BW LPG’s Financial Results for Q1 2021
BW LPG Limited reported a Q1 2021 net profit after tax of USD 71 million, yielding an annualized return on equity of 22% with USD 96 million of free cash flow.
Time Charter Equivalent (TCE) income amounted to USD 150 million in Q1 2020. EBITDA was USD 113 million for the quarter, representing an EBITDA margin of 75%. Earnings per share was USD 0.51.
The sale and delivery of 2005-built BW Empress for further trading generated USD 40 million in liquidity and a net gain of USD 10 million.
Highlights for the Quarter
- Achieved Q1 2021 VLGC freight rates of USD 43,300 per calendar day, or USD 44,400 per available day with 97% commercial utilization
- Generated Q1 2021 net profit after tax of USD 71 million or an earnings per share of USD 0.51
- Declared Q1 2021 cash dividend of USD 0.18 per share amounting to USD 25 million
- Achieved Q1 2021 annualized return on equity of 22% with USD 96 million of free cash flow
- Concluded the sale and delivery of BW Empress, generating USD 40 million in liquidity and a net gain of USD 10 million
- Increased ownership in Indian Joint Venture to 85%, with five vessels now trading in India; and secured a five-year term loan for up to USD 198 million
Financial Performance
BW LPG expanded its presence in India by increasing its ownership in its Indian Joint Venture from 50% to 85%; and adding an additional VLGC to the fleet in Q1 2021, making a total of five vessels now trading on time charter contracts in India. The subsidiary also secured a five-year term loan for up to USD 198 million from a syndicate of seven banks, at an all-in cost of LIBOR plus 1.98%.
The Board has declared a Q1 2021 cash dividend of USD 0.18 per share amounting to USD 25 million. The shares will be traded ex-dividend on and from 26 May 2021. The dividend will be payable on 11 June 2021 to shareholders on record as of 27 May 2021.
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