BW LPG Doubles Annual Profit
- Business & Finance
Singapore-headquartered gas carrier owner and operator BW LPG has reported a net profit after tax of USD 255.7 million in fiscal year 2014, over two times more compared to USD 125 million profit recorded in 2013.
Operating revenue increased to USD 747.4 million in FY 2014, compared to USD 449.2 million in 2013.
The company almost doubled the time charter equivalent earnings (TCE) in 2014, which rose from USD 288.7m recorded in 2013, to USD 539.2m in 2014.
The increase in the company’s TCE was mainly attributable to improved freight rates, particularly from the Very Large Gas Carrier (VLGC) segment, and increased fleet size and utlilisation.
BW LPG has further expanded its VLGC fleet with today’s delivery of BW Carina, the second in its newbuilding program of eight VLGCs ordered at South Korea’s Hyundai Heavy Industries.
Including the BW Carina, the company now owns and operates a fleet of 37 vessels, comprising 21 owned VLGCs, 11 chartered-in VLGCs, five owned LGCs with six more VLGCs on order.