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Highlights

  • BWLP’s Q1 revenue declined  17% YoY to USD 862.1 million
  • The company ended its USD 10 million LPG terminal investment at Jawaharlal Nehru Port, Navi Mumbai
  • BWLP declared a Q1 dividend of USD 0.28 per share, with payment scheduled for around June 12, 2025

BW LPG Limited (NYSE: BWLP) is a Singapore-based operator of LPG-powered VLGCs with over 3 million CBM capacity, offering integrated shipping and delivery services using dual-fuel technology.

In the first quarter of the financial year 2025 (Q1FY25), the company’s revenue declined 17% YoY to USD 862.1 million, mainly due to lower contributions from the products and services segment and the shipping segment. The total comprehensive income dipped 72.3% YoY to USD 56.6 million, due to an increase in cargo and delivery costs. Cash flow from operating activities declined 59.0% YoY to USD 166.2 million, due to the unfavourable impact of changes in net working capital.

Recent Business Update

BWLP has confirmed the termination of its planned USD 10 million investment in a liquefied petroleum gas (LPG) onshore import terminal at Jawaharlal Nehru Port Association (JNPA) in Navi Mumbai, India.

The company has approved a Q12025 dividend of USD 0.28 per share, backed by a quarterly net profit of USD 46 million and USD 633 million in liquidity. The dividend would be distributed in both NOK and USD, depending on shareholder registration. The payment date is scheduled for around June 12, 2025.

Company Outlook

BWLP forecasts a stable LPG shipping market in 2025, driven by  US and Middle East export growth and constrained vessel supply. While China’s high LPG inventories and reduced PDH plant utilization may moderate demand, new plant startups and fewer available VLGCs are expected to support freight rates, with CAL2025 FFA rates around USD 49,000 per day.

 Top 10 Shareholders

The top 10 shareholders of BWLP collectively hold approximately 60.39% of the company’s shares. BW Group Limited and Hemen Holding Limited are the largest shareholders, with stakes of around 30.39% and 9.33%, respectively.

Stock Information

The stock has witnessed an upside of ~7.07% over the past month, whereas it has declined by around 5.36% over the past three months. Moreover, the stock is trading above the average of its 52-week high price of USD 22.31 and the 52-week low price of USD 7.86, with a closing price of USD 10.75 as of May 29, 2025.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is May 29, 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.