# BW LPG

Summary updated: 2026-10-02T13:47:48.270771Z
Canonical: https://finbar.com/research/companies/bw-lpg

## Overview

BW LPG is a global LPG shipping company focused on owning and operating very large gas carriers (VLGCs), alongside Product Services, which purchases LPG and delivers it to customers at their point of consumption. The company describes its purpose as “Delivering energy for a better world” and cites more than 50 years of experience in LPG shipping. [1](https://app.finbar.com/go?id=P148714478)[2](https://app.finbar.com/go?id=P148714512)[3](https://www.bwlpg.com/about/purpose-vision-and-values/) At 31 March 2026, it controlled 49 VLGCs, including eight operated by BW LPG India, and describes its shipping services as serving markets worldwide. [4](https://app.finbar.com/go?id=P123640982)[5](https://www.bwlpg.com/about/our-business/)

For FY2025, BW LPG reported Shipping TCE income of US$709.0 million and Product Services revenue of US$2,566.4 million; these are distinct segment measures. [6](https://app.finbar.com/go?id=P148714724)[7](https://app.finbar.com/go?id=P148714813) Its FY2025 reporting listed 1,318 crew and 126 onshore staff. [8](https://app.finbar.com/go?id=P37993018)[9](https://app.finbar.com/go?id=T4512288)
[1](https://app.finbar.com/go?id=P148714478)[2](https://app.finbar.com/go?id=P148714512)[3](https://www.bwlpg.com/about/purpose-vision-and-values/)[4](https://app.finbar.com/go?id=P123640982)[5](https://www.bwlpg.com/about/our-business/)[6](https://app.finbar.com/go?id=P148714724)[7](https://app.finbar.com/go?id=P148714813)[8](https://app.finbar.com/go?id=P37993018)[9](https://app.finbar.com/go?id=T4512288)[3](https://www.bwlpg.com/about/purpose-vision-and-values/)[5](https://www.bwlpg.com/about/our-business/)

## Products & services

BW LPG’s Product Services business purchases liquefied petroleum gas (LPG) and delivers it to customers’ final consumption points, allowing customers to avoid separately arranging FOB purchases, vessel charters and shipping. It offers tailored pricing, including petrochemical pricing indexed to naphtha and delivery-timed pricing, typically around 35 days after loading for Asian customers. [2](https://app.finbar.com/go?id=P148714512)[10](https://app.finbar.com/go?id=P148714574)

The company also provides LPG shipping through spot voyages and time charters. In 2025, 69.3% of LPG-shipping revenue was at spot-market prices and 30.7% came from time charters. [11](https://app.finbar.com/go?id=P148714737)[12](https://app.finbar.com/go?id=P148714056) Its fleet includes VLGCs with capacities ranging from approximately 83,000 to 91,344 CBM; 22 LPG vessels had dual-fuel propulsion as of 31 December 2025. [13](https://app.finbar.com/go?id=T17067809)[1](https://app.finbar.com/go?id=P148714478) Eight Panamax newbuilds of 90,000 CBM each are specified with shaft generators and LPG dual-fuel engines, and are designed to carry LPG with an option to upgrade for ammonia. [14](https://app.finbar.com/go?id=T14204103)

In Q1 2026, Product Services reported revenue of US$584.5 million and segment gross profit of US$126.8 million. [15](https://app.finbar.com/go?id=T14204095)
[2](https://app.finbar.com/go?id=P148714512)[10](https://app.finbar.com/go?id=P148714574)[11](https://app.finbar.com/go?id=P148714737)[12](https://app.finbar.com/go?id=P148714056)[13](https://app.finbar.com/go?id=T17067809)[1](https://app.finbar.com/go?id=P148714478)[14](https://app.finbar.com/go?id=T14204103)[15](https://app.finbar.com/go?id=T14204095)[15](https://app.finbar.com/go?id=T14204095)

## Geographic presence

BW LPG has a significant operating presence in India through BW LPG India, whose vessels carry LPG within Indian waters. In 2025, BW LPG India accounted for just under 20% of India’s LPG imports. [16](https://app.finbar.com/go?id=P148714427)[17](https://app.finbar.com/go?id=P148714503) The company’s market disclosures also refer to Middle East–Japan, US–Far East and Middle East–Far East routes, while identifying the Far East, India and Southeast Asia as important LPG import markets. These are market and route references, not a breakdown of BW LPG’s own revenue or vessel deployment by region. [12](https://app.finbar.com/go?id=P148714056)[18](https://app.finbar.com/go?id=P148714456)[19](https://app.finbar.com/go?id=P123641224)

BW LPG lists offices in Singapore, Oslo, Madrid, Dubai and Houston. [20](https://www.bwlpg.com/contact/) Its FY2025 reporting does not provide a country- or region-level revenue breakdown. [21](https://app.finbar.com/go?id=D357786)
[16](https://app.finbar.com/go?id=P148714427)[17](https://app.finbar.com/go?id=P148714503)[12](https://app.finbar.com/go?id=P148714056)[18](https://app.finbar.com/go?id=P148714456)[19](https://app.finbar.com/go?id=P123641224)[21](https://app.finbar.com/go?id=D357786)[20](https://www.bwlpg.com/contact/)

## Business segments

BW LPG reports two business segments: **Shipping**, which owns and operates vessels transporting LPG by sea, and **Product Services**, which purchases LPG and delivers it to customers at their point of consumption. [1](https://app.finbar.com/go?id=P148714478)[10](https://app.finbar.com/go?id=P148714574)

In FY2025, reported segment revenue was US$1,015.7 million for Shipping and US$2,566.4 million for Product Services—approximately 28% and 72% of their combined revenue, respectively. [22](https://app.finbar.com/go?id=T17067886) Segment results were US$709.0 million for Shipping and US$15.9 million for Product Services, or approximately 98% and 2% of combined segment results. These result measures use different bases—TCE income for Shipping and gross profit for Product Services—so the percentages are not a like-for-like net-profit split. [23](https://app.finbar.com/go?id=T17067989)
[1](https://app.finbar.com/go?id=P148714478)[10](https://app.finbar.com/go?id=P148714574)[22](https://app.finbar.com/go?id=T17067886)[23](https://app.finbar.com/go?id=T17067989)

## Company history

BW LPG’s corporate heritage traces to World-Wide Shipping, founded in Singapore in 1955; its LPG shipping operations began in 1978. [24](https://www.bwlpg.com/about/our-history/)[25](https://app.finbar.com/go?id=P137055417) World-Wide Shipping acquired Bergesen in 2003, a significant step in the group’s expansion. [24](https://www.bwlpg.com/about/our-history/)

In 2013, BW LPG acquired a 10-vessel very large gas carrier (VLGC) fleet from Maersk Tankers and listed on the Oslo Stock Exchange. [25](https://app.finbar.com/go?id=P137055417) It expanded further in 2016 by acquiring Aurora LPG. [25](https://app.finbar.com/go?id=P137055417)[16](https://app.finbar.com/go?id=P148714427)

In 2020, BW LPG retrofitted a VLGC to run on LPG fuel, which the company identified as a world-first for the vessel type. [1](https://app.finbar.com/go?id=P148714478)[26](https://www.bwlpg.com/worlds-first-very-large-gas-carrier-achieves-historic-milestone-successfully-runs-on-liquefied-petroleum-gas-fuel/) In 2024, it completed the acquisition of 12 VLGCs from Avance Gas, with the final vessel delivered on 31 December. [27](https://www.bwlpg.com/bw-lpg-acquires-12-very-large-gas-carriers-from-avance-gas/)[28](https://www.bwlpg.com/bw-lpg-limited-acquisition-of-12-vlgcs-from-avance-gas-successfully-completed-with-delivery-of-final-vessel-bw-avior/)[29](https://app.finbar.com/go?id=P148714802)
[25](https://app.finbar.com/go?id=P137055417)[16](https://app.finbar.com/go?id=P148714427)[1](https://app.finbar.com/go?id=P148714478)[29](https://app.finbar.com/go?id=P148714802)[24](https://www.bwlpg.com/about/our-history/)[26](https://www.bwlpg.com/worlds-first-very-large-gas-carrier-achieves-historic-milestone-successfully-runs-on-liquefied-petroleum-gas-fuel/)[27](https://www.bwlpg.com/bw-lpg-acquires-12-very-large-gas-carriers-from-avance-gas/)[28](https://www.bwlpg.com/bw-lpg-limited-acquisition-of-12-vlgcs-from-avance-gas-successfully-completed-with-delivery-of-final-vessel-bw-avior/)

## Sources

1. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714478)
2. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714512)
3. [www.bwlpg.com](https://www.bwlpg.com/about/purpose-vision-and-values/)
4. [BW LPG — Partial financial report (2026 Q 1), p6](https://app.finbar.com/go?id=P123640982)
5. [www.bwlpg.com](https://www.bwlpg.com/about/our-business/)
6. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714724)
7. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714813)
8. [BW LPG — Full financial report (2025 Y), p67](https://app.finbar.com/go?id=P37993018)
9. [BW LPG — Full financial report (2025 Y), p67](https://app.finbar.com/go?id=T4512288)
10. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714574)
11. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714737)
12. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714056)
13. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17067809)
14. [BW LPG — Presentation (2026 Q 1), p5](https://app.finbar.com/go?id=T14204103)
15. [BW LPG — Partial financial report (2026 Q 1), p13](https://app.finbar.com/go?id=T14204095)
16. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714427)
17. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714503)
18. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714456)
19. [BW LPG — Presentation (2026 Q 1), p8](https://app.finbar.com/go?id=P123641224)
20. [www.bwlpg.com](https://www.bwlpg.com/contact/)
21. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=D357786)
22. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17067886)
23. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17067989)
24. [www.bwlpg.com](https://www.bwlpg.com/about/our-history/)
25. [BW LPG — Full financial report (2016 Y), p5](https://app.finbar.com/go?id=P137055417)
26. [www.bwlpg.com](https://www.bwlpg.com/worlds-first-very-large-gas-carrier-achieves-historic-milestone-successfully-runs-on-liquefied-petroleum-gas-fuel/)
27. [www.bwlpg.com](https://www.bwlpg.com/bw-lpg-acquires-12-very-large-gas-carriers-from-avance-gas/)
28. [www.bwlpg.com](https://www.bwlpg.com/bw-lpg-limited-acquisition-of-12-vlgcs-from-avance-gas-successfully-completed-with-delivery-of-final-vessel-bw-avior/)
29. [BW LPG — Full financial report (2025 Y)](https://app.finbar.com/go?id=P148714802)

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