(Singapore, 13 April 2023)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) today provides an update on its Product Services’ (“BW Product Services”) Q1 2023 segment performance.
For the quarter ended 31 March 2023, BW Product Services made an estimated net profit of approximately USD 3 million. The net profit includes the value of the cargo and derivative positions based on 12 months forward rolling mark-to-market (M-t-M) valuation, adjusted for estimated costs from general and administrative expenses, taxes, and depreciation. The net profit excludes the M-t-M valuation of shipping positions as these are not accounted for on an M-t-M basis.
The average Value-At-Risk (VAR) for the quarter was approximately USD 5 million.
Says Anders Onarheim, BW LPG CEO, “We are pleased with how our first full quarter of operation after the Vilma-transaction has played out. We decided to conservatively adjust our portfolio to a Q1 market which traditionally is challenging while progressing further with the remaining parts of the company integration. Expectations are for increased activity in Q2 with an enhanced and scalable trading platform.”
BW LPG will release its Q1 2023 and interim Q1 2023 financial report on 23 May 2023.
For further information, please contact:
Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
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 www.bwlpg.com.
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.