Singapore, 16 July 2026
BW LPG Limited ("BW LPG" or the "Company", OSE ticker code: "BWLPG.OL", NYSE
ticker code: "BWLP") today provides an update on its Product Services' ("BW
Product Services") Q2 2026 segment performance.
Q2 2026 highlights:
* Gross trading result: - USD 19 million
* This includes:
* USD 127 million realised trading gain
* - USD 146 million unrealised mark-to-market change
* Net result after general and administrative expenses and income taxes: - USD
31 million
* Average Value-At-Risk (VAR): USD 17 million
* The trading result will form part of the BW LPG Q2 2026 results, which will
be released on 28 August 2026
Performance overview:
For the quarter ended 30 June 2026, BW Product Services achieved a realised
trading gain of USD 127 million from our portfolio of cargo, freight and
hedging transactions. After accounting for the negative change of unrealised
mark-to-market valuation of USD 146 million from our open cargo contracts and
hedging transactions, BW Product Services reported a gross trading result of
approximately minus USD 19 million for the quarter.
After general and administrative expenses and income taxes, BW Product
Services reported an estimated net result of approximately minus USD 31
million for the quarter.
The average Value-At-Risk (VAR) for the quarter was approximately USD 17
million. The increase in VAR is primarily driven by a surge in market
volatility across our core product exposures.
Says Kristian Sørensen, Chief Executive Officer, "The Q2 trading environment
was significantly impacted by continued geopolitical turbulence in the Middle
East and considerable fluctuations in the LPG prices. Hence, I am very pleased
to report a strong realisation of USD 127 million from our trading activities
in Q2, which brings the combined Q1 and Q2 realised trading result to about
USD 117 million. Since we ended Q1 with a record high valuation of our forward
trading portfolio, a negative mark-to-market adjustment was expected as the
US/ Asia LPG arbitrage narrowed towards the end of Q2. We remain committed to
maintaining a well-balanced trading portfolio which remains firmly net
positive thanks to active risk management by the BW Product Services team."
For further information, please contact:
Kristian Sørensen, Chief Executive Officer
Samantha Xu, Chief Financial Officer
E-mail: investor.relations@bwlpg.com
About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels, with a fleet
of about 50 Very Large Gas Carriers (VLGCs), including over 20 vessels powered
by LPG dual-fuel propulsion technology. Building on over five decades of LPG
shipping experience, the company is strengthened by an in-house LPG trading
division and the commercial expertise to explore investments in value chain
assets. Together, these capabilities enable BW LPG to provide trusted and
reliable services for sourcing and delivering LPG to customers worldwide.
Delivering energy for a better world - more information about BW LPG can be
found at www.bwlpg.com
BW LPG is associated with BW Group, a leading global energy and maritime
company involved in shipping, deepwater oil & gas production, renewable energy
and digital infrastructure. BW controls a fleet of over 400 vessels
transporting oil, gas and dry commodities. In the infrastructure space, the
group operates in wind, batteries, water, subsea cable networks and data
centres. www.bw-group.com
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