View Future GrowthBWG 과거 순이익 실적과거 기준 점검 1/6BWG은 연평균 9.4%의 비율로 수입이 증가해 온 반면, Oil and Gas 산업은 수입이 8% 증가했습니다. 매출은 연평균 30.7%의 비율로 증가했습니다. BWG의 자기자본이익률은 15%이고 순이익률은 6.8%입니다.핵심 정보9.36%순이익 성장률9.28%주당순이익(EPS) 성장률Oil and Gas 산업 성장률33.67%매출 성장률30.70%자기자본이익률15.05%순이익률6.76%다음 순이익 업데이트02 Jun 2026최근 과거 실적 업데이트Reported Earnings • Apr 06Full year 2025 earnings released: EPS: US$1.60 (vs US$2.65 in FY 2024)Full year 2025 results: EPS: US$1.60 (down from US$2.65 in FY 2024). Revenue: US$3.58b (flat on FY 2024). Net income: US$242.3m (down 32% from FY 2024). Profit margin: 6.8% (down from 9.9% in FY 2024). Revenue is expected to decline by 72% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings.공시 • Dec 12+ 4 more updatesBW LPG Limited to Report Fiscal Year 2025 Results on Mar 31, 2026BW LPG Limited announced that they will report fiscal year 2025 results on Mar 31, 2026Reported Earnings • Dec 03Third quarter 2025 earnings released: EPS: US$0.38 (vs US$0.79 in 3Q 2024)Third quarter 2025 results: EPS: US$0.38 (down from US$0.79 in 3Q 2024). Revenue: US$943.8m (up 17% from 3Q 2024). Net income: US$57.1m (down 46% from 3Q 2024). Profit margin: 6.0% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.Reported Earnings • Aug 26Second quarter 2025 earnings released: EPS: US$0.23 (vs US$0.58 in 2Q 2024)Second quarter 2025 results: EPS: US$0.23 (down from US$0.58 in 2Q 2024). Revenue: US$1.04b (up 19% from 2Q 2024). Net income: US$34.9m (down 55% from 2Q 2024). Profit margin: 3.3% (down from 8.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • May 20First quarter 2025 earnings released: EPS: US$0.30 (vs US$1.08 in 1Q 2024)First quarter 2025 results: EPS: US$0.30 (down from US$1.08 in 1Q 2024). Revenue: US$862.1m (down 17% from 1Q 2024). Net income: US$46.1m (down 68% from 1Q 2024). Profit margin: 5.3% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 70% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.Reported Earnings • Apr 02Full year 2024 earnings released: EPS: US$2.65 (vs US$3.57 in FY 2023)Full year 2024 results: EPS: US$2.65 (down from US$3.57 in FY 2023). Revenue: US$3.56b (up 21% from FY 2023). Net income: US$354.3m (down 25% from FY 2023). Profit margin: 9.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 63% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.모든 업데이트 보기Recent updatesReported Earnings • Apr 06Full year 2025 earnings released: EPS: US$1.60 (vs US$2.65 in FY 2024)Full year 2025 results: EPS: US$1.60 (down from US$2.65 in FY 2024). Revenue: US$3.58b (flat on FY 2024). Net income: US$242.3m (down 32% from FY 2024). Profit margin: 6.8% (down from 9.9% in FY 2024). Revenue is expected to decline by 72% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings.Seeking Alpha • Mar 16BW LPG: Times Might Be Shaky Now, But Long-Term Looks SolidSummary BW LPG (BWLP) is rated a Buy due to its resilient business model, strong balance sheet, and attractive dividend yield amid industry volatility. BWLP's exposure to spot rates and Middle East conflicts has pressured TCE rates and stock price, but management has locked in favorable Q2 2026 rates. Despite falling TCE rates, BWLP's low breakeven cost of $12,980/day and diversified trading arm support dividend sustainability. With a modern fleet, robust cash position, and long-term yield potential, BWLP offers a compelling entry point for income-focused investors. Read the full article on Seeking AlphaValuation Update With 7 Day Price Move • Mar 11Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to US$15.45, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Oil and Gas industry in the US. Total returns to shareholders of 148% over the past three years.Declared Dividend • Mar 06Fourth quarter dividend of US$0.57 announcedShareholders will receive a dividend of US$0.57. Ex-date: 13th March 2026 Payment date: 23rd March 2026 Dividend yield will be 8.6%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio) nor is it adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. However, EPS is expected to decline by 40% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.New Risk • Mar 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 94% Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.8% net profit margin).공시 • Mar 03Bw Lpg Limited Declares Dividend for Fourth Quarter of 2025, March 23, 2026The board of BW LPG Limited declared cash dividend of USD 0.57 per share for the fourth quarter of 2025. For shares registered with Euronext VPS, dividend per share is NOK 5.4297. The record date is March 13, 2026, Ex-date: March 12, 2026 and March 13, 2026. The Dividend payment date is On or about 23 March 2026.공시 • Dec 13BW LPG Limited, Annual General Meeting, May 28, 2026BW LPG Limited, Annual General Meeting, May 28, 2026.공시 • Dec 12+ 4 more updatesBW LPG Limited to Report Fiscal Year 2025 Results on Mar 31, 2026BW LPG Limited announced that they will report fiscal year 2025 results on Mar 31, 2026Declared Dividend • Dec 04Third quarter dividend of US$0.40 announcedShareholders will receive a dividend of US$0.40. Ex-date: 12th December 2025 Payment date: 22nd December 2025 Dividend yield will be 10%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 17% over the next 2 years. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range.Reported Earnings • Dec 03Third quarter 2025 earnings released: EPS: US$0.38 (vs US$0.79 in 3Q 2024)Third quarter 2025 results: EPS: US$0.38 (down from US$0.79 in 3Q 2024). Revenue: US$943.8m (up 17% from 3Q 2024). Net income: US$57.1m (down 46% from 3Q 2024). Profit margin: 6.0% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.공시 • Dec 02BW LPG Limited Announces Cash Dividend for the Third Quarter of 2025, Payable on or About 22 December 2025BW LPG Limited has approved a Cash dividend of USD 0.40 per share on 1 December 2025 for the third quarter of 2025. For shares registered with Euronext VPS, dividend per share is NOK 4.0474. Record date: 12 December 2025. Ex-date for Shares registered with Euronext VPS: 11 December 2025. Dividend payment date: On or about 22 December 2025. Last trading day including the right to receive this dividend for Shares registered with Euronext VPS: 10 December 2025.New Risk • Sep 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 5.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.1% net profit margin).Declared Dividend • Aug 29Second quarter dividend of US$0.22 announcedShareholders will receive a dividend of US$0.22. Ex-date: 5th September 2025 Payment date: 15th September 2025 Dividend yield will be 8.6%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Aug 26Second quarter 2025 earnings released: EPS: US$0.23 (vs US$0.58 in 2Q 2024)Second quarter 2025 results: EPS: US$0.23 (down from US$0.58 in 2Q 2024). Revenue: US$1.04b (up 19% from 2Q 2024). Net income: US$34.9m (down 55% from 2Q 2024). Profit margin: 3.3% (down from 8.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth.공시 • Aug 26BW LPG Limited Declares Cash Dividend for the Second Quarter of 2025, Payable on or About 18 September 2025BW LPG Limited Board has approved a cash dividend of USD 0.22 per share on 25 August 2025 for the second quarter of 2025 . Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date: 5 September 2025. Last trading day including the right to receive this dividend: 3 September 2025. Ex-date: 4 September 2025. Dividend payment date: On or about 18 September 2025. Last trading day including the right to receive this dividend: 4 September 2025. Ex-date: 5 September 2025. Dividend payment date: On or about 15 September 2025.New Risk • Jun 25New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (7.6% net profit margin).Declared Dividend • May 22First quarter dividend reduced to US$0.28Dividend of US$0.28 is 72% lower than last year. Ex-date: 30th May 2025 Payment date: 9th June 2025 Dividend yield will be 17%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (130% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 45% to bring the payout ratio under control. However, EPS is expected to decline by 9.9% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.Reported Earnings • May 20First quarter 2025 earnings released: EPS: US$0.30 (vs US$1.08 in 1Q 2024)First quarter 2025 results: EPS: US$0.30 (down from US$1.08 in 1Q 2024). Revenue: US$862.1m (down 17% from 1Q 2024). Net income: US$46.1m (down 68% from 1Q 2024). Profit margin: 5.3% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 70% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.공시 • May 20BW LPG Limited Declares Cash Dividend for the First Quarter of 2025BW LPG Limited declared cash dividend of USD 0.28 per share for the first quarter of 2025.공시 • May 16BW LPG Limited Approves Appointment of Nomination CommitteeBW LPG Limited announced at annual general meeting held on May 15, 2025, approved to appoint the following persons to the Nomination Committee: Ms. Alicia Yik Jie Ting as a member of the Nomination Committee and Ms. Elaine Yew Wen Suen as Chair of the Nomination Committee.Valuation Update With 7 Day Price Move • May 14Investor sentiment improves as stock rises 17%After last week's 17% share price gain to US$11.89, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total returns to shareholders of 114% over the past three years.공시 • Apr 08BW LPG Limited (OB:BWLPG) announces an Equity Buyback for 3,000,000 shares, for $20 million.BW LPG Limited (OB:BWLPG) announces a share repurchase program. Under the program the company will repurchase 3,000,000 shares, for $20 million. The shares purchased will be held as treasury stock. The program is valid till April 17, 2025.Valuation Update With 7 Day Price Move • Apr 04Investor sentiment deteriorates as stock falls 23%After last week's 23% share price decline to US$8.67, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 48% over the past three years.Reported Earnings • Apr 02Full year 2024 earnings released: EPS: US$2.65 (vs US$3.57 in FY 2023)Full year 2024 results: EPS: US$2.65 (down from US$3.57 in FY 2023). Revenue: US$3.56b (up 21% from FY 2023). Net income: US$354.3m (down 25% from FY 2023). Profit margin: 9.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 63% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Seeking Alpha • Mar 09BW LPG: Bound For Bountiful Investor ReturnsSummary BW LPG Limited offers a compelling 15% yield on investment, trading at a P/E below 5x, with management providing upbeat guidance for 2025. BWLP's strategic acquisitions and fleet expansion have solidified its position as the world's largest operator of VLGCs, enhancing long-term growth prospects. The company maintains a strong balance sheet with $603 million in liquidity and a net leverage of 33%, ensuring financial stability and dividend viability. Risks include falling spot rates and potential trade wars, but current valuations and robust dividend yields present a strong bullish case for BWLP. Read the full article on Seeking AlphaUpcoming Dividend • Mar 03Upcoming dividend of US$0.42 per shareEligible shareholders must have bought the stock before 10 March 2025. Payment date: 19 March 2025. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 30%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (3.9%).New Risk • Mar 02New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.8% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (357% cash payout ratio). Profit margins are more than 30% lower than last year (9.9% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding).Reported Earnings • Feb 28Full year 2024 earnings released: EPS: US$2.65 (vs US$3.53 in FY 2023)Full year 2024 results: EPS: US$2.65 (down from US$3.53 in FY 2023). Revenue: US$3.56b (up 21% from FY 2023). Net income: US$354.3m (down 25% from FY 2023). Profit margin: 9.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 73% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.공시 • Feb 27BW LPG Limited Approves Dividend, Payable on or About 19 March 2025 and 24 March 2025 RespectivelyBW LPG Limited's Board has approved a dividend of USD 0.42 per share on 26 February 2025. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date: 10 March 2025. Ex-date: 7 March 2025. Dividend payment date: On or about 24 March 2025. Ex-date: 10 March 2025. Dividend payment date: On or about 19 March 2025.공시 • Dec 13+ 1 more updateBW LPG Limited to Report Q3, 2025 Results on Dec 02, 2025BW LPG Limited announced that they will report Q3, 2025 results on Dec 02, 2025공시 • Dec 12+ 4 more updatesBW LPG Limited to Report Q4, 2024 Results on Feb 27, 2025BW LPG Limited announced that they will report Q4, 2024 results on Feb 27, 2025Seeking Alpha • Dec 10BW LPG Is Becoming InterestingSummary BW LPG's stock has declined 30% due to volatile freight rates but is now attractive long-term thanks to secular LPG export growth and a strong balance sheet. Despite recent earnings drops from $1.14 to $0.58 per share, temporary headwinds are easing, and LPG exports from the U.S. and Middle East are growing. BWLP's almost debt-free balance sheet and generous dividend make it resilient and appealing to patient investors. While short-term momentum is negative, the stock's low valuation and solid fundamentals suggest significant long-term rewards for investors. Read the full article on Seeking AlphaNew Risk • Dec 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.7% increase in shares outstanding).Upcoming Dividend • Dec 05Upcoming dividend of US$0.42 per shareEligible shareholders must have bought the stock before 12 December 2024. Payment date: 27 December 2024. Payout ratio and cash payout ratio are on the higher end at 81% and 77% respectively. Trailing yield: 29%. Within top quartile of American dividend payers (4.2%). Higher than average of industry peers (3.9%).Reported Earnings • Dec 03Third quarter 2024 earnings released: EPS: US$0.79 (vs US$0.85 in 3Q 2023)Third quarter 2024 results: EPS: US$0.79 (down from US$0.85 in 3Q 2023). Revenue: US$805.0m (up 13% from 3Q 2023). Net income: US$104.7m (down 7.3% from 3Q 2023). Profit margin: 13% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 73% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 41% per year.공시 • Dec 02BW LPG Limited Declares Cash Dividend for the Third Quarter of 2024, Payable on or About 27 December 2024The Board of BW LPG Limited has declared a cash dividend of USD 0.42 per share, representing 100% payout ratio of Shipping NPAT and an annualised dividend yield of 14%. Total Third Quarter dividend amount to USD 61.6 million based on 146.7 million shares outstanding. The Board has approved a dividend of USD 0.42 per share on 1 December 2024. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date: 12 December 2024. Shares registered with Euronext VPS Oslo Stock Exchange: Last trading day including the right to receive this dividend: 10 December 2024. Ex-date: 11 December 2024. Dividend payment date is On or about 27 December 2024. Shares registered with Depository Trust Company - NYSE: Last trading day including the right to receive this dividend: 11 December 2024. Ex-date: 12 December 2024. Dividend payment date: On or about 19 December 2024.Recent Insider Transactions • Oct 16VP & Head of Technical recently sold US$385k worth of stockOn the 10th of October, Knut-Helge Knutsen sold around 25k shares on-market at roughly US$15.49 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.Seeking Alpha • Sep 21BW LPG: The Largest VLGC Owner As A Bet On Strong LPG DemandSummary BWLP agreed to acquire the Avance Gas VLGC fleet for total consideration of $1,050 million. The acquisition of Avance Gas vessels will solidify BWLP's leading position, expanding its fleet by 44%. BWLP's 2Q24 results show strong revenue growth, particularly in the Product Services division, and maintain excellent liquidity with manageable financial risk. From its peer group, BWLP has the best balance sheet, with Total Debt/Equity below 30% and EBITDA/Interest Expenses at 32.8. BWLP trades at 91% PNAV and 4.7 EV/EBITDA. In conclusion, I give BWLP a Buy rating. Read the full article on Seeking AlphaUpcoming Dividend • Sep 03Upcoming dividend of US$0.58 per shareEligible shareholders must have bought the stock before 10 September 2024. Payment date: 30 September 2024. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 23%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.0%).Reported Earnings • Aug 23Second quarter 2024 earnings released: EPS: US$0.58 (vs US$0.59 in 2Q 2023)Second quarter 2024 results: EPS: US$0.58 (down from US$0.59 in 2Q 2023). Revenue: US$876.5m (up 91% from 2Q 2023). Net income: US$76.8m (down 1.9% from 2Q 2023). Profit margin: 8.8% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 63% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 45% per year.Seeking Alpha • Aug 23BW LPG: Fleet Acquisition And Favorable Market Signals Further GrowthSummary BW LPG reported Q2 earnings with a slight decrease in TCE, EPS, and DPS compared to last year. 86% of Q3 days are booked at $43,000. BW LPG acquired Avance Gas' VLGC fleet, leading to a 27% decrease in AVACF stock and a 5% decrease in BWLP stock. The acquisition deal increased BW LPG's fleet scale and leverage, with a potential positive impact on profits offsetting shareholder dilution used to pay for the ships. Coming into the fall, when rates traditionally go up, and with fewer new vessels expected to go on the water in the coming years, the market for BW LPG's services is favorable. Read the full article on Seeking Alpha공시 • Aug 22BW LPG Limited Approves Second Quarter 2024 Dividend, Payable on or About 30 September 2024The Board of BW LPG Limited has approved second quarter 2024 dividend of USD 0.58 per share on 21 August 2024. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date is 10 September 2024. Ex-date is 9 September 2024. Dividend payment date is On or about 30 September 2024. Last trading day including the right to receive this dividend is 6 September 2024.Seeking Alpha • Jun 17BW LPG: Beware Of The Long-Term Risk Of This 19.5%-YielderSummary BW LPG stock has rallied 69% in the last 12 months, outperforming the S&P 500 by a wide margin. Despite its impressive rally, the stock remains cheaply valued, with a high dividend yield of 20.9%. BW LPG benefits from a growing global market for LPG cargos, but investors should be cautious of the industry's cyclicality. Read the full article on Seeking AlphaValuation Update With 7 Day Price Move • Jun 14Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to US$16.76, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total returns to shareholders of 171% over the past three years.Reported Earnings • Jun 04First quarter 2024 earnings released: EPS: US$1.07 (vs US$0.95 in 1Q 2023)First quarter 2024 results: EPS: US$1.07 (up from US$0.95 in 1Q 2023). Revenue: US$1.04b (up 16% from 1Q 2023). Net income: US$141.9m (up 12% from 1Q 2023). Profit margin: 14% (in line with 1Q 2023). Revenue is expected to decline by 59% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth.공시 • May 31BW LPG Limited Approves Cash Dividend for the First Quarter of 2024, Payable On or About 28 June 2024BW LPG Limited approved cash dividend of USD 1.00 per share for the first quarter of 2024. Dividends payable to shares registered with Euronext VPS will be distributed in NOK. Date of approval is 29 May 2024. Record date is 10 June 2024. Last trading day including the right to receive this dividend is 6 June 2024 Ex-date is 7 June 2024 Dividend payment date is On or about 28 June 2024.Valuation Update With 7 Day Price Move • May 30Investor sentiment improves as stock rises 27%After last week's 27% share price gain to US$21.63, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total returns to shareholders of 209% over the past three years.공시 • Feb 29BW LPG Limited Approves Cash Dividend for the Fourth Quarter of 2023, Payable on 22 March 2024BW LPG Limited approved cash dividend of USD 0.90 or NOK 9.478 per share for the fourth quarter of 2023. Ex-date: 5 March 2024, Record date: 6 March 2024 and Dividend payment date: 22 March 2024.공시 • Feb 15Bw Lpg Limited Approves Appointment of Sanjiv Misra as DirectorBW LPG Limited announced that at the Special General Meeting held on 14 February 2024, approved Mr. Sanjiv Misra be and is hereby appointed as Director of the Company. Mr. Misra is currently Chairman and Non-Executive Director of several companies and Boards. Mr. Misra began his investment banking career with Goldman Sachs & Co in 1986 and joined Citigroup in 1997; and he has held leadership positions in both organizations over the years.공시 • Feb 14BW LPG Limited to Report Fiscal Year 2023 Results on Mar 27, 2024BW LPG Limited announced that they will report fiscal year 2023 results on Mar 27, 2024공시 • Feb 06BW LPG Limited, Annual General Meeting, May 20, 2024BW LPG Limited, Annual General Meeting, May 20, 2024.공시 • Jan 10BW LPG Limited Announces Executive ChangesBW LPG Limited announced that Niels Rigault, Executive Vice President (Commercial), is stepping down as Head of Commercial of BW LPG and will leave the Company after handing his portfolio over to Kristian Sørensen, Chief Executive Officer (CEO). The latter will manage the role of Head of Commercial in the interim and Mr. Rigault will be available for the company to ensure a proper handover during the transition.공시 • Dec 13+ 3 more updatesBW LPG Limited to Report Q1, 2024 Results on May 30, 2024BW LPG Limited announced that they will report Q1, 2024 results on May 30, 2024공시 • Nov 15BW LPG Limited Announces Cash Dividend for Third Quarter 2023, Payable on 15 December 2023BW LPG Limited announced cash dividend for third quarter 2023. Dividend amount: USD 0.80 or NOK 8.890 per share; Last day the stock is trading including the right to receive this dividend: 16 November 2023; Ex-date: 17 November 2023; Dividend payment date: 15 December 2023; Date of approval: 13 November 2023; Record date: 20 November 2023.공시 • Aug 30BW LPG Limited Announces Cash Dividend for the Second Quarter of 2023, Payable on 15 September 2023BW LPG Limited provided the following key information relating to its cash dividend for first quarter of 2023. Dividend amount: USD 0.81 or NOK 8.668 per share. Ex-date: 1 September 2023. Dividend payment date: 15 September 2023. Date of approval: 28 August 2023. Record date: 4 September 2023.공시 • Jul 07BW LPG Limited Announces Management ChangesBW LPG Limited announced that Anders Onarheim is stepping down as CEO with effect from 30th September 2023. The Board of Directors has appointed Kristian Sørensen, Deputy CEO and Head of Strategy, to succeed Anders as CEO. His experience and insights during his tenure as a non-executive director from 2010 to 2020, and as CEO from 2020 to 2023.공시 • Jun 01BW LPG Limited Appoints Ms Samantha Xu as Chief Financial Officer, Effective 1 September 2023BW LPG Limited announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years of international finance experience in shipping and energy. She has held various financial leadership roles for leading companies in Asia, Europe and the Middle East, where she was involved in board governance, investment and risk management, project financing, and M&A activities.공시 • May 26Bw Lpg Limited Announces Elaine Ong to Step Down as CFOBW LPG Limited announces hat Elaine Ong has decided to step down as CFO to pursue other interests, with ffect from today. Iver Baatvik, Head of Corporate Development and Investor elations, will act as interim CFO of BW LPG.공시 • May 24+ 1 more updateBW LPG Limited Announces Cash Dividend for the First Quarter of 2023, Payable on June 16, 2023BW LPG Limited provided the following key information relating to its cash dividend for first quarter of 2023. Dividend amount: USD 0.95 or NOK 10.328 per share. Ex-date: 26 May 2023. Dividend payment date: 16 June 2023. Date of approval: 12 May 2023. Record date: 30 May 2023.공시 • May 17BW LPG Limited Approves Board ChangesBW LPG Limited announced that the AGM has elected Mr. Luc Gillet as a new member of the Company's board of directors. Mr. Gillet is a graduated engineer from Ecole Nationale Supérieure de Techniques avancées (1980) and holds an EMBA of HEC (1991). He currently serves as an independent director of Orion Global Transport France (OGTF), an owner and operator of LNG vessels. Prior to this, Mr. Gillet was Senior Vice President Shipping at TotalEnergies and President of the Chartering affiliate CSSA. Mr. Gillet’s bio is available at the following link: https://tinyurl.com/BWLPG-Luc-Gillet Ms Martha Kold Bakkevig, a member of the Company's board of directors since August 2017 and a member of the Company's remuneration committee since October 2018, has decided to step down as of 15 May 2023.공시 • Dec 14+ 3 more updatesBW LPG Limited to Report Q3, 2023 Results on Nov 14, 2023BW LPG Limited announced that they will report Q3, 2023 results on Nov 14, 2023매출 및 비용 세부 내역BWG가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이NYSE:BWLP 매출, 비용 및 순이익 (USD Millions)날짜매출순이익일반관리비연구개발비31 Dec 253,58224276030 Sep 253,69316983030 Jun 253,55521775031 Mar 253,38725875031 Dec 243,56435471030 Sep 243,60247569030 Jun 243,51048369031 Mar 243,09348562031 Dec 232,94747057030 Sep 232,60641042030 Jun 232,22234139031 Mar 232,16029835031 Dec 221,55822732030 Sep 221,75419832030 Jun 221,58118332031 Mar 221,32717031031 Dec 211,24118533030 Sep 2169419929030 Jun 2169019528031 Mar 2176723426031 Dec 2081224423030 Sep 2088332124030 Jun 2099341425031 Mar 2095037826031 Dec 1981727427030 Sep 197118647030 Jun 19591-3441031 Mar 19522-8834031 Dec 18522-7128030 Sep 18489-570030 Jun 18448-810031 Mar 18473-600031 Dec 17492-430030 Sep 17487570030 Jun 17491230031 Mar 17481-250031 Dec 16506240030 Sep 16581260030 Jun 167001920031 Mar 167683260031 Dec 157733240030 Sep 157643070030 Jun 1575128900양질의 수익: BWLP는 $55.2M 규모의 큰 일회성 이익이 있어 31st December, 2025까지 지난 12개월 재무 결과에 영향을 미쳤습니다.이익 마진 증가: BWLP의 현재 순 이익률 (6.8%)은 지난해 (9.9%)보다 낮습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: BWLP의 수익은 지난 5년 동안 연평균 9.4% 증가했습니다.성장 가속화: BWLP은 지난 1년 동안 수익이 감소하여 5년 평균과 비교할 수 없습니다.수익 대 산업: BWLP은 지난 1년 동안 수익이 감소(-31.6%)하여 Oil and Gas 업계 평균(5.8%)과 비교하기 어렵습니다.자기자본이익률높은 ROE: BWLP의 자본 수익률(15%)은 낮음으로 평가됩니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YEnergy 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/26 00:24종가2026/05/26 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스BW LPG Limited는 9명의 분석가가 다루고 있습니다. 이 중 5명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관null nullABG Sundal CollierMark Andrew Falzon ManducaBofA Global ResearchAnders-Redigh KarlsenDanske Bank6명의 분석가 더 보기
Reported Earnings • Apr 06Full year 2025 earnings released: EPS: US$1.60 (vs US$2.65 in FY 2024)Full year 2025 results: EPS: US$1.60 (down from US$2.65 in FY 2024). Revenue: US$3.58b (flat on FY 2024). Net income: US$242.3m (down 32% from FY 2024). Profit margin: 6.8% (down from 9.9% in FY 2024). Revenue is expected to decline by 72% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings.
공시 • Dec 12+ 4 more updatesBW LPG Limited to Report Fiscal Year 2025 Results on Mar 31, 2026BW LPG Limited announced that they will report fiscal year 2025 results on Mar 31, 2026
Reported Earnings • Dec 03Third quarter 2025 earnings released: EPS: US$0.38 (vs US$0.79 in 3Q 2024)Third quarter 2025 results: EPS: US$0.38 (down from US$0.79 in 3Q 2024). Revenue: US$943.8m (up 17% from 3Q 2024). Net income: US$57.1m (down 46% from 3Q 2024). Profit margin: 6.0% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.
Reported Earnings • Aug 26Second quarter 2025 earnings released: EPS: US$0.23 (vs US$0.58 in 2Q 2024)Second quarter 2025 results: EPS: US$0.23 (down from US$0.58 in 2Q 2024). Revenue: US$1.04b (up 19% from 2Q 2024). Net income: US$34.9m (down 55% from 2Q 2024). Profit margin: 3.3% (down from 8.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • May 20First quarter 2025 earnings released: EPS: US$0.30 (vs US$1.08 in 1Q 2024)First quarter 2025 results: EPS: US$0.30 (down from US$1.08 in 1Q 2024). Revenue: US$862.1m (down 17% from 1Q 2024). Net income: US$46.1m (down 68% from 1Q 2024). Profit margin: 5.3% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 70% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Apr 02Full year 2024 earnings released: EPS: US$2.65 (vs US$3.57 in FY 2023)Full year 2024 results: EPS: US$2.65 (down from US$3.57 in FY 2023). Revenue: US$3.56b (up 21% from FY 2023). Net income: US$354.3m (down 25% from FY 2023). Profit margin: 9.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 63% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Apr 06Full year 2025 earnings released: EPS: US$1.60 (vs US$2.65 in FY 2024)Full year 2025 results: EPS: US$1.60 (down from US$2.65 in FY 2024). Revenue: US$3.58b (flat on FY 2024). Net income: US$242.3m (down 32% from FY 2024). Profit margin: 6.8% (down from 9.9% in FY 2024). Revenue is expected to decline by 72% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings.
Seeking Alpha • Mar 16BW LPG: Times Might Be Shaky Now, But Long-Term Looks SolidSummary BW LPG (BWLP) is rated a Buy due to its resilient business model, strong balance sheet, and attractive dividend yield amid industry volatility. BWLP's exposure to spot rates and Middle East conflicts has pressured TCE rates and stock price, but management has locked in favorable Q2 2026 rates. Despite falling TCE rates, BWLP's low breakeven cost of $12,980/day and diversified trading arm support dividend sustainability. With a modern fleet, robust cash position, and long-term yield potential, BWLP offers a compelling entry point for income-focused investors. Read the full article on Seeking Alpha
Valuation Update With 7 Day Price Move • Mar 11Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to US$15.45, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Oil and Gas industry in the US. Total returns to shareholders of 148% over the past three years.
Declared Dividend • Mar 06Fourth quarter dividend of US$0.57 announcedShareholders will receive a dividend of US$0.57. Ex-date: 13th March 2026 Payment date: 23rd March 2026 Dividend yield will be 8.6%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (115% earnings payout ratio) nor is it adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. However, EPS is expected to decline by 40% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
New Risk • Mar 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 94% Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.8% net profit margin).
공시 • Mar 03Bw Lpg Limited Declares Dividend for Fourth Quarter of 2025, March 23, 2026The board of BW LPG Limited declared cash dividend of USD 0.57 per share for the fourth quarter of 2025. For shares registered with Euronext VPS, dividend per share is NOK 5.4297. The record date is March 13, 2026, Ex-date: March 12, 2026 and March 13, 2026. The Dividend payment date is On or about 23 March 2026.
공시 • Dec 13BW LPG Limited, Annual General Meeting, May 28, 2026BW LPG Limited, Annual General Meeting, May 28, 2026.
공시 • Dec 12+ 4 more updatesBW LPG Limited to Report Fiscal Year 2025 Results on Mar 31, 2026BW LPG Limited announced that they will report fiscal year 2025 results on Mar 31, 2026
Declared Dividend • Dec 04Third quarter dividend of US$0.40 announcedShareholders will receive a dividend of US$0.40. Ex-date: 12th December 2025 Payment date: 22nd December 2025 Dividend yield will be 10%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 17% over the next 2 years. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range.
Reported Earnings • Dec 03Third quarter 2025 earnings released: EPS: US$0.38 (vs US$0.79 in 3Q 2024)Third quarter 2025 results: EPS: US$0.38 (down from US$0.79 in 3Q 2024). Revenue: US$943.8m (up 17% from 3Q 2024). Net income: US$57.1m (down 46% from 3Q 2024). Profit margin: 6.0% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.
공시 • Dec 02BW LPG Limited Announces Cash Dividend for the Third Quarter of 2025, Payable on or About 22 December 2025BW LPG Limited has approved a Cash dividend of USD 0.40 per share on 1 December 2025 for the third quarter of 2025. For shares registered with Euronext VPS, dividend per share is NOK 4.0474. Record date: 12 December 2025. Ex-date for Shares registered with Euronext VPS: 11 December 2025. Dividend payment date: On or about 22 December 2025. Last trading day including the right to receive this dividend for Shares registered with Euronext VPS: 10 December 2025.
New Risk • Sep 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 5.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.1% net profit margin).
Declared Dividend • Aug 29Second quarter dividend of US$0.22 announcedShareholders will receive a dividend of US$0.22. Ex-date: 5th September 2025 Payment date: 15th September 2025 Dividend yield will be 8.6%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Aug 26Second quarter 2025 earnings released: EPS: US$0.23 (vs US$0.58 in 2Q 2024)Second quarter 2025 results: EPS: US$0.23 (down from US$0.58 in 2Q 2024). Revenue: US$1.04b (up 19% from 2Q 2024). Net income: US$34.9m (down 55% from 2Q 2024). Profit margin: 3.3% (down from 8.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 64% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth.
공시 • Aug 26BW LPG Limited Declares Cash Dividend for the Second Quarter of 2025, Payable on or About 18 September 2025BW LPG Limited Board has approved a cash dividend of USD 0.22 per share on 25 August 2025 for the second quarter of 2025 . Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date: 5 September 2025. Last trading day including the right to receive this dividend: 3 September 2025. Ex-date: 4 September 2025. Dividend payment date: On or about 18 September 2025. Last trading day including the right to receive this dividend: 4 September 2025. Ex-date: 5 September 2025. Dividend payment date: On or about 15 September 2025.
New Risk • Jun 25New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (7.6% net profit margin).
Declared Dividend • May 22First quarter dividend reduced to US$0.28Dividend of US$0.28 is 72% lower than last year. Ex-date: 30th May 2025 Payment date: 9th June 2025 Dividend yield will be 17%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (130% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 45% to bring the payout ratio under control. However, EPS is expected to decline by 9.9% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
Reported Earnings • May 20First quarter 2025 earnings released: EPS: US$0.30 (vs US$1.08 in 1Q 2024)First quarter 2025 results: EPS: US$0.30 (down from US$1.08 in 1Q 2024). Revenue: US$862.1m (down 17% from 1Q 2024). Net income: US$46.1m (down 68% from 1Q 2024). Profit margin: 5.3% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 70% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
공시 • May 20BW LPG Limited Declares Cash Dividend for the First Quarter of 2025BW LPG Limited declared cash dividend of USD 0.28 per share for the first quarter of 2025.
공시 • May 16BW LPG Limited Approves Appointment of Nomination CommitteeBW LPG Limited announced at annual general meeting held on May 15, 2025, approved to appoint the following persons to the Nomination Committee: Ms. Alicia Yik Jie Ting as a member of the Nomination Committee and Ms. Elaine Yew Wen Suen as Chair of the Nomination Committee.
Valuation Update With 7 Day Price Move • May 14Investor sentiment improves as stock rises 17%After last week's 17% share price gain to US$11.89, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total returns to shareholders of 114% over the past three years.
공시 • Apr 08BW LPG Limited (OB:BWLPG) announces an Equity Buyback for 3,000,000 shares, for $20 million.BW LPG Limited (OB:BWLPG) announces a share repurchase program. Under the program the company will repurchase 3,000,000 shares, for $20 million. The shares purchased will be held as treasury stock. The program is valid till April 17, 2025.
Valuation Update With 7 Day Price Move • Apr 04Investor sentiment deteriorates as stock falls 23%After last week's 23% share price decline to US$8.67, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 48% over the past three years.
Reported Earnings • Apr 02Full year 2024 earnings released: EPS: US$2.65 (vs US$3.57 in FY 2023)Full year 2024 results: EPS: US$2.65 (down from US$3.57 in FY 2023). Revenue: US$3.56b (up 21% from FY 2023). Net income: US$354.3m (down 25% from FY 2023). Profit margin: 9.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 63% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Seeking Alpha • Mar 09BW LPG: Bound For Bountiful Investor ReturnsSummary BW LPG Limited offers a compelling 15% yield on investment, trading at a P/E below 5x, with management providing upbeat guidance for 2025. BWLP's strategic acquisitions and fleet expansion have solidified its position as the world's largest operator of VLGCs, enhancing long-term growth prospects. The company maintains a strong balance sheet with $603 million in liquidity and a net leverage of 33%, ensuring financial stability and dividend viability. Risks include falling spot rates and potential trade wars, but current valuations and robust dividend yields present a strong bullish case for BWLP. Read the full article on Seeking Alpha
Upcoming Dividend • Mar 03Upcoming dividend of US$0.42 per shareEligible shareholders must have bought the stock before 10 March 2025. Payment date: 19 March 2025. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 30%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (3.9%).
New Risk • Mar 02New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.8% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (357% cash payout ratio). Profit margins are more than 30% lower than last year (9.9% net profit margin). Shareholders have been diluted in the past year (16% increase in shares outstanding).
Reported Earnings • Feb 28Full year 2024 earnings released: EPS: US$2.65 (vs US$3.53 in FY 2023)Full year 2024 results: EPS: US$2.65 (down from US$3.53 in FY 2023). Revenue: US$3.56b (up 21% from FY 2023). Net income: US$354.3m (down 25% from FY 2023). Profit margin: 9.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 73% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth.
공시 • Feb 27BW LPG Limited Approves Dividend, Payable on or About 19 March 2025 and 24 March 2025 RespectivelyBW LPG Limited's Board has approved a dividend of USD 0.42 per share on 26 February 2025. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date: 10 March 2025. Ex-date: 7 March 2025. Dividend payment date: On or about 24 March 2025. Ex-date: 10 March 2025. Dividend payment date: On or about 19 March 2025.
공시 • Dec 13+ 1 more updateBW LPG Limited to Report Q3, 2025 Results on Dec 02, 2025BW LPG Limited announced that they will report Q3, 2025 results on Dec 02, 2025
공시 • Dec 12+ 4 more updatesBW LPG Limited to Report Q4, 2024 Results on Feb 27, 2025BW LPG Limited announced that they will report Q4, 2024 results on Feb 27, 2025
Seeking Alpha • Dec 10BW LPG Is Becoming InterestingSummary BW LPG's stock has declined 30% due to volatile freight rates but is now attractive long-term thanks to secular LPG export growth and a strong balance sheet. Despite recent earnings drops from $1.14 to $0.58 per share, temporary headwinds are easing, and LPG exports from the U.S. and Middle East are growing. BWLP's almost debt-free balance sheet and generous dividend make it resilient and appealing to patient investors. While short-term momentum is negative, the stock's low valuation and solid fundamentals suggest significant long-term rewards for investors. Read the full article on Seeking Alpha
New Risk • Dec 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.7% increase in shares outstanding).
Upcoming Dividend • Dec 05Upcoming dividend of US$0.42 per shareEligible shareholders must have bought the stock before 12 December 2024. Payment date: 27 December 2024. Payout ratio and cash payout ratio are on the higher end at 81% and 77% respectively. Trailing yield: 29%. Within top quartile of American dividend payers (4.2%). Higher than average of industry peers (3.9%).
Reported Earnings • Dec 03Third quarter 2024 earnings released: EPS: US$0.79 (vs US$0.85 in 3Q 2023)Third quarter 2024 results: EPS: US$0.79 (down from US$0.85 in 3Q 2023). Revenue: US$805.0m (up 13% from 3Q 2023). Net income: US$104.7m (down 7.3% from 3Q 2023). Profit margin: 13% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 73% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 41% per year.
공시 • Dec 02BW LPG Limited Declares Cash Dividend for the Third Quarter of 2024, Payable on or About 27 December 2024The Board of BW LPG Limited has declared a cash dividend of USD 0.42 per share, representing 100% payout ratio of Shipping NPAT and an annualised dividend yield of 14%. Total Third Quarter dividend amount to USD 61.6 million based on 146.7 million shares outstanding. The Board has approved a dividend of USD 0.42 per share on 1 December 2024. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date: 12 December 2024. Shares registered with Euronext VPS Oslo Stock Exchange: Last trading day including the right to receive this dividend: 10 December 2024. Ex-date: 11 December 2024. Dividend payment date is On or about 27 December 2024. Shares registered with Depository Trust Company - NYSE: Last trading day including the right to receive this dividend: 11 December 2024. Ex-date: 12 December 2024. Dividend payment date: On or about 19 December 2024.
Recent Insider Transactions • Oct 16VP & Head of Technical recently sold US$385k worth of stockOn the 10th of October, Knut-Helge Knutsen sold around 25k shares on-market at roughly US$15.49 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.
Seeking Alpha • Sep 21BW LPG: The Largest VLGC Owner As A Bet On Strong LPG DemandSummary BWLP agreed to acquire the Avance Gas VLGC fleet for total consideration of $1,050 million. The acquisition of Avance Gas vessels will solidify BWLP's leading position, expanding its fleet by 44%. BWLP's 2Q24 results show strong revenue growth, particularly in the Product Services division, and maintain excellent liquidity with manageable financial risk. From its peer group, BWLP has the best balance sheet, with Total Debt/Equity below 30% and EBITDA/Interest Expenses at 32.8. BWLP trades at 91% PNAV and 4.7 EV/EBITDA. In conclusion, I give BWLP a Buy rating. Read the full article on Seeking Alpha
Upcoming Dividend • Sep 03Upcoming dividend of US$0.58 per shareEligible shareholders must have bought the stock before 10 September 2024. Payment date: 30 September 2024. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 23%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.0%).
Reported Earnings • Aug 23Second quarter 2024 earnings released: EPS: US$0.58 (vs US$0.59 in 2Q 2023)Second quarter 2024 results: EPS: US$0.58 (down from US$0.59 in 2Q 2023). Revenue: US$876.5m (up 91% from 2Q 2023). Net income: US$76.8m (down 1.9% from 2Q 2023). Profit margin: 8.8% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 63% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 45% per year.
Seeking Alpha • Aug 23BW LPG: Fleet Acquisition And Favorable Market Signals Further GrowthSummary BW LPG reported Q2 earnings with a slight decrease in TCE, EPS, and DPS compared to last year. 86% of Q3 days are booked at $43,000. BW LPG acquired Avance Gas' VLGC fleet, leading to a 27% decrease in AVACF stock and a 5% decrease in BWLP stock. The acquisition deal increased BW LPG's fleet scale and leverage, with a potential positive impact on profits offsetting shareholder dilution used to pay for the ships. Coming into the fall, when rates traditionally go up, and with fewer new vessels expected to go on the water in the coming years, the market for BW LPG's services is favorable. Read the full article on Seeking Alpha
공시 • Aug 22BW LPG Limited Approves Second Quarter 2024 Dividend, Payable on or About 30 September 2024The Board of BW LPG Limited has approved second quarter 2024 dividend of USD 0.58 per share on 21 August 2024. Dividends payable to shares registered with Euronext VPS will be distributed in NOK, with the exchange rate made available on the day of payment. Record date is 10 September 2024. Ex-date is 9 September 2024. Dividend payment date is On or about 30 September 2024. Last trading day including the right to receive this dividend is 6 September 2024.
Seeking Alpha • Jun 17BW LPG: Beware Of The Long-Term Risk Of This 19.5%-YielderSummary BW LPG stock has rallied 69% in the last 12 months, outperforming the S&P 500 by a wide margin. Despite its impressive rally, the stock remains cheaply valued, with a high dividend yield of 20.9%. BW LPG benefits from a growing global market for LPG cargos, but investors should be cautious of the industry's cyclicality. Read the full article on Seeking Alpha
Valuation Update With 7 Day Price Move • Jun 14Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to US$16.76, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total returns to shareholders of 171% over the past three years.
Reported Earnings • Jun 04First quarter 2024 earnings released: EPS: US$1.07 (vs US$0.95 in 1Q 2023)First quarter 2024 results: EPS: US$1.07 (up from US$0.95 in 1Q 2023). Revenue: US$1.04b (up 16% from 1Q 2023). Net income: US$141.9m (up 12% from 1Q 2023). Profit margin: 14% (in line with 1Q 2023). Revenue is expected to decline by 59% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth.
공시 • May 31BW LPG Limited Approves Cash Dividend for the First Quarter of 2024, Payable On or About 28 June 2024BW LPG Limited approved cash dividend of USD 1.00 per share for the first quarter of 2024. Dividends payable to shares registered with Euronext VPS will be distributed in NOK. Date of approval is 29 May 2024. Record date is 10 June 2024. Last trading day including the right to receive this dividend is 6 June 2024 Ex-date is 7 June 2024 Dividend payment date is On or about 28 June 2024.
Valuation Update With 7 Day Price Move • May 30Investor sentiment improves as stock rises 27%After last week's 27% share price gain to US$21.63, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total returns to shareholders of 209% over the past three years.
공시 • Feb 29BW LPG Limited Approves Cash Dividend for the Fourth Quarter of 2023, Payable on 22 March 2024BW LPG Limited approved cash dividend of USD 0.90 or NOK 9.478 per share for the fourth quarter of 2023. Ex-date: 5 March 2024, Record date: 6 March 2024 and Dividend payment date: 22 March 2024.
공시 • Feb 15Bw Lpg Limited Approves Appointment of Sanjiv Misra as DirectorBW LPG Limited announced that at the Special General Meeting held on 14 February 2024, approved Mr. Sanjiv Misra be and is hereby appointed as Director of the Company. Mr. Misra is currently Chairman and Non-Executive Director of several companies and Boards. Mr. Misra began his investment banking career with Goldman Sachs & Co in 1986 and joined Citigroup in 1997; and he has held leadership positions in both organizations over the years.
공시 • Feb 14BW LPG Limited to Report Fiscal Year 2023 Results on Mar 27, 2024BW LPG Limited announced that they will report fiscal year 2023 results on Mar 27, 2024
공시 • Feb 06BW LPG Limited, Annual General Meeting, May 20, 2024BW LPG Limited, Annual General Meeting, May 20, 2024.
공시 • Jan 10BW LPG Limited Announces Executive ChangesBW LPG Limited announced that Niels Rigault, Executive Vice President (Commercial), is stepping down as Head of Commercial of BW LPG and will leave the Company after handing his portfolio over to Kristian Sørensen, Chief Executive Officer (CEO). The latter will manage the role of Head of Commercial in the interim and Mr. Rigault will be available for the company to ensure a proper handover during the transition.
공시 • Dec 13+ 3 more updatesBW LPG Limited to Report Q1, 2024 Results on May 30, 2024BW LPG Limited announced that they will report Q1, 2024 results on May 30, 2024
공시 • Nov 15BW LPG Limited Announces Cash Dividend for Third Quarter 2023, Payable on 15 December 2023BW LPG Limited announced cash dividend for third quarter 2023. Dividend amount: USD 0.80 or NOK 8.890 per share; Last day the stock is trading including the right to receive this dividend: 16 November 2023; Ex-date: 17 November 2023; Dividend payment date: 15 December 2023; Date of approval: 13 November 2023; Record date: 20 November 2023.
공시 • Aug 30BW LPG Limited Announces Cash Dividend for the Second Quarter of 2023, Payable on 15 September 2023BW LPG Limited provided the following key information relating to its cash dividend for first quarter of 2023. Dividend amount: USD 0.81 or NOK 8.668 per share. Ex-date: 1 September 2023. Dividend payment date: 15 September 2023. Date of approval: 28 August 2023. Record date: 4 September 2023.
공시 • Jul 07BW LPG Limited Announces Management ChangesBW LPG Limited announced that Anders Onarheim is stepping down as CEO with effect from 30th September 2023. The Board of Directors has appointed Kristian Sørensen, Deputy CEO and Head of Strategy, to succeed Anders as CEO. His experience and insights during his tenure as a non-executive director from 2010 to 2020, and as CEO from 2020 to 2023.
공시 • Jun 01BW LPG Limited Appoints Ms Samantha Xu as Chief Financial Officer, Effective 1 September 2023BW LPG Limited announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years of international finance experience in shipping and energy. She has held various financial leadership roles for leading companies in Asia, Europe and the Middle East, where she was involved in board governance, investment and risk management, project financing, and M&A activities.
공시 • May 26Bw Lpg Limited Announces Elaine Ong to Step Down as CFOBW LPG Limited announces hat Elaine Ong has decided to step down as CFO to pursue other interests, with ffect from today. Iver Baatvik, Head of Corporate Development and Investor elations, will act as interim CFO of BW LPG.
공시 • May 24+ 1 more updateBW LPG Limited Announces Cash Dividend for the First Quarter of 2023, Payable on June 16, 2023BW LPG Limited provided the following key information relating to its cash dividend for first quarter of 2023. Dividend amount: USD 0.95 or NOK 10.328 per share. Ex-date: 26 May 2023. Dividend payment date: 16 June 2023. Date of approval: 12 May 2023. Record date: 30 May 2023.
공시 • May 17BW LPG Limited Approves Board ChangesBW LPG Limited announced that the AGM has elected Mr. Luc Gillet as a new member of the Company's board of directors. Mr. Gillet is a graduated engineer from Ecole Nationale Supérieure de Techniques avancées (1980) and holds an EMBA of HEC (1991). He currently serves as an independent director of Orion Global Transport France (OGTF), an owner and operator of LNG vessels. Prior to this, Mr. Gillet was Senior Vice President Shipping at TotalEnergies and President of the Chartering affiliate CSSA. Mr. Gillet’s bio is available at the following link: https://tinyurl.com/BWLPG-Luc-Gillet Ms Martha Kold Bakkevig, a member of the Company's board of directors since August 2017 and a member of the Company's remuneration committee since October 2018, has decided to step down as of 15 May 2023.
공시 • Dec 14+ 3 more updatesBW LPG Limited to Report Q3, 2023 Results on Nov 14, 2023BW LPG Limited announced that they will report Q3, 2023 results on Nov 14, 2023