BW LPG Limited

a warm welcome to BWLPG's Q3 2025 earnings presentation. My name is Aline Endlicher, and I'm the head of corporate communications at BWLPG. Today's presentation will be given by our CEO, Christian Sorensen, and our CFO, Samantha Xu. After the presentation, we will have a Q&A session. The questions can be put into the Q&A chat during the presentation, or you can raise your hand and ask your question directly once we move to the Q&A part. Before we begin, I would like to highlight the legal disclaimers displayed on the current slide. Please also note that today's call is being recorded. And without further ado, I would now like to hand over to our CEO, Christian.

Thanks, Celine, and hi, everyone. Great to have you with us today as we review our third quarter financial results and the recent developments. Let's turn to slide four, please. Q3 was marked by a series of geopolitical events and market disruptions that significantly increased uncertainty in the shipping segment and heightened volatility in the trading environment. After minority interests, the Q3 profit was $57 million, equivalent to an earnings per share of $0.38. The board of directors has declared a dividend of $0.40 per share, representing 75% of our shipping and path, in accordance with the dividend policy. For the third quarter, we reported a TCE income of $51,300 per available day, and $48,700 per calendar day, slightly below our guidance of $53,000 per day. The difference was driven by limited fixing activity despite high headline rates in the second half of the quarter, in addition to a negative IFRS adjustment of approximately $7 million. Moving on to our trading operations, product services reported a gross loss of $23 million and a loss after tax of 29 million for the quarter. The accounting loss was due to a negative mark-to-market valuation adjustment, driven by a surprisingly low October contract price announced by the Middle Eastern producers. More about that on slide 7, when we review the market events for the quarter. With regards to product services accounting loss, we want to emphasize that it's the realized results which generate product services dividend capacity. Despite volatile market conditions, the portfolio remains firmly net positive. We are pleased to report a continued strong realization of $15 million from our trading activities in Q3, bringing our aggregated realized results as of the 30th of September to $54 million. Further regarding our shipping activities, we have continued our busy 2025 dry docking program with 168 off-hire days in the third quarter. We expect a total of 121 days to be off-hire due to dry docking in the fourth quarter. Looking into next year, 13 more vessels are scheduled for dry docking. For Q4, regarding on about $47,000 per day, picks for 91% or available days. These are solid levels above our all-in cash break-even of $24,600 per day, but reflecting the slow market from September well into October, which impacts the TCE guiding for Q4. In other subsequent events, we have as part of our refinancing terminated two SHIB financing facilities, which Samantha will talk more about later in the presentation.

Next slide, please.