[Management View]
BW LPG reported a net profit attributable to equity holders of $46 million, or $0.30 per share, with a strong TCE performance above prior guidance. The company declared a dividend of $0.28 per share, representing a 75% payout ratio. Strategic priorities included enhancing the balance sheet through new financing and maintaining substantial liquidity.

[Outlook]
The company provided guidance for Q2 2025, with 79% of available fleet days fixed at approximately $35,000 per day. Future plans include focusing on core shipping and trading activities, with a strategic pivot away from the Mumbai LPG terminal project due to geopolitical risks.

[Financial Performance]
BW LPG's Q1 2025 performance exceeded expectations, with TCE per available day at $39,800 and per calendar day at $38,800. The company reduced net leverage to 31% and maintained a liquidity position of $633 million. The product services segment reported a net loss after tax of $12.5 million due to a negative mark-to-market adjustment.

[Q&A Highlights]
1. Question: Why did BW LPG decide to exit the India LPG terminal project despite increasing US-India LPG volumes?
Answer: The decision was driven by the need to focus on core shipping and trading activities amid challenging market conditions and geopolitical risks. The terminal investment was modest, but the complexity and risks led to the strategic pivot.

2. Question: Is BW LPG open to continuing share buybacks if stock prices fall?
Answer: While dividends remain the primary method of returning value to shareholders, the company has a renewed share buyback program that can be activated when deemed timely by the directors.

3. Question: Does BW LPG have extension options on existing time charter contracts?
Answer: Some time charters have options on the charter side, but these are not included in the current portfolio. The company aims to increase the share of time charters in its shipping portfolio.

4. Question: How did the tariff turmoil affect operations, and is there visibility on Q2 results?
Answer: The trading portfolio shifts frequently, making it difficult to comment on specific impacts. A trading update will be provided in July.

5. Question: Is the recent VLGC spot rate strength partly due to the US-China trade truce?
Answer: The strength is attributed to strong market fundamentals, but the tariff relief has positively impacted market activity.

6. Question: Are there any one-time costs from exiting the Indian terminal investment?
Answer: There are no significant sunk costs to account for at this stage.

7. Question: Why were share buybacks limited to $2.7 million?
Answer: Regulatory limits, rapid share price recovery, and entry into a blackout period restricted the buyback program.

[Sentiment Analysis]
The tone of the management was cautiously optimistic, focusing on strategic divestments and market adaptations. Analysts showed interest in the company's strategic decisions and market positioning.

[Quarterly Comparison]
| Key Metrics | Q1 2025 | Q4 2024 |
|------------------------|---------------|---------------|
| Net Profit | $46 million | N/A |
| TCE per Available Day | $39,800 | N/A |
| Dividend per Share | $0.28 | N/A |
| Net Leverage | 31% | 32% |

[Risks and Concerns]
Key risks include geopolitical tensions affecting strategic projects, market volatility impacting trading results, and regulatory constraints on share buybacks.

[Final Takeaway]
BW LPG's Q1 2025 results reflect strong operational performance and strategic focus on core activities. The company navigated market challenges by enhancing liquidity and reducing leverage, while strategic divestments, such as exiting the Mumbai LPG terminal project, align with its focus on shipping and trading. The management remains committed to shareholder returns through dividends, with a cautious approach to share buybacks. The company's adaptability to market dynamics positions it well for future growth, despite geopolitical and market risks.