OSLO / SINGAPORE, 23 October 2023 - BW Epic Kosan Ltd. (ticker "BWEK", "BW Epic
Kosan" or the "Company") today takes the opportunity to update investors on key
financials for Q3 and Year to Date (YTD) 2023. The Company does not intend to
release its unaudited financial statements for Q3 2023 on 27 November 2023, in
line with the ongoing obligations under the Euronext Growth Markets Rule Book.
All amounts reported in US dollars unless otherwise stated.
Q3 and Year to Date 2023 highlights
- TCE Revenues $69.2 million (YTD $212.2 million)
- TCE/calendar day $13,068 (YTD $13,058)
- EBITDA of $31.9 million (YTD $99.9 million)
- EBIT of $16.6 million (YTD $50.3 million)
- Net profit of $11.8 million (YTD $35.2 million)
- Cash of $89.0 million
Commentary
The market delivered usual weaker seasonality over the third quarter, but our
larger average fleet size combined with improved underlying fundamentals and
cover in place continues to deliver stronger year on year performance.
Fundamentals remain sound although we see headwinds from the threat of recession
in key markets and high interest rates, with uncertainty on the pace of China's
economic recovery and ongoing geopolitical conflicts. Demand for LPG is expected
to remain firm over the winter months. We will continue to fine-tune our fleet
composition, to deliver profitable growth and maximise returns.
Please refer to the attached announcement for further details.
BW Epic Kosan Ltd.
ir@bwek.com
www.bwek.com