BW LPG (BWLP) q2 2026

Industry Discussions Shipping News
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08/28 I initially thought BW LPG (BWLP) was scheduled to report on 08/31/26. While perusing other links I saw mention of BWLP results. So I headed to their site for an update. Some stats

  • TCE Income (per available day) $74,000
  • Net Profit after tax $138M
  • Problems with water levels in Panama Canal (increase in tonne-miles)
  • Declared 95c/sh div for Q2

BWLP have completed several fleet related items. Didn’t see any mention of those developments. If one is aware of the different groupings of ships, some of the fleet events shows up in a later slide (Slide 20). A charter-in vessel moves over to owned, and BW LPG (India) drops to 7 vessels, Pool/Product Services has a smaller group of vessels. No mention of expansion plans - ordering 8 VLGCs (While it occurs subsequent to the end of Q2 2026, I still thought it would at least be mentioned)

Company executing well and has decent liquidity for any near term requirements. My largest shipping position providing both growth and income. Their earnings call usually has extra data points. Will likely peruse for additional data.

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The Earnings Call transcript did have a few additional data points.

  • BWLP has two vessels that count as charter-in vessels, but are actually owned vessels financed via Sale & Leaseback deals. The company completed the acquisition of one vessel in Q2 2026, and exercise the $61M option on the second vessel in the next few weeks.
  • The charter strategy is still in play. Secure some level of coverage at reasonable levels. Remainder of 2026 is around 43% and then dips to 36% for 2027. IIRC, their target is at least $40,000 for TC.
  • An analyst asked about BW LPG (India) subsidiary, and its now smaller fleet. The CEO indicated the subsidiary is still important, and reminded call participants that the company had transferred two 2015-built VLGCs to the subsidiary. That option is still available in the future (They still have 5 Chinese built VLGCs, sister ships to the above pair).
  • Very healthy spot rates, above $84,000 daily.

https://seekingalpha.com/article/4941236-bw-lpg-limited-bwlp-q2-2026-earnings-call-transcript

The 8 VLGC newbuild order was definitely a Q2 2026 event (May 30th, 2026 Press Release). Yet, there was/is no mention of the development.