BW LPG share price started at NOK 38.64 and ended the year at NOK 26.09, down by 32.5% for the year. In March 2018, pursuant to the Company’s share buy-back programme, a total of 2,122,000 shares was purchased at an average price of NOK 35.96 per share for an aggregate consideration of NOK 76.40 million. In April 2018 BW LPG shares traded down to NOK 28.02 due to weakness in the freight market with the Baltic VLGC benchmark index reaching its bottom at TCE rate of US$5,088/day for the year. At the end of May, BW LPG launched its proposal to combine with Dorian, and later in June, the share price recovered to NOK 36.99. In early July, BW LPG increased its offer to Dorian shareholders and share price stayed relatively stable until end of August. BW LPG withdrew its offer to Dorian in early October and share price remained stable before reaching a high in October at NOK 39.89. Due to deteriorating macro-economic outlook, the oil price and freight rate fell sharply from November and through December, causing a sell down in the stock market and sharp declines in the share price of BW LPG and its peers.
Note: Share price not adjusted for dividends, buybacks or share issuance.
Source: BW LPG Analysis
Source: Bloomberg, BW LPG Analysis
The Company remains committed to its dividend policy of 50% of profits. However, with the dampening freight market and loss incurred, the Board has recommended that no dividend be paid for 2018.
|Dividend per share
|Share Price at
period End (US$)
Earnings Yield 1 (%)
Yield 2 (%)
1 Annualised Earnings yield=((Earnings per share)×2) / (Share Price
at Period End)
2 Annualised Dividend yield=((Dividends per share)×2) / (Share Price at Period End)
Since listing in 2013, we have paid out dividends of NOK 27.15 (US$ 3.61) per share with an accumulated dividend yield of 58% on the IPO price of NOK 47 per share (US$ 7.72).
Source: BW LPG Analysis. Accumulated dividend yield calculated based on NOK
Respect the principle of equal treatment of all market players to ensure fair pricing of BW LPG’s shares
Maintain an open and continuous dialogue with existing and potential shareholders, stakeholders and the public
Aim for a high degree of openness and communicate information in compliance with the disclosure requirements of the Oslo Stock Exchange
Communicate about our business performance and developments with all our investors and analysts via:
Maintain a Primary Insider Register with any changes to primary insiders’ shareholdings published on the Oslo Stock Exchange’s internet news platform and on our website
BW LPG has a total of 3,940 shareholders at 31 December 2018. Of the total shareholders, the 20 largest shareholders (including the BW Group), held 80.3% of the shares outstanding.
|Top 20 BW LPG Shareholders||Shares||%Ownership|
|BW Group||66,458,211 1||46.82%|
|Columbia Management Investment Advisers||7,193,312||5.07%|
|Handelsbanken Asset Management||3,127,066||2.20%|
|Dimensional Fund Advisors||2,819,593||1.99%|
|SIX SIS (Custodian)||2,132,069||1.50%|
|Nordea Asset Management||1,606,742||1.13%|
|Mr Peter C G Sundt||1,600,000||1.13%|
|JP Morgan Securities (Custodian)||993,436||0.70%|
|DNB Asset Management||973,434||0.69%|
|Transpetrol Shipping Limited||926,990||0.65%|
|Stavern Helse Og Forvaltning AS||910,000||0.64%|
|Storebrand Asset Management||792,339||0.56%|
|CQS Asset Management||722,122||0.51%|
Source: RD:IR Shareholder Analysis dated 1 Jan 2019
1 In aggregate BW Group Limited holds 66,774,611 shares. The balance of shares disclosed above, 66,458,211 is distributed among nominee accounts.
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