(16 October 2023)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) today provides an update on its Product Services’ (“BW Product Services”) Q3 2023 segment performance. For the quarter ended 30 September 2023, BW Product Services made an estimated net profit of approximately USD 10 million.
The net profit excludes a USD 30 million positive change in mark-to-market (M-t-M) valuation of physical shipping positions in BW Product Services, as these are not immediately accounted for under the International Financial Reporting Standards (IFRS). The physical shipping positions will enter the net profit once realized.
The average Value-At-Risk (VAR) for the quarter was approximately USD 4 million.
BW LPG will release its Q3 2023 financial report on 14 November 2023.
For further information, please contact:
Kristian Sørensen
Chief Executive Officer
E-mail: kristian.sorensen@bwlpg.com
Samantha Xu
Chief Financial Officer
E-mail: samantha.xu@bwlpg.com
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping, experienced employees and an in-house LPG trading division, BW LPG offers an integrated, flexible, and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.
