BW LPG is the world's largest owner and operator of Very Large Gas Carriers (VLGCs), the biggest class of LPG tanker. The company's core business is transporting LPG — primarily propane and butane — on long ocean routes from export hubs in the US Gulf and Middle East to buyers in Asia. BW LPG operates two segments: Shipping and Product Services. The Shipping segment deploys a fleet of 54 vessels through a mix of spot voyages and fixed-rate time charters, earning revenue on a per-voyage or daily-rate basis. Profitability is driven by the Time Charter Equivalent rate earned per vessel relative to BW LPG's cash breakeven of ~$23,400/day. BW LPG aggregates most of its fleet into a commercially managed pool, which optimizes scheduling and improves utilization. Through its ~52%-owned India subsidiary, BW LPG operates 8 Indian-flagged VLGCs under medium-term time charters to Indian state-owned oil companies, providing stable cash flows. The Product Services segment purchases LPG — primarily from North America — and sells it directly to industrial and petrochemical customers in Asia and elsewhere, capturing arbitrage between sourcing and delivery markets. Product Services is large in revenue terms but generates margins through trading, not commodity volume. BW LPG targets at least 40% fixed-rate fleet coverage to reduce rate volatility, and returns at least 75% of shipping net profit to shareholders quarterly.