BW LPG (OB:BWLPG): New Terminal Capacities Slated for 2019-20 to Help Absorb Excess Tonnage

BW LPG (BWLPG NO) – Supply Pressures Hit Earnings but for How Long?

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

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

Lead Analyst, Drewry Maritime Financial Research

Victoria Saraglis

Lead Analyst

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

- Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an all-stock transaction, stating that the offer undervalued Dorian. In response, BW LPG has made another offer to Dorian, proposing to increase the exchange ratio from 2.05 to 2.12 per share of Dorian, with other terms remaining constant. Furthermore, BW LPG has nominated three independent directors to stand for election at Dorian’s annual general meeting. Dorian’s board is evaluating the revised proposal and the nomination of three independent directors named by BW LPG. As mentioned earlier, in the event that the merger is consummated, the combined entity will control ~25% of all VLGCs on the water today.-Financial performance: The company’s losses increased to a staggering USD 27m in the second quarter of 2018, which is deemed the seasonally weakest quarter of the year, from USD 8.4m in the previous quarter of 2018.

-  Offer revised by BW LPG as Dorian rejects earlier proposal: On 15 June 2018, Dorian declined BW LPG’s offer made in May 2018 to combine in an all-stock transaction, stating that the offer undervalued Dorian. In response, BW LPG has made another offer to Dorian, proposing to increase the exchange ratio from 2.05 to 2.12 per share of Dorian, with other terms remaining constant. Furthermore, BW LPG has nominated three independent directors to stand for election at Dorian’s annual general meeting. Dorian’s board is evaluating the revised proposal and the nomination of three independent directors named by BW LPG. As mentioned earlier, in the event that the merger is consummated, the combined entity will control ~25% of all VLGCs on the water today.-Financial performance: The company’s losses increased to a staggering USD 27m in the second quarter of 2018, which is deemed the seasonally weakest quarter of the year, from USD 8.4m in the previous quarter of 2018. 

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

BW LPG Ltd

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