Oslo more than approved the Q4 report, sending the stock up by ~3%. We believe however that focus should be directed towards the Middle East situation where we could see volumes locked in for a period of time. While we deem a long-lasting period of “stuck” volumes to be unlikely, we downgrade BW LPG as the stock seems fairly priced, while estimates are kept more or less unchanged after today's report. This leaves the stock trading at a P/E of 8.5x this year (9% yield) on our estimates, which is ....
