BW LPG is a leading owner and operator of very large gas carriers (VLGCs) that transport liquefied petroleum gas by sea. The company operates a fleet of vessels and generates revenue through two main segments: Shipping, which earns fees from spot voyage contracts and time charter arrangements for vessel leasing, often coordinated through pool arrangements with other operators; and Product Services, which engages in LPG cargo trading, sourcing supply contracts and spot sales while hedging exposure to freight rate and price volatility through derivative instruments. The company's financial performance depends significantly on LPG freight rates, cargo volumes, and vessel utilization, with revenues subject to cyclical market conditions driven by seasonal demand, geopolitical factors, and supply-demand imbalances in global LPG markets.