BW LPG Q4 2024 Earnings Call Transcript

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Provided by Quartr
February 27, 2025

There are 8 speakers on the call.

Operator

Hello, everyone. A warm welcome to BW LPG's Fourth Quarter twenty twenty four Results. My name is Aline Endlicher, and I'm the Head of Corporate Communications for BW LPG. Today's presentation will be given by our CEO, Christian, and our CFO, Samantha. Afterwards, we will open up for a Q and A session.

Operator

The questions can be put into the Q and A chat or you can raise your hand, unmute yourself and ask your question directly. Before we begin, I would like to highlight the legal disclaimers displayed on the current slide. Please also note that today's call is being recorded. I will now give the word to our CEO, Christian.

Speaker 1

Thank you, Aline, and hi, everyone, and thank you for taking the time to be with us today as we review our twenty twenty four Q4 financial results and recent developments. Let's turn to Slide four, please. For a large part of the quarter, the spot market rates fluctuated in the $35,000 to $40,000 range per day and our TC income per available day ended at $37,900 This is somewhat lower than previous quarter, but above our guiding of $36,000 per day. The board has declared a dividend of $0.42 per share, which consists of 75% payout of the NPAT from our shipping activities topped up with an additional dividend declared from product services for 2024. Total dividend for the year represents 123% payout ratio of our total shipping NPAT.

Speaker 1

We're very happy with our Product Services results last year. The investment we made back in November '2 is already a return with a tighter profit. We do recognize that the accounting result for Product Services is challenging to decipher. I would recommend that our investors and analysts focus on Product Services' realized results as a guidance on the actual trading performance. The unrealized cargo and paper positions are just showing the change in valuation from end date of '1 quarter compared to end date of next quarter and do not necessarily show a loss when the positions are realized.

Speaker 1

Moving on to our ship asset side, we closed the Avangaz transaction as planned and all 12 VLGCs were well delivered to BW LPG by New Year's Eve. The acquisition has further solidified our position as the world's leading owner and operator of LGCs with a current owned and operated fleet of 52 vessels, of which 22 are equipped with LPG dual fuel propulsion technology. In addition, we have added to our own fleet with the previously cleared purchase option of the 20 19 build BW Kizuku, which was delivered to us earlier this month as a purchase price of $69,800,000 Some weeks ago, we also exercised the purchase option of the twenty twenty built sister vessel BW Ushi with equally attractive purchase price of around $70,000,000 when the vessel is delivered to us in Q2. On the sales side, we concluded the sale and delivery of the 2,007 built BW Sedar earlier this month, and it was generating about $65,000,000 in proceeds and a net book gain of $32,000,000 Looking at our chartering activities, we have over the last months concluded several time charters with commencement throughout 2025. And at the moment, we have 31% of our fleet exposure covered by time charter out at 44,800 per day and 2% covered by FSA hedges at $50,600 per day for calendar year 2025.

Speaker 1

This is following our strategy to maintain a solid time charter ratio to sustain the volatility in the spot market. On the market outlook, the VLGC market fundamentals are positive, although the spot market currently is battling in the seasonal winter trough with less cargos for export from The U. S. Spot rates are hovering mid $20,000 per day from The Middle East as well

Speaker 2

as from The U. S. Gulf, but we anticipate more volumes from

Speaker 1

The U. S. When we move into the April loading window. And together with the rest of the shipping industry, we're closely following the geopolitical and regulatory developments and will take the measures, if necessary, to optimize our company position by using our size and commercial platform. The Panama Canal is operating basically at full capacity and the VLGC is currently at sort of about two to three canals lots per day, which is equivalent to 25% of the Neo Panama Canal traffic.

Speaker 1

Since the capacity is limited to around 10 transits in total per day, it goes without saying that the canal is very sensitive for sudden increases of one or two more dry cargo container or LNG vessels competing for the slots. Looking towards the middle of twenty twenty five, we will have a terminal expansion from energy transfer on The U. S. Gulf Coast. This is an expansion which can flex between LPG and ethane exports, and we currently assume 50% of the volumes to be designated for LPG.

Speaker 1

We have more details on this on Slide seven, but for obvious reasons, we view the terminal expansion plans in The U. S. And The Middle East as a positive driver for the VLGC market when matched against the growing demand side in Asia.

Speaker 2

1 thing to keep an eye on is the accelerating dry docking program for

Speaker 1

the VLGC fleet this year without with about 80 of a total of 400 ships being scheduled for docking in 2025 compared to 35 last year. And the FFA market is pricing in a substantial uptick in the spot rates later in the year and is currently trading at levels translating to low $40,000 per day, although with limited liquidity. So let's turn to Page six for a closer look at the market fundamentals, please. Looking at the details and the market for the first months of twenty twenty five, the spot market has shown a seasonal lack of momentum with less cargoes from The U. S.

Speaker 1

Made available for exports compared to Q4. At the same time, The Middle East exports were dominated by cargo flows by Indian charters. Normally, this time of the year, we do see

Speaker 2

a turning point with a handful of

Speaker 1

more U. S. Cargoes made available for the international markets. And in a fine and balanced market like we are now, the sensitivity of plusminus five to six cargoes a month is enough to drive the market up or down. The more exciting factor in the VLGC market this and next year is the expansion of The U.

Speaker 1

S. Export terminal capacity, which we anticipate will push The U. S. VLGC exports towards the mid-sixty million tonnes per year mark by end twenty twenty six. In such cases, representing an approximate 12% increase from the twenty twenty four VLGC export volumes.

Speaker 1

On this slide, we summarize the export terminal expansion projects in The U. S. And Canada as well as The Middle East. The number of projects represents a substantial increase in LPG export capacity of about 45% by 2028 and for North America specifically about 66% increase. This is if we assume the flex capacity at U.

Speaker 1

S. Terminals being in full LPG service. If all the flex capacity is designated to ethane, which we believe is unlikely, it will still represent about 29% growth in LPG export capacity for North America and The Middle East combined. As mentioned, we assume that the middle point of about 50% of the fixed capacity will be designated for LPG. Of course, the total LPG export capacity includes all vessel sizes with VLGCs historically accounting for about 85% of the export volumes.

Speaker 1

We know that some of the volumes will be lifted on smaller LPG vessels, but over time, VLGCs will remain the most cost efficient way of transporting LPG over longer distances with quick turnarounds at low and digital port terminals allowing for higher terminal utilization. Next slide, please. The overall landscape remains largely unchanged since our last update. In Asia, demand for LPG continues to grow, driven by the residential sector in the Indian Subcontinent as well as Southeast Asia, while China's petrochemical industry is steadily increasing its use of propane as feedstock for its PDH plants. What's interesting to note from last week's news is that there is increased attention at government level about India potentially importing more of their energy from The U.

Speaker 1

S. In the future to diversify their sourcing of energy. If this materializes, it will add significant ton miles compared to today's Middle East India and Iran trade. And another trend is that VLGCs cover a larger part of the India LPG imports at the cost of smaller vessels due to improved infrastructure and terminal capacity. And more VLGCs are consequently going to serve the growing Indian imports of LPG.

Speaker 1

If you look at the VLGC fleet and newbuildings, there is not much change from last quarter except for four more vessels added to the list with delivery 2027, '20 '20 '8. There is good visibility on the newbuilding deliveries over the next eighteen months. And for 2025, we have 13 vessels on our list. And then I turn the microphone to you, Samantha.

Operator

Thank you,

Speaker 3

Christian, and hello, everyone. In the past winter quarter where low activities were experienced, we have achieved a 96% free utilization and a TCE of US36700 dollars per calendar day or US37900 dollars per available day. This is in part thanks to our consistent strategy leading earnings purely to spot market swings. The benefit is clear when you look at the difference between the spot rate excluding FFA, which is sixteen hundred days this quarter and spot rate including FFA, which is $35,400 per day as shown in the slide here. In Q4, the time charter portfolio was 38% of the total shipping exposure, supporting the earning when the spot market softened.

Speaker 3

For Q1 twenty twenty five, we have fixed 91% of the available feed days at about $36,000 a day. Looking ahead, our time charter out fleet is estimated to generate a profit of around US22 million dollars over our time charter in fleet with the balance of our fixed time charter out portfolio estimated to bring additional $137,000,000 for 2021. Next slide please. On Product Services side, the business achieved a gross profit of US50 million dollars which included a remarkable realized profit of US59 million dollars which represents the money in the bank from our successful trading activities. The unrealized cargo and paper position has seen some notable mark to market changes this quarter, total of US44 million dollars After accounting for G and A, tax, etcetera, Product Services closed off the quarter with a net profit of US3.4 million dollars As we mentioned in previous quarters, the large sum of mark to market value is due to the gradual phase in of our multiple year term contract.

Speaker 3

While the amount is significant, it is only a delta reflected on the balance sheet date and will continue to fluctuate before the positions are realized. As of the end twenty twenty four, Product Services book equity reported US130 million dollars As usual, we would like to highlight that the reported book equity does not include the unrealized fiscal shipping position of $14,000,000 which was based on our internal valuation. In Q4, our average value at risk was US7 million dollars reflecting a well balanced trading book including cargos, shipping and derivatives even with the increased volume from the mentioned term contract. Coming to the financial highlights. The company reported a net profit after tax of $40,000,000 in Q4, including a profit of $17,000,000 from BW LPG India and $3,000,000 from Product Services.

Speaker 3

Profit attributable to equity holders of the company was $31,000,000 for the quarter, which translates to an earning per share of $0.22 per share and an annualized earning yield of 8% when calculated on our year end share price. The Q4 dividend concluded 2024 with a total dividend of $2.42 per share. We recorded a net leverage ratio of 33% in Q4, an increase from 12% in Q3. This increase was mainly driven by the additional borrowings used to finance the Avance Gas fleet. With the last vessel delivered on thirty one December, a perfect conclusion for the eventful year.

Speaker 3

Compared with the previous quarter, we increased borrowings by RMB628 million, including drawdowns from our revolving credit facilities, shareholder bridge loan and transfer of Chinese leasing. For Q4, the Board declared a dividend of $0.42 per share, which consists of a 75% paydown of our shipping profits topped off by $0.28 dividend from Product Services. The dividend showcases the function of Product Services to stabilize and enhance the returns to the shareholders when the shipping market softens. He also speaks to our strategy execution ability and our ongoing commitment to return value to shareholders. As the Q4 ends, the balance sheet reported a shareholder equity of US1.9 billion dollars The annualized return on equity and capital employed for Q4 were 97% respectively.

Speaker 3

Our 2024 OpEx concluded at $8,300 per day, a marginal reduction than last quarter reported. For 2025, we expect that the operating cash breakeven for our own fleet to be about $19,800 and for the whole fleet including Tantra vessels to be $22,200 The all in cash breakeven is estimated to be $25,600 driven primarily by drydock program in 2025 and increased interest cost. On the liquidity side, we ended 2024 with a healthy position of $6.00 $3,000,000 post completion of the Advanced Gas fleet delivery, supported by DKK $232,000,000 in cash and D371 million in undrawn revolver facilities. The repayment profile, as you can see here, is healthy and sustainable. We plan to refinance a few facilities starting from this year to achieve a more efficient leverage.

Speaker 3

The refinancing is not expected to further increase the current leverage ratio. On the Product Services side, Trade Finance utilization stood on a moderate level of $168,000,000 or 21 percent of our available credit line, giving sufficient room for future trading needs. With that, I would like to conclude my updates. And back to you, Aline.

Operator

Thank you, Samantha. We would now like to open the call for your Should you have questions, please type them into the Q and A channel. You can also click the raise hand button to ask your question verbally. Please note that participants have been muted automatically, We have Charles here raising his hand. Please proceed.

Speaker 4

Hi. Thank you very much. Watching the financing process

Speaker 5

that you have used during the addition of new ships, Could you explain to me and to us that your strategy where you're using the ship, the issuance of stock for the ship as a financing method and also connect that with your rationale of paying out more dividends than you are actually earning for that particular period? That's it. Thank you.

Speaker 1

Thanks, Charles, for your question. If I understood it, I can hear you that well, you broke up a little bit. But with regards to the share issuance, we issued shares back last year in connection with the Avansgas transaction when the share price was trading closer to our NIV. So they were issued in a way which were regarded as accretive to the shareholders at the time. And we could use the share as a currency.

Speaker 1

There was a second question. I didn't really capture it. If you could please repeat.

Speaker 5

Of course. My second question is, what is your thinking and strategy in paying out dividends that are in excess of earnings? Is this a share stabilization strategy? And is this something that maybe is temporary?

Speaker 1

So this is a temporary thing because we are paying out dividends from the product services result of 2024. If you look at how the dividend is constructed, it's 75% of the shipping impact and then topped up with dividends that we are paid out from product services. So we're not really paying out more than we earn in such case.

Speaker 5

Okay, that's great. Thank you very much. That concludes my questions.

Operator

Thank you. We have John Dickson. Please unmute yourself and proceed.

Speaker 6

Hello, Christian, Samantha. Christian, my question is really related to the potential tariffs that The United States is leveraging against China. Do you have any idea of how that type of situation would impact the trade between The United States and China as it relates to LPG?

Speaker 1

That's a great question, which is not so easy to answer. I don't really want to speculate because when it comes to the tariffs on LPG, there are no such tariffs at the moment. And of course, we're monitoring the developments closely, like I said, both on the regulatory and the commercial side. And when we have facts on the table, we will, of course, evaluate and take measures if necessary to position a company in an optimal way by using our size and also the commercial platform, which gives us significant flexibility to position the fleet and the portfolio in the most optimal way depending on the prevailing market conditions and circumstances. But it's very hard for me to speculate on anything at the current moment and we need to what we're doing, we're acting on facts when we have them in front of us at the table.

Speaker 6

I understand. Also, my second question is kind of related to Charles' question. When I'm looking at your shares, they're actually trading at least in The U. S. Market at a discount to your last ten years of net income.

Speaker 6

As you're paying down the debt, obviously, the other 25% of your earnings, you can either use that to pay down debt, cover operating expenses or give out dividends. But my question is, are you guys looking at any type of share buyback with your shares trading at such a reasonable level?

Speaker 1

So if you look back, was it last year, we reactivated our share buyback program the last time and we do have a mandate to reactivate share buyback program as well. So this is something we consider when we believe the time is right. We may do so also in the future. So we have done so in the past.

Speaker 6

Great. Thank you, Christian. That's all my questions.

Operator

Thank you. Anyone else who would like to verbally ask a question? Yes, we have Boris Soblovich. Please proceed.

Speaker 2

Hi, thank you. My question relates to the increased debt ratio. What is your strategy as far as reducing the ratio? Maybe you're going to keep it the same way. And how is that going to affect your dividend payout?

Speaker 3

Maybe just to share a little bit of a history is that we, through the past, I would say, 2023 and 2024, because of the good earning, we have had opportunity to pay down that to the extent that there was one quarter reported leverage ratio of 12%. And I think that is an extreme situation where the equity holder will probably render that it's not a very effective, how to say, leverage level. So through the Advanced Gas of Fleet acquisition, now Now the leverage ratio is just slightly above 30%. And we believe we are at a healthy level and throughout the time and the cash flow from operations will gradually pay down the debt and equally paid out to the shareholder as well via dividend, provided that there is no other opportunities in the market. I'm happy to say that we have a very healthy liquidity right now as we have shown in our liquidity slides.

Speaker 3

And the further refinancing is not going to further increase our leverage ratio. It's only to refinance the existing facilities.

Speaker 2

And just to follow-up on that, are you seeking to pay out 100% of the earnings over a longer term? Or are you looking to use some of the earnings to reduce leverage?

Speaker 3

Well, I think that really depends. I think that, well, it's our responsibility to reduce the leverage. So it will be equally Hapsee considers to pay down our debt as well as given back to our shareholders. If you look at the history for 'twenty three and 'twenty four, we have been both able to return a good dividend close to mid-ninety percent for the past two years to the shareholders as well as significantly pay down the debt.

Speaker 2

Okay. Thank you very much.

Operator

Next, we have Harry Whitford. Harry, we can't hear you yet. I've noticed that you've unmuted yourself, but we cannot hear you. So maybe let's proceed with Axo Sturman. And please, Harry, come back if you can afterwards.

Operator

Please, Axel, if you want to go first.

Speaker 4

Yes. Thanks. Just a question. You commented on potential tariffs, Christian, but the latest now move from The U. S.

Speaker 4

Regarding Chinese built vessels. Of course, that proposal from the trade representative is out on a hearing waiting for reactions until March 24. But during the Avance transaction, you acquired eight Chinese built ships and you have, as far as I know, no other Chinese built ships except from three ships you have in the pool, which you likely could redeliver or negotiate out of the pool if this new proposal is being realized with the fees trading on U. S. Ports.

Speaker 4

Since The U. S. Has nearly 50% of the global LPG trade, this is, of course, very important. I'm just wondering if you if this materializes, what is your plan regarding the Chinese built vessels?

Speaker 1

Thanks, Axel. Yes, like I said, it's hard for us to speculate on anything and we will, of course, evaluate and take the necessary measures if necessary if this is imposed. And if you look at our commercial platform, which I alluded to also in the presentation, we have ways to employ our vessels outside of The U. S. Market if necessary.

Speaker 1

So we will come back with how we plan to deploy these ships if it's something which becomes necessary. So I think apart from that, it's not easy for me at this point in time to be more specific. But I'm sure we will be able to navigate through challenging waters, thanks to our size and commercial platform.

Speaker 4

Thank you, Christ. Just a follow-up. I mean, obviously, it's possible to trade the Chinese boat ships from The Middle East, for example, but these potential fees also apply if you own Chinese built vessels, not only calling U. S. Ports, but if you just own Chinese built ships.

Speaker 4

But is this something you can comment on now or?

Speaker 1

As you said, the legislative proposal is out for on public hearings. So it's something which is difficult for us to comment on. If you look at the size of the world fleet, which is built in China regardless of shipping segments, I think as a general comment, it will have very disruptive implications on the whole shipping market. So I don't think if you look at the market today, trading houses, shipping companies, oil and energy majors all have Chinese built vessels in their fleets. So with that in mind, let's see exactly what comes out of the public hearing.

Speaker 4

Just a final question through the P and L on the charter hire expenses. You booked approximately $1,200,000 profit. Can you comment on this? How did that actually happen?

Speaker 1

Samantha?

Speaker 3

Yes. Can you please add the specific Absa, where you

Speaker 4

As a chart for higher expenses, which this for this quarter, actually you booked a profit of $1,173,000 So I'm just wondering how did that what happened there? How did you end up with a net positive charter AIG expense? Yes.

Speaker 3

Let me think. That is pertaining to one of the vessels of higher, which is our higher income as a boat.

Speaker 4

Boat. Okay. Thank you very much, Samantha. That's all from me.

Operator

Thank you. Thank you. Hari with Ford, if you would like to try again to unmute yourself, please. So in the chat, we have Tushar Tsada asking, do you expect the asset price to soften in coming years due to increase in vessel supply? If yes, do you have any plans to further expand your fleet?

Speaker 1

So we do not see any signs of asset prices softening neither on the newbuilding prices nor on the secondhand values. They're all holding up also for forward deliveries. So and we are happy with the fleet we currently have and don't have any plans to expand any further at this point in time.

Operator

Thank you, Christian. We have another question in the chat related to the previous one on ships built in China from Joe Mars. Can you discuss the cost of new ships? Also how much of fleet is built in China? And what would the impact be of charges on Chinese built ships like charges by The U.

Operator

S?

Speaker 1

Yes. So this is partly the same question which I replied to earlier. If you look at the fleet today, just to start with that one, it's 15% of about 400 ships on the water today, which are built in China. So it's not such a big part of the fleet. Most is built in Korea and about 25% is built in Japan.

Speaker 1

If you look at the ordering and the order book, it's we count about 24 ships being on order in China at the moment, out of the total close to 100 ships. So it's not a big share as such, but it's obviously a substantial part of the newbuilding order book. When it comes to the impact on charges on Chinese steel chips like discussed also with Axel Stearman, the likely scenario then is that you end up trading the ships elsewhere and fewer vessels are available for trade on The U. S.

Operator

Thank you. We have one more question in the chat from William Squamaggi. What were the most recent challenges to motivate the team?

Speaker 1

Wow, fantastic question. To motivate the team, it's we have done quite a lot over the last years in our company. So I would say that just by the share activity level in BW LPG over the last couple of years, we have a very motivated team in general. So I don't think there are any specific challenges I should list, which have kind of taken down the motivation of the team. But Samantha, I also need you to reply on this.

Speaker 3

I think it has been a remarkable two years and especially the past year from also from market, but most importantly as a company, the milestones that we have across including U. S. Listing as well as the acquisition of the 12 vessels. It's landmark and milestone, so I think, for what I know, the company is very energized for this decision's accomplishment that we have made. So, I think the team is in high morale at the moment.

Operator

Thank you, Samantha and Christian. Back to a verbally asked question or raised hand from Desmond. Please unmute yourself, Desmond.

Speaker 7

Hi, good morning, Christian. I just had a quick question. Regarding that Avance Gas is now a major shareholder of BW LPG, do you anticipate any of their governance team taking a more active role in the company? Or is it more a more passive kind of sake?

Speaker 1

Yes. So the fact is that AvanxGas has actually dividended out all their BW LPG shares to their shareholders. So AvanxGas only holds a tiny portion left in BW LPG. And when it comes to the new shareholders that we have, which of course are very happy with and welcoming, there are no such

Operator

plans. Thank you. We have another question in the chat from Tron. Can you provide some information on upcoming CapEx in Q1 and FY 'twenty five?

Speaker 1

Samantha, will you say it's drydockings and so on? Maybe you can

Speaker 5

get some more

Speaker 1

forward to it?

Speaker 3

Yes. So I think on the CapEx primarily reflected in 2025, it's also reflected as part of the cash breakeven is primarily contributed by our client's drydoping program. If I do not remember wrongly, it's I should speak when I have the detailed number in front of me. It's approximately $4,000 per day for the CapEx projects. That's on average for 2025.

Speaker 3

Hopefully, that gives you a little bit of a color.

Operator

We have Harry again raising his hand. Do you want to try again, Harry? Unmute yourself. Harry? No, can't hear you.

Operator

I'm sorry. Anyone else who would like to ask a question? We have Mikhail Ekual. We can't hear you right now. No.

Operator

Then we have Charles up again, please.

Speaker 5

Christian, can you comment on what you see is the global perception problem with the shipping industry in general. So, we all see that the price to earnings multiples for shipping on a global basis is both extremely low and seems to be lately perpetually decreasing. Is there a public persona that perhaps this is going to be the subject of some sort of either global war, sabotage or terrorism? What do you think is the global perception that is causing these incredibly low PEs? And do you see any hope on the horizon that they will be viewed with a lesser risk factor?

Speaker 5

That's it.

Speaker 1

Thanks. That's a very interesting question actually. I think the main reason for it is the volatility in earnings over the cycles. So it's typically shares that you would like to hold when the expected earnings are on the rise. And then due to the nature of the shipping industry and the various shipping segments, this is very much a volatile market that most of us operate in.

Speaker 1

Having said that, that's also one of the reasons why we in our business will maintain a relatively high portion of our fleet in the time charter market to smoothen out this volatility as well as if you look at our strategy over the last years, we are spreading out our wings and moving into adjacent parts of the value chain so that we can take out some of the volatility on the shipping earnings at the same time as we participate in value creation in other parts of the LPG value chain, like for instance now with product services as reflected in the dividend for Q4. And of course, at the moment, with increased geopolitical risks and the questions you have about global trade patterns and trade in general, shipping is in many ways exposed to that because what's typically was good for trade is good for shipping in general and vice versa. So I think the industry is suffering a bit under the current geopolitical landscape and the circumstances.

Speaker 5

Thank you very much.

Operator

Sean Dickson up next.

Speaker 6

Christian, Samantha, I just had one other question. I believe it was a year or so ago, maybe one point five years, BW announced a joint venture in India with a port over there for distribution. And I know you're talking about the other aspects of the value chain. Can you just give us a follow-up on how that joint venture is proceeding along?

Speaker 1

Thanks, John. Yes, so I think we next quarter can have some more to inform on when it comes to the terminal. We are currently in a phase where we're putting all the last parts of the puzzle together to start the construction of the terminal. So hopefully next quarter, we will be able to give a more, let's say, detailed update on the progress there. But it's moving forward in according to the plans we had and it's going to be an exciting new part of our business when it's up and running in two, three years' time as we plan for now.

Speaker 1

So the India market is obviously on the back of that becoming even more important for us, but we do believe and see that the India LPG market is increasing. It's great prospects for the future growth in India, and we are happy to participate in that both on the shipping, sourcing of LPG and also eventually on the terminal side. So hopefully, we expect to update our investors more in detail by next quarter.

Speaker 6

Sounds great, Christian. Thank you for the update.

Operator

Mikael Ekwall, you want to try again to unmute yourself, please?

Speaker 1

Let's try again. There is

Speaker 3

a problem right now. Go ahead, please.

Speaker 1

I was just curious, is there a proposed date for payment of the dividend?

Speaker 3

The proposed date for payment of dividends?

Speaker 1

Yes.

Speaker 3

Well, the proposed date of the payment of dividends a little bit depending on which market you hold your share, Mikael. So first of all is that I believe we were going to pay that out in actually, it's a best that if I refer to the press release, just it went out a day ago. Yes, so the payment of dividend, I didn't want to defeat you with the wrong answer. So the dividend payout if you held the share in Oslo Stock Exchange, it will be March 24 plus minus and if you hold your share in the New York Stock Exchange, it will be around March 19 for this quarter. Okay.

Speaker 3

Thank you very much. You're welcome.

Operator

Harry Whitford, do you want to try again? Unfortunately, we still can't hear you. Still not, unfortunately. Anyone else who has another question? If not, then let's proceed, and I will hand back to Christian for some closing remarks.

Speaker 1

Yes. Thank you, Alina. I think that by then, we are coming to the end of this presentation. I'd like to thank everyone dialing in and listening to us and look forward to seeing you again in the next quarter. Thanks, everyone.

Operator

Thank you very much. That concludes BW LPG's fourth quarter twenty twenty four financial results presentation. The call transcript and the recording will be available on our website shortly. So thank you all for dialing in, and we wish you a good rest of your day.

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