BW LPG’s Financial Results for Q4 and FY 2021


  • Generated Q4 2021 net profit after tax of USD 62.9 million. Declared a Q4 2021 cash dividend of USD 0.18 per share.
  • Achieved Q4 2021 VLGC freight rates of USD 31,000 per calendar day, or USD 32,400 per available day with 97% commercial utilisation.
  • Maas Capital became a minority shareholder in BW LPG India, a subsidiary of BW LPG.
  • Upsized the existing USD 221 million facility with a USD 40 million sustainability-linked loan.
  • Initiated a USD 50 million share buy-back programme, with approximately 1.4 million shares purchased.
  • Concluded the sale and delivery of BW Sakura.
  • Invested approximately USD 92 million on fleet upgrades and digitalisation in 2021. Through smart operations, realised approximately USD 10 million in savings over the year.

Financial Performance
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) reported a Q4 2021 net profit after tax of USD 62.9 million (FY2021: USD 186.4 million) or an earnings per share of USD 0.45 (FY 2021: USD 1.33), yielding an annualised return on equity of 14% with USD 330 million of free cash flow. The Company’s available liquidity of USD 453 million is its highest since 2013; and a net leverage ratio of 35% is its lowest in seven years.

The Board has declared a Q4 2021 cash dividend of USD 0.18 per share amounting to USD 25 million. This brings total dividends declared for FY 2021 to USD 0.56 per share, amounting to USD 77.1 million, and translates to a payout ratio as a percentage of NPAT of 82% for the quarter and 51% for FY2021, excluding vessel impairment write-back. The shares will be traded ex-dividend on and from 4 March 2022. The dividend will be payable on 18 March 2022 to shareholders on record as of 7 March 2022.

Q4 2021 VLGC freight rates were USD 31,000 per calendar day, or USD 32,400 per available day with 97% commercial utilisation. Time Charter Equivalent (“TCE”) income decreased to USD 116.7 million for Q4 2021 (FY2021: USD 465.6 million), mainly due to a decrease in LPG spot rates and lower fleet utilisation; the latter due to two VLGCs undergoing retrofitting with LPG dual-fuel propulsion engines during the quarter.

In December 2021, Maas Capital signed an agreement to purchase a minority share in BW LPG India, a subsidiary of BW LPG. In January 2022, Maas Capital subscribed for USD 50 million of new shares in the subsidiary and following this transaction, BW LPG owns approximately 67% in BW LPG India.

Geopolitical uncertainty clouds 2022 VLGC market. Near term rate volatility could be triggered by factors such as bunker price shocks, changing trading patterns, unexpected LPG inventory management and changes to shipping inefficiencies.

For 2023 onwards, despite the uncertainties from the heavy newbuilding delivery schedule and the implementation of IMO EEXI regulations, we remain confident on the long-term VLGC market as LPG remains a viable transition fuel towards decarbonisation and the use of cleaner energy.
2021 Q4 and FY Earnings Presentation and Financial Report, 2021 Annual and Sustainability Reports

Please see attachments for the Q4 and FY 2021 Earnings Presentation and Financial Report, the 2021 Annual Report, and the 2021 Sustainability Report.

  1. BW LPG Q4 and FY 2021 Earnings Presentation
  2. BW LPG Q4 and FY 2021 Financial Report
  3. BW LPG 2021 Annual Report
  4. BW LPG 2021 Sustainability Report
  5. ESEF – iXBRL Reporting Package

BW LPG will host an investor presentation of the financial results at 13:00hrs CET today. The presentation will be made by Anders Onarheim (CEO), Elaine Ong (CFO), Niels Rigault (EVP, Commercial) and Pontus Berg (EVP, Technical and Operations).

The presentation will be held live via Zoom. Please register in advance at the link below:

A recording of the presentation will also be available after the event on the Company’s website at:

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519

About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at

BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.