BWLPG will report Q3 figures before market open on Tuesday 16 November. We expect BWLPG to report an average achieved TCE rate of USD ~30.8k/d, leaving us ~7% below consensus on EBITDA. The VLGC market has improved significantly over the past weeks; US production and exports have remained healthy, the ARB is wide open, and activity in the AG is slowly picking up. We reiterate Buy ahead of what looks to be shaping up like a strong winter market.
