BW LPG provides update on Q1 Product Services segment performance

BW LPG (BWLP) provided an update on its Product Services’ Q1 segment performance. For the quarter ended March 31, BW Product Services achieved a realized gain of $33M from its cargo and freight operations. After accounting for the unrealized mark-to-market change of negative $36M from its open cargo contracts and hedging transactions, it ended the quarter with a gross trading result of approximately minus $3M. After general and administrative expenses and income taxes, BW Product Services reported an estimated result of approximately minus $12M for the quarter. The average value-at-risk for the quarter was approximately $5M. BW LPG will release its Q1 financial report on May 20.