BW LPG (BWLPG) Investor presentation summary

Company overview and strategy

• Leading owner and operator of 51 VLGCs, with 22 dual-fuel vessels saving ~$5,000/day.

• Substantial LPG trading arm, handling ~5M tons of physical LPG annually.

• Listed on Oslo Børs since 2013 and NYSE since April 2024.

• Part of BW Group, which operates 451 vessels and has $11.9bn in public investments.

• Strategic decision to cease investment in the JNPT onshore LPG terminal in India.

Market position and fleet

• Largest VLGC owner/operator, with the highest number of dual-fuel and scrubber-fitted vessels.

• Holds 14% market share in dual-fuel VLGCs and 9% in scrubber-fitted VLGCs.

• Operates an integrated platform across shipping, trading, and infrastructure.

• Top 5 shareholders own ~50% of total shares; top 20 own ~70%.

LPG market dynamics and outlook

• LPG is a clean, efficient, and versatile fuel, with global production expected to rise from 362mtpa in 2023 to 425mtpa by 2030.

• Far East is the key destination, with ~70% of US LPG exports shipped to the region.

• Trade inefficiencies (Panama Canal, trade wars) are absorbing shipping capacity and supporting spot rates.

• US and Middle East LPG exports are forecast to grow, driven by terminal expansions and gas projects.