BW LPG Limited: Q4 2017 and FY 2017 – Condensed Interim Consolidated Financial Information

(Singapore, 28 February 2018)
 

  • VLGC TCE rates averaged US$17,800 per day, LGC TCE rates averaged US$14,100 per day
  • TCE income of US$79.3 million, EBITDA of US$25.9 million and Loss after tax of US$19.0 million, resulting in a loss per share of US$0.14
  • Signed a 5-year Senior Secured Term Loan of US$150 million in February 2018

EBITDA for the fourth quarter amounted to US$25.9 million (Q4 2016: US$35.5 million), a decrease of US$9.6 million from the same quarter last year mainly due to a decline in LPG spot rates and lower fleet utilisation. Loss after tax for the quarter amounted to US$19.0 million (Q4 2016: profit after tax of US$79.7 million), primarily due to depressed LPG spot rates and lower fleet utilisation, US$3.0 million in accelerated depreciation of two LGC vessels and US$1.9 million impairment charge on a vessel that was reclassified to asset held-for-sale.

VLGC rates averaged roughly US$29 per ton on the benchmark Baltic route in both October and November before climbing to US$32 per ton in December, with LPG exports resuming from the U.S. Gulf Coast after Hurricane Harvey. Freight rates continued rising through the fourth quarter, driven by the displacement of Middle East cargoes by U.S. exports to Asian markets and strong LPG demand from India.

In February 2018, the Company signed a 5-year Senior Secured Term Loan of US$150 million with a syndication of five banks to replace the existing unsecured US$150 million Revolving Credit Facility due on 31 March 2018.

Please see attachments for the full quarterly report and presentation, and Annual Report 2017.  Our interactive Annual Report 2017 can also be accessed at http://annualreport2017.bwlpg.com.

1-BW-LPG-l-Financial-Results-Presentation-Q4-and-Full-Year-2017.pdf

2-BW-LPG-l-Q4-2017-Condensed-Consolidated-Interim-Financial-Info.pdf

3-BW-LPG-l-Annual-Report-2017.pdf

BW LPG will host an investor presentation of the financial results at 10.00 AM CET today. The investor presentation will be made by Martin Ackermann (CEO) and Elaine Ong (CFO).

The investor presentation will be available via audio webcast which can be accessed at https://edge.media-server.com/m6/p/jbor4zp3. The webcast will be available on BW LPG’s website, www.bwlpg.com as soon as possible after the presentation.

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Zhao Yi Yen, CFA, CAIA
Head of Investor Relations and Research
BW LPG Limited
Tel: +65 6705 5514
E-mail: zhaoyi.yen@bwlpg.com

About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels. BW LPG currently owns and operates 49 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC). In addition, the Group has two VLGCs owned and operated by a joint venture two VLGC newbuildings. Total carrying capacity for the 53 vessels amounted to 4.3 million cbm. With four decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers.

BW LPG is associated with BW Group, one of the world's leading shipping groups. BW's fleet of over 160 vessels includes refined oil tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, chemical tankers, dry cargo carriers and floating production storage and offloading (FPSO) units.

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.