Brief: BW LPG Q2 TCE Income At $167.0 Mln

BW LPG

29/08/2023 06:12

Aug 29 (Reuters) - BW LPG Ltd  BWLPG.OL :
    * ACHIEVED VLGC FREIGHT RATES OF USD 51,600 PER CALENDAR DAY
WITH
99% COMMERCIAL UTILISATION IN Q2
    * NET LEVERAGE RATIO REMAINED LOW AT 19.4% IN Q2 2023,
MAINLY DUE
TO SOLID CASH FLOWS FROM OPERATIONS AND INVESTING ACTIVITIES
    * TIME CHARTER EQUIVALENT ("TCE") INCOME WAS USD 167.0
MILLION FOR
Q2, MAINLY DUE TO HIGHER LPG SPOT RATES AND HIGHER FLEET
UTILISATION
    * MARKET OUTLOOK: FOR REMAINDER OF 2023 AND INTO 2024, WE
EXPECT
SUSTAINED HIGH SPOT RATES, DRIVEN BY ROBUST LPG EXPORTS FROM
BOTH NORTH AMERICA AND MIDDLE EAST
    * MARKET OUTLOOK: CURRENT FAVOURABLE OIL PRICES ARE EXPECTED
TO
STIMULATE ADDITIONAL GROWTH IN LPG PRODUCTION AND EXPORTS
    * DECLARED Q2 2023 DIVIDEND OF USD 0.81

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

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