BW LPG  (BWLPG NO, Neutral, NOK 40) – 1Q17 A Better Reading than 4Q16, but Headwinds Persist

Does BW LPG’s Proposed Combination with Dorian LPG Benefit Shareholders?

Will BW LPG’s Revised Offer to Dorian Render ‘white Smoke’?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt<ul><li>
Unexpected low rates result in disappointing earnings: At the start of the year, we cautioned about moderation in the VLGC rates and downgraded the stock to Neutral, but the extent of the fall (from USD 52,000pd in January to USD 14,000pd in June 2016) was unexpected, and VLGCs are burning cash at the current daily rates of about USD 12,000 on the AG-Japan route. The fall in rates has also led to a…</li></ul>

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt
Unexpected low rates result in disappointing earnings: At the start of the year, we cautioned about moderation in the VLGC rates and downgraded the stock to Neutral, but the extent of the fall (from USD 52,000pd in January to USD 14,000pd in June 2016) was unexpected, and VLGCs are burning cash at the current daily rates of about USD 12,000 on the AG-Japan route. The fall in rates has also led to a…

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt

BW LPG Ltd

BW LPG (BWLPG NO) - VLGC Market to Remain Challenging, Dividend Payout Could Eventually Halt