BW LPG reports strong Q3 2025 performance, solid outlook

BW LPG Limited announced a Q3 2025 net profit after tax of $57 million, leading to an annualized return on equity of 12% and earnings per share of $0.38. The company declared a cash dividend of $0.40 per share, equivalent to a 75% payout ratio of Shipping NPAT, reflecting strong liquidity with $855 million available and a net leverage ratio of 29.7%.

The Shipping segment delivered a robust TCE income of $51,300 per available day, supported by 44% time charter coverage. For Q4 2025, 91% of available days are fixed at an average of $47,000 per day. Product Services reported a gross loss of $23 million and an after-tax loss of $29 million due to negative mark-to-market adjustments despite positive realized trading results of $15 million.

The VLGC fleet stands at 413 ships, with 11 new vessels delivered year-to-date and one more expected by year-end 2025. Market fundamentals remain constructive with increasing US LPG exports, stable Middle East output, and new export infrastructure supporting ton-mile demand.