BW LPG Posts US$104M Q4 Profit and Declares US$0.57 Dividend
BW LPG reported Q4 2025 profit attributable to equity holders of US$104 million (EPS US$0.69), with TCE of US$50,300 per available day and 44% coverage at US$48,100 per day. The board declared a US$0.57 per share cash dividend (100% NPAT payout) and secured 94% Q1 2026 days at US$54,000.
1. Q4 Financial Highlights
BW LPG posted Q4 2025 net profit after tax of US$123 million and profit attributable to equity holders of US$104 million, delivering EPS of US$0.69. The company ended the quarter with US$613 million liquidity and reduced net leverage to 28.4%.
2. Dividend Declaration and Capital Position
The board approved a US$0.57 per share cash dividend, representing a 100% payout of quarterly shipping NPAT and an annualized yield of 12.5%. This aligns with the dividend policy and underscores strong cash flow generation.
3. Charter Coverage and 2026 Guidance
Shipping TCE income for Q4 reached US$196 million, with average VLGC rates of US$50,300 per available day and 44% of available days fixed at US$48,100 per day. For Q1 2026, 94% of fleet days are secured at ~US$54,000 per day, while FY 2026 coverage stands at 36% at US$43,700 per day plus 4% via FFA hedges at US$47,900 per day.
4. Geopolitical Impact and Market Trends
Initial market response to the Iran-Israel/US conflict has led to spikes in spot freight rates as customers secure US cargoes. Three Indian-flagged vessels operate in the region with minimal financial impact reported to date.