Presentation

BW LPG is the world’s largest LPG vessel owner and operator. The origin of the company dates back to 1935. By the 1970s, the company had become one of the largest shipowners in the world. In 2003, World-Wide Shipping, a company controlled by the Sohmen-Pao family, acquired Bergesen and later re-branded it as BW. The Sohmen-Pao family remains the largest shareholder through BW Group which holds 40% the outstanding shares. Since the IPO in 2013, the company has had an average return on equity of ~14%.

BW LPG has 30 fully owned VLGCs (excl. five owned by a JV), with a combined capacity of 2.5 million cbm. As of Q2’21 it also chartered-in nine vessels, bringing BW LPG’s global market share to ~14% (ships on water). 15 of its vessels are to be retrofitted with dual-fuel propulsion technology. Even after these near-term investments in the retrofitting program, the FCF-yield remains in the double-digit range. BW LPG is thus able to both invest and improve the fleet, while also maintaining substantial dividends.