BW LPG saw a drop in its full-year profit after tax to USD 23.6 million in 2016 from USD 326.138 million posted in 2015.
Net revenue decreased to USD 407 million in 2016 from a net revenue of USD 626.5 million seen in 2015.
The decline in the firm’s net revenue was attributed to voyage expenses losses.
Very large gas carrier (VLGC) time charter equivalent (TCE) daily earnings stood at USD 27,100, while liquefied gas carrier (LGC) TCE earnings amounted to USD 23,400.
In addition, the gas carrier owner recorded a contract coverage of 50%.
In its outlook for 2017, BW LPG expects VLGC contract coverage to be 24%-31%, depending on contracts of affreightment (CoA) uptake.