BW LPG ranked 2nd place in Marine Money's annual rankings
BW LPG has been ranked 2nd place in the overall company rank in Marine Money’s 2015 annual rankings of publicly traded shipping companies, with BW LPG coming out tops among its peers.
This marks the second participation of BW LPG in Marine Money’s annual ranking with BW LPG coming in fifth place last year. In 2014, BW LPG won Marine Money’s Deal of the Year award for its listing on the Oslo Stock Exchange in 2013.
This ranking reflects the strong financial performance BW LPG has seen in 2015. Moving up from its overall company rank of 5th place last year, BW LPG benefited from record high utilisation of the VLGC fleet, LPG trade growth and an increasing proportion of long-haul volumes.
This translated into year over year increases in time charter equivalent income, EBITDA and profit after tax of 16%, 27% and 28% respectively. In this instance BW LPG had only two top ten finishes in the measured categories including ROE (4th) and ROA (2nd), with an 11th place finish in total return to shareholders (“TRS”).
This is significant in light of the fact that the company’s debt to capitalisation is at a conservative 39.8% and revenues were maximised to take advantage of record spot earnings, averaging $88,000/day through the year and strong levels of COA and time charter revenue. This was accomplished in spite of VLGC fleet growth of 21.5% during the year.
Commenting on this win, BW LPG CEO Martin Ackermann said, “This ranking exemplifies our high standards of performance and delivery which we are proud of. This win is also testament to the key drivers of our success namely, the high calibre of our people, a keen understanding of our customers’ needs and a high level of operational efficiency.”
With a strong balance sheet, excellent relationships, a proven operating platform and a balanced charter portfolio, BW LPG is well positioned to continue delivering value to all stakeholders in the long term.