Summary
We thank DNB for the invitation to attend the Annual Energy and Shipping Conference in Oslo held on 7 March 2024.
CEO Kristian Sørensen kicked off the LPG shipping panel with an update on our strategy. He focused on how BW LPG will continue to grow profitably in the value chain, by developing three business units with shipping remaining at the core.
Following Kristian’s presentation, he was joined by fellow panelists. During the panel discussion, Kristian highlighted that 2023 was a year where the freight market was fuelled by US export growth, high spot rates, and a very favourable product price arbitrage between the US and Far East, as well as congestion issues in the Panama Canal which drove up voyage distances. He explained that spot rates had corrected down sharply in January 2024 due to cold weather, which increased US LPG prices and reduced export demand as a consequence. Rates have since recovered in February on the back of normalised temperatures with high US exports and an active lifting program in the Middle East. Kristian concluded that the underlying fundamentals remain sound and we continue to have a positive view for 2024.
Date: 7 March 2024
Event: DNB Energy and Shipping Conference
Presentation: Download here
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