BWLP

This article first appeared on GuruFocus. Shipping TCE Income: $74,000 per available day, below guidance of $81,000 per day, impacted by negative IFRS 15 and FFA adjustments of $16.4 million and $12 million, respectively. Profit After Minority Interest: $120 million, or EPS of $0.79. Product Services Realized Trading Gain: $127 million, with a reported net loss after tax of $31 million due to a $145 million negative change in unrealized mark-to-market valuation. Q3 2026 Guidance: Approximately $88,000 per day fixed for 92% of available days, against an all-in cash breakeven of $24,900 per day. Dividend: Declared at $0.95 per share, representing 100% of shipping NPAT. Dry Dock Days: 99 dry dock days in Q2, with 58 expected in Q3. Vessel Sales: Sold BW Elm and BW Birch (2007 built) and BW Levant (2015 built); BW Birch sale expected to generate net proceeds of about $64 million. Time Charter: Fixed a 2016 built LPG dual-fuel retrofit vessel for a five-year time charter at mid-high $40,000 per day, with delivery end 2026. Fleet Utilization: 96% for Q2. Spot TCE: $85,200 per available day including waiting time and FFA; $87,600 per day excluding waiting time and FFA. Net Profit After Tax: $138 million. Net Leverage Ratio: 23.5% in Q2, down from 26.3% at end of Q1. Shareholders' Equity: $2.1 billion at period end. Annualized Return on Equity and Capital Employed: 27% and 19%, respectively, for Q2. OpEx: $8,800 per day for Q2 2026. Cash Breakeven: Operating cash break-even of $18,800 per day for own fleet and $21,700 per day for total fleet; all-in cash break-even estimated at $24,900 per day. Liquidity: $773 million, consisting of $302 million in cash and $471 million of undrawn revolving credit facilities. Trade Finance Utilization: $327 million, or 44% of available credit line. Warning! GuruFocus has detected 8 Warning Signs with BWLP. Is BWLP fairly valued? Test your thesis with our free DCF calculator. Release Date: August 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strong spot TCE performance of $85,200 per available day, demonstrating earning power in a volatile market. Robust time charter coverage for Q3 2026 at $88,000 per day for 92% of available days, providing earnings visibility. High dividend payout of $0.95 per share, representing 100% of shipping NPAT, exceeding the 75% minimum policy. Successful vessel sales generating significant proceeds, including $64 million from BW Birch, enhancing liquidity. Strategic time charter agreements, including a five-year charter at mid-high $40,000 per day, securing future revenue. Q2 TCE income of $74,000 per available day fell below guidance of $81,000, impacted by negative IFRS 15 and FFA adjustments. BW Product Services reported a net loss after tax of $31 million due to a $145 million negative unrealized mark-to-market valuation. Elevated value at risk (VaR) increased to $70 million, reflecting higher market volatility and potential trading risks. Uncertainty from the closure of the Strait of Hormuz and Panama Canal constraints could disrupt trade flows and freight rates. Significant newbuilding order book of 157 VLGCs, with deliveries through 2030, may pressure future supply and rates. Q: With current VLGC spot rates at exceptionally high levels, why are Q3 fixed rates materially lower? How much open exposure remains in Q4 2026 and 2027 to capture the current market strength?A: Kristian Srensen (CEO & Head of Commercial) explained that the Q3 fixed rate coverage of 41% at $44,300 per day leaves considerable exposure to the spot market, which is intentional. The strategy is to secure time charters for downside protection in a highly volatile market. For 2027, 36% of capacity is fixed at $43,500 per day, and the company expects to increase that percentage if attractive freight rates are obtainable. Q: Could you please explain why G&A increased so significantly this quarter? Was the increase partly attributable to costs related to the realized gains from trading activities?A: Samantha Xu (CFO) confirmed that the G&A increase is directly correlated to compensation related to the positive trading result achieved by BW Product Services in the volatile market. Q: What do you expect in a scenario where Hormuz reopens but Panama Canal stays constrained? Will this probably require very low VLGC rates in order to make the arb work while sailing around the Cape of Good Hope?A: Kristian Srensen (CEO) noted that when there were signs of Hormuz reopening earlier in the year, US Gulf spot rates came under pressure due to a narrowing arbitrage. However, he emphasized that North American LPG volumes cannot be absorbed by Europe and Latin America alone, so the US will eventually price its LPG competitively to clear in Asia. While shipping may suffer in the short term, the medium-term dynamics will see the lion's share of US LPG exports flowing to Asia. Q: How do you see a potential Hormuz reopening scenario playing out for the VLGC market?A: Kristian Srensen (CEO) reiterated that the initial reaction to a reopening would be pressure on US Gulf spot rates, as seen earlier in the year. However, this will balance out because US volumes must continue flowing to Asia, as other markets lack the capacity to absorb them. Q: Regarding the India JV vessels that you're selling, you have quite good insights into that market. Any thoughts of scaling up there? Or how do things look considering the disruptions in Hormuz?A: Kristian Srensen (CEO) stated that India is an important part of the business model and the company expects to maintain its presence there. While there could be periods with fewer ships, the company has previously dropped vessels to the JV and could do so again, with announcements to be made if that occurs. Q: How much new NA LPG terminal capacity was added in H1 2026? Was it zero per media posts? Given nine MTPA additions due in H2 2026 and another seven in FY 2027, doesn't the 7.1 MTPA and 7.3 MTPA forecasts for FY 2026 and FY 2027 look rather conservative?A: Kristian Srensen (CEO) suggested the questioner refer to the previous quarter's market presentation for the phased terminal expansions and add the new capacity that has come online this quarter, which should answer the question regarding the forecast figures. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

BWG (OB:BWLPG) is back in focus after BW LPG Limited reported Q2 2026 net income of US$120.13 million and a quarterly cash dividend of US$0.95 per share to equity holders. BWG’s share price is now NOK225.2, and while it has eased over the past week, the 1 month share price return of 8.27% and 90 day share price return of 23.74% point to building momentum alongside the Q2 earnings and dividend announcement. Over a longer horizon, the 1 year total shareholder return of 61.50% and 3 year total shareholder return of 176.87% underline how much of the story has come from reinvested dividends as well as price gains. Scan beyond BWG and see how other LPG shippers and energy transport stocks with strong balance sheets are lining up in the list of solid balance sheet and fundamentals (428 results) as trade flows keep shifting. After a powerful run, fresh earnings and a rich dividend, BWG now trades close to the latest analyst target. Does the current price still offer an appealing balance between downside risk and upside potential on valuation grounds? BWG last closed at NOK225.2, while the most followed narrative fair value sits at NOK235. This view frames the recent dividend and earnings in a slightly undervalued light. Read the complete narrative. Want to see how this dividend logic connects to the NOK235 fair value for BWG? The narrative leans heavily on freight rate assumptions, margins and a future earnings multiple that could surprise you. Result: Fair Value of NOK235 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, BWG faces clear risks if LPG freight rates soften faster than expected or if trade routes ease, which could pressure earnings and future dividends. Find out about the key risks to this BWG narrative. While the most popular BWG narrative points to a fair value of NOK235, the SWS DCF model paints a stricter picture. At NOK225.2 the stock trades above an estimated future cash flow value of NOK158.71, which suggests less upside cushion if conditions change. Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out BWG for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 262 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. Given the mix of optimism and caution around BWG, it makes sense to move quickly and test the data for yourself. To see the balance of potential upsides and concerns that investors are watching, start with the 2 key rewards and 2 important warning signs. If BWG has sharpened your focus, do not stop here. Use fresh stock screens to uncover other opportunities before they move out of reach. Target stronger total return potential by checking stocks that combine quality fundamentals with attractive prices through the 262 high quality undervalued stocks. Strengthen your income stream by reviewing companies with resilient payouts inside the 416 dividend fortresses. Prioritise capital protection by scanning companies with robust financial footing using the 308 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BWLPG.OL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

BWG has delivered a very large 5 year gain, yet current valuation checks suggest the stock is trading at a premium to its intrinsic value and to typical market multiples. With several models pointing to overvaluation, recent strength in BWG now raises questions about how much upside is already reflected in the price. BWG is up very sharply over 5 years, which means recent buyers are paying a much higher entry price than long term holders. The latest dividend announcement and vessel sales can support confidence in cash generation, but reliance on shipping market conditions and asset disposals may leave earnings and cash flows sensitive to swings in freight demand and asset prices. With a low value score of 2 out of 6, BWG currently screens as leaning expensive rather than a clear bargain on the broader valuation checks. The issue now is whether BWG's current share price leaves enough margin for error relative to its intrinsic value estimates and the risks around future cash flows. Compare BWG's sharp 5 year run with a curated list of 262 high quality undervalued stocks, which still screen as cheaper on fundamentals. The Discounted Cash Flow (DCF) model here uses BWG's projected cash flows to estimate what the stock could be worth today. BWG generated latest twelve month free cash flow of about US$394.9 million, and the model assumes cash flows ease back from current levels before settling into a slower declining phase. On those inputs, the DCF points to an estimated intrinsic value of around NOK159 per share. This sits well below the current market price and, on this method, suggests BWG screens as overvalued. The recent Q2 2026 dividend of US$0.95 per share and vessel sale gains help explain why the market is willing to pay up today, despite the model baking in lower future cash flows than the recent past. Overall, BWG currently appears overvalued on the DCF cash flow projections, with the share price sitting well above the modelled intrinsic value. Our Discounted Cash Flow (DCF) analysis suggests BWG may be overvalued by 41.9%. Discover 262 high quality undervalued stocks or create your own screener to find better value opportunities. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for BWG. P/E is a useful cross check for BWG because the company is profitable and earnings are a key driver of returns for shareholders. On this measure, BWG trades on a P/E of about 8.2x, which is below both the oil and gas industry average of roughly 13.2x and the peer group average of about 14.2x. The fair P/E ratio implied by broader modelling is about 5.9x, which is lower than BWG's current 8.2x. That gap suggests the market is assigning a richer multiple than the model would imply is justified by BWG's earnings profile, industry, size and risk factors. Put simply, even though BWG looks cheaper than many listed oil and gas peers on headline P/E, it still screens as overvalued against this tailored fair P/E benchmark. On the P/E multiple, BWG currently comes across as overvalued relative to the earnings-based fair value benchmark. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the BWG valuation puzzle leaves off and set out what growth, margin and earnings paths would need to play out for BWG's share price to end up meaningfully higher or lower than today. Each Narrative focuses less on a single multiple or model output, and more on the assumptions that sit behind its view of fair value, so you can compare those expectations with BWG's reported results over time. Community views on BWG sit far apart, with some investors focused on sustained rate strength and others watching leverage and payout risk. Bull case: roughly fairly valued Read the full Bull Case to see why BWG could be undervalued Bear case: roughly fairly valued Read the full Bear Case to see why BWG could be overvalued Do you think there's more to the story for BWG? Head over to our Community to see what others are saying! For BWG, both the Discounted Cash Flow (DCF) intrinsic value estimate and the earnings multiple view currently point to an overvalued stock. The DCF work implies a sizeable gap to intrinsic value, while the tailored fair P/E suggests the market is paying a richer multiple than the broader checks support. With such a strong 5 year return already on the table, the key question now is whether future cash flows and shipping conditions can justify today’s valuation or whether expectations have run ahead of what BWG can reasonably deliver. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BWLPG.OL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The closure of the Strait of Hormuz has fundamentally shifted global LPG trade flows, forcing a reliance on U.S. Gulf exports to compensate for a 46% decline in Middle Eastern volumes. Shipping TCE income of $74,000 per available day was impacted by $16.4 million in IFRS 15 adjustments and $12 million in FFA adjustments, despite strong underlying spot performance. Product Services achieved a realized trading gain of $127 million, though reported results were masked by a $145 million unrealized mark-to-market valuation loss on open positions. Operational efficiency was maintained with 96% fleet utilization despite a heavy dry-docking schedule involving 99 days in Q2 and 58 expected in Q3. Strategic fleet renewal continued through the sale of older vessels like BW Elm and BW Birch, with the sale of the BW Birch is expected to generate net proceeds of approximately $64 million, which the company equates to a newbuilding price of about $248 million. Management attributes market strength to 'ton-mile' growth as vessels reroute via the Cape of Good Hope to avoid Panama Canal congestion and Middle Eastern conflict zones. The company maintains a disciplined commercial strategy, balancing spot market exposure with a robust time charter portfolio to provide downside protection against extreme volatility. Q3 guidance is set at approximately $88,000 per day for 92% of available days, supported by a cash breakeven of $24,900 per day. A full recovery of Middle Eastern export volumes following a potential reopening of the Strait of Hormuz is expected to take 12 to 36 months due to infrastructure damage. Management anticipates that India and Southeast Asia will increasingly source LPG from the U.S. for strategic reasons, sustaining long-haul trade patterns around South Africa. The company expects to increase time charter coverage for 2027 beyond the current 36% if attractive freight rates or time charter levels can be obtained. Future vessel supply remains a concern with 157 VLGCs on order through 2030, though this is partially offset by an aging global fleet where 127 vessels will be over 20 years old by 2030. Panama Canal transit restrictions remain a 'wildcard,' with auction fees recently exceeding $5 million per slot, significantly increasing voyage costs and diverting traffic. The Value at Risk (VAR) for Product Services increased to $70 million due to heightened market volatility and the expansion of term contract books. G&A expenses saw a significant increase this quarter, which management explicitly linked to compensation related to the strong realized trading gains. The Board declared a $0.95 per share dividend, representing 100% of shipping NPAT, surpassing the minimum 75% payout policy due to strong liquidity. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that the 41% fixed coverage at $44,300 per day acts as essential downside protection in a historically volatile market. The remaining open exposure allows the company to capture the current spot market strength while maintaining a safety net. Management noted that while an initial reopening might pressure U.S. Gulf spot rates, the Asian markets remain the primary destination for U.S. LPG exports, as other regions lack the capacity to absorb these volumes, and U.S. cargoes are increasingly replacing constrained Middle Eastern volumes in the region. They expect U.S. LPG to be priced competitively to ensure it continues flowing to Asia regardless of Middle Eastern recovery. The company confirmed that its India Joint Venture remains a core part of the business model despite recent vessel sales. Management suggested that additional vessels could be dropped into the JV in the future to maintain their strategic footprint in the region.

SINGAPORE, August 28, 2026--(BUSINESS WIRE)--BW LPG Limited (NYSE: BWLP) (OSE: BWLPG.OL): 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/ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260827854212/en/ Contacts For further information, please contact: Kristian Sørensen, CEOSamantha Xu, CFOE-mail: [email protected]

Interested in BW LPG Limited? Here are five stocks we like better. BW LPG reported $120 million in second-quarter profit, or $0.79 per share, and declared a $0.95 quarterly dividend—equal to 100% of shipping net profit after tax. Underlying VLGC shipping performance was strong despite accounting adjustments: spot TCE reached up to $87,600 per available day, while 92% of third-quarter fleet days were fixed at approximately $88,000 per day. Trade disruptions remain the key market driver, with Middle Eastern LPG exports down 46% and U.S. exports to India up 212% year over year; BW LPG also strengthened its balance sheet, ending the quarter with $773 million in liquidity and 23.5% net leverage. BW LPG (NYSE:BWLP) reported second-quarter profit attributable to equity holders of $120 million, or $0.79 per share, as elevated VLGC freight markets supported its shipping operations amid disruptions to LPG trade flows. The company declared a quarterly dividend of $0.95 per share, representing 100% of shipping net profit after tax and above the minimum 75% payout outlined in its dividend policy. CEO Kristian Sørensen said the first half of 2026 was among the most volatile periods on record for the VLGC market. The closure of the Strait of Hormuz following the U.S.-Iran war disrupted Middle Eastern LPG exports and shifted more supply responsibility to the U.S. Gulf Coast. At the same time, Panama Canal congestion and water-related transit restrictions have encouraged vessels to take the longer route around the Cape of Good Hope, reducing effective vessel availability. → Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch BW LPG reported shipping time-charter-equivalent income of $74,000 per available day during the second quarter, below its prior guidance of $81,000 per day. Sørensen said the difference was primarily attributable to negative IFRS 15 and freight-forward agreement adjustments totaling $28.4 million, or approximately $7,500 per available day. CFO Samantha Xu said the shipping business generated TCE income of $71,600 per calendar day and $74,000 per available day, while underlying spot performance was stronger. Spot TCE was $85,200 per available day including waiting time and FFA effects, and $87,600 per day excluding those items. Fleet utilization was 96% during the quarter. → Palantir's Kool-Aid Moment: The Math Behind Karp's Forecast For the third quarter, the company said it had fixed about 92% of available fleet days at an average rate of approximately $88,000 per day. That figure includes indexed time-charter agreements, meaning the final rate may still vary with the spot market. BW LPG’s all-in cash breakeven was $24,900 per day, including capital-expenditure needs. The company said 41% of third-quarter fleet capacity was fixed under time-charter agreements at $44,300 per day. For the second half of 2026, BW LPG had secured 45% of its portfolio through fixed-rate time charters and FFA hedges at $44,100 and $48,000 per day, respectively. The remaining fixed-rate time-charter portfolio is expected to produce about $249 million of second-half revenue. → Looking Beyond NVIDIA? These 3 AI ETFs Are Beating the Market BW Product Services generated a realized trading gain of $127 million in the second quarter, but reported a loss after tax of $31 million. Xu said the loss primarily reflected non-cash mark-to-market movements, including a $190 million decrease in cargo-position valuations that was partly offset by a $45 million increase in paper-position valuations. The division ended the quarter with net asset value of $119 million. Xu said the reported net asset value did not include an internally valued $70 million unrealized physical shipping position. Average value at risk increased to $70 million, driven by higher market volatility and additional cargo exposure from term contracts. Responding to an analyst question, Xu said the increase in general and administrative expenses during the quarter was correlated with compensation related to the positive trading result. BW LPG continued to reshape its fleet during the quarter and subsequent period. The company sold the 2007-built BW Elm, which was delivered to its new owner in July, and the 2007-built BW Birch, which is expected to be delivered by mid-November at the latest. Sørensen said the sale of BW Birch is expected to generate net proceeds of approximately $64 million. The company also announced the sale of the 2015-built BW Levant, scheduled for delivery to its new owner by mid-November. In addition, BW LPG fixed one of its 2016-built LPG dual-fuel retrofit vessels on a five-year charter at a rate in the mid-to-high $40,000-per-day range, with delivery scheduled for the end of 2026. Xu said BW LPG had $773 million of liquidity at the end of the second quarter, comprising $302 million in cash and $471 million of undrawn revolving credit facilities. Net leverage declined to 23.5% from 26.3% at the end of the first quarter. Shareholders’ equity stood at $2.1 billion. The company recorded 99 dry-dock days in the second quarter and expects another 58 dry-dock days in the third quarter. Sørensen said U.S. LPG exports increased approximately 16% year over year in the first half of 2026, aided by higher production and expanding export capacity. In contrast, Middle Eastern LPG exports declined 46% as the Strait of Hormuz remained closed. BW LPG counted more than 30 vessels employed or idling in the Arabian Gulf or Indian Ocean. Exports from the U.S. to India rose 212% year over year in the first half, while U.S. LPG exports to China increased 2%. The company expects North American LPG exports to rise 18% in 2026 versus 2025, while Middle Eastern export volumes are expected to fall roughly 20 million tons short of pre-war forecasts for the year. Management said a reopening of the Strait of Hormuz could initially pressure U.S. Gulf freight rates by narrowing the U.S.-Far East LPG arbitrage. However, Sørensen said U.S. LPG would ultimately need to continue moving to Asian markets because Europe and Latin America lack sufficient capacity to absorb the bulk of North American export volumes. BW LPG also noted that the VLGC order book has risen to 157 vessels, with deliveries extending through the end of 2030. The current fleet totals 437 vessels, while 127 vessels are expected to be at least 20 years old by the end of 2030, compared with 68 vessels at the end of 2026. BW LPG (NYSE: BWLP) is a pure‐play owner and operator of liquefied petroleum gas (LPG) carriers. The company's core business centers on the maritime transportation of LPG, predominantly propane and butane, under both time‐ and voyage‐charter arrangements. Its fleet comprises pressurized and semi‐refrigerated vessels designed to meet the specific requirements of LPG producers, traders and end‐users around the world. Headquartered in Singapore, BW LPG serves a global customer base, with commercial offices in key energy hubs including Houston, London, Dubai and Tokyo. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "BW LPG Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

SINGAPORE, August 14, 2026--(BUSINESS WIRE)--BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL", NYSE ticker code: "BWLP"), the owner and operator of the world’s largest fleet of Very Large Gas Carriers (VLGCs), announces today that it will publish its Q2 2026 Financial Report on Friday, 28 August 2026 at approximately 07:00 CEST/ 01:00 EDT/ 13:00 SGT. In connection with the publication of the financial results, BW LPG will host an Earnings Presentation led by Kristian Sørensen, CEO, and Samantha Xu, CFO. Event details are as following: Date: Friday, 28 August 2026 Local times:Oslo, Norway – 14:00 CESTNew York, USA – 08:00 EDTSingapore – 20:00 SGT The presentation will be held live via Zoom. Participants are kindly requested to register in advance using the following link: 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/ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260813829707/en/ Contacts For further information, please contact:Kristian Sørensen, CEOSamantha Xu, CFOE-mail: [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by significant geopolitical volatility, specifically the effective closure of the Strait of Hormuz, which removed substantial Middle East LPG export volumes. The market shifted to a long-haul trade pattern as the U.S. Gulf became the primary supplier to Asia, significantly increasing sailing distances and absorbing global shipping capacity. Freight rates reached extraordinarily high levels due to tightened vessel availability, exacerbated by a larger-than-expected number of vessels remaining idle in the Arabian Sea. Panama Canal congestion remains a critical wildcard, with transit slot auctions reaching as high as $4 million, forcing more vessels to take the longer Cape of Good Hope route. The company reported a record TCE income of $55,500 per available day, outperforming guidance due to disciplined commercial execution and a strong spot market. BW Product Services achieved high gross profits primarily through large unrealized mark-to-market valuation gains on its portfolio, reflecting wide arbitrage spreads. Q2 2026 guidance is set at approximately $81,000 per day for 85% of available days, supported by high spot rates and fixed time charter coverage. Management assumes a reopening of the Strait of Hormuz during Q2 2026, followed by a gradual normalization of trade flows, though timing remains uncertain. The company anticipates that repairs to Middle East production and export infrastructure will take at least a year to reach pre-war levels once the region stabilizes. Future U.S. export growth assumptions are conservative, as management expects most flex capacity to be allocated to ethane exports as new ethane carriers are delivered. The company aims to maintain a time charter coverage ratio of at least 40% for 2027, depending on the attractiveness of market rate levels. Announced a $940 million investment for eight 90,000 cubic meter Panamax newbuildings to be delivered between early 2029 and Q2 2030. The newbuilding program is expected to reduce the average fleet age by approximately 3 years and utilizes a flexible design to future-proof the fleet composition. One vessel remains trapped inside the Persian Gulf on time charter due to the Strait of Hormuz closure; management is awaiting a safe transit window to discharge cargo. The Board declared a dividend of $0.67 per share, representing 100% of shipping net profit, exceeding the standard 75% payout policy due to strong liquidity. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects a large portion of the current mark-to-market gains to be realized by the end of Q2 and into Q3 2026. They noted that while the arbitrage has narrowed from peak levels, the business model relies on hedging to lock in margins through the paper market. Management acknowledged an 80% chance of El Niño, which typically leads to lower water levels and increased congestion similar to 2023. Increased competition for transit slots from other segments like containers and ethane carriers is expected to keep auction prices volatile and high. The company currently favors dividends over share buybacks because the stock is trading at levels above Net Asset Value (NAV). Share repurchases are typically only activated when the stock trades significantly below NAV to ensure value creation.

SINGAPORE, June 02, 2026--(BUSINESS WIRE)--BW LPG Limited (NYSE: BWLP) (OSE: BWLPG.OL): Highlights Q1 2026 Financial performance Q1 2026 profit attributable to equity holders of the Company ended at US$164 million, representing an earnings per share of US$1.08, contributed by strong shipping performance and a significant positive unrealised MtM valuation gain in the BW Product Services trading portfolio. Commercial performance TCE income – Shipping Q1 2026 concluded at US$55,500 per available day and US$51,300 per calendar day, above our guidance of US$54,000 per day. The earnings also reflect the Company’s time charter coverage of 53% of available days at US$48,200 per day. Q2 2026 TCE guidance Fixed 85% of available fleet days at an average rate of ~US$81,000 per day. Cash dividend declared The Company declared a Q1 2026 cash dividend of US$0.67 per share, which consists of 100% of Shipping NPAT Q1 2026, in addition to US$0.11 per share from BW Product Services' capital return from 2025. Subsequent events Signed newbuilding contract for eight 90’cbm Panamax VLGCs with expected deliveries from start of 2029 to Q2 2030 with a total price of approximately US$940 million. BW Brage and BW Gemini fixed for three- and five-year time charter out agreements in the low US$40,000s per day. BW Pampero fixed for one-year time charter out at high US$60,000 per day with delivery in August. Financial Performance BW LPG Limited ("BW LPG", the "Company", NYSE ticker code: "BWLP", OSE ticker code: "BWLPG.OL") reported a Q1 2026 Net Profit After Tax (NPAT) of US$187 million, yielding an annualised return on equity of 38%. The Q1 profit attributable to the equity holders of the Company was US$164 million, and earnings per share were US$1.08. The Company reported ample liquidity of US$618 million. The end-of-quarter net leverage ratio was 26.3%, compared to 28.4% as of 31 December 2025. The Board declared a cash dividend of US$0.67 per share, which consists of 100% of Shipping NPAT Q1 2026, in addition to US$0.11 per share from BW Product Services' capital return from 2025, above the dividend policy. Commercial Performance Shipping The Q1 2026 shipping performance resulted in US$55,500 per available day and US$51,300 per calendar day, with 92% fleet utilisation. Time Charter Equivalent (TCE) income was US$197.7 million for the quarter, with the BW LPG India subsidiary contributing a TCE income of US$29 million for the quarter. For Q2 2026, the Company has fixed ~85% of available days at an average rate of ~US$81,000 per day. For FY 2026, the Company has secured 39% of the fleet capacity on fixed-rate time charters at US$44,800 per day, and an additional 3% through FFA hedges at an average rate of US$48,100 per day. Product Services Product Services presents a strong quarter, reporting a gross profit of US$127 million and a net profit after tax of US$98 million for this quarter. This gross profit comprises of a positive unrealised mark-to-market change of US$137 million from our open cargo contracts and hedging transactions, offset by a realised trading loss of US$10 million from our portfolio of cargo, freight and hedging transactions. Market Update During Q1 2026, the VLGC market experienced one of its most disruptive events on record. Towards the end of February, the outbreak of war in the Middle East led to the blockade of the Strait of Hormuz, disrupting significant LPG export volumes from the region. Initially, spot freight rates declined as market participants anticipated an oversupply of vessels. However, the market quickly tightened as LPG buyers turned to the US to replace lost Middle Eastern volumes. At the same time, fewer VLGCs than expected repositioned from the Middle East to the US, likely reflecting expectations of a short-lived disruption and operational constraints related to US trading requirements. As a result, vessel availability in the US Gulf tightened rapidly, driving spot freight rates sharply higher. The market was further supported by increased congestion and higher transit fees in the Panama Canal, which caused more VLGCs to sail via the Cape of Good Hope to Asia, effectively reducing vessel supply. Cargo Movements LPG exports from the US carried on VLGCs increased by 5.9% in Q1 2026 compared to Q1 2025. Following the end of the quarter, export growth accelerated as the blockade of the Strait of Hormuz increased demand for US LPG, supported by additional capacity from new export terminals. In April 2026, US LPG exports to China reached their highest level since May 2025, although volumes remained below the levels seen prior to the escalation of trade tensions between China and the US. During the first three months of 2026, LPG exports on VLGCs out of the Middle East fell by 22% compared to the same period in 2025, as the outbreak of war resulted in a blockade of the Strait of Hormuz and a severely restricted flow of LPG volumes. Far East LPG imports on VLGCs declined by 8% in Q1 2026 compared to the same period in 2025. The decrease was driven primarily by lower Chinese imports, which fell by 13% as the country continued to draw on LPG inventories. Imports shipped on VLGCs into Southeast Asia increased by 7% during the quarter, while India also recorded modest import growth despite the outbreak of war in the Middle East. Both regions are, however, expected to see weaker import volumes during Q2 2026. Panama Canal Even before the outbreak of war in the Middle East, the new locks of the Panama Canal were operating at near full capacity. In the wake of the closing of the Strait of Hormuz, demand for using the canal increased further. This was especially visible as LPG and oil tankers drove a sharp increase in transit auction fees, which at one point reached USD 4m for a single transit. As a result, more VLGCs opted to sail via the Cape of Good Hope rather than transit the canal, reducing vessel supply in the market. In the coming years, demand for using the Panama Canal will likely continue to grow as LNG, ethane and LPG newbuildings are delivered. China PDH plants In China, average operating rates at PDH plants declined sharply following the blockade of the Strait of Hormuz. Run rates now appear to have stabilized, albeit at below-normal levels. At the same time, Chinese LPG inventories have fallen to the lowest level in more than three years, suggesting the potential for pent-up demand if the Middle East conflict is resolved. Looking ahead, two additional PDH plants are scheduled to start up in 2026, followed by a further six, four and two in 2027, 2028 and 2029 respectively. Fleet Capacity The VLGC fleet currently stands at 429 ships, with an orderbook of 130 vessels. Year to date, 18 new VLGCs have been delivered, with 20 more scheduled for the remainder of 2026. For new orders, well-established shipyards are indicating delivery slots no earlier than the second half of 2029 for VLGCs. More than 9% of the existing fleet are 25 years or older. Market Outlook VLGC freight rates are expected to remain highly sensitive to geopolitical developments. Current earnings continue to be supported by trading inefficiencies and a shortage of available vessels on the US–Far East trade. A full reopening of the Strait of Hormuz would likely narrow the US–Far East arbitrage and could put downward pressure on US Gulf spot freight rates. Over the longer term, LPG exports from North America are expected to continue growing, supported by new export infrastructure and increasingly gas-rich oil production from the Permian Basin. Middle East LPG exports are likely to remain constrained for the duration of the conflict involving Iran, the US and Israel. While a reopening of the Strait of Hormuz would allow exports to recover from current levels, uncertainty remains regarding the timeline for repairing export infrastructure damaged during the war. Q1 2026 Earnings Presentation and Interim Financial Report Please see the attachments for the Q1 2026 Earnings Presentation and Interim Financial Report, or download the documents here: https://www.bwlpg.com/investor/financial-reports-presentations/ BW LPG will present its financial results at 08:00hrs EDT/ 14:00hrs CEST/ 20:00hrs SGT today. The presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu (CFO). The presentation will be held live via Zoom. Please register at the link below: https://bit.ly/BWLPGQ12026 Registered participants will receive a confirmation email containing access details for the Zoom meeting. A recording of the presentation will be made available on the Company’s website following the event at https://www.bwlpg.com/investor/financial-reports-presentations/ About BW LPG BW LPG is the world’s leading owner and operator of LPG vessels, with a fleet of about 50 Very Large Gas Carriers (VLGCs), including over 20 vessels powered by LPG dual-fuel propulsion technology. Building on over five decades of LPG shipping experience, the company is strengthened by an in-house LPG trading division and the commercial expertise to explore investments in value chain assets. Together, these capabilities enable BW LPG to provide trusted and reliable services for sourcing and delivering LPG to customers worldwide. Delivering energy for a better world – more information about BW LPG can be found at www.bwlpg.com. BW LPG is associated with BW Group, a leading global energy and maritime company involved in shipping, deepwater oil & gas production, renewable energy and digital infrastructure. BW controls a fleet of over 400 vessels transporting oil, gas and dry commodities. In the infrastructure space, the group operates in wind, batteries, water, subsea cable networks and data centres. bw-group.com This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. View source version on businesswire.com: https://www.businesswire.com/news/home/20260601176957/en/ Contacts For further information, please contact: Kristian Sørensen, CEOSamantha Xu, CFOE-mail: [email protected]