They be here -- BW LPG

Late last month, I posted on Hafnia Tankers (HAFN). The entity I was actually more interested in was BW’s sister entity - BW LPG. And apparently, that entity has managed to (quietly) slip in a US listing. Company is ticker BWLP.

On an owned vessel basis, BW LPG and Dorian (LPG) are similarly sized. But
fleetwise, BW LPG has a much larger fleet (48 vessels vs 27 for the Helios pool). I will have to go dig up a prior BW LPG reference.


Here’s the BW LPG Q4 2023 presentation-
Four business segments (Slide 10)

  • 20 owned modern VLGCs
  • 7 charter-in VLGCs
  • 8 BW LPG India (52% owned entity)
    -13 Operated (11 VLGCs, 2 MGCs)

The India subsidiary consists of 7 of 8 non-modern VLGCs. If the India subsidiary is included in the vessel rate average, I suspect it pulls the company rate avg down. Debt facilities < $400M

[Edit: Parsed thru the slides again. If I am interpreting the slides correctly, the $76K avg charter rate includes the TC rate. My guess is the avg considers the first three segments, but not the fourth. Slide 22 calendar days essentially confirms it 3169/91 = 34.82. Slide 23 indicates the BW LPG India vessels are primarily TC vessels. At least, they are mostly TC the first half of 24. But probably as a carryover from, at least, Q4 2023. Also, need to correct myself on the debt facilities - It should be $311M + $319M, or $630M]

BW LPG has a dividend policy in place.