BW LPG reported second-quarter profit of $120 million, or $0.79 per share, as the closure of the Strait of Hormuz reshaped global LPG trade. The company guided to its best quarter yet, locking in $88,000 per available day for 92% of third-quarter fleet days, over three times its $24,900 daily breakeven. Middle East LPG exports fell 46% in the first half of 2026, while US exports rose 16%, with shipments to India jumping 212%. Shipping income missed its $81,000 target, coming in at $74,000 per day, due to $16.4 million in IFRS 15 adjustments and $12 million in Forward Freight Agreement losses. The trading arm posted a $31 million net loss after a $145 million swing in unrealized position values. Net leverage fell to 23.5%, liquidity stood at $773 million, and the board declared a $0.95 per share dividend. CEO Kristian Sorensen warned that a reopened Strait could pressure spot rates, with any recovery in Middle East exports taking 12 to 36 months. The global VLGC orderbook has grown to 155 vessels, about 35% of the current fleet.
BW LPG LimitedHormuz closure boosts rates and profits.
Dalipal Holdings Ltd