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World's largest owner-operator of LPG gas carriers, shipping liquefied petroleum gas from exporters to importers globally.
World's largest owner-operator of LPG gas carriers, shipping liquefied petroleum gas from exporters to importers globally.
Hires out its very large gas carriers mostly to LPG producers and traders, spot or on time charters, so earnings swing sharply with freight rates. A product-trading arm adds margin from buying and selling cargoes. BW Group, a Singapore-based shipping group of the Sohmen family, is the largest shareholder.
In one line: World's largest owner/operator of LPG gas carriers.
Moat: narrow (scale, installed base). Largest VLGC fleet with scale advantages in a specialized, capital-intensive shipping niche.
Headquarters: Singapore · Founded: 2013 · Employees: 1,444
Size BW LPG (BWLPG.OL) is a Norway Energy company (Marine Shipping) with a market value of $3.31B, the 28th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 203.60 on 6 Nov 2026.
Performance Over six months the shares gained 6.5%, against +6.8% for the median peer and +2.7% for the Norway market (cap-weighted) — 9th lowest of 18 in its peer set.
Growth Revenue fell 9.4% over the last twelve months (peer median +29.1%); the operating margin is 15.4% (peer median 41.1%).
Valuation It trades at 4.5× forward earnings against a peer median of 5.5× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +37%, so the hurdle is -44 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.3 points above its cost of capital (8.7% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 34.6B | NOK 37.2B | NOK 38.3B | NOK 31.2B | NOK 15.0B |
| Revenue growth | — | -3% | +23% | +108% | — |
| Gross profit | NOK 7.72B | NOK 5.37B | NOK 6.31B | NOK 7.11B | NOK 3.93B |
| EBITDA | NOK 7.82B | NOK 5.76B | NOK 6.58B | NOK 7.41B | NOK 3.91B |
| Net income | NOK 4.36B | NOK 2.52B | NOK 3.81B | NOK 4.97B | NOK 2.19B |
| Free cash flow | NOK 5.86B | NOK 3.57B | NOK 1.57B | NOK 4.04B | NOK 4.18B |
| Capital expenditure | NOK 452M | NOK 1.89B | NOK 6.48B | NOK 1.23B | NOK 445M |
| Total debt | NOK 9.23B | NOK 9.99B | NOK 13.3B | NOK 5.79B | NOK 6.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BW LPG BWLPG.OL | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% |
| Dorian LPG LPG | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% |
| StealthGas GASS | n/a | -20% | n/a | n/a | n/a | n/a |
| Navigator NVGS | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% |
| Mitsui O.s.k. Lines 9104.T | $15.0B | +10% | +20% | 6% | 7.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BWLPG.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.8% | -17.7% | 9th lowest of 18 |
| 6-month return | +6.5% | +6.8% | 9th lowest of 18 |
| Distance from 52-week high | -20.2% | -22.0% | 4th highest of 18 |
| Revenue growth (TTM) | -9.4% | +29.1% | lowest of 18 |
| Operating margin | 15.4% | 41.1% | lowest of 18 |
| Forward P/E | 4.5× | 5.5× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -7.1% | -6.3% | 6th least demanding of 13 |
| Growth delivered (Del g) | +37.2% | +11.2% | highest of 13 |
| Hurdle (Req g minus delivered) | -44.3 pp | -18.5 pp | least demanding of 13 |
| ROIC minus cost of capital | +6.3 pp | +7.7 pp | 9th lowest of 18 |
| EV / EBITDA | 4.9× | 7.0× | 4th cheapest of 17 |
| Net debt / EBITDA | 0.8× | 0.9× | 8th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BW LPG BWLPG.OL | Norway | $3.31B | +7% | -9% | 15% | 4.5× | -7.1% | +37.2% |
| DHT DHT | United States | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% | -6.4% |
| Okeanis Eco Tankers ECO | United States | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% | +6.7% |
| Tidewater TDW | United States | $3.49B | -14% | -1% | 18% | 13.3× | 1.2% | +27.8% |
| Teekay Tankers TNK | United States | $2.97B | +3% | +19% | 39% | 3.5× | n/a | n/a |
| TORM TRMD-A.CO | Denmark | $3.87B | +8% | +41% | 41% | 3.5× | -17.3% | +12.7% |
| Scorpio Tankers STNG | United States | $4.13B | -4% | +39% | 49% | 5.6× | n/a | n/a |
| Cmb.tech CMBT | United States | $4.83B | +12% | +92% | 30% | 7.2× | n/a | n/a |
| Hafnia HAFNI.OL | Norway | $4.98B | +7% | +3% | 20% | 5.7× | -5.9% | +23.6% |
| International Seaways INSW | United States | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% | +14.9% |
| Dorian LPG LPG | United States | $1.99B | +16% | +81% | 52% | 5.4× | -6.7% | +8.8% |
| SFL SFL | United States | $1.65B | -9% | -4% | 28% | 11.2× | 5.2% | +9.2% |
| Nordic American Tankers NAT | United States | $1.41B | +13% | +29% | 29% | 7.7× | -3.4% | -3.8% |
| FLEX LNG FLNG | United States | $1.38B | -20% | +1% | 49% | 11.5× | -0.5% | +16.1% |
| Tsakos Energy Navigation TEN | United States | $1.32B | +2% | +23% | 38% | 3.5× | n/a | n/a |
| Navigator NVGS | United States | $1.21B | -14% | +7% | 25% | 11.0× | -2.2% | +12.0% |
| Teekay TK | United States | $1.11B | -10% | +16% | 48% | n/a | n/a | n/a |
| Frontline FRO | United States | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% | +10.3% |