18 July 2023
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) today provides an update on its Product Services’ (“BW Product Services”) Q2 2023 segment performance. For the quarter ended 30 June 2023, BW Product Services’ trading profit was approximately USD 3 million, similar to Q1.
This profit reflects the net outcome of losses on cargo and derivative positions offset by gains on physical shipping positions in BW Product Services. As the shipping gains are not immediately accounted for under IFRS, BW Product Services will report a net loss of approximately USD 32 million because of a timing effect. The benefit from the hedged freight costs via physical shipping positions will enter the net profit over time, while the M-t-M valuation of the cargo operations and derivatives are entered into the accounts immediately.
Taking this into account, the Board will consider the trading profit, rather than the net profit/ net loss from BW Product Services when evaluating the dividend payout.
The average Value-At-Risk (VAR) for the quarter was approximately USD 5 million.
BW LPG will release its Q2 2023 interim and half-yearly financial report 2023 on 29 August 2023.
For further information, please contact:
Anders Onarheim
Chief Executive Officer
E-mail: anders.onarheim@bwlpg.com
Iver Baatvik
Interim Chief Financial Officer
Head of Investor Relations and Corporate Development
E-mail: iver.baatvik@bwlpg.com
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, experienced employees and an in-house LPG trading division, BW LPG offers an integrated, 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.
