OSLO / SINGAPORE, 29 November 2022 - BW Epic Kosan Ltd. (ticker 'BWEK', 'BW Epic
Kosan' or the 'Company') today announced its unaudited financial and operating
results for the third quarter ended September 30, 2022. All amounts reported in
US Dollars unless otherwise stated.

The Company started to prepare consolidated financial statements in accordance
with International Financial Reporting Standards ('IFRS') with effect from 1
January 2022. All prior period information is adjusted accordingly.

Q3 2022 highlights

o	Q3 2022 Net profit of $9.0 million (YTD $21.2 million)
o	EBITDA of $31.7 million (YTD 91.5 million)
o	ROE 7.5% (YTD 6.0%) / ROCE 6.2% (YTD 5.2%)
o	Cash of $58.5 million

Charles Maltby, Chief Executive Officer of BW Epic Kosan, commented:
"Our improving revenue and TCE are driven by a tighter market and, when combined
with lower operating costs, we have delivered a third quarter net profit of $9
million, up 105% year on year.

In line with our strategy to focus on larger and younger tonnage and with the
benefit of stronger markets for such assets, we have sold an additional older
vessel during the quarter, whilst also taking delivery of a larger newbuild
vessel under charter with purchase options. We ended the period with 72 vessels
in our fleet. Our strategy remains to focus on the LPG, petrochemicals, and
speciality gases sector, grow the average size of our fleet and maintain an
attractive average age. 

Our fleet mix, which includes pressurised, semi-refrigerated and ethylene
capable vessels, combined with an improving underlying market, saw our time
charter earnings (TCE) per calendar day for the third quarter increase by 2.4%
year on year to $11,619 per day (+$273 per day). 

Our underlying operational expenses (OPEX) costs decreased by 4.1%, to $4,964
(-$213 per day) reflecting both a reduction in Covid-19-related expenses and
some combination synergies, albeit offset by global inflationary pressures. Our
G&A reduced on account of economies of scale and positive exchange rates, with
the third quarter down by 4.6% year on year.

Our year-to-date emissions have increased by 6.3% with an AER of 24.16g of
CO2/dwt-tm because of increased utilisation and consequential fuel consumption,
partially offset by investments in carbon emission reduction, such as silicone
paints and other energy saving initiatives. 

Positive earnings momentum should continue as we head into winter seasonality,
driven by increasing supply of LPG, domestic demand in Europe and a tighter
market for larger vessels. We anticipate 3.5% growth in LPG seaborne trade over
2022, whilst smaller gas vessel fleet growth forecasts are 2.2% before any
scrapping. We note the ongoing higher global commodity prices and energy cost,
alongside inflationary pressures, have a negative impact on developing
economies, and petrochemical producers in some markets. However, the underlying
positive fundamentals, and flexibility of our vessels provide potential for
improved fleet utilisation and earnings."

Conference call and slide presentation

A live Zoom meeting to discuss these results is scheduled for 29 November 2022
at 08:00 AM (New York) / 02:00PM (Oslo) / 09:00PM (Singapore).

A slide presentation will be shared during the Zoom meeting and will be
accessible on the Investor Relation page of the Company's website. 

Please register in advance for this webinar via the following link: 

https://us06web.zoom.us/webinar/register/WN_4LXnmpZJSWKs9yoiHYzYKg

After registering, you will receive a confirmation email containing information
about joining the webinar.

A replay will be available shortly after the conclusion of the live event on the
Investor Relations page of the Company's website.

Please refer to the attached earnings release and presentation for further
details.

BW Epic Kosan Ltd.
ir@bwek.com
www.bwek.com