05/30
BW LPG (BWLP) announced their Q1 2024 results earlier today.
- Net Profit of $150M
- Owned fleet decreased by 1 vessel (now 19)
- Declared div of $1/sh
- Slide 18 divides the fleet into segments. To my knowledge, the TCE fleet avg only consider the vessels in the first three segments.
- Slide 11 covers the contribution of the 4th segment
[Edit: SA has a link that indicates revenue for Q1 was $296.07M, a significant jump YoY]
Shares bounced more than 15% on the news. Will have to see if BWLP has an earnings call
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05/31
BWLP held an Earnings Call yesterday. Just perused the transcript.
Some items mentioned or responses to questions
- Parent company (BWLP) is almost debt free. The debt is mostly the BW India subsidiary debt
- BWLP is terminating a deal with Vitol. Not entirely sure if this affects vessels in segment 2 or segment 4
- TC opportunities are available. I notice that existing BWLP TC activity tapers off in H2 2024.
https://seekingalpha.com/article/4696529-bw-lpg-limited-bwlly-q1-2024-earnings-call-transcript
Upon a re-read of the Earnings Call transcript, I think the Vitol ships are the segment four vessels. The vessels in that segment don’t affect the TCE avg. But how they contribute to the Product Services’ Gross Profit is not entirely clear. In any case, it was some % of $33M (Gross)/$21M (Net).
One other point - when asked if BWLP would consider selling a newer owned vessel, the CEO said “No”, with the added point, selling a vessel would impact revenue generation.