Lördag 2 Augusti | 12:30:17 Europe / Stockholm

Kalender

Est. tid*
2023-12-07 - 15-6 2023
2023-08-28 - X-dag kvartalsutdelning BWEK 0.773533856
2023-08-18 - Kvartalsrapport 2023-Q2
2023-06-12 - Årsstämma
2023-05-25 - Kvartalsrapport 2023-Q1
2023-03-02 - X-dag kvartalsutdelning BWEK 0.39924125
2023-02-28 - Bokslutskommuniké 2022
2022-11-29 - Kvartalsrapport 2022-Q3
2022-08-24 - X-dag kvartalsutdelning BWEK 0
2022-08-23 - Kvartalsrapport 2022-Q2
2022-06-01 - X-dag kvartalsutdelning BWEK 0.27084314
2022-05-24 - Kvartalsrapport 2022-Q1
2022-02-22 - Bokslutskommuniké 2021
2021-11-11 - Kvartalsrapport 2021-Q3
2021-08-17 - Kvartalsrapport 2021-Q2
2021-05-12 - Kvartalsrapport 2021-Q1
2021-05-07 - Årsstämma
2021-02-18 - X-dag kvartalsutdelning BWEK 1.17793
2021-02-17 - Bokslutskommuniké 2020
2020-11-12 - Kvartalsrapport 2020-Q3
2020-08-13 - Kvartalsrapport 2020-Q2
2020-05-14 - Kvartalsrapport 2020-Q1
2020-02-13 - Bokslutskommuniké 2019

Beskrivning

LandSingapore
SektorTjänster
IndustriShipping & Offshore
BW Epic Kosan är ett norskt rederi som äger och driver en flotta av gastankfartyg, som används vid transport av olika gaser och petrokemiska produkter. Bolaget arbetar i samarbete med stora aktörer inom olje- och gasindustrin, där verksamheten och deras kunder återfinns på global nivå. Bolaget bildades under 2012 och har sitt huvudkontor i Singapore.
2022-05-24 06:59:07
OSLO / SINGAPORE, 24 May 2022 - BW Epic Kosan Ltd. (ticker "BWEK", "BW Epic
Kosan" or the "Company") today announced its unaudited financial and operating
results for the first quarter ended March 31, 2022. All amounts reported in US
Dollars unless otherwise stated.

The Company started to prepare consolidated financial statements in accordance
with International Financial Reporting Standards ("IFRS") with effect from 1
January 2022. This is the first Earnings Release under IFRS, and all prior
period information is reclassified to conform to IFRS presentation.

Q1 2022 Highlights

o Q1 2022 Net Profit of $9.1 million
o EBITDA of $33.3 million
o ROE 8.0% / ROCE 6.1%
o Cash of $54.8 million
o Interim cash dividend of $0.028219 per share

Charles Maltby, Chief Executive Officer of BW Epic Kosan, commented:

"The increased scale of our fleet combined with improving market conditions and
effective cost management has helped us deliver a first quarter net profit of
$9.1 million, a 30% year on year increase. Our ROE at 8.0% has continued to
improve.

During the quarter we sold a 2007 built 5,000cbm vessel in line with our
strategy to focus on larger and younger tonnage, benefiting also from a stronger
market for such assets. We ended the quarter with 76 vessels in our fleet. Our
strategy remains to focus on the LPG, petrochemicals, and speciality gases
sector, grow the average size of our fleet and maintain an attractive average
age.

Our fleet mix, which includes pressurised, semi-refrigerated and ethylene
capable vessels, combined with an improving underlying market, saw our time
charter earnings (TCE) per calendar day for the first quarter increase by 7.5%
year on year to $11,726 per day (+$814 per day). Our underlying operational
expenses (OPEX) costs increased by 12.2% to $4,957 per day (+$539 per day),
impacted by the change in our fleet to include the semi-refrigerated and
ethylene vessels with higher running costs, and on account of Covid 19 costs.
Our G&A is reducing as we benefit from economies of scale following the merger,
with the first quarter down by almost 13% year on year.

We are monitoring the conflict in Ukraine and implementing measures to minimize
the impact on our staff, operations, and financial results. None of our vessels
are currently chartered to or owned by Russian companies or trade in Russia or
Ukraine.

We are not immune to global inflation, with our OPEX impacted in areas such as
crew costs, lube oils and spares. Covid-19 OPEX increases related primarily to
crew change expenses and freight forwarding costs for spares, and increased
offhire for our fleet as we positioned vessels to facilitate crew changes and
meet quarantine requirements.

We are focused on customer service and operational integration of our business
to increase our earnings potential, reduce our costs, enhance our efficiency
including through digitalisation, and work towards the IMO emissions targets for
2030 and 2050. We are working alongside industry partners not only to reduce
emissions, but also on projects that support wider decarbonisation, such as
shipping related to carbon capture and storage. Many of our vessels are capable
of carriage of future clean fuels including ammonia, and with modest investment,
other speciality gases such as CO2.

Our year-on-year emissions have increased by 6% with an AER of 23.69g of
CO2/dwt-tm because of increased utilisation and fuel consumption in our larger
fleet, partially offset by investments in carbon emission reduction, such as
silicon paints and other energy saving initiatives.

We observe the increase in global commodity prices and energy cost and are
concerned about the impact of energy costs, including LPG, for developing
economies. However, driven by increasing supply of LPG, we anticipate 3.7%
growth in LPG seaborne trade over 2022, whilst smaller gas vessel fleet growth
forecasts are 2.2% before any scrapping, which should result in further positive
earnings momentum.

Following payment of our first dividend in 2021, and in line with the Company's
dividend policy set in May 2021, the Board will review dividend payments twice
per year, and has determined an interim dividend of $0.028219 per share for
payment on 13 June 2022.

Conference Call and Slide Presentation

A live Zoom meeting to discuss these results is scheduled for 24 May 2022 at
08:00 AM (New York) / 01:00PM (London) / 08:00PM (Singapore).

A slide presentation will be shared during the Zoom meeting and will be
accessible on the Investor Relation page of the Company's website. www.bwek.com

Please register in advance for this webinar via the following link:

https://us06web.zoom.us/webinar/register/WN_xSW3sVQxQhmtbaFho3F4Ow

After registering, you will receive a confirmation email containing information
about joining the webinar.

A replay will be available shortly after the conclusion of the live event on the
Investor Relations page of the Company's website.

Please refer to the attached Earnings Release and Presentation for further
details.

BW Epic Kosan Ltd.
www.bwek.com
ir@bwek.com