BW LPG

BW LPG has placed a senior, unsecured convertible bond of US$300 million maturing in 2031 with a fixed coupon of 2.25% p.a. The initial conversion price is US$30.4870 per share (after dividend adjustment) and the proceeds are intended to finance part of the newbuild program for eight Panamax‑VLGCs at Hyundai Heavy Industries and for general corporate purposes. At the same time, existing shares were placed to hedge certain subscribers; BW LPG received no proceeds from that share placement. » More on de.investing.com

BW LPG said closure of the Strait of Hormuz drove a 46% drop in Middle Eastern volumes and shifted LPG flows to U.S. Gulf exports, supporting ton-mile growth as vessels reroute via South Africa. Shipping TCE was $74,000/day but was reduced by $16.4m IFRS 15 and $12m FFA adjustments; Product Services recorded a $127m realized trading gain offset by a $145m unrealized mark-to-market loss. Fleet utilization stayed at 96% despite heavy dry-docking, and management continued fleet renewal with vessel sales that will net about $64m from BW Birch. Q3 guidance is ~ $88,000/day (92% of available days) with a cash breakeven of $24,900/day, and the board declared a $0.95/share dividend representing 100% of shipping NPAT. » More on finance.yahoo.com

BW LPG has confirmed the sale of the BW Levant, built in 2015; the deal will bring a net cash inflow of about USD 38 million and a net book gain of around USD 17 million. Handover to the buyer is expected by mid-November; until then the company will continue to generate revenue from the vessel. BW LPG has a low P/E of 8.65 and a dividend yield of 8.6%; the stock trades near its 52-week high and is still undervalued according to InvestingPro. » More on de.investing.com