BW LPG (BWLPG) Pareto energy conference presentation summary

Market position and shareholder returns

• Leading owner and operator in the LPG shipping and commodity markets with 52 VLGCs owned and operated.

• 75% of earnings paid out in dividends since IPO, with $76M in dividends paid in 1H 2025.

• Annual return to investors stands at 26% with a strong balance sheet and financial flexibility.

• Active share buyback program and 35-40% time charter coverage of total fleet capacity.

• Listed on both Oslo Børs and NYSE.

LPG trade dynamics and market drivers

• Far East remains the primary destination for LPG, with 70% of US LPG exports shipped to the region.

• Trade flows are shaped by US and Middle East exports and market inefficiencies such as trade wars and Panama Canal bottlenecks.

• Inefficiencies in trade flows are absorbing substantial shipping capacity, impacting spot rates.

• Sharp slowdown in Chinese LPG imports from the US, with other Far East destinations absorbing volumes.

Export growth and supply outlook

• North American LPG exports are projected to grow, driven by Permian basin production and terminal expansions.

• Permian gas production is forecast to grow 7% annually, outpacing crude oil growth.

• Middle East LPG exports are expected to rise by 18% from 2024 to 2027, supported by new gas projects in Qatar, Saudi Arabia, and UAE.

• Increased LPG exports anticipated from Qatar in 2026/2027 and gradual growth from the Jafurah project.