[Management View]
Key metrics: TCE income of $38,800 per available day and $37,300 per calendar day, both above prior guidance. Profit after tax of $35 million, EPS of $0.23, and a dividend of $0.22 per share. Product Services segment profit after tax of $6 million.
Strategic priorities: Focus on fleet management, securing new financing, and managing drydocking schedules to optimize operational days.

[Outlook]
Performance guidance: Q3 2025 guidance of approximately $53,000 per day fixed for 90% of available days.
Future plans: Continued focus on fleet renewal, managing drydocking schedules, and leveraging market conditions to optimize earnings.

[Financial Performance]
YoY/QoQ trends: TCE income and profit after tax exceeded prior guidance. Net leverage ratio decreased to 31% from 33% at the end of last year. Operating expenses were $9,000 per day in Q2 2025.

[Q&A Highlights]
Question 1: Can you provide figures regarding the capacity of the VLGC fleet today and the expected 111 vessels going forward? Is fleet growth a concern, and how will you mitigate the impact?
Answer: The VLGC fleet is relatively standardized, with capacities ranging from 88,000 to 93,000 cubic meters. Fleet growth in 2027-2028 is not a major concern due to expected increases in LPG volumes from the U.S. and Middle East. The time charter portfolio, currently above 30%, may grow towards 40% to protect against downside risks.

Question 2: How does Panama's decision not to register ships above fifteen years impact the global fleet and BW LPG's business?
Answer: If Panama does not register ships above fifteen years, more ships may need to sail around South Africa, impacting the global fleet. However, there are other registers available, so it is not expected to have a significant commercial impact on BW LPG's business.

Question 3: Do you have purchase options on any of your remaining time charter in vessels?
Answer: There is one purchase option on a ship later in the decade, but no immediate purchase options.

Question 4: Q3 guidance seems disappointing relative to recent market trends. Can you explain the numbers?
Answer: The time charter portfolio, which protected downside in Q2, affects Q3 guidance. Dry dockings and positioning effects also impact the numbers. Detailed breakdowns will be provided in the next quarter.

Question 5: How many vessels are expected to go through drydocking each quarter, and have you seen any congestion?
Answer: Another six to seven ships are expected to go through drydocking for the remainder of the year. No congestion has been observed.

Question 6: Is the congestion in the Panama Canal impacting the market, and do you expect it to continue?
Answer: The Panama Canal congestion is mainly due to increased container ship traffic and ethane carriers. It is expected to continue impacting the market.

Question 7: How do you view the current freight market for VLGCs, and are spot rates of $70,000 per day sustainable?
Answer: Spot rates of $70,000 per day are currently sustainable, but there is always downside risk. The Panama Canal congestion plays a vital role in driving rates.

[Sentiment Analysis]
Tone of analysts: Inquisitive and focused on understanding fleet management and market impacts.
Tone of management: Confident and strategic, emphasizing robust market fundamentals and proactive measures to manage fleet and financials.

[Quarterly Comparison]
| Metric | Q2 2025 | Q1 2025 | Q2 2024 |
|-------------------------------|---------------|---------------|---------------|
| TCE Income (per available day)| $38,800 | $37,300 | $35,000 |
| Profit After Tax | $35 million | $30 million | $28 million |
| EPS | $0.23 | $0.20 | $0.18 |
| Dividend per Share | $0.22 | $0.20 | $0.18 |
| Net Leverage Ratio | 31% | 32% | 33% |
| Operating Expenses (per day) | $9,000 | $8,800 | $8,500 |

[Risks and Concerns]
- Potential downside risk in spot rates if market dynamics shift.
- Impact of Panama Canal congestion on fleet routing and operational efficiency.
- Variability in earnings due to unrealized gains and losses in Product Services.

[Final Takeaway]
BW LPG reported strong financial performance in Q2 2025, with TCE income and profit after tax exceeding prior guidance. The company is strategically managing its fleet and drydocking schedules to optimize operational days and leverage market conditions. While there are potential risks related to spot rates and Panama Canal congestion, management remains confident in the robust market fundamentals and proactive measures in place. Investors should monitor fleet growth, market dynamics, and the impact of geopolitical events on trade flows.