BW LPG Limited
- Open
- 21.22
- Day high
- 21.88
- Day low
- 21.09
- Prev close
- 21.10
- Volume
- 110K
- Mkt cap
- $3.3B
- P/E (TTM)
- 9.1
- EPS (TTM)
- $2.39
- P/B
- 1.7
- P/S
- 0.9
- Yield
- 8.44%
- Per share
- $1.84
BW LPG Limited (BWLP) is a Industrials company listed on NYSE. The stock is up 61% over the past year.
BW LPG Limited (BWLP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BWLP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 2, 2026 | $1.13 | $1.08 | -4.4% | $325M | -1.8% |
| Mar 3, 2026 | $0.60 | $0.69 | +14.4% | $733M | +229.7% |
| Dec 2, 2025 | $0.57 | $0.38 | -33.8% | $944M | +351.6% |
| Aug 26, 2025 | $0.26 | $0.23 | -12.3% | $1.0B | +342.5% |
| May 20, 2025 | $0.21 | $0.30 | +44.9% | $907M | +449.2% |
| Feb 27, 2025 | $0.19 | $0.22 | +15.9% | $844M | +361.1% |
| Dec 2, 2024 | $0.46 | $0.79 | +71.3% | $815M | +465.0% |
| Aug 22, 2024 | $0.55 | $0.58 | +4.9% | $876M | +407.8% |
| Jun 12, 2024 | $0.69 | $1.08 | +55.6% | $1.0B | +456.9% |
| Feb 29, 2024 | $1.27 | $1.16 | -8.7% | $938M | +255.5% |
| Sep 30, 2023 | $0.91 | $0.85 | -5.9% | $699M | +217.8% |
| Jun 30, 2023 | $0.75 | $0.59 | -21.3% | $458M | +143.3% |
BW LPG Limited company profile
Overview
BW LPG Limited (NYSE:BWLP) is a Singapore-based maritime shipping company that has evolved from its 1935 founding into one of the world's largest operators of liquefied petroleum gas (LPG) carriers. Originally known as BW Gas LPG Holding Limited, the company rebranded in 2013 and went public in 2014. Today, BW LPG operates a fleet of 52 Very Large Gas Carriers (VLGCs) and has expanded beyond pure shipping into LPG trading and product services, positioning itself as an integrated player in the global LPG supply chain.
Business
BW LPG operates in the marine shipping industry, specifically focusing on the transportation of liquefied petroleum gas (LPG). LPG is a mixture of propane and butane gases that have been pressurized into liquid form for easier storage and transport. This fuel is widely used for heating, cooking, and as a feedstock for petrochemical plants, particularly in Asia where demand has been growing rapidly. The company operates through two main business segments: Shipping Segment (Primary Revenue Driver): This core business involves owning and operating a fleet of Very Large Gas Carriers (VLGCs), specialized vessels designed to transport LPG across oceans. VLGCs are massive ships capable of carrying 80,000+ cubic meters of LPG, making them essential infrastructure for the global LPG trade. The company earns revenue by chartering these vessels to oil companies, trading companies, and utility companies on either spot rates (short-term contracts with fluctuating prices) or time charter agreements (longer-term contracts with fixed daily rates). Based on recent earnings, this segment generates approximately 85-90% of total revenues. Product Services Segment: This newer division engages in LPG trading, wholesale distribution, and integrated delivery services. The company buys and sells LPG cargoes, taking positions in physical commodities and derivatives to profit from price movements and supply-demand imbalances. This segment has grown significantly, contributing roughly 10-15% of total profits, and provides diversification beyond pure shipping operations. The company also owns 22 vessels equipped with LPG dual fuel propulsion, an environmentally-friendly technology that allows ships to burn LPG as fuel instead of traditional marine diesel, reducing emissions and operating costs.
Revenue model
BW LPG generates revenue through multiple complementary business models: Vessel Charter Revenue: The primary income source comes from chartering VLGC vessels to customers who need to transport LPG between regions. The company earns daily charter rates, which are quoted as "Time Charter Equivalent" (TCE) income per available day. Recent rates have ranged from $37,900 to $61,500 per day depending on market conditions. Customers include major oil companies like ExxonMobil and Shell, commodity trading houses, and utility companies that import LPG for domestic use. LPG Trading and Product Services: Through its Product Services segment, BW LPG profits from buying and selling LPG cargoes, taking advantage of price differentials between regions and time periods. The company also engages in derivatives trading to hedge positions and capture additional profits from market volatility. Several factors significantly impact the company's margins and profitability. Positive margin drivers include growing LPG demand in Asia (particularly China and India), limited new vessel supply due to reduced shipbuilding orders, seasonal demand patterns that create rate spikes, and the company's dual-fuel vessels which offer cost advantages. Negative margin pressures come from volatile commodity prices, potential oversupply of vessels if new shipbuilding accelerates, economic slowdowns that reduce energy demand, competition from alternative fuels, and operational costs including crew wages, maintenance, and fuel expenses. The company mitigates some volatility by maintaining a mix of spot and time charter contracts, typically keeping 30-40% of its fleet on longer-term charters.
Competitive moat
BW LPG operates in a capital-intensive industry with several moderate competitive advantages, though its moat is not particularly strong or durable. The company's primary defensive characteristics include high barriers to entry due to the enormous capital requirements for VLGC vessels (each costing $80-100+ million), specialized technical expertise needed for LPG transportation, and regulatory compliance requirements for handling hazardous materials. The company has built some competitive advantages through scale and operational efficiency, operating one of the world's largest VLGC fleets which provides negotiating power with customers and suppliers. Its dual-fuel vessel technology offers cost advantages and positions the company favorably for environmental regulations. The expansion into Product Services creates some integration benefits and diversifies revenue streams beyond pure shipping. However, the shipping industry is inherently commoditized with limited differentiation between operators. Customers typically choose carriers based primarily on availability, price, and safety record rather than brand loyalty. The company faces potential disruption from several sources: new entrants with modern, more efficient vessels; technological changes in propulsion or alternative fuels; shifts in global trade patterns that could reduce LPG demand; and potential oversupply if shipbuilding activity increases significantly. Additionally, the cyclical nature of shipping markets means that competitive advantages can quickly erode during market downturns when excess capacity drives rates below breakeven levels for extended periods.
Risks & safety
BW LPG demonstrates a moderate margin of safety with generally healthy financials but exposure to cyclical industry risks. • Liquidity and Solvency: Strong cash position of $280 million, total liquidity of $603 million, current ratio of 1.11, and manageable debt-to-equity ratio of 0.65. No immediate solvency concerns. • Cash Generation: Positive operating cash flow of $749 million for 2024, though free cash flow was negative $278 million in Q4 due to vessel acquisitions. The company has demonstrated ability to generate substantial cash during favorable market conditions. • Valuation Metrics: Trading at attractive multiples with P/E of 4.3x (2024), EV/EBITDA of 3.9x, and price-to-book of 0.84x, suggesting potential undervaluation relative to asset base. • Dividend Coverage: Sustainable dividend policy with payouts typically around 100% of shipping segment earnings, supported by Product Services profits. • Risk Factors: High exposure to volatile shipping rates, cyclical industry dynamics, and significant capital expenditure requirements for fleet maintenance and expansion. Operating leverage means earnings can swing dramatically with rate changes.
Recent development
Over the past few years, BW LPG has executed several strategic initiatives to strengthen its market position and diversify its business model. The most significant development was the acquisition of Avance Gas in 2024, adding 12 VLGCs for $1.05 billion and expanding the total fleet to 52 vessels. This transaction significantly increased the company's scale and market presence. The company has also been modernizing its fleet with environmentally-friendly technology, now operating 22 vessels with LPG dual fuel propulsion systems. This positions BW LPG advantageously for increasingly stringent environmental regulations while reducing fuel costs. Geographic and business expansion has been another key focus area. The company pursued a dual listing on the New York Stock Exchange in 2024 to access U.S. capital markets and signed a joint venture agreement for an LPG import terminal in India, recognizing the growing Asian demand for LPG. The Product Services division has been expanded with multiyear contract extensions and increased trading activities. Capital allocation strategy has evolved to balance growth investments with shareholder returns. The company has maintained generous dividend policies, often paying out 100%+ of shipping earnings while using Product Services profits to fund growth initiatives. Management has also implemented share buyback programs during periods of undervaluation and used equity financing when shares traded near net asset value.
BWLP company profile · for informational purposes only — not investment advice.
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