
How did BWLP's Product Services segment perform in Q2 2026?
What cash flow did BWLP generate in H1 2026?
What future vessel sales has BWLP announced?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 August, 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 August 28, 2026, announcing the Company’s financial results for the second quarter ended June 30, 2026 (“Q2 2026”).
Attached to this Report on Form 6-K as Exhibit 99.2 is the Q2 2026 Interim Financial Report of the Company.
Attached to this Report on Form 6-K as Exhibit 99.3 is the Q2 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 August 28, 2026, announcing key information regarding the Company’s cash dividend for Q2 2026.
The information contained in Exhibit 99.2 to this Report on Form 6-K, except for the sections entitled “Market Update” and “Statements to the Interim Financial Information” of Exhibit 99.2, 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 August 28, 2026 – Financial Results for Q2 2026 |
99.2 | | BW LPG Limited Q2 2026 Interim Financial Report |
99.3 | | BW LPG Limited Q2 2026 Earnings Presentation |
99.4 | | Press release of BW LPG Limited dated August 28, 2026 – Key information relating to the cash dividend for Q2 2026 |
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: August 28, 2026
Exhibit 99.1
BW LPG Limited – Financial Results for Q2 2026
Singapore, 28 August 2026
Highlights Q2 2026
Financial performance
| ● | Q2 2026 profit attributable to equity holders of the Company was US$120 million, representing an earnings per share of US$0.79, contributed by a strong shipping performance. |
Commercial performance
| ● | Q2 2026 TCE income – Shipping concluded at US$74,000 per available day and US$71,600 per calendar day, after IFRS 15 and FFA negative adjustments of US$16.4 million and US$12.0 million respectively. The earnings also reflect the Company’s robust time charter coverage of 53% of available days at US$64,000 per day, and good exposure to the strong spot market. |
| ● | BW Product Services generated a strong realised trading gain of US$127 million during the quarter. Reported trading results were a gross loss of US$18 million and a loss after tax of US$31 million, primarily due to a non-cash unrealised mark-to-market valuation change of negative US$145 million on open positions. |
Q3 2026 TCE guidance
| ● | For Q3, available fleet days are fixed at 92% at an average rate of ~US$88,000 per day, including fixed time charter coverage of 41% at US$44,300 per day. The TCE guidance excludes potential IFRS 15 and FFA impact. |
Strong dividend distribution
| ● | Supported by ample liquidity, the Company declared a Q2 2026 cash dividend of US$0.95 per share, which equals to 100% of Shipping NPAT for Q2 2026. |
Subsequent events
| ● | Sale of 2007-built BW Elm and BW Birch, both second-hand sales at a value equivalent to a newbuilding price of ~US$248 million. On a 100% basis, the sales are expected to generate net book gains of approximately US$36 million for BW Elm and US$37 million for BW Birch, with net cash proceeds of approximately US$64 million for each vessel. BW Elm was delivered in July, and BW Birch is expected to be delivered by mid-November. |
| ● | Sale of the 2015-built BW Levant, acquired as part of the 2024 Avance Gas transaction. The sale is expected to generate a net book gain and net cash proceeds of approximately US$17 million and US$38 million respectively. BW Levant is scheduled for delivery by mid-November. |
| ● | 2016-built LPG dual-fuel retrofit vessel fixed for five-year time charter out agreement in the mid-high US$40,000s per day with delivery end 2026. |
Financial Performance
BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”) reported a Q2 2026 Net Profit After Tax (NPAT) of US$138 million, yielding an annualised return on equity of 27%. The Q2 profit attributable to the equity holders of the Company was US$120 million, and earnings per share were US$0.79.
The Company reported ample liquidity of US$773 million. The end-of-quarter net leverage ratio was 23.5%, compared to 26.3% as of 31 March 2026.
The Board declared a cash dividend of US$0.95 per share, representing 100% of Shipping NPAT Q2 2026.
Commercial Performance Shipping
The Q2 2026 shipping performance resulted in US$74,000 per available day and US$71,600 per calendar day, after IFRS 15 and FFA negative adjustments of US$16.4 and US$12.0 million respectively. Time Charter Equivalent (TCE) income was US$274.9 million for the quarter, with the BW LPG India subsidiary contributing a TCE income of US$68.4 million for the quarter.
For Q3 2026, the Company has fixed ~92% of available days at an average rate of ~US$88,000 per day.
For 2H 2026, the Company has secured 41% of the fleet capacity on fixed-rate time charters at US$44,100 per day, and an additional 4% through FFA hedges at an average rate of US$48,000 per day.
Product Services
Product Services delivered strong positive realised results despite turbulent market conditions, reflecting effective risk management. The trading division generated a realised trading gain of US$127 million during the quarter. Trading results reported as a gross loss of US$18 million and a loss after tax of US$31 million, primarily due to a non-cash unrealised mark-to-market valuation change of negative US$145 million on open positions.
Market Update
The first half of 2026 was one of the most volatile periods on record for the VLGC market. Following the outbreak of war in the Middle East, the closure of the Strait of Hormuz caused significant disruption to regional LPG pricing and global VLGC trade patterns.
In the immediate aftermath of the conflict, LPG importers shifted their procurement towards the US, driving export terminal fees sharply higher while VLGC freight rates weakened. As additional US export capacity subsequently came online, vessel availability rather than export infrastructure emerged as the primary bottleneck in the LPG value chain.
Towards the end of June, the price differential between US and Far East LPG (the arbitrage) narrowed considerably as expectations for a sustained reopening of the Strait of Hormuz grew.
More recently, spot VLGC rates have strengthened alongside a widening US–Far East LPG arbitrage as tensions in the Middle East have re-escalated. In addition, declining water levels have prompted the Panama Canal Authority to impose transit restrictions, resulting in more VLGCs sailing via the Cape of Good Hope. The longer voyage distances have reduced the effective supply of vessels and provided further support to freight rates.
Cargo Movements
During the first half of 2026, US LPG exports carried by VLGCs increased by 16%, supported by additional export capacity and a shift in sourcing following the outbreak of war in the Middle East.
India accounted for the largest increase, with US LPG exports to India rising 212% compared with the first half of 2025. US exports to China also recovered during the period, reaching monthly levels not seen since the onset of the US–China trade war. As a result, US exports to China for the first six months of 2026 increased 2% year-on-year.
Middle East LPG exports carried by VLGCs declined 46% year-on-year during the first six months of 2026 as the conflict severely disrupted cargo movements through the Strait of Hormuz.
Far East LPG imports declined 18% during the first half of 2026, primarily due to the disruption of Middle East exports. China recorded the largest decline, with imports down 26% year-on-year, while imports into Japan and South Korea decreased by 1% and 7%, respectively.
LPG imports into Southeast Asia carried by VLGCs declined by only 1% during the first half of 2026. While the region has historically sourced most of its LPG from the Middle East, it has increasingly diversified towards US supply in recent years. Imports from the US increased 31% compared with the first half of 2025.
Panama Canal
The new locks at the Panama Canal have continued to operate at or near full capacity. However, lower-than-normal rainfall has reduced water levels in Lake Gatún, resulting in restrictions on transits through the original locks and higher auction fees for the new locks.
Continued congestion and elevated transit costs cannot be ruled out for the remainder of the year, particularly if El Niño adversely affects rainfall in Panama.
Looking further ahead, demand for Panama Canal transits is expected to increase as additional LNG, ethane and LPG carriers enter service.
China PDH plants
Average PDH operating rates in China have recovered to levels above 70%, close to those seen prior to the outbreak of the war in the Middle East. LPG inventories have also rebounded from the low levels recorded in May, reflecting stronger import volumes during June.
While no additional PDH plants are expected to come online for the remainder of 2026, nine more are scheduled to start up in 2027, followed by another six in 2028 and beyond.
Fleet Capacity
During 2026, 27 VLGCs have been delivered, with a further 13 vessels expected by year-end.
The orderbook currently stands at 155 VLGCs, equivalent to 35% of the existing fleet, with deliveries scheduled through the fourth quarter of 2030. Approximately 9% of the existing fleet is 25 years of age or older.
Market Outlook
Spot VLGC earnings are expected to remain highly sensitive to geopolitical developments and disruptions to global trading patterns.
A full reopening of the Strait of Hormuz would almost certainly increase Middle East LPG export volumes, however, it could also narrow the US–Far East arbitrage and reduce overall ton-mile demand for VLGCs.
Assuming conflict resolution in Q3 2026, the Middle East exports are expected to gradually recover, although full recovery is expected to take 12-36 months depending on local conditions and infrastructure damage severity. North American LPG exports are expected to continue growing, supported by new export infrastructure and increasing gas-rich oil production from the Permian Basin.
The Ras Tanura–Chiba Forward Freight Agreement (FFA) market for the remainder of 2026 is currently indicating earnings slightly below US$180,000 per day, although liquidity remains limited.
Q2 2026 Earnings Presentation and Interim Financial Report
Please see the attachments for the Q2 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/BWLPGQ22026
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/
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. www.bw-group.com
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Exhibit 99.2
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 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.
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; |
2
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 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.
3
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
SELECTED KEY FINANCIAL INFORMATION
| Q2 2026 | | Q2 2025 | | Change | H1 2026 | | H1 2025 | | Change | ||
Statement of Comprehensive Income | | US$M | | US$M | | % | | US$M | | US$M | | % |
TCE income - Shipping1 |
| 274.9 |
| 152.7 |
| 80 |
| 472.6 |
| 311.3 |
| 52 |
Gross profit – Product Services1 |
| (18.1) |
| 14.8 |
| N.M |
| 108.8 |
| 11.2 |
| N.M |
Operating profit | 140.4 | 58.8 | 139 | 360.0 | 137.8 | 161 | ||||||
Profit after tax |
| 137.9 |
| 43.4 |
| N.M |
| 325.3 |
| 110.0 |
| 196 |
Profit attributable to equity holders of the Company |
| 120.1 |
| 34.9 |
| N.M |
| 284.4 |
| 81.0 |
| N.M |
(US$per share) |
|
|
|
|
|
| ||||||
Basic EPS2 |
| 0.79 |
| 0.23 |
| N.M |
| 1.88 |
| 0.53 |
| N.M |
Diluted EPS2 |
| 0.79 |
| 0.23 |
| N.M |
| 1.87 |
| 0.53 |
| N.M |
Dividend per share |
| 0.95 |
| 0.22 |
| N.M |
| 1.62 |
| 0.50 |
| N.M |
| 30 Jun | | 31 Dec | | ||
2026 | 2025 | Change | ||||
Balance Sheet | | US$M | | US$M | | % |
Cash and cash equivalents |
| 303.9 |
| 242.0 |
| 26 |
Total assets |
| 3,389.1 |
| 3,149.9 |
| 8 |
Total liabilities |
| 1,334.3 |
| 1,224.3 |
| 9 |
Total shareholders’ equity |
| 2,054.8 |
| 1,925.6 |
| 7 |
Q2 2026 | Q2 2025 | Change | H1 2026 | | H1 2025 | Change | ||||||
Cash flow | | US$M | | US$M | | % | | US$M | | US$M | | % |
Net cash from operating activities |
| 205.9 |
| 94.7 |
| 117 |
| 371.4 | 261.0 |
| 42 | |
Capital expenditure |
| (13.3) |
| (81.3) |
| (84) |
| (24.7) |
| (92.6) |
| (73) |
Adjusted free cash flow3 |
| 192.6 |
| 13.4 |
| N.M |
| 346.7 |
| 168.4 |
| 106 |
30 Jun | 30 Jun | |||||||||||
| Q2 2026 |
| Q2 2025 |
| Change | 2026 |
| 2025 |
| Change | ||
Financial Ratios | | % | | % | | % | | % | | % | | % |
ROE4 (annualised) | 27.1 |
| 9.1 |
| 198 |
| 32.7 |
| 11.4 |
| 187 | |
ROCE5 (annualised) |
| 19.0 |
| 7.7 |
| 147 |
| 24.4 |
| 9.0 |
| 171 |
Net leverage ratio6 |
| 23.5 |
| 30.7 |
| (23) |
| 23.5 |
| 30.7 |
| (23) |
| 30 Jun | | 31 Dec | | Change | |
Other Information | | 2026 | | 2025 | | % |
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) |
| 172.6 |
| 132.0 |
| 31 |
Market cap (USD million) |
| 2,641.6 |
| 1,982.6 |
| 33 |
Market cap (NOK million) |
| 26,203.2 |
| 19,977.2 |
| 31 |
[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 Q2 2026: 151.8 million and 152.3 million (H1 2026: 151.6 million and 152.1 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 28 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 29 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. |
4
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
HIGHLIGHTS AND SUBSEQUENT EVENTS – Q2 2026
| ● | Q2 2026 profit attributable to equity holders of the Company ended at US$120.1 million or an earnings per share of US$0.79. |
| ● | TCE income – Shipping Q2 2026 concluded at US$74,030 per available day1 and US$71,640 per calendar day (total)1. |
| ● | The Company declared a Q2 2026 cash dividend of US$0.95 per share. This dividend corresponds to 100% of the Shipping NPAT2 for the quarter. This cash dividend represents a payout ratio of 120% for the quarter, as a percentage of total profit attributable to equity holders. |
| ● | BW LPG India entered into agreements to sell the 2007-built BW Elm and BW Birch in July and August 2026, respectively, with deliveries scheduled by August and mid-November 2026. On a 100% basis, the sales are expected to generate net book gains of approximately US$36 million for BW Elm and US$37 million for BW Birch, with net cash proceeds of approximately US$64 million for each vessel. |
| ● | BW LPG entered into an agreement to sell the 2015-built BW Levant in July 2026, with the vessel scheduled for delivery to the buyer by mid-November 2026. The sale is expected to generate a net book gain and net cash proceeds of approximately US$17 million and US$38 million respectively. |
PERFORMANCE REVIEW – Q2 2026 and H1 2026
Q2 2026
TCE income – Shipping was US$274.9 million for Q2 2026 (Q2 2025: US$152.7 million), representing an increase of US$122.2 million from Q2 2025. The TCE income increase was primarily due to a strong spot performance of US$85,200 per day, a 139% increase compared to Q2 2025 of US$35,600 per day. This was partially offset by the re-delivery of two time chartered-in vessels, and sale of BW Lord, which reduced available fleet days by 216 days, from 3,929 days in Q2 2025 to 3,713 days in Q2 2026. The effects of IFRS 15 adjustments for spot voyages straddling the quarter-end, which were recognised on a load-to-discharge basis, and forward freight agreements entered into to hedge the exposure against spot market volatility, resulted in adjustments of negative US$16.4 million and negative US$12.0 million in Q2 2026 (Q2 2025: negative US$4.6 million and positive US$0.7 million) respectively. The TCE income – Shipping remains robust, supported by strong spot performance and increased time charter coverage of 53% (Q2 2025: 44%). The time charter revenue per available day was US$64,000 per day in Q2 2026, a 48% increase compared to Q2 2025 of US$43,000 per day. BW LPG India continued to deliver stable TCE income of US$68.4 million for Q2 2026 (Q2 2025: US$30.7 million).
Product Services reported a gross loss of US$18.1 million for Q2 2026 (Q2 2025: gross profit of US$14.8 million). While realised trading profits increased significantly to US$127.4 million from US$5.4 million in Q2 2025, this was more than offset by an unrealised mark-to-market loss of US$145.5 million on open positions in the quarter (Q2 2025: gain of US$9.4 million). As a result, gross profit decreased to a loss of US$18.1 million. After general and administrative expenses and income taxes of US$12.8 million (Q2 2025: US$9.2 million), Product Services reported a loss after tax of US$30.9 million in Q2 2026 (Q2 2025: profit after tax of US$5.6 million).
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 27 and 28 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 26. |
5
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
PERFORMANCE REVIEW – Q2 2026 and H1 2026 (continued)
Q2 2026 (continued)
The Group’s profit after tax was US$137.9 million for Q2 2026 (Q2 2025: US$43.4 million). The increase in profit after tax was primarily attributed to higher overall segment results contributed by an increase of TCE income - Shipping of US$122.2 million and offset by a decrease of Gross Profit - Product Services of US $32.9 million. The profit after tax was also impacted by higher charter hire expenses for the Group’s index-linked time charter-in vessels due to the higher LPG spot market, which led to an increase of US$7.7 million.
Profit attributable to non-controlling interests was US$17.8 million for Q2 2026 (Q2 2025: US$8.5 million), which was mainly driven by a US$16.2 million increase in attributable profit to non-controlling interests from BW LPG India, contributed by the strong shipping performance for the quarter, and offset by a US$6.9 million decrease in attributable profit to non-controlling interests from BW Product Services.
H1 2026
TCE income – Shipping was US$472.6 million for H1 2026 (H1 2025: US$311.3 million), an increase of US$161.3 million from H1 2025. The increase was primarily due to a higher spot performance of US$74,300 per day, up 94% compared to H1 2025 of US$38,200 per day. This was partially offset by the re-delivery of two time chartered-in vessels, the sale of BW Lord and BW Cedar, reducing available fleet days by 619 days, to 7,300 days in H1 2026. The effects of IFRS 15 adjustments for spot voyages that straddled the quarter-end were recognised on a load-to-discharge basis, and forward freight agreements entered into to hedge the exposure against spot market volatility, resulted in adjustments of negative US$15.9 million and negative US$16.5 million in H1 2026 (H1 2025: positive US$7.0 million and positive US$3.3 million) respectively. TCE income – Shipping continued to be supported by strong spot earnings and an increased proportion of contracted time charter coverage of 53% (H1 2025: 43%). The time charter revenue per available day was US$56,200 per day in H1 2026, which represented an increase of 37% as compared to H1 2025 of US$40,800 per day. BW India delivered a stable TCE income of US$97.6 million for H1 2026 (H1 2025: US$62.4 million).
Product Services reported a gross profit of US$108.8 million for H1 2026 (H1 2025: US$11.2 million). The improvement was driven by both stronger realised trading performance and a more favourable mark-to-market valuation of open positions. Realised profits increased to US$117.5 million from US$38.3 million in H1 2025, while the unrealised mark-to-market loss on open positions narrowed to US$8.7 million from US$27.1 million in H1 2025. After general and administrative expenses and income taxes totalling US$41.7 million (H1 2025: US$18.0 million), Product Services reported a profit after tax of US$67.0 million in H1 2026, compared to a loss after tax of US$6.8 million in H1 2025.
Profit after tax was US$325.3 million for H1 2026 (H1 2025: US$110.0 million). The increase in profit after tax was primarily attributed to higher segment results of US$258.8 million. The profit after tax was impacted by higher charter hire expenses and tax expenses which increased by US$17.6 million and US$13.9 million respectively, and a non-recurring gain on disposal of vessels of US$32.1 million.
Profit attributable to non-controlling interests was US$40.9 million for H1 2026 (H1 2025: US$29.0 million). The increase was driven by a US$14.1 million increase attributable profit to non-controlling interests from BW Product Services, offset by a US$2.2 million decrease in attributable profit to non-controlling interests from BW LPG India.
6
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
BALANCE SHEET
As of 30 June 2026, BW LPG controls a fleet of 48 VLGCs, including eight vessels which are owned and operated by BW LPG India. Total assets amounted to US$3,389.1 million (31 December 2025: US$3,149.9 million), of which carrying value of the vessels (including dry docking) were US$2,309.2 million (31 December 2025: US$2,366.0 million), and right-of-use assets (vessels) were US$101.3 million (31 December 2025: US$116.7 million).
Cash and cash equivalents amounted to US$303.9 million as of 30 June 2026 (31 December 2025: US$242.0 million). Cash flow from operating activities generated a net cash surplus of US$371.4 million in H1 2026 (H1 2025: US$261.0 million), of which the net cash outflow of US$109.1 million (H1 2025: net cash inflow of US$28.8 million) related to changes in working capital. Investing activities generated a cash outflow of US$2.9 million in H1 2026 (H1 2025: US$83.2 million), which comprised mainly US$24.7 million paid for drydocking activities. Cash flows from investing activities included the US$14.8 million received from the sale of the 8.5% equity position in Confidence Petroleum India Limited.
Net cash outflow for financing activities of US$291.7 million (H1 2025: US$122.3 million) included net principal and interest repayments of US$152.1 million, dividend payments of US$188.3 million, US$43.2 million in lease repayments, and a net drawdown of US$92.4 million trade finance borrowings.
Net leverage ratio decreased from 28.4% as of 31 December 2025, to 23.5% as of 30 June 2026 mainly due to the increase in cash balances net of restricted cash held in brokerage accounts, and principal and lease repayments in H1 2026.
MARKET UPDATE
The first half of 2026 was one of the most volatile periods on record for the VLGC market. Following the outbreak of war in the Middle East, the closure of the Strait of Hormuz caused significant disruption to regional LPG pricing and global VLGC trade patterns.
In the immediate aftermath of the conflict, LPG importers shifted their procurement towards the US, driving export terminal fees sharply higher while VLGC freight rates weakened. As additional US export capacity subsequently came online, vessel availability rather than export infrastructure emerged as the primary bottleneck in the LPG value chain.
Towards the end of June, the price differential between US and Far East LPG (the arbitrage) narrowed considerably as expectations for a sustained reopening of the Strait of Hormuz grew.
More recently, spot VLGC rates have strengthened alongside a widening US–Far East LPG arbitrage as tensions in the Middle East have re-escalated. In addition, declining water levels have prompted the Panama Canal Authority to impose transit restrictions, resulting in more VLGCs sailing via the Cape of Good Hope. The longer voyage distances have reduced the effective supply of vessels and provided further support to freight rates.
Cargo Movements
During the first half of 2026, US LPG exports carried by VLGCs increased by 16%, supported by additional export capacity and a shift in sourcing following the outbreak of war in the Middle East.
India accounted for the largest increase, with US LPG exports to India rising 212% compared with the first half of 2025. US exports to China also recovered during the period, reaching monthly levels not seen since the onset of the US–China trade war. As a result, US exports to China for the first six months of 2026 increased 2% year-on-year.
Middle East LPG exports carried by VLGCs declined 46% year-on-year during the first six months of 2026 as the conflict severely disrupted cargo movements through the Strait of Hormuz.
Far East LPG imports declined 18% during the first half of 2026, primarily due to the disruption of Middle East exports. China recorded the largest decline, with imports down 26% year-on-year, while imports into Japan and South Korea decreased by 1% and 7%, respectively.
7
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
MARKET UPDATE (continued)
LPG imports into Southeast Asia carried by VLGCs declined by only 1% during the first half of 2026. While the region has historically sourced most of its LPG from the Middle East, it has increasingly diversified towards US supply in recent years. Imports from the US increased 31% compared with the first half of 2025.
Panama Canal
The new locks at the Panama Canal have continued to operate at or near full capacity. However, lower-than-normal rainfall has reduced water levels in Lake Gatún, resulting in restrictions on transits through the original locks and higher auction fees for the new locks.
Continued congestion and elevated transit costs cannot be ruled out for the remainder of the year, particularly if El Niño adversely affects rainfall in Panama.
Looking further ahead, demand for Panama Canal transits is expected to increase as additional LNG, ethane and LPG carriers enter service.
China PDH Plants
Average PDH operating rates in China have recovered to levels above 70%, close to those seen prior to the outbreak of the war in the Middle East. LPG inventories have also rebounded from the low levels recorded in May, reflecting stronger import volumes during June.
While no additional PDH plants are expected to come online for the remainder of 2026, nine more are scheduled to start up in 2027, followed by another six in 2028 and beyond.
Fleet Capacity
During 2026, 27 VLGCs have been delivered, with a further 13 vessels expected by year-end.
The orderbook currently stands at 155 VLGCs, equivalent to 35% of the existing fleet, with deliveries scheduled through the fourth quarter of 2030. Approximately 9% of the existing fleet is 25 years of age or older.
VLGC Freight Market Outlook
Spot VLGC earnings are expected to remain highly sensitive to geopolitical developments and disruptions to global trading patterns.
A full reopening of the Strait of Hormuz would almost certainly increase Middle East LPG export volumes. However, it could also narrow the US–Far East arbitrage and reduce overall ton-mile demand for VLGCs.
Assuming conflict resolution in Q3 2026, the Middle East exports are expected to gradually recover, although full recovery is expected to take 12-36 months depending on local conditions and infrastructure damage severity. North American LPG exports are expected to continue growing, supported by new export infrastructure and increasing gas-rich oil production from the Permian Basin.
The Ras Tanura–Chiba Forward Freight Agreement (FFA) market for the remainder of 2026 is currently indicating earnings slightly below US$180,000 per day, although liquidity remains limited.
8
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
Statements to the Interim Financial Information
We confirm to the best of our knowledge that the Interim Financial Information for the three-month and six-month periods ended 30 June 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of BW LPG Limited’s consolidated assets, liabilities, financial position and income statement as a whole. We also confirm to the best of our knowledge, that the Interim Financial Information includes a fair review of important events that have taken place during the three-month and six-month periods ended 30 June 2026 and their impact on the Interim Financial Information, and accounts properly for the principal risks and uncertainties for the remaining half year of 2026, as well as major related party transactions.
28 August 2026 | | | ||
Andreas Sohmen-Pao | Anne Grethe Dalane | Luc Gillet | ||
Chairman | Director | Director | ||
Sanjiv Misra | Sonali Chandmal | Kevin James Mackay | ||
Director | Director | Director |
9
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |||||
| US$’000 | | US$’000 | | US$’000 | | US$’000 | |
Revenue - Shipping | | | | | ||||
Revenue - Product Services | ||||||||
Cost of cargo and delivery expenses - Product Services |
| ( |
| ( |
| ( |
| ( |
Voyage expenses - Shipping |
| ( |
| ( |
| ( |
| ( |
Vessel operating expenses |
| ( |
| ( |
| ( |
| ( |
Time charter contracts (non-lease components) |
| ( |
| ( |
| ( |
| ( |
General and administrative expenses |
| ( |
| ( |
| ( |
| ( |
Charter hire expenses |
| ( |
| ( |
| ( |
| ( |
Fair value gain/(loss) from equity financial asset |
| |
| ( |
| |
| ( |
Finance lease income |
| |
| |
| |
| |
Other operating expense - net |
| |
| ( |
| |
| ( |
Depreciation |
| ( |
| ( |
| ( |
| ( |
Amortisation of intangible assets |
| ( |
| ( |
| ( |
| ( |
Loss on derecognition of right-of-use assets (vessels) |
| — |
| ( |
| — |
| ( |
Gain on disposal of vessels | — | — | — | | ||||
Operating profit |
| |
| |
| |
| |
Foreign currency exchange gain - net |
| ( |
| ( |
| ( |
| ( |
Interest income |
| |
| |
| |
| |
Interest expense |
| ( |
| ( |
| ( |
| ( |
Other finance expenses |
| ( |
| ( |
| ( |
| ( |
Finance expenses – net |
| ( |
| ( |
| ( |
| ( |
Profit before tax |
| |
| |
| |
| |
Income tax expense |
| |
| ( |
| ( |
| ( |
Profit after tax |
| |
| |
| |
| |
Other comprehensive income/(loss): |
| |
| |
| |
| |
Items that will not be reclassified to profit or loss: |
| |
| |
| |
| |
Equity investments at FVOCI |
| |
| |
| |
| |
- fair value gain/(loss) |
| |
| |
| |
| ( |
Items that may be reclassified subsequently to profit or loss: |
| |
| |
| |
| |
Cash flow hedges |
| |
| |
| |
| |
- fair value loss |
| ( |
| ( |
| ( |
| ( |
- reclassification to profit or loss |
| |
| ( |
| |
| ( |
Currency translation reserve |
| ( |
| |
| ( |
| |
Other comprehensive loss, net of tax |
| ( |
| ( |
| ( |
| ( |
Total comprehensive income |
| |
| |
| |
| |
Profit attributable to: |
| |||||||
Equity holders of the Company | |
| |
| |
| | |
Non-controlling interests |
| |
| |
| |
| |
| |
| |
| |
| | |
Total comprehensive income: |
| |
| |
| |
| |
Equity holders of the Company |
| |
| |
| |
| |
Non-controlling interests |
| |
| |
| |
| |
| |
| |
| |
| | |
Earnings per share attributable to the equity holders of the Company: |
| |
| |
| |
| |
(expressed in US$per share) | ||||||||
Basic earnings per share |
| |
| |
| |
| |
Diluted earnings per share |
| |
| |
| |
| |
10
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
| 30 June | 31 December | ||
2026 | | 2025 | ||
| US$’000 | | US$’000 | |
Intangible assets |
| |
| |
Investment in joint venture |
| — |
| |
Derivative financial instruments |
| |
| |
Other receivables |
| |
| |
Finance lease receivables |
| |
| |
Deferred tax assets |
| |
| |
Total other non-current assets |
| |
| |
Vessels and dry docking |
| |
| |
Right-of-use assets (vessels) |
| |
| |
Other property, plant and equipment |
| |
| |
Property, plant and equipment |
| |
| |
Total non-current assets |
| |
| |
Inventories |
| |
| |
Trade and other receivables |
| |
| |
Equity financial assets, at FVOCI | — | | ||
Equity financial assets, at FVPL |
| |
| |
Derivative financial instruments |
| |
| |
Finance lease receivables |
| |
| |
Cash and cash equivalents |
| |
| |
Total current assets |
| |
| |
Total assets |
| |
| |
Share capital |
| |
| |
Treasury shares |
| ( |
| ( |
Other reserves |
| |
| |
Retained earnings |
| |
| |
| |
| | |
Non-controlling interests |
| |
| |
Total shareholders’ equity |
| |
| |
Borrowings |
| |
| |
Lease liabilities |
| |
| |
Derivative financial instruments |
| — |
| |
Total non-current liabilities |
| |
| |
Borrowings |
| |
| |
Lease liabilities |
| |
| |
Derivative financial instruments |
| |
| |
Current income tax liabilities |
| |
| |
Trade and other payables |
| |
| |
Total current liabilities |
| |
| |
Total liabilities |
| |
| |
Total equity and liabilities |
| |
| |
11
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
| Attributable to equity holders of the Company | |||||||||||||||||||||
Share- | ||||||||||||||||||||||
based | Currency | Non- | ||||||||||||||||||||
Share | Treasury | Capital | Hedging | payment | translation | Other | Retained | controlling | Total | |||||||||||||
capital | shares | Reserve | reserve | reserve | reserve | reserves | Earnings | Total | interests | equity | ||||||||||||
| US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | |
Balance at 1 January 2026 | | ( | | | | | ( | | | | | |||||||||||
Profit after tax |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| |
| |
| |
| |
Other comprehensive (loss)/income for the financial period |
| — |
| — |
| — |
| ( |
| — |
| ( |
| |
| — |
| ( |
| ( |
| ( |
Total comprehensive (loss)/income for the financial period |
| — |
| — |
| — |
| ( |
| — |
| ( |
| |
| |
| |
| |
| |
Share-based payment reserve | ||||||||||||||||||||||
- Value of employee services |
| — |
| — |
| — |
| — |
| |
| — |
| — |
| — |
| |
| — |
| |
Sale of equity investments | — | — | — | — | — | — | | ( | — | — | — | |||||||||||
Share options exercised |
| — |
| |
| — |
| — |
| ( |
| — |
| — |
| |
| |
| — |
| |
Dividend paid |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( |
| — |
| ( |
Total transactions with owners, recognised directly in equity |
| — |
| |
| — |
| — |
| ( |
| — |
| |
| ( |
| ( |
| — |
| ( |
Balance at 30 June 2026 |
| |
| ( |
| |
| ( |
| |
| |
| |
| |
| |
| |
| |
12
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
| | Attributable to equity holders of the Company | ||||||||||||||||||||
Share- | ||||||||||||||||||||||
based | Currency | Non- | ||||||||||||||||||||
Share | Treasury | Capital | Hedging | payment | translation | Other | Retained | controlling | Total | |||||||||||||
capital | shares | reserve | reserve | reserve | reserve | reserves | earnings | Total | interests | equity | ||||||||||||
| US$’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 | | ( | | | | ( | | | | | | |||||||||||
Profit after tax | — | — | — | — | — | — | — | | | | | |||||||||||
Other comprehensive (loss)/income for the financial period |
| — |
| — |
| — |
| ( |
| — |
| |
| ( |
| — |
| ( |
| |
| ( |
Total comprehensive (loss)/income for the financial period |
| — |
| — |
| — |
| ( |
| — |
| |
| ( |
| |
| |
| |
| |
Share-based payment reserve | ||||||||||||||||||||||
- Value of employee services |
| — |
| — |
| — |
| — |
| |
| — |
| — |
| — |
| |
| — |
| |
Share capital reduction of subsidiary |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( |
Purchases of treasury shares |
| — |
| ( |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| — |
| ( |
Share options exercised |
| — |
| |
| — |
| — |
| ( |
| — |
| — |
| |
| |
| — |
| |
Dividend paid |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( |
| ( |
| ( |
Changes in NCI |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| |
| |
| ( |
| |
Transfer to tonnage tax reserve |
| — |
| — |
| — |
| — |
| — |
| — |
| |
| ( |
| — |
| — |
| — |
Total transactions with owners, recognised directly in equity |
| — |
| ( |
| — |
| — |
| |
| — |
| |
| ( |
| ( |
| ( |
| ( |
Balance at 31 December 2025 |
| |
| ( |
| |
| |
| |
| |
| ( |
| |
| |
| |
| |
13
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | |
| US$’000 | | US$’000 | | US$’000 | | US$’000 | |
Cash flows from operating activities |
| |
| |
| |
| |
Profit before tax |
| |
| |
| |
| |
Adjustments for: |
|
|
|
| ||||
- amortisation of intangible assets |
| |
| |
| |
| |
- depreciation charge |
| |
| |
| |
| |
- gain on disposal of vessels |
| — |
| — |
| — |
| ( |
- fair value (gain)/loss from equity financial assets |
| ( |
| |
| ( |
| |
- interest income |
| ( |
| ( |
| ( |
| ( |
- interest expenses |
| |
| |
| |
| |
- other finance expenses |
| |
| |
| |
| |
- share-based payments |
| |
| |
| |
| |
- finance lease income |
| ( |
| ( |
| ( |
| ( |
- loss on derecognition of right-of-use assets |
| — |
| |
| — |
| |
| |
| |
| |
| | |
Changes in working capital: |
| |
| |
| |
| |
- inventories |
| ( |
| |
| ( |
| |
- trade and other receivables |
| ( |
| ( |
| ( |
| ( |
- trade and other payables |
| |
| |
| |
| |
- derivative financial instruments |
| |
| ( |
| |
| |
- margin account held with broker |
| |
| ( |
| |
| |
Total changes in working capital |
| |
| ( |
| ( |
| |
Taxes paid |
| ( |
| ( |
| ( |
| ( |
Net cash from operating activities |
| |
| |
| |
| |
Cash flows from investing activities |
| |
| |
| |
| |
Additions in property, plant and equipment |
| ( |
| ( |
| ( |
| ( |
Proceeds from sale of vessels |
| — |
| — |
| — |
| |
Proceeds from sale of investment in joint venture | | — | | — | ||||
Repayment of finance lease receivables |
| |
| |
| |
| |
Interest received |
| |
| |
| |
| |
Sale of equity financial assets, at fair value |
| |
| — |
| |
| — |
Net cash from/(used in) investing activities |
| |
| ( |
| ( |
| ( |
14
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (continued)
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | |
| US$’000 | | US$’000 | | US$’000 | | US$’000 | |
Cash flows from financing activities |
| |
| |
| |
| |
Proceeds from borrowings |
| |
| |
| |
| |
Payment of financing fees |
| — |
| ( |
| — |
| ( |
Repayments of bank borrowings |
| ( |
| ( |
| ( |
| ( |
Payment of lease liabilities |
| ( |
| ( |
| ( |
| ( |
Interest paid |
| ( |
| ( |
| ( |
| ( |
Other finance expense paid |
| ( |
| ( |
| ( |
| ( |
Purchase of treasury shares |
| — |
| ( |
| — |
| ( |
Drawdown of trust receipts |
| |
| |
| |
| |
Repayment of trust receipts |
| ( |
| ( |
| ( |
| ( |
Dividend payment |
| ( |
| ( |
| ( |
| ( |
Dividend payment to non-controlling interests |
| — |
| — |
| — |
| ( |
Capital return to non-controlling interests |
| — |
| — |
| — |
| ( |
Net cash (used in)/from financing activities |
| ( |
| |
| ( |
| ( |
Net increase in cash and cash equivalents |
| |
| |
| |
| |
Cash and cash equivalents at beginning of the financial period |
| |
| |
| |
| |
Cash and cash equivalents at end of the financial period |
| |
| |
| |
| |
For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:
| | 30 June | | 30 June |
2026 | 2025 | |||
| US$’000 | | US$’000 | |
Cash and cash equivalents per consolidated balance sheet |
| |
| |
Less: Margin account held with broker |
| ( |
| ( |
Cash and cash equivalents per consolidated statement of cash flows |
| |
| |
15
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)
These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information.
1.General information
BW LPG Limited (the “Company”) is a public company limited by shares, and is dual listed on the Oslo Stock Exchange and the New York Stock Exchange. The principal legislation under which the Company operates is the Singapore Companies Act and regulations made thereunder. The Company was incorporated in Bermuda on 21 August 2008 and redomiciled to Singapore on 1 July 2024, with its registered office at 10 Pasir Panjang Road, #17-02, Mapletree Business City, Singapore, 117438.
The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are ship owning, chartering and LPG trading.
This condensed consolidated interim financial information (“Interim Financial Information”) was authorised for issue by the Board of Directors of the Company on 28 August 2026.
2.Material accounting policies
Basis of preparation
The Interim Financial Information for the three-month and six-month periods ended 30 June 2026 has been prepared in accordance with IAS 34, ‘Interim Financial Reporting’. The Interim Financial Information should be read in conjunction with the annual audited financial statements for the year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Interim Financial Information does not include all the information required for a complete set of financial statements prepared in accordance with IFRS standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.
In the preparation of this set of Interim Financial Information, the same accounting policies have been applied as those used in the preparation of the annual financial statements for the year ended 31 December 2025.
Critical accounting estimates, assumptions and judgements
The preparation of the Interim Financial Information requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
In preparing this Interim Financial Information, the judgements made by Management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the consolidated financial statements for the year ended 31 December 2025.
16
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
3.Derivative financial instruments
| 30 June 2026 | | 31 December 2025 | |||||
Assets | Liabilities | Assets | Liabilities | |||||
| US$’000 | | US$’000 | | US$’000 | | US$’000 | |
Interest rate swaps |
| |
| — |
| |
| ( |
Forward freight agreements and related bunker swaps |
| |
| ( |
| |
| ( |
Commodity contracts and derivatives |
| |
| ( |
| |
| ( |
Forward foreign exchange contracts |
| — |
| — |
| |
| — |
| |
| ( |
| |
| ( | |
Non-current |
| |
| — |
| |
| ( |
Current |
| |
| ( |
| |
| ( |
| |
| ( |
| |
| ( | |
As at 30 June 2026, the Group has interest rate swaps with total notional principal amounting to US$
Interest rate swaps were transacted to hedge the interest rate risk on bank borrowings. After taking into account the effects of these contracts, for part of the bank borrowings, the Group would effectively pay fixed interest rates ranging from
Forward freight agreements and related bunker swaps were transacted to hedge freight rates and bunker price risks. Hedge accounting was adopted for these contracts.
Commodity contracts and derivatives comprise physical buy and sell commodity contracts measured at fair value through profit or loss, and commodity derivative contracts. The Group did not adopt hedge accounting for these contracts.
Forward foreign exchange contracts were transacted to hedge foreign exchange risks. The Group did not adopt hedge accounting for these contracts.
17
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
4.Property, plant and equipment
Right-of-use | ||||||||||
Furniture | assets | |||||||||
Vessels | Dry docking | and fixtures | (Vessels) | Total | ||||||
| US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | |
At 30 June 2026 | | | | | | |||||
Cost |
| |
| |
| |
| |
| |
Accumulated depreciation and impairment charge |
| ( |
| ( |
| ( |
| ( |
| ( |
Net book value |
| |
| |
| |
| |
|
Right-of-use |
| |||||||||
Furniture | assets |
| ||||||||
Vessels | Dry docking | and fixtures | (Vessels) | Total | ||||||
| US$’000 | | US$’000 | | US$’000 | | US$’000 | | US$’000 | |
At 31 December 2025 |
| |
| |
| |
| |
| |
Cost |
| |
| |
| |
| |
| |
Accumulated depreciation and impairment charge |
| ( |
| ( |
| ( |
| ( |
| ( |
Net book value |
| |
| |
| |
| |
|
| (a) | Vessels with an aggregate carrying amount of US$ |
| (b) | In H1 2025, the Group derecognized US$ |
| (c) | The sale and delivery of BW Cedar was concluded in February 2025, generating US$ |
5.Treasury shares
| Number of shares | | Cost of shares | |||||
30 June | 30 June | 30 June | 30 June | |||||
2026 | 2025 | 2026 | 2025 | |||||
| ‘000 | | ‘000 | | US$’000 | | US$’000 | |
At beginning of the financial period |
| |
| |
| |
| |
Purchases of treasury shares |
| — |
| |
| — |
| |
Share options exercised |
| ( |
| ( |
| ( |
| ( |
At end of the financial period |
| |
| |
| |
| |
Pursuant to the Company’s long-term management share option plans, announced on 1 March 2022 (“LTIP 2022”):
| (a) | participants of the LTIP 2022 exercised vested options granted under LTIP 2022 during Q1 2025; |
| (b) | participants of the LTIP 2022 exercised vested options granted under LTIP 2022 during Q1 2026; |
On 8 April 2025, the Board of Directors of the Company approved a share buyback program under which the Company may purchase up to
18
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
6.Borrowings and lease liabilities
30 June | 31 December | |||
2026 | 2025 | |||
| US$’000 | | US$’000 | |
Borrowings |
| |
| |
Bank borrowings |
| |
| |
Lease financing arrangement |
| |
| |
Trust receipts |
| |
| |
Interest payable |
| |
| |
| |
| | |
Borrowings |
| |
| |
Non-current |
| |
| |
Current |
| |
| |
| |
| | |
Lease liabilities |
| |
| |
Non-current |
| |
| |
Current |
| |
| |
| |
| |
Movements in borrowings and lease liabilities are analysed as follows:
| Lease | |||||
Borrowings | Liabilities | Total | ||||
| US$’000 | | US$’000 | | US$’000 | |
At 1 January 2026 |
| |
| |
| |
Drawdown of trust receipts |
| |
| — |
| |
Additions |
| |
| — |
| |
Interest expense |
| |
| |
| |
Lease modifications |
| — |
| |
| |
Less: Interest paid |
| ( |
| ( |
| ( |
Less: Principal repayment |
| ( |
| ( |
| ( |
Less: Repayment of trust receipts |
| ( |
| — |
| ( |
At 30 June 2026 |
| |
| |
| |
| | Lease | | |||
Borrowings | liabilities | Total | ||||
| US$’000 | | US$’000 | | US$’000 | |
At 1 January 2025 |
| |
| |
| |
Drawdown of trust receipts |
| |
| — |
| |
Additions |
| |
| — |
| |
Interest expense |
| |
| |
| |
Lease modifications |
| — |
| ( |
| ( |
Less: Interest paid |
| ( |
| ( |
| ( |
Less: Payment of financing fees | ( | — | ( | |||
Less: Principal repayment |
| ( |
| ( |
| ( |
Less: Repayment of trust receipts |
| ( |
| — |
| ( |
At 30 June 2025 |
| |
| |
| |
19
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
6.Borrowings and lease liabilities (continued)
As at 30 June 2026, borrowings amounting to US$
At 30 June 2026, the Group complied with the Quarterly Covenants and accordingly, the borrowings are classified as non-current at 30 June 2026. If the Group continues with its financial position as at the end of the reporting date, the Group expects to comply with the Quarterly Covenants within 12 months after the reporting date.
7.Related party transactions
In addition to the information disclosed elsewhere in the Interim Financial Information, the following transactions took place between the Group and related parties during the financial period at terms agreed between the parties:
| (a) | Services |
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | |
US$’000 | US$’000 | US$’000 | US$’000 | |||||
Corporate service fees charged by related parties* |
| |
| |
| |
| |
Ship management fees charged by related parties* |
| |
| |
| |
| |
* | “Related parties” refer to corporations controlled by the Company’s largest shareholder. |
| (b) | Key management’s remuneration |
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | |
US$’000 | US$’000 | US$’000 | US$’000 | |||||
Salaries and other short-term employee benefits |
| |
| |
| |
| |
Post-employment benefits - contributions to defined contribution plans and share-based payment |
| |
| |
| |
| |
Directors’ fees |
| |
| |
| |
| |
| |
| |
| |
| |
20
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
8.Financial risk management
The Interim Financial Information does not include all financial risk management information and disclosures required in the annual financial statements; the Interim Financial Information should be read in conjunction with the Group’s annual financial statements as at 31 December 2025. There have been no major changes in any risk management policies or processes since the previous year end.
| (a) | Financial instruments by category |
The aggregate carrying amounts of the Group’s financial instruments are as follows:
| 30 June | | 31 December | |
2026 | 2025 | |||
US$’000 | US$’000 | |||
Equity financial assets, at FVOCI |
| — |
| |
Equity financial assets, at FVPL |
| |
| |
Derivative assets measured at fair value |
| |
| |
Derivative liabilities measured at fair value |
| ( |
| ( |
Financial assets at amortised cost |
| |
| |
Financial liabilities at amortised cost |
| ( |
| ( |
| (b) | Estimation of fair value |
IFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value. The three levels of the fair value input hierarchy defined by IFRS 13 are as follows:
| (i) | quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); |
| (ii) | inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and |
| (iii) | inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). |
| Level 1 | | Level 2 | | Level 3 | | Total | |
US$’000 | US$’000 | US$’000 | US$’000 | |||||
30 June 2026 |
| |
| |
| |
| |
Assets |
| |
| |
| |
| |
Equity financial assets, at FVPL |
| — |
| — |
| |
| |
Derivative financial instruments |
| — |
| |
| |
| |
Total assets |
| — |
| |
| |
| |
Liabilities |
| |
| |
| |
| |
Derivative financial instruments |
| — |
| |
| |
| |
Total liabilities |
| — |
| |
| |
| |
31 December 2025 |
| |
| |
| |
| |
Assets |
| |
| |
| |
| |
Equity financial assets, at FVOCI |
| |
| — |
| — |
| |
Equity financial assets, at FVPL |
| — |
| — |
| |
| |
Derivative financial instruments |
| — |
| |
| |
| |
Total assets |
| |
| |
| |
| |
Liabilities |
| |
| |
| |
| |
Derivative financial instruments |
| — |
| |
| |
| |
Total liabilities |
| — |
| |
| |
| |
21
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
8.Financial risk management (continued)
(b) | Estimation of fair value (continued) |
Derivative financial assets and liabilities
The Group’s financial derivative instruments primarily relate to interest rate swaps, forward freight agreements, bunker swaps and commodity contracts measured at fair value (note 3).
Level 2 classifications primarily include exchange-traded futures including interest rate swaps, forward freight agreements, bunker swaps and commodity contracts. The fair values of interest rate swaps are calculated at the present value of estimated future cash flows based on observable yield curves. The fair values of forward freight agreements, bunker swaps and commodity contracts measured at fair value are determined using forward commodity indices at the balance sheet date.
Level 3 classifications primarily include the physical commodity contracts where the fair values are estimated using a cash flow model, based on the best information available. As the fair value estimation process involves uncertainties and significant judgement over the unobservable inputs and assumptions, the fair values of the physical commodity contracts are classified under level 3.
Non-derivative non-current financial assets and liabilities
The carrying amount of non-derivative non-current financial assets and liabilities which bear floating interest rates are assumed to approximate their fair value because of the short repricing period. There are no non-current financial assets and liabilities which do not bear floating interest rates.
Non-derivative current financial assets and liabilities
The carrying amounts of financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair value because of the short period to maturity.
9.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.
22
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
9.Segment information (continued)
Segment performance is presented below:
| | | Inter- | | ||||
Product | segment | |||||||
Shipping | Services | elimination | Total | |||||
| US$’000 |
| US$’000 |
| US$’000 |
| US$’000 | |
Q2 2026 |
| |
| |
| |
| |
Revenue from spot voyages |
| |
| — |
| — |
| |
Inter-segment revenue |
| |
| — |
| ( |
| — |
Voyage expenses |
| ( |
| — |
| — |
| ( |
Inter-segment expense |
| ( |
| — |
| |
| — |
Net income from spot voyages |
| |
| — |
| ( |
| |
Revenue from time charter voyages |
| |
| — |
| — |
| |
TCE income - Shipping 1 |
| |
| — |
| ( |
| |
Revenue from Product Services |
| — |
| |
| — |
| |
Inter-segment revenue |
| — |
| |
| ( |
| — |
Cost of cargo and delivery expenses |
| — |
| ( |
| — |
| ( |
Inter-segment cost |
| — |
| ( |
| |
| — |
Depreciation |
| — |
| ( |
| — |
| ( |
Gross profit - Product Services 2 |
| — |
| ( |
| |
| ( |
Segment results |
| |
| ( |
| — |
| |
H1 2026 |
| |
| |
| |
| |
Revenue from spot voyages |
| |
| — |
| — |
| |
Inter-segment revenue |
| |
| — |
| ( |
| — |
Voyage expenses |
| ( |
| — |
| — |
| ( |
Inter-segment expense |
| ( |
| — |
| |
| — |
Net income from spot voyages |
| |
| — |
| ( |
| |
Revenue from time charter voyages |
| |
| — |
| — |
| |
TCE income - Shipping 1 |
| |
| — |
| ( |
| |
Revenue from Product Services |
| — |
| |
| — |
| |
Inter-segment revenue |
| — |
| |
| ( |
| — |
Cost of cargo and delivery expenses |
| — |
| ( |
| — |
| ( |
Inter-segment cost |
| — |
| ( |
| |
| — |
Depreciation |
| — |
| ( |
| — |
| ( |
Gross profit - Product Services 2 |
| — |
| |
| |
| |
| ||||||||
Segment results | |
| |
| — |
| | |
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. |
23
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
9.Segment information (continued)
Segment performance is presented below:
| | | Inter- | | ||||
Product | segment | |||||||
Shipping | Services | elimination | Total | |||||
| US$’000 |
| US$’000 |
| US$’000 |
| US$’000 | |
Q2 2025 |
| |
| |
| |
| |
Revenue from spot voyages |
| |
| — |
| — |
| |
Inter-segment revenue |
| |
| — |
| ( |
| — |
Voyage expenses |
| ( |
| — |
| — |
| ( |
Inter-segment expense |
| ( |
| — |
| |
| — |
Net income from spot voyages |
| |
| — |
| ( |
| |
Revenue from time charter voyages |
| |
| — |
| — |
| |
TCE income - Shipping 1 |
| |
| — |
| ( |
| |
Revenue from Product Services |
| — |
| |
| — |
| |
Inter-segment revenue |
| — |
| |
| ( |
| — |
Cost of cargo and delivery expenses |
| — |
| ( |
| — |
| ( |
Inter-segment cost |
| — |
| ( |
| |
| — |
Depreciation |
| — |
| ( |
| — |
| ( |
Gross profit - Product Services 2 |
| — |
| |
| |
| |
| ||||||||
Segment results | |
| |
| — |
| | |
H1 2025 |
| |
| |
| |
| |
Revenue from spot voyages |
| |
| — |
| — |
| |
Inter-segment revenue |
| |
| — |
| ( |
| — |
Voyage expenses |
| ( |
| — |
| — |
| ( |
Inter-segment expense |
| ( |
| — |
| |
| — |
Net income from spot voyages |
| |
| — |
| ( |
| |
Revenue from time charter voyages |
| |
| — |
| — |
| |
TCE income - Shipping 1 |
| |
| — |
| ( |
| |
Revenue from Product Services |
| — |
| |
| — |
| |
Inter-segment revenue |
| — |
| |
| ( |
| — |
Cost of cargo and delivery expenses |
| — |
| ( |
| — |
| ( |
Inter-segment cost |
| — |
| ( |
| |
| — |
Depreciation |
| — |
| ( |
| — |
| ( |
Gross profit - Product Services 2 |
| — |
| |
| |
| |
| ||||||||
Segment results | |
| |
| — |
| |
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. |
24
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
9.Segment information (continued)
Reconciliation of segment results:
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | |
US$’000 | US$’000 | US$’000 | US$’000 | |||||
Total segment results for reportable segments |
| |
| |
| |
| |
Vessel operating expenses |
| ( |
| ( |
| ( |
| ( |
Time charter contracts (non-lease components) |
| ( |
| ( |
| ( |
| ( |
General and administrative expenses |
| ( |
| ( |
| ( |
| ( |
Charter hire expenses |
| ( |
| ( |
| ( |
| ( |
Fair value gain/(loss) from equity financial asset |
| |
| ( |
| |
| ( |
Finance lease income |
| |
| |
| |
| |
Other operating expense - net |
| |
| ( |
| |
| ( |
Depreciation - Shipping segment |
| ( |
| ( |
| ( |
| ( |
Amortisation |
| ( |
| ( |
| ( |
| ( |
Loss on derecognition of right-of-use assets (vessels) | — | ( | — | ( | ||||
Gain on disposal of vessels |
| — |
| — |
| — |
| |
Operating profit |
| |
| |
| |
| |
Finance expense – net |
| ( |
| ( |
| ( |
| ( |
Income tax expense |
| |
| ( |
| ( |
| ( |
Profit after tax |
| |
| |
| |
| |
10.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 | |||||||
30 June | 31 December | 30 June | 31 December | |||||
2026 | 2025 | 2026 | 2025 | |||||
| US$’000 | | US$’000 | | US$’000 | | US$’000 | |
Assets |
| |
| |
| |
| |
Current assets |
| |
| |
| |
| |
Includes |
|
|
|
| ||||
Cash and cash equivalents |
| |
| |
| |
| |
Non-current assets |
| |
| |
| |
| |
Liabilities |
|
|
|
| ||||
Current liabilities |
| |
| |
| |
| |
Includes |
|
|
|
| ||||
Borrowings |
| |
| |
| |
| |
Non-current liabilities (Borrowings) |
| |
| |
| |
| |
Net assets |
| |
| |
| |
| |
25
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
10.Investment in subsidiaries (continued)
Summarised statement of comprehensive income:
BW LPG India | BW Product Services | |||||||
Q2 2026 | Q2 2025 | Q2 2026 | Q2 2025 | |||||
| US$’000 | | US$’000 | | US$’000 | | US$,000 | |
TCE income – Shipping |
| |
| |
| — |
| — |
Revenue from Product Services |
| — |
| — |
| |
| |
Cost of cargo and delivery expenses |
| — |
| — |
| ( |
| ( |
Vessel operating expense |
| ( |
| ( |
| — |
| — |
Charter hire expense | ( | — | — | — | ||||
Depreciation and amortisation |
| ( |
| ( |
| ( |
| ( |
Finance expense – net |
| ( |
| ( |
| ( |
| |
Other expenses – net |
| ( |
| ( |
| ( |
| ( |
Income tax expense | | ( | | ( | ||||
Net profit after tax |
| |
| |
| ( |
| |
Other comprehensive (loss)/income (currency translation effects) |
| — |
| — |
| ( |
| |
Total comprehensive income |
| |
| |
| ( |
| |
Total comprehensive income/(loss) allocated to non-controlling interests |
| |
| |
| ( |
| |
BW LPG India | BW Product Services | |||||||
H1 2026 | | H1 2025 | H1 2026 | | H1 2025 | |||
| US$’000 | | US$’000 | | US$’000 | | US$,000 | |
TCE income – Shipping | |
| |
| — |
| — | |
Revenue from Product Services |
| — |
| — |
| |
| |
Cost of cargo and delivery expenses |
| — |
| — |
| ( |
| ( |
Vessel operating expense |
| ( |
| ( |
| — |
| — |
Charter hire expense | ( | — | — | — | ||||
Depreciation and amortisation |
| ( |
| ( |
| ( |
| ( |
Gain on disposal of vessels |
| — |
| |
| — |
| — |
Finance expense – net |
| ( |
| ( |
| ( |
| |
Other expenses – net |
| ( |
| ( |
| ( |
| ( |
Income tax expense | | ( | ( | ( | ||||
Net profit after tax |
| |
| |
| |
| ( |
Other comprehensive income (currency translation effects) |
| — |
| — |
| ( |
| |
Total comprehensive income/(loss) |
| |
| |
| |
| ( |
Total comprehensive income/(loss) allocated to non-controlling interests |
| |
| |
| |
| ( |
11.Dividends paid
An interim dividend of US$
26
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
12.Subsequent events
BW LPG India entered into agreements to sell the 2007-built BW Elm and BW Birch in July and August 2026, respectively, with deliveries scheduled by August and mid-November 2026. On a 100% basis, the sales are expected to generate net book gains of approximately US$
BW LPG entered into an agreement to sell the 2015-built BW Levant in July 2026, with the vessel scheduled for delivery to the buyer by mid-November 2026. The sale is expected to generate a net book gain and net cash proceeds of approximately US$
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.
27
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
APPENDIX - Non-IFRS financial measures (continued)
The reconciliation of TCE income - Shipping per calendar day (total) to TCE income - Shipping for the periods ended 30 June 2026 and 2025 is provided below.
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | |
TCE income – Shipping (US$’000) |
| 274,885 |
| 152,656 |
| 472,574 |
| 311,326 |
Calendar days (total) |
| 3,837 |
| 4,095 |
| 7,687 |
| 8,189 |
TCE income – Shipping per calendar day (total) (US$) |
| 71,640 |
| 37,280 |
| 61,480 |
| 38,020 |
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 30 June 2026 and 2025 is provided below.
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | |
TCE income – Shipping (US$’000) |
| 274,885 |
| 152,656 |
| 472,574 |
| 311,326 |
Available days |
| 3,713 |
| 3,929 |
| 7,278 |
| 7,919 |
TCE income – Shipping per available day (US$) |
| 74,030 |
| 38,850 |
| 64,930 |
| 39,310 |
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).
28
BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2026 and H1 2026
APPENDIX - Non-IFRS financial measures (continued)
The reconciliation of adjusted free cash flow to net cash inflow from operating activities for the periods ended 30 June 2026 and 2025 is provided below.
Q2 2026 | Q2 2025 | H1 2026 | | H1 2025 | ||||
| US$’000 | | US$’000 | | US$’000 | | US$’000 | |
Net cash from operating activities | 205,881 | 94,719 | 371,359 | 260,961 | ||||
Additions in property, plant and equipment | (13,260) | (81,308) | (24,706) | (157,606) | ||||
Proceeds from sale of vessels | — | — | — | 65,049 | ||||
Adjusted free cash flow | 192,621 | 13,411 | 346,653 | 168,404 |
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 30 June 2026 and 2025 is provided below.
| Q2 2026 | | Q2 2025 | | H1 2026 | | H1 2025 | ||
Operating profit (US$’000) |
| 140,367 | | 58,839 | | 360,047 | | 137,790 |
|
Average of the total shareholders’ equity (US$’000)(1) |
| 2,037,167 | | 1,913,400 | | 1,990,168 | | 1,924,570 |
|
Average of the total borrowings (US$’000)(1) |
| 789,085 | | 979,738 | | 833,676 | | 983,785 |
|
Average of the total lease liabilities (US$’000)(1) |
| 126,146 | | 151,245 | | 127,762 | | 169,769 |
|
Capital employed (US$’000) |
| 2,952,398 | | 3,044,383 | | 2,951,606 | | 3,078,124 |
|
ROCE |
| 4.8 | % | 1.9 | % | 12.2 | % | 4.5 | % |
ROCE (annualised) |
| 19.0 | % | 7.7 | % | 24.4 | % | 9.0 | % |
| (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.
29
Exhibit 99.3
| Q2 2026 Earnings Presentation BW LPG Kristian Sørensen and Samantha Xu 28 August 2026 |
| Disclaimer and forward-looking statements 2 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. 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 Q2 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 Q2 2026 Q2 2026 highlights Market overview Company performance Q&A |
| Q2 2026 highlights 4 Return to shareholders $0.95 Dividend per share2 16.1% Annualised dividend yield3 27% ROE (annualised) 100% Q2 2026 payout ratio Shipping NPAT1 Financial performance $138M Net profit after tax $773M Available liquidity $0.79 Earnings per share 23.5% Net leverage ratio Commercial performance $74,000 TCE income – Shipping per available day $71,600 TCE income – Shipping per calendar day 96% Fleet utilisation 3% Technical offhire 1. Shipping NPAT is calculated as profit attributable to equity holders of BW LPG Q2 2026: US$120.1 million, less BW LPG's share of BW PS' net loss after tax Q2 2026 of US$24.9 million. 2. For shares registered with Euronext Securities Oslo, dividend per share is NOK 8.8914 3. Based on US$23.5/share as of 26 Aug 2026 4. Includes chartered-in vessels Q2 performance • Q2 2026 TCE income (Shipping): US$74,000 per available day and US$71,600 per calendar day, after IFRS 15 and FFA negative adjustments of US$16.4 million and US$12.0 million respectively. Included time charter coverage of 53% of available days at US$64,000 per day. • BW Product Services: Generated a strong realised trading gain of US$127 million during the quarter. Trading results reported as a gross loss of US$18 million and a loss after tax of US$31 million, primarily due to a non-cash unrealised mark-to-market valuation change of negative US$145 million on open positions. • Q2 2026 profit after tax: US$138 million, with profit attributable to equity holders of US$120 million, representing earnings per share of US$0.79. Q3 2026 guidance • Fixed 92% of available fleet days at an average rate of ~US$88,000/day, including our fixed time charter coverage of 41% at US$44,300/day. The TCE guidance excludes potential IFRS 15 and FFA impacts. Strong dividend distribution • The company declared a Q2 cash dividend of US$0.95 per share, which consists of 100% of Shipping NPAT1 Q2 2026, supported by ample liquidity. Dry dock program • 99 drydock days in Q2 2026. A total of 584 drydock days are expected in Q3. Other subsequent events • Announced the sale of 2007-built BW Elm and BW Birch, both second-hand sales at a value equivalent to a newbuilding price of ~US$248 million. On a 100% basis, the sales are expected to generate net book gains of approximately US$36 million for BW Elm and US$37 million for BW Birch, with net cash proceeds of approximately US$64 million for each vessel. BW Elm was delivered in July, and BW Birch is expected to be delivered by mid-November. • Announced the sale of the 2015-built BW Levant, acquired as part of the 2024 Avance Gas transaction. The sale is expected to generate a net book gain and net cash proceeds of approximately US$17 million and US$38 million respectively. BW Levant is scheduled for delivery by mid-November. • 2016-built LPG dual-fuel retrofit vessel fixed for five-year time charter out agreement in the mid-high US$40,000s per day with delivery end 2026. |
| Agenda Q2 2026 Q2 2026 highlights Market overview Company performance Q&A |
| 1H 2026 market dynamics and freight rate movements 6 Increasing market inefficiencies drive shipping demand and support elevated freight rates Middle East LPG exports remain significantly reduced in 2026 Panama Canal congestion increases COGH routing leading to longer sailing distances Record-high US LPG exports partially offset lost Middle East volumes Several secondhand sales to Middle Eastern players serve new AG trade Sources: Baltic Exchange, BW LPG, AnfilGas $ /d $50 000/d $100 000/d $150 000/d $200 000/d $250 000/d $300 000/d Middle East – Far East BLPG1 US – Far East BLPG3 Start of the 2026 US – Iran war (BLPG3) ~$157,000/d (BLPG1) ~$200,000/d TCE spot rates ($/day) All-in cash breakeven ~$24,900/d US–Iran ceasefire MoU signed Asian LPG prices declined, leaving less space for shipping cost from the US Gulf, as geopolitical tensions eased and markets anticipated a reopening of the Strait of Hormuz |
| VLGC trade flows and market reactions 7 Rising US exports and trade disruptions are driving longer voyages Sources: NGLS, Vortexa, BW LPG India US Gulf Houston Chiba Middle East Ras Tanura Chiba US LPG export growth 1H26 (y/y) +16% • Higher LPG production • Terminal export capacity expansion Longer sailing distances as more VLGCs transit via the Cape of Good Hope ~(46)% Decline in Middle East LPG export growth 1H26 (y/y) • Exports remain heavily restricted as the Strait of Hormuz remains closed • Vessels idling in the Arabian Sea 0.4 0.6 0.9 0.5 1.1 1.1 1.5 Jan Feb Mar Apr May Jun Jul China LPG imports from the US Mt (VLGC only) 0.3 0.2 0.3 0.3 0.5 0.7 0.9 Jan Feb Mar Apr May Jun Jul India LPG imports from the US Mt (VLGC only) Increased traffic and reduced capacity through the Panama Canal • Increased competition from several shipping segments • Transit restrictions due to low water levels • Record high auction fees |
| LPG export forecasts 8 New North American export capacity supports structural VLGC trade growth Sources: NGLS, Vortexa, BW LPG • North American exports forecasted to grow 18% in 2026, supported by strong oil and gas activity and expanded export infrastructure. • Assuming conflict resolution in Q3 2026, Middle East exports are expected to gradually recover, although full recovery is expected to take 12-36 months depending on local conditions and infrastructure damage severity. North America drives export growth • Flexible terminals support LPG export growth so far this year, but is expected to pivot more towards ethane exports in coming years. • Dedicated LPG export capacity continues to expand, with much of the new capacity already contracted. North America ramping up LPG export capacity Middle East and North American LPG exports Mtpa (VLGC only) North American LPG export capacity growth Mtpa 57 60 71 73 74 40 39 24 36 44 20 13 8 2024 2025 2026F 2027F 2028F North America Middle East Middle East shortfall vs pre-war forecast 9 2 1 4 12 2 Enterprise AltaGas AltaGas Targa ONEOK Energy Transfer 2H 2026 9 Mt 2028 14 Mt 2027 7 Mt |
| 23 31 50 60 66 45 48 56 58 61 2026 2027 2028 2029 2030 20-25 25+ VLGC fleet and newbuildings 9 New deliveries increasingly offset by fleet replacement needs Sources: Shipping Intelligence Network 1. Total VLGC fleet on water (not including orderbook) 2. 88-91k dual-fuel non-ammonia capacity VLGC, at “first class competitive yard” 3. Assuming no scrapping Quarterly delivery schedule # of VLGCs VLGC fleet age profile 71% 15% 5% 9% 0-15 years 15-20 years 20-25 years 25 years + 437 total VLGC fleet1 VLGC fleet aging ~$114M VLGC2 newbuilding price 2029 VLGC delivery year for newbuild contracts 157 Total orderbook number 127 VLGCs will be 20 years or older at the end of 20301 12 9 6 1 8 10 9 5 8 8 9 6 2 5 3 5 4 3 1 1 3 3 5 5 3 2 4 2 5 5 7 6 10 3 2 1 1 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 1Q29 2Q29 3Q29 4Q29 1Q30 2Q30 3Q30 4Q30 Delivered NB - Ammonia NB - Non-ammonia |
| Market outlook 10 Geopolitics and market inefficiencies are generating accretive ton-miles for VLGCs • 437 VLGCs are currently on the water • 27 VLGCs have been delivered so far in 2026, with 13 more scheduled for delivery before 2027 • VLGC orderbook currently consists of 155 ships, with fleet growing in tandem with export capacity LPG exports US / Middle East Market dynamics VLGC global fleet Panama v. Cape routing FFA market • North American LPG exports (on VLGCs) increased 16% y/y in 1H 2026 - forecasted to grow by 18% in FY 2026 • Middle East exports likely to remain heavily restricted as long as Middle East war is unresolved • Unclear situation in Middle East pertaining to repairs of export infrastructure, but likely 12-36 months recovery period • Lack of Middle East LPG exports supports a wide US – Far East arbitrage • Importers are increasingly relying on growing ton-mile intensive US LPG as Middle East volumes remain disrupted • Restrictions on Panama Canal transits and high demand for using the canal is diverting VLGCs via the Cape of Good Hope • VLGC transits will be sensitive to El Niño drought and lower water level restrictions • Increased competition for Panama Canal transit slots from several shipping segments, as well as more VLGCs, could divert even more US LPG exports around the Cape of Good Hope • The Ras Tanura–Chiba FFA market for the balance of 2026 is presently indicating earnings around US$180,000 per day, though liquidity remains limited Middle East conflict, increasing US exports and Panama canal supports a wide US – Far East arbitrage, which in turn keeps VLGC spot rates at an elevated level. |
| Agenda Q2 2026 Q2 2026 highlights Market overview Company performance Q&A |
| Shipping – Performance 12 Achieved 96% utilisation generating TCE income – Shipping of US$74,000 per available day Q3 2026 • Fixed 92% of our available fleet days at an average rate of ~US$88,000 per day4, including our fixed time charter coverage of 41% at US$44,300/day. The TCE guidance excludes potential IFRS 15 and FFA impacts. 3% 97% TCE income by calendar days US$71,600/day1 Technical off-hire Available days 53% 46% TCE income by available days US$74,000/day2 US$85,2002 (incl. waiting time and FFA) Spot US$87,6003 (excl. waiting time and FFA) Waiting 1% Time Charter US$64,0005 2H 2026 Time charter % of total Fleet Revenue/ (Cost) in US$M Average day rate TC out – Fixed rate 2% $8 $44,100 TC in – Fixed rate 2% ($7) $37,500 Net $1 Remaining TC out – Fixed rate 39% $249 $44,100 2H 2026 charter portfolio • 41% covered by fixed rate TC out at US$44,100/day • 4% covered by FFA hedges at avg. of US$48,000/day Q2 2026 performance Guidance 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 4. Discharge to discharge basis 5. Time charter includes fixed and variable rate |
| Product Services – Performance 13 Strong positive realised results under turbulent market conditions as a result of effective risk management Q2 2026 performance Book equity 1. Gross profit from 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’ lease-in vessels 2. Unrealised physical shipping is a Non-IFRS measure and refers to the forward value of Time Charter-in contracts based on forward market freight indexes $119M Net asset value end of Q2 $31M Net loss $18M Gross loss1 $17M Average VAR $70M Unrealised physical shipping2 7% BW LPG VLGC cargoes lifted by BW PS 150 127 (190) 45 (13) 119 70 Net assets Q1 2026 Realised positions MTM change in unrealised cargo MTM change in unrealised paper Other expenses Net assets Q2 2026 Unrealised physical shipping Net loss: $31m US$ million |
| Financial highlights 14 Low leverage, strong liquidity, ready for growth opportunities Key financials Q2 2026 Financial ratios Q2 2026 US$ million Q2 2026 Daily TCE Income $71,600 Q2 2026 Daily OPEX $8,800 FY 2026 Operating cash breakeven8 Owned $18,800 Total fleet $21,700 FY 2026 All-in cash breakeven9 $24,900 Income statement Profit after tax $138 Profit to equity holders $120 Earnings per share1 $0.79 Dividends per share2 $0.95 Balance sheet Total assets $3,389 Total liabilities $1,334 Total shareholders’ equity $2,055 Shipping per day statistics US$/day Earnings Yield3 (annualised) 18% Dividend Yield4 (annualised) 16.1% ROE5 (annualised) 27% ROCE6 (annualised) 19% Net leverage ratio7 23.5% 0.09 0.85 0.84 0.56 1.28 3.46 2.42 1.47 1.62 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Dividends per share US$ 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 8.8914 3.Earnings yield: EPS divided by the share price at the end of the period in USD terms 4.Dividend yield: Based on US$23.5/share as of 26 Aug 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) (%) |
| Financing structure and repayment profile 15 Ample liquidity of US$773M with long-dated repayment profile Liquidity profile (As of 30 June 2026) Repayment profile 1. Cash presented excludes ~$1.4M held in broker margin accounts 2. Excludes other lease liabilities, capitalised fees, and interest payable, as of 30 June 2026 US$ million Total Available Liquidity 773 Undrawn RCF 471 Cash¹ 302 Ship financing2 structure Trade financing structure SLB (o/s $119M) $215M Term Loan (o/s $195M) $380M Term Loan (o/s $226M) JOLCO (o/s $57M) $551M Revolving Credit Facilities (RCF) Drawn RCF (o/s $80M) Undrawn RCF - $471 M O utstanding Debt - $677M Letter of credit $195M Drawndown $132M $746M Trade Finance Facilities Unutilised Facilities - $419M Utilised Facilities - $327M 162 59 60 60 468 0 100 200 300 400 500 600 700 800 900 1,000 2026 2027 2028 2029 2030 onwards US$ million $746M Trade Finance Facilities - o/s $132M Revolving Credit Facilities (RCF) - o/s $80M $215M Term Loan - o/s $195M $380M Term Loan - o/s $226M JOLCO - o/s $57M Sale & Leaseback - o/s $119M |
| Agenda Q2 2026 Q2 2026 highlights Market overview Company performance Q&A |
| Agenda Q&A Kristian Sørensen CEO Samantha Xu CFO |
| Thank you 18 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 Q2 2026 |
| 46 VLGCs and 3 LGCs owned and operated by BW LPG 20 As of 25 August 2026 BW LPG 100% ownership Vessels with dual-fuel propulsion technology Vessels on compliant fuels 20 29 BW LPG 5 Time charter/bareboat in BW LPG India 7 52% ownership Pool/Product Services 8 operated Vessels retrofitted with scrubber technology 13 16 Name Year Shipyard BW Avior 2023 DSME BW Rigel 2023 DSME BW Capella 2022 DSME BW Yushi 2020 Mitsubishi H.I. BW Kizoku 2019 Mitsubishi H.I. BW Messina 2017 DSME BW Mindoro 2017 DSME BW Malacca 2016 DSME BW Magellan 2016 DSME BW Frigg 2016 Hyundai H.I. BW Freyja 2016 Hyundai H.I. BW Volans 2016 Hyundai H.I. BW Brage 2016 Hyundai H.I. BW Tucana 2016 Hyundai H.I. BW Var 2016 Hyundai H.I. BW Njord 2016 Hyundai H.I. BW Balder 2016 Hyundai H.I. BW Orion 2015 Hyundai H.I. BW Libra 2015 Hyundai H.I. BW Leo 2015 Hyundai H.I. BW Gemini 2015 Hyundai H.I. BW Carina 2015 Hyundai H.I. BW Levant 2015 Jiangnan BW Breeze 2015 Jiangnan BW Sirocoo 2015 Jiangnan BW Passat 2015 Jiangnan BW Mistral 2015 Jiangnan BW Monsoon 2015 Jiangnan BW Aries 2014 Hyundai H.I. Name Year Shipyard BW Polaris 2 2022 DSME BW Kyoto 2 2010 Mitsubishi H.I. Oriental King 2017 Hyundai H.I. Berge Nantong 2006 Hyundai H.I. Berge Ningbo 2006 Hyundai H.I. Name Year Shipyard BW Chinook 2015 Jiangnan BW Pampero 2015 Jiangnan BW Pine 2011 Kawasaki S.C. BW Loyalty 2008 Hyundai H.I. BW Tyr 2008 Hyundai H.I. BW Oak 2008 Hyundai H.I. BW Birch 2007 Hyundai H.I. Name Year Shipyard Beneficiary Kaede 4 2023 Hyundai H.I. Product Services Gas Gabriela 3 2021 Hyundai H.I. Product Services Clipper Wilma 3 2019 Hyundai H.I. Product Services Vega Sea 3 2017 Hyundai H.I. Product Services Vega Star 3 2017 Hyundai H.I. Product Services Tokyo 1 2009 Hyundai H.I. Product Services Denver 1 2009 Hyundai H.I. Product Services Helsinki 1 2009 Hyundai H.I. Product Services 1. LGC (Large Gas Carrier) 2. Bareboat charter 3. Panamax 4. Pool operated |
| VLGC charter portfolio overview 21 Fixed rate time charter out coverage for 2H 2026 at 41% with an average rate of US$44,100 per day $48.0 $43.5 $37.7 2026 2027 $57 $1 8% 2026 2027 $13 $12 $15 $16 $1 10% 7% 7% 8% 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 Quarterly $46.6 $57.1 $44.3 $43.8 $44.0 $44.4 $43.3 $42.5 $38.5 $37.5 $37.5 $37.5 $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 2H 2026 Time charter % of total fleet Revenue/ (Cost) in $M Average day rate TC out - Fixed rate 2% $8 $44,100 TC in - Fixed rate 2% ($7) $37,500 Net $1 Remaining TC out - Fixed rate 39% $249 $44,100 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 1 $293 $211 42% 36% 2026 2027 $68 $91 $68 $66 $56 $52 $52 $50 41% 43% 41% 41% 40% 35% 34% 32% 1Q 26 2Q 26 3Q 26 4Q 26 1Q 27 2Q 27 3Q 27 4Q 27 Quarterly 4 Time charter-out % TC days – fixed rate Time charter-out – Fixed rate US$ thousands/day Time charter-in2 % TC days – fixed rate 2H 2026 time charter position 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 4. Includes a three-month time charter |
| Shipping segment charter portfolio 2026-2027 22 Fixed rate time charter out contract coverage stands at 42% for 2026 (as of 14 August 2026) Q1 2026A Q2 2026A Q3 2026E Q4 2026E 2026E 2027E Owned days 3,510 3,549 3,520 3,450 14,029 13,505 Time charter in days 340 273 276 276 1,165 34 Total calendar days 3,850 3,822 3,796 3,726 15,194 13,539 Offhire1 263 109 93 65 530 244 Total available days (Net of offhire) 3,587 3,713 3,703 3,661 14,664 13,295 Spot days (Net of offhire) 1,684 1,757 1,830 1,788 7,059 8,015 Time charter out days (Net of offhire) - Fixed rate 1,456 1,594 1,534 1,508 6,092 4,835 Time charter out days (Net of offhire) - Variable rate 447 362 339 365 1,513 445 % Spot days 47% 47% 49% 49% 48% 60% % TC days - Fixed rate 41% 43% 41% 41% 42% 36% % TC days - Variable rate 12% 10% 10% 10% 10% 4% TCE rates Spot $63,700 $85,200 - - - - Time charter out – Fixed rate $46,600 $57,2002 $44,300 $44,000 $48,000 $43,500 VLGC TCE rate (Net of offhire) $55,500 $74,000 - - - - 1. In years when a vessel does not have planned dry docking, an offhire of 3 days per vessel per year is assumed 2. Includes a three-month time charter 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 |
| BW LPG India charter portfolio 2026-2027 23 Time charter out contract coverage stands at 68% for 2026 (as of 14 August 2026) Q1 2026A Q2 2026A Q3 2026E Q4 2026E 2026E 2027E Owned days 720 728 668 644 2,760 2,555 Time charter in days - - - - - - Total calendar days 720 728 668 644 2,760 2,555 Offhire1 141 31 4 4 180 44 Total available days (Net of offhire) 579 697 664 640 2,581 2,511 Spot days (Net of offhire) 152 235 221 208 817 1,566 Time charter out days (Net of offhire) 427 462 443 432 1,764 945 % Spot days 26% 34% 33% 33% 32% 62% % TC days 74% 66% 67% 67% 68% 38% TCE rates Spot $68,600 $106,200 - - - - Time charter out $44,000 $94,1002 $45,500 $46,900 $57,200 $45,900 VLGC TCE rate (Net of offhire) $50,500 $98,200 - - - - 1. Offhire is assumed to be 3 days per year per vessel, distributed equally per quarter, during the years the vessel does not have planned dry dockings 2. Includes a three-month time charter |
| Fleet safety statistics 24 Safety and Zero Harm onboard remain our key focus TRCF 12 Month Rolling Average (MRA) LTIF 12 Month Rolling Average (MRA) 1.05 0.89 1.00 1.10 1.08 1.19 1.07 1.08 1.08 0.96 0.73 0.73 0.66 0.51 0.62 0.73 0.72 0.71 0.60 0.60 0.60 0.60 0.36 0.36 jul.25 aug.25 sep.25 oct.25 nov.25 dec.25 jan.26 feb.26 mar.26 apr.26 may.26 jun.26 Work-related fatalities and injuries per one million hours worked that leads to lost work time Lost Time Injury Frequency (LTIF): Work-related fatalities and injuries per one million hours worked Total Recordable Case Frequency (TRCF): As of 30 June 2026 |
Exhibit 99.4
BW LPG Limited – Key information relating to the cash dividend for Q2 2026
Singapore, 28 August 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 Q2 2026:
The Board has approved a dividend of US$0.95 per share on 27 August 2026. For shares registered with Euronext VPS, dividend per share is NOK8.8914.
Record date: 8 September 2026
Shares registered with Euronext VPS - Oslo Stock Exchange
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Last trading day including the right to receive this dividend: 4 September 2026
Ex-date: 7 September 2026
Dividend payment date: On or about 16 September 2026
Shares registered with Depository Trust Company – New York Stock Exchange
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Last trading day including the right to receive this dividend: 4 September 2026
Ex-date: 8 September 2026
Dividend payment date: On or about 16 September 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. www.bw-group.com
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
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