Shipping — August 2023
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BWLPG: BW LPG's Financial Results for Q2 2023
29.8.2023 07.02 • Oslo Børs •
(29 August 2023)Highlights and Subsequent Events
- Achieved VLGC freight rates of USD 51,600 per calendar day with 99% commercial
utilisation
- Generated Net Profit after Tax of USD 78.2 million or an earnings per share of
USD 0.59
- Generated trading-profit-adjusted result[1] of USD 112 million and declared Q2
2023 dividend of USD 0.81
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Generated trading-profit-adjusted result[1] of USD 112 million and declared Q2
2023 dividend of USD 0.81
- Concluded the sale and delivery of two vessels, generating USD 113.5 million
in liquidity and a net book gain of approximately USD 26.6 million.
- Added one vessel to the pool fleet and completed purchase option of another
vessel
- Board has resolved to work towards a dual US listing[2]
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Financial Performance
BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") reported a
Q2 2023 Net Profit After Tax of USD 78.2 million, yielding an annualised return
on equity of 28% with USD 194.9 million of free cash flow. EBITDA was USD 107.6
million, and earnings per share was USD 0.59. Adjusting for trading profit, BW
LPG reported a result of USD 112 million for the quarter, equivalent to USD 0.81
per share.
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Net leverage ratio remained low at 19.4% in Q2 2023, mainly due to solid cash
flows from operations and investing activities. Available liquidity was USD 492
million at the end of the quarter. On the back of another strong quarter, the
Board has declared a cash dividend of USD 0.81 per share amounting to USD 107
million.
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Net leverage ratio remained low at 19.4% in Q2 2023, mainly due to solid cash
flows from operations and investing activities. Available liquidity was USD 492
million at the end of the quarter. On the back of another strong quarter, the
Board has declared a cash dividend of USD 0.81 per share amounting to USD 107
million. This translates to a 100% payout ratio as a percentage of results for the quarter after adjustment for trading profits.
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BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") provides
the following key information relating to its cash dividend for Q2 2023.
Dividend amount: USD 0.81 or NOK 8.668 per share
Last day the stock is trading including the right to receive this dividend: 31
August 2023
Ex-date: 1 September 2023
Dividend payment date: 15 September 2023
Date of approval: 28 August 2023
Record date: 4 September 2023
:
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Nedtur for BW LPG
BW LPG tjener fortsatt rått med penger, men rederiet nådde ikke opp til det knallsterke resultatet i første kvartal.
Publisert 29. aug. 2023 kl. 07.20 https://www.finansavisen.no/shipping/2023/08/29/8031921/nedtur-for-bw-lpg?internal_source=sistenytt -
Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the “Company” or “Golden Ocean”), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended June 30, 2023.
Highlights
- Net income of $34.9 million and earnings per share of $0.17 (basic) for the second quarter of 2023. This compares with a net loss of $8.8 million and loss per share of $0.04 (basic) for the first quarter of 2023.
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Adjusted EBITDA of $80.4 million for the second quarter of 2023, compared with $54.7 million for the first quarter of 2023.
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Reported TCE rates for Capesize and Panamax/Ultramax vessels of $19,083 per day and $15,617 per day, respectively, and $17,664 per day for the entire fleet in the second quarter of 2023.
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Completed the acquisition and took the delivery of six modern Newcastlemax vessels, with last one being delivered after quarter end.
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Taken delivery of four Kamsarmax newbuildings in the second quarter of 2023 and two Kamsarmax newbuildings after the end of the quarter.
- Entered into a $40.0 million facility agreement to partially finance two Kamsarmax newbuildings delivered during the third quarter of 2023, at highly attractive terms.
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Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately: * $18,300 per day for 79% of Capesize available days and $13,510 per day for 98% of Panamax available days for the third quarter of 2023.* $21,500 per day for 34% of Capesize days and $16,500 per day for 26% of Panamax days for the fourth quarter of 2023.
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Repurchased 920,243 shares at an aggregate purchase price of $6.9 million, or $7.54 per share. A total of 1.5 million shares at an aggregate purchase price of $11.8 million, or $7.84 per share have been repurchased under the current share repurchase program.
- Announced a cash dividend of $0.10 per share for the second quarter of 2023, which is payable on or about September 19, 2023, to shareholders of record on September 11, 2023. Shareholders holding the Company’s shares through Euronext VPS
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may receive this cash dividend later on or about September 21, 2023.
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Svakere enn ventet fra BW LPG
Rederiet BW LPG fikk et driftsresultat før av- og nedskrivninger på 108 millioner dollar i andre kvartal. På forhånd var det ventet et ebitda-resultat på 150 millioner dollar, ifølge Infront.
Resultat før skatt endte på 78 millioner dollar, mot ventede 117 millioner dollar.
Det justerte trading-resultatet ble 112 millioner dollar i andre kvartal, og styret har besluttet et kvartalsutbytte på 0,81 dollar per aksje. Det var ventet et utbytte på 0,80 dollar pr aksje
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BW LPG gjentar sitt positive markedssyn for 2023 og 2024, på tross av høy volatilitet.
Det fremgår av selskapets kvartalspresentasjon tirsdag.
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Viktige underliggende drivere inkluderer en oljepris som bidrar til fortsatt sterk eksportvekst fra USA og jevn vekst fra Midtøsten, nye PDH-anlegg som kommer i produksjon i Kina med høye driftsrater, nybyggleveranser vil bremse ned etter januar 2024, verft som er booket til første halvår 2027, samtidig som det er ineffektivitet i befraktningen, inkludert restriksjoner i Panamakanalen.
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«Samtidig er vi oppmerksomme på det nåværende usikre makroøkonomiske miljøet, spesielt i Kina, og hvordan dette kan påvirke både investeringer og etterspørsel etter LPG», skriver BW LPG.
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Resultatras for Golden Ocean - bedre enn ventet
John Fredriksen-rederiet tynges av et svekket tørrlastmarked, men leverte bedre resultat enn ventet for andre kvartal.
https://e24.no/boers-og-finans/i/dw870B/resultatras-for-golden-ocean-bedre-enn-ventet
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