BW LPG Ltd. has reported a web revenue after tax (NPAT) of $85 million for the second quarter of 2024, yielding an annualized return on fairness of 21 %.
VLGC freight charges throughout the quarter averaged $49,700 per obtainable day with 95 % utilization. Time constitution equal (TCE) revenue was $148.6 million.
For the third quarter of 2024, the corporate has fastened 86 % of its fleet at a median charge of $43,000 per obtainable day.
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The corporate stated that the VLGC market skilled volatility within the first half of 2024, with freight charges fluctuating because of elements resembling climate occasions, geopolitical developments, and Panama Canal availability. In January, spot charges for the Houston-Chiba route touched $120,000 per day.
This was adopted by a seasonal low throughout the summer time months when freight charges reached $30,000 per day for loadings out of the U.S. Gulf. Nevertheless, since then freight charges rebounded to a degree of roughly $45,000 per day, and the basics stay supportive, it stated.
BW LPG expects the VLGC market to stay sturdy, supported by rising LPG demand from China and different areas. The corporate anticipates continued development in North American and Center Japanese LPG exports.
BW LPG earlier agreed to accumulate 12 VLGCs from Avance Fuel for $1.05 billion, rising the variety of its owned and operated VLGCs from 41 to 53. Based on BW LPG, 22 of those vessels are LPG dual-fuel.
BW LPG acquired 16 new vessels, and there are plans for the supply of six extra all through the remaining months of 2024. 13 VLGCs are set for supply in 2025. Established shipbuilders are indicating deliveries no sooner than 2027 for brand spanking new VLGC orders, it stated.
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