Brief: BW LPG Q2 Profit After Tax Rises To $38.6 Million

BW LPG

29/08/2022 06:07

Aug 29 (Reuters) - BW LPG Ltd  BWLPG.OL :
    * Q2 EARNINGS PER SHARE 0.26 USD
    * BW LPG'S FINANCIAL RESULTS FOR Q2 2022
    * Q2 PROFIT AFTER TAX $38.6 MILLION VERSUS $23.1 MILLION
YEAR AGO
    * Q2 EBITDA $82.6 MILLION VERSUS $54.8 MILLION YEAR AGO
    * Q2 VLGC FREIGHT RATES $35,400  PER CALENDAR DAY VERSUS
$24,500
PER CALENDAR DAY YEAR AGO
    * OUTLOOK 2022: FOR REST OF 2022, VLGC FREIGHT RATES ARE
EXPECTED
TO REMAIN FIRM
    * OUTLOOK 2022: THIS IS DRIVEN BY CONTINUED GROWTH IN U.S.
LPG
EXPORTS AND RECOVERING VOLUMES FROM MIDDLE EAST. HOWEVER,
FREIGHT RATE VOLATILITY IS EXPECTED TO REMAIN HIGH AS LOW U.S.
INVENTORIES COUPLED WITH SQUEEZED PETROCHEMICAL MARGINS IN ASIA
MAY PUT PRESSURE ON LPG PRICE ARBITRAGE BETWEEN U.S. AND FAR
EAST
    * OUTLOOK: FOR 2023, COMPANY REMAINS OPTIMISTIC DESPITE
CONCERNS
OVER A LARGE VLGC ORDERBOOK AND CONTINUED MACROECONOMIC
UNCERTAINTIES. IF OIL AND GAS PRICES REMAIN ELEVATED, BW LPG IS
WELL POSITIONED TO BENEFIT FROM A STRONG ENERGY CYCLE AHEAD
    * OUTLOOK 2023: IF GLOBAL ECONOMY DETERIORATES AND COMMODITY
PRICES FALL, COMPANY BELIEVES THAT ITS MODERN FLEET, LOW
LEVERAGE, AND STRONG LIQUIDITY WILL ENABLE IT TO NAVIGATE
THROUGH CHALLENGES AHEAD
    * Q2 TCE INCOME $122 MILLION VERSUS $94.0 MILLION YEAR AGO
    * ON BACK OF ANOTHER STRONG QUARTER, BOARD HAS DECLARED A
CASH
DIVIDEND OF USD 0.20 PER SHARE AMOUNTING TO USD 27.0 MILLION.
THIS TRANSLATES TO A PAY-OUT RATIO OF 75% OF NPAT FOR QUARTER.

Source text for Eikon:  ID:nObimPxVQa 
Further company coverage:  BWLPG.OL 

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