BW LPG reports increased Q2 2026 profit amid higher shipping earnings

BW LPG reported a profit after tax of $137.9 million for the second quarter of 2026, a significant increase from the $43.4 million recorded during the same period in 2025. The company’s shipping time charter equivalent income rose 80% year-on-year to $274.9 million, driven by spot earnings averaging $85,200 per day.

Despite the rise in shipping profits, the company missed earnings per share (EPS) expectations, reporting $0.79 per share against a consensus estimate of $1.17. This discrepancy was influenced by the product services segment, which reported an after-tax loss due to $145 million in unfavorable unrealized mark-to-market movements, despite generating $127 million in realized trading gains.

In response to the quarterly results, the board declared a cash dividend of $0.95 per share. The company is also pursuing fleet monetization, having agreed to sell the vessels BW Elm and BW Birch for approximately $64 million each, and the BW Levant for approximately $38 million. Management noted that while near-term demand is supported by Panama Canal constraints and disrupted Middle Eastern exports, long-term supply risks exist due to a growing VLGC order book.