Kurs & Likviditet
Beskrivning
Land | Singapore |
---|---|
Lista | OBX |
Sektor | Tjänster |
Industri | Shipping & Offshore |
2023-07-18 04:22:05
18 July 2023
BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") today
provides an update on its Product Services' ("BW Product Services") Q2 2023
segment performance. For the quarter ended 30 June 2023, BW Product Services'
trading profit was approximately USD 3 million, similar to Q1.
This profit reflects the net outcome of losses on cargo and derivative positions
offset by gains on physical shipping positions in BW Product Services. As the
shipping gains are not immediately accounted for under IFRS, BW Product Services
will report a net loss of approximately USD 32 million because of a timing
effect. The benefit from the hedged freight costs via physical shipping
positions will enter the net profit over time, while the M-t-M valuation of the
cargo operations and derivatives are entered into the accounts immediately.
Taking this into account, the Board will consider the trading profit, rather
than the net profit/ net loss from BW Product Services when evaluating the
dividend payout.
The average Value-At-Risk (VAR) for the quarter was approximately USD 5 million.
BW LPG will release its Q2 2023 interim and half-yearly financial report 2023 on
29 August 2023.
For further information, please contact:
Anders Onarheim
Chief Executive Officer
E-mail: anders.onarheim@bwlpg.com
Iver Baatvik
Interim Chief Financial Officer
Head of Investor Relations and Corporate Development
E-mail: iver.baatvik@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.