Highlights and Subsequent Events
- Strong quarterly performance with daily TCE of USD 61,500 per available day and USD 59,400 per calendar day.
- Generated NPAT of USD 150 million or earnings per share of USD 1.07. Declared a Q1 cash dividend of USD 1.00 per share which represents 106% of earnings from the shipping activity and 93% of total earnings in the quarter.
- For the second quarter of 2024, we have fixed 84% at an average rate of ~USD 49,000 per available day
- BW Product Services generated a net accounting profit of USD 21 million in Q1 after adjusting for G&A and tax provisions.
- BW Product Services is pleased to announce a multi-year cargo contract with Enterprise Product Partners, with optionality to double the current cargo volume in the US Gulf. This will significantly improve the combined shipping and cargo trading flexibility.
- Delivered one VLGC to new owners for further trading in February 2024, generating USD 65 million in proceeds.
- BW LPG successfully listed on the New York Stock Exchange (NYSE) on 29 April 2024.