# BW LPG financial performance and fleet expansion

> Live situation record from CLSTR: https://clstr.news/situations/bw-lpg-financial-performance-and-fleet-expansion
> Updated: 2026-09-01T18:34:00.000Z. Sources: 4. Developments: 2.

BW LPG reported a significant increase in second-quarter 2026 profit, reaching $137.9 million compared to $43.4 million in the same period the previous year. This growth was driven by an 80% year-on-year rise in shipping time charter equivalent income, supported by high spot earnings. However, the company missed earnings per share expectations due to unfavorable unrealized mark-to-market movements in its product services segment.

Following these results, the company announced a cash dividend of $0.95 per share and moved to monetize its fleet through the sale of several vessels. To support future growth, BW LPG launched a $300 million convertible bond offering. The proceeds from this offering are intended to partially finance a newbuild program for eight Panamax Very Large Gas Carriers (VLGCs) with Hyundai Heavy Industries, alongside general corporate purposes.

## Timeline

### 2026-09-01: BW LPG launches USD 300 million convertible bond offering

BW LPG is launching a USD 300 million convertible bond offering maturing in 2031 to fund the construction of eight Panamax VLGCs with Hyundai Heavy Industries.

2 sources. https://clstr.news/cluster/bw-lpg-launches-usd-300-million-convertible-bond-offering

### 2026-08-28: BW LPG reports increased Q2 2026 profit amid higher shipping earnings

BW LPG reported a Q2 2026 profit of $137.9 million, driven by high shipping rates, though EPS missed analyst estimates due to mark-to-market losses in its product services segment.

2 sources. https://clstr.news/cluster/bw-lpg-reports-increased-q2-2026-profit-amid-higher-shipping-earnings

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Cite as: BW LPG financial performance and fleet expansion. CLSTR, https://clstr.news/situations/bw-lpg-financial-performance-and-fleet-expansion