BW LPG has reported a net profit after tax (NPAT) of $57 million for the third quarter of 2025, representing earnings per share of $0.38.
The result was driven by solid shipping performance, though offset by a negative accounting result in the product services division due to mark-to-market valuation adjustments.
The company declared a cash dividend of $0.40 per share for the quarter, equating to a 75 per cent payout ratio of the quarterly shipping NPAT.
Time charter equivalent (TCE) income for the shipping segment was $202 million for the quarter. VLGC freight rates averaged $51,300 per available day and $48,700 per calendar day, with a fleet utilisation of 92 per cent. The company noted that earnings were supported by time charter coverage of 44 per cent of available days at $51,200 per day.
In corporate developments, BW LPG India, an affiliate, agreed to sell the 2008-built vessel BW Lord for continued trading, with delivery expected before the end of 2025. The transaction is projected to generate a gain of approximately $25 million.
The product services segment reported a gross loss of $23 million and a loss after tax of $29 million, attributed to negative mark-to-market valuation adjustments on the forward portfolio. However, realised trading results for the quarter were positive at $15 million.
Looking ahead, BW LPG has fixed approximately 91 per cent of available days for the fourth quarter of 2025 at an average rate of roughly $47,000 per day. For the full year 2026, the company has secured 30 per cent of fleet capacity on fixed-rate time charters at $43,600 per day.
The company reported strong liquidity of $855 million and a net leverage ratio of 29.7 per cent at the end of the quarter.