BW LPG Limited (BWLP) reported a Q3 2025 profit attributable to equity holders of US$57 million, translating to earnings per share of US$0.38. Revenue for the quarter reached US$280 million, a 16.13% beat on the consensus forecast of US$241.1 million, and the company declared a cash dividend of US$0.40 per share, payable on December 22, 2025.
The company’s Time Charter Equivalent (TCE) income for Q3 2025 was US$51,300 per available day. This figure is slightly below the guidance of US$53,000 per day that BWLP had set for the quarter, indicating a modest shortfall in the shipping segment. Year‑over‑year, the TCE income per calendar day rose from US$46,500 in Q3 2024, correcting the earlier misstatement that cited US$48,700. The discrepancy reflects a 4.8% increase in TCE income, driven by higher freight rates and improved vessel utilization in the U.S. and Middle‑East markets.
The Product Services segment posted a gross loss of US$23 million and a net loss after tax of US$29 million in Q3 2025, a sharp reversal from the US$71.7 million gross profit recorded in the same quarter last year. The loss was largely attributable to a negative mark‑to‑market valuation adjustment and a decline in demand for legacy product services, underscoring a shift in the company’s revenue mix toward core shipping operations.
Comparing to prior periods, Q2 2025 generated a profit of US$35 million and EPS of US$0.23, while Q3 2024 reported a profit of US$105 million and EPS of US$0.79. The current quarter’s profit is 63% lower than the same period last year, and EPS has fallen 52%, reflecting the impact of the Product Services loss and higher operating costs. Revenue, however, has accelerated, indicating that the core shipping business remains robust.
Management highlighted that the company has secured forward coverage for a significant portion of its Q4 2025 capacity at strong average rates, and it continues to invest in fleet renewal with dual‑fuel and eco‑design vessels to meet evolving environmental standards. The CFO noted that while the EPS miss signals short‑term cost pressures, the company’s liquidity remains solid with US$855 million in cash and a net leverage ratio of 29.7%. The dividend increase demonstrates confidence in cash‑flow generation, even as the company navigates headwinds such as pricing volatility and competitive pressure in the product services segment.
The Q3 2025 results illustrate a mixed performance: revenue growth and a dividend increase contrast with an EPS miss and a Product Services loss. The company’s guidance for the remaining quarter and the fiscal year remains unchanged, suggesting management’s cautious outlook amid market uncertainty, but the forward coverage and fleet renewal initiatives point to a strategic focus on sustaining long‑term profitability.
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