(Singapore, 21 November 2018)
- VLGC TCE rates averaged US$20,200 per day
- TCE income of US$81.8 million, EBITDA of US$35.0 million and loss after tax of US$2.8 million, resulting in a loss per share of US$0.02
- Entered into contracts to retrofit dual-fuel LPG propulsion engines on four VLGCs, including future options
- Withdrew proposal to combine with Dorian LPG and also withdrew the candidates who were intended to stand for election to the Dorian LPG Board
EBITDA for the third quarter amounted to US$35.0 million (Q3 2017: US$18.1 million), an increase of US$16.9 million from the same quarter last year mainly due to the recovery in LPG spot earnings, higher fleet utilisation and lower operating expenses arising from a smaller fleet size.
Loss after tax for the quarter amounted to US$2.8 million (Q3 2017: loss after tax of US$26.7 million), primarily due to the increase in TCE income and lower operating expenses.
The time charter equivalent earnings (TCE) of the benchmark Baltic route for VLGCs went up nearly 107% compared to the previous quarter. The average benchmark Baltic route for VLGCs averaged USD$40.1 per ton or US$19,000 per day in Q3 2018. Against this market backdrop, BW LPG generated VLGC daily TCE of US$20,200 per day based on calendar days (US$20,400 per day based on available days).
As previously announced on 30 August 2018, BW LPG entered into contracts to retrofit dual-fuel LPG propulsion on four VLGCs, including future options. With the world’s first LPG-fuelled VLGCs, BW LPG continues its emphasis on reducing global emissions and promoting a fuel-efficient alternative for the shipping industry.
On 8 October 2018, BW LPG withdrew the proposal to combine with Dorian LPG and also withdrew the candidates who were intended to stand for election to the Dorian LPG Board.
Please see attachments for the full quarterly report and presentation.
1 BW LPG Financial Results Presentation Q3 2018
2 BW LPG Q3 2018 Condensed Consolidated Interim Financial Information
BW LPG will host an investor presentation of the financial results at 14:00hrs 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://www.bwlpg.com/investors/reports-presentations/. 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
Head of Investor Relations
BW LPG Limited
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) and Large Gas Carriers (LGC) with a total carrying capacity of over 4 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. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, one of the world’s leading shipping groups. BW’s fleet of over 180 vessels includes 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 Section 5-12 of the Norwegian Securities Trading Act.