zoom Owner and operator of very large gas carriers (VLGC) BW LPG has enjoyed very favorable market conditions in 2014.The company has reaped the fruits of exceptionally high charter rates with its 2014 time charter equivalent income reaching USD 539.2 million, 87% higher than 2013.2014 EBITDA for the year was USD 340 million in 2014, 150% higher than the USD 136.2 million achieved in 2013.BW LPG doubled its net profit in 2014 earning USD 255.7 million, up over 100% from USD 125.7 million from 2013.The company attributed improved profitability to the significant growth in export tonne miles, driving a sustained high charter rate environment and strong utilisation of the global LPG fleet.As a result, the company’s board has recommended total dividend payments of USD 1.91 for the full year 2014.“BW LPG has achieved excellent operational and financial outcomes in 2014, a year which has shown substantial growth and exceptional charter rates. Our leading VLGC position was enhanced by the acquisition of additional second-hand tonnage in 2013, enabling BW LPG to be the most important maritime contributor to exports of LPG from the United States. The recent acquisition of four VLGC newbuilding contracts on favorable terms highlights BW LPG’s ability to continue to grow its fleet cost-efficiently, for long-term value enhancement,” said the company’s CEO Nicholas Gleeson.BW LPG doubled its net profit in 2014 earning USD 255.7 millionWith respect to the market outlook, BW LPG anticipates continued growth in LPG transportation as a result of expanding LPG exports from shale gas and tight oil production in the United States.” Demand for LPG has been strong across the globe, with India, China and Indonesia the most significant growth markets, driving longer shipping distances. With this positive backdrop, BW LPG is benefiting from the significant fleet growth achieved in 2013 and from the addition of modern tonnage through an eight-vessel newbuilding program. The global VLGC fleet is growing rapidly in 2015 and 2016, which is likely to create a higher degree of market competitiveness in the future,” the shipowner said in its annual report.The company added that it has secured strong cash flow for 2015-18 through contracted employment with high quality counterparties.“A further 7 VLGC newbuildings are delivering into the fleet in 2015-16. This growth is supported by USD 400 million of new debt raised at competitive pricing of 1.7% over LIBOR. The company is thus well positioned to continue to deliver solid shareholder returns in the years to come,”Gleeson concluded.