Share Performance
2017 Relative and Absolute Performance of Shares

Overview

BW LPG's shares traded down to NOK 29.00 per share in the first half of 2017 due to weakness in freight driven by worsening arbitrage economics that resulted in substantial cargo cancellations in the US Gulf Coast. Set against a backdrop of continued above-average VLGC fleet growth, the occurrence of Hurricane Harvey in the third quarter turned Asian LPG forward curves into backwardation due to export delays and port closures. BW LPG, however, managed to perform relatively well by generating US$10,790 per day on its spot fleet versus benchmark VLGC rates of approximately US$7,600 per day in the third quarter. After the decline in September, the shares recovered through the fourth quarter. The share price recovery in the fourth quarter was led by by increasing LPG production post-Harvey and sustained day rates of US$17,800. Our shares generated a gain of 6.4% for 2017 and finished the year at NOK 38.64 per share.

Indexed BW LPG Share Price Performance Relative to Norway

Legend

charts-12

Source: Bloomberg

2017 Total Shareholder Return (NOK million)
Total Shareholder Return

Source: Bloomberg

Dividends at Stated Policy of 50% of Profits

The company did not pay any dividend for the second half of 2016 and the first half of 2017. With the loss incurred in the second half of 2017, the Board has recommended that no dividend be paid for the second half of 2017. Of the 141,938,998 shares in issue, 350,106 are treasury shares acquired through a share buy-back programme and are not entitled to dividends

  Earnings Per Share Dividend Per Share Payout Ratio Share Price at Period End Annualised Earnings Yield Annualised Dividend Yield
H1 2017 $0.02 $0.00 50% $3.47 1% 0%
H2 2017 ($0.31) $0.00 50% $4.71 (13%) 0%
H1 2016 $0.04 $0.09 50% $3.79 2% 5%
H2 2016 $0.14 $0.00 50% $4.20 7% 0%
Accumulated Dividend Yield of 58%

Since listing in 2013, we have paid out dividends of US$3.61 (NOK 27.15) per share, US$485 million in total as of 31 December 2017, representing an accumulated dividend yield of 58% on the IPO price of NOK 47 per share.

H1 H2 Accumulated dividend yield
Investor Relations Policy
We always:
Risk Management
  • Respect the principle of equal treatment of all market players to ensure fair pricing of BW LPG’s shares
  • Maintain an open and continuous dialogue with existing and potential shareholders, stakeholders and the public
  • Aim for a high degree of openness and communicate information in compliance with the disclosure requirements of the Oslo Stock Exchange
  • Communicate about our business performance and developments with all our investors and analysts via:
    1. Annual and quarterly reports and press releases
    2. Annual General Meetings, Investor & Analyst presentations and information sessions
    3. Industry seminars and events where industry participants and investors are represented
  • Maintain a Primary Insider Register
  • Inform any changes to primary insiders’ shareholdings in accordance with Oslo Stock Exchange rules. These are published on the Oslo Stock Exchange’s internet news platform (www.newspoint.no) and on our website
Diverse Shareholder Base

BW LPG gained 59 shareholders in 2017, with a total of 4,227 shareholders at 31 December 2017, a 1.4% increase from 2016. Of the total shareholders, the 20 largest shareholders (including the BW Group), held 79.7% of the shares outstanding. Apart from BW Group, the largest geographical shareholding of the Company is in Norway, with other major shareholdings in the United States, Luxembourg and Sweden.

Top 20 BW LPG Shareholders Shares Ownership
BW Group 63,155,829 44.5%
Capital Group 9,271,501 6.5%
Nordea Bank, Luxembourg (PB) 5,620,989 4.0%
DNB Asset Management 5,146,334 3.6%
Folketrygdfondet 5,104,652 3.6%
Sundt AS 4,131,637 2.9%
KLP 3,906,952 2.8%
NFU Mutual 2,226,007 1.6%
Dimensional Fund Advisors 1,836,949 1.3%
Sissener Canopus 1,600,000 1.1%
First Fondene 1,593,995 1.1%
Tufton Oceanic 1,398,466 1.0%
Stein Mohn 1,325,884 0.9%
BlackRock 1,205,541 0.8%
Nordea Asset Management 1,095,874 0.8%
Arrowstreet Capital 1,029,210 0.7%
Transpetrol Shipping Limited 926,990 0.7%
Storebrand Asset Management 922,341 0.7%
Vanguard Group 904,917 0.6%
GMO 868,530 0.6%
Remaining shareholders 28,666,400 20.2%
Total 141,938,998 100.0%

Source: Richard Davies Investor Relations Limited

Geographical distribution of shareholders

Bermuda 51.4%

Norway 17.8%

United States 17.6%

Luxembourg 6.1%

Sweden 2.0%

Britain 1.1%

Germany 1.1%

Canada 0.6%

Others 2.3%

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