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BWLP

BW LPG Limited

BWLP

BW LPG Limited • NYSE
$12.69 ▲ 3.42% (+0.42)
Market Cap $1.92 B
52w High $16.60
52w Low $7.86
Dividend Yield 1.34%
P/E 8.35
Volume 207.16K
Outstanding Shares 151.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.064B ▲ $54.982M ▲ $35.61M ▼ 3.346% ▼ $0.24 ▼ $124.949M ▼
Q1-2025 $906.652M ▲ $-10.984M ▲ $46.088M ▲ 5.083% ▲ $0.3 ▲ $145.375M ▲
Q4-2024 $843.746M ▲ $-15.924M ▼ $30.869M ▼ 3.659% ▼ $0.22 ▼ $105.501M ▼
Q3-2024 $814.577M ▼ $12.043M ▼ $104.675M ▲ 12.85% ▲ $0.79 ▲ $192.098M ▲
Q2-2024 $876.489M $16.617M $76.831M 8.766% $0.58 $140.498M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $323.103M ▲ $3.391B ▲ $1.476B ▲ $1.769B ▼
Q1-2025 $282.954M ▲ $3.354B ▲ $1.439B ▲ $1.778B ▼
Q4-2024 $282.45M ▼ $3.32B ▲ $1.383B ▲ $1.805B ▲
Q3-2024 $316.266M ▲ $2.531B ▲ $893.704M ▲ $1.514B ▲
Q2-2024 $267.063M $2.237B $636.097M $1.487B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $35.61M ▼ $82.591M ▼ $-83.898M ▼ $27.804M ▲ $41.112M ▲ $-1.525M ▼
Q1-2025 $66.767M ▲ $166.242M ▼ $-6.124M ▲ $-130.504M ▼ $29.614M ▼ $89.944M ▲
Q4-2024 $41.846M ▼ $236.199M ▲ $-513.392M ▼ $347.29M ▲ $74.138M ▲ $-281.973M ▼
Q3-2024 $138.57M ▲ $54.515M ▲ $-76.675M ▼ $-52.951M ▲ $-75.111M ▲ $-27.685M ▼
Q2-2024 $76.831M $52.849M $7.076M $-141.027M $-81.102M $51.94M

Five-Year Company Overview

Income Statement

Income Statement Over the past few years BW LPG’s revenue and profits have risen strongly, with a particularly sharp step up from 2022 onward. The business has clearly benefited from supportive freight markets and good cost control. Profitability in 2023 looks like a high point, with 2024 still very strong but showing a slight easing in margins as costs and market conditions normalize a bit. Overall, the income statement shows a company that is firmly profitable, with earnings now on a much higher level than earlier in the period, but still exposed to the natural ups and downs of the shipping cycle.

Balance Sheet

Balance Sheet The balance sheet looks solid and has strengthened over time. Total assets have grown as the fleet and business scale expanded, while shareholders’ equity has steadily increased, pointing to value being built rather than eroded. Debt was reduced meaningfully compared with earlier years, although borrowing ticked up again most recently, likely to fund acquisitions or fleet investments. Cash levels are healthy relative to the size of the business. Overall, BW LPG appears to have a comfortable financial cushion and a moderate use of leverage for a capital‑intensive shipping company.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations is consistently strong and has improved as earnings have risen. Free cash flow has generally been positive, even in years with heavier investment. The latest year shows very robust operating cash flow, partly offset by a jump in spending on vessels and technology, which temporarily reduces free cash flow but supports future capacity and efficiency. The pattern suggests BW LPG can usually fund its investments from internal cash, though cash flows will remain sensitive to freight rate swings and timing of major projects.

Competitive Edge

Competitive Edge BW LPG holds a clear leadership position in its niche as one of the largest owners and operators of very large LPG carriers. Its scale supports lower unit costs, better fleet utilization, and bargaining power with customers and suppliers. The company’s integrated model—combining shipping, LPG trading, and selective onshore infrastructure—gives it more tools to manage market cycles and to capture value along the supply chain, not just from freight rates. Backing from the broader BW Group adds financial and operational depth. The main risks remain industry‑wide: cyclical freight markets, potential overcapacity, regulatory shifts, and global trade disruptions.

Innovation and R&D

Innovation and R&D Innovation at BW LPG is practical and focused on vessels, fuel, and data rather than lab‑style research. The company is a front‑runner in using LPG‑fueled, dual‑fuel engines, which can cut both emissions and fuel costs, and it has invested materially in retrofitting part of its fleet. Digital “smart ship” systems help optimize routing, fuel use, and maintenance, squeezing more efficiency out of each voyage. Looking forward, the company is actively exploring future fuels like ammonia and technologies tied to decarbonization, while also investing in downstream terminals in growth markets such as India. The opportunity is to stay ahead of regulation and customer demands; the risk is that some technologies or projects may prove slower to pay off or face technical and regulatory hurdles.

Summary

BW LPG today looks like a scaled, profitable LPG shipping specialist with a stronger financial foundation than a few years ago. Earnings and cash flow have risen significantly, the balance sheet has been de‑risked compared with earlier periods, and the company is reinvesting in cleaner, more efficient ships and related infrastructure. Its integrated model and technological lead in LPG propulsion give it a differentiated position in a cyclical, asset‑heavy industry. At the same time, results will remain closely tied to freight markets, vessel supply and demand, and the pace and cost of the shipping industry’s energy transition. Overall, the story is one of a market leader using a period of strength to modernize and deepen its competitive moat, while still facing the inherent volatility and capital intensity of global shipping.

NEWS

November 24, 2025 · 1:02 AM UTC

BW LPG Limited – Dividend Payment Procedure Going Forward

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November 18, 2025 · 1:02 AM UTC

BW LPG Limited – Q3 2025 Financial Report Release and Earnings Presentation on 2 December 2025

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October 16, 2025 · 1:03 AM UTC

BW LPG Limited - Update on BW LPG's Product Services Q3 2025 Segment Performance

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September 4, 2025 · 1:02 AM UTC

BW LPG Limited – Ex dividend US$0.22 on the Oslo Stock Exchange today

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