BW LPG Limited Earnings Recaps
Q2 2026
Oct 21, 2026
Shares fell 2.5% after results. The main disappointment was Q2 shipping TCE of $74,000 per available day, below the company’s $81,000 guidance; management attributed the gap primarily to negative IFRS 15 and FFA adjustments.
Key takeaways
- Q2 profit after minority interest was $120 million, or $0.79 per share.
- BW Product Services recorded a $127 million realized trading gain but a $31 million after-tax loss, primarily reflecting a $145 million negative mark-to-market change in open positions.
- For Q3, BW LPG expects about $88,000 per day fixed for 92% of available days; 41% are covered by time charters at $44,300 per day. The stated all-in cash breakeven is $24,900 per day.
- The board declared a $0.95-per-share dividend, equal to 100% of shipping NPAT and above the dividend policy guidance.
- The company sold the BW Elm, BW Birch and BW Levant, and fixed a five-year time charter for a 2016-built dual-fuel retrofit vessel at a mid-to-high-$40,000 daily rate, with delivery expected at the end of 2026.