Finished a more detailed review of BWLP a couple of days ago–
An additional point. The 12 VLGCs from the Avance Gas transaction did not all arrive in the BWLP fleet at once. This gradual injection means the Q4 2024 numbers are not a proper reflection of revenue and earnings potential. A couple of events in Q1 2024 conspired to create a rate spike in a normally not-so-strong quarter. In Q1 2025, BWLP does have a larger owned + charter-in fleet than it did in Q1 2024. But, I suspect the rate delta will mean Q1 2025 will not match Q1 2024 revenue, even with additional vessels.