SINGAPORE–( BUSINESS WIRE )–BW LPG Limited (BW LPG or the Company, OSE Code: BWLPG.OL, NYSE Code: BWLP) today provides an update on its Product Services segment (BW Product Services) Q4 2024 performance.
For the quarter ended December 31, 2024, BW Product Services reported an estimated gross profit of approximately $14 million. This gross profit resulted primarily from a $58 million gain on realized trading positions, partially offset by an unrealized negative movement of $44 million due to changes in the market value of our open freight contracts and hedging transactions.
After general and administrative expenses and income taxes, BW Product Services reported an estimated net income of approximately $3 million for the quarter. Reported net income includes accrued personnel expenses that are subject to change subject to board approval.
Average value at risk (VAR) for the quarter was approximately USD 7 million.
BW LPG will release its financial report for the fourth quarter of 2024 on February 27, 2025.
Says Kristian Sørensen, Chief Executive Officer, We are pleased to report a strong end to fiscal 2024 for our Product Services segment, highlighted by the successful realization of $58 million from completed cargo and trade deliveries in the fourth quarter. This brings our total realized profit from product services for the year to approximately $93 million, with free cash in excess of $100 million at the end of the year. As we move into fiscal 2025, we remain committed to maintaining a well-balanced commercial portfolio and are poised to increase cargo volumes through our previously announced multi-year agreement with Enterprise Products Partners (NYSE: ).
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 3 million CBM. With five decades of experience in LPG shipping, its own LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible and reliable service to customers along the LPG value chain. More information about BW LPG can be found at https://www.bwlpg.com.
BW LPG is affiliated with BW Group, a leading global maritime company engaged in shipping, floating infrastructure, deepwater oil and gas production and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels carrying oil, gas and dry cargo, with its 200 LNG and LPG vessels making up the largest gas fleet in the world. In the field of renewable energy sources, the group invests in solar energy, wind, batteries, biofuels and water purification.
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For additional information, please contact:
Kristian Sørensen
Chief Executive Officer
Samantha Xu
Chief Financial Officer
Email: investor.relations@bwlpg.com
Source: BW LPG Limited
