OSLO / SINGAPORE, 18 August 2023 - BW Epic Kosan Ltd. (ticker "BWEK", "BW Epic
Kosan" or the "Company") and its subsidiaries (the "Group") today announced its
unaudited financial and operating results for the second quarter ended 30 June
2023. All amounts reported in US dollars unless otherwise stated.

Q2 2023 and H1 2023 highlights 
- Q2 2023 Net profit of $11.4 million.
- EBITDA of $34.6 million.
- ROE 9.2% / ROCE 7.6%. 
- Cash of $85.3 million. 
- H1 2023 cash dividend of $0.073327 per share amounting to $11.7 million.

Charles Maltby, Chief Executive Officer of BW Epic Kosan, commented:

"Market strength combined with an increase in average vessel capacity and
effective cost management has helped us deliver an improved second quarter net
profit of $11.4 million, with higher forward cover providing some protection
from the weaker summer seasonality. 

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 second quarter increase by 17.2%
year on year (yoy) to $13,154 per day (+$1,927 per day). Our underlying
operational expenses (OPEX) costs reduced by 6.1% yoy to $5,115 per day (-$331
per day) mostly due to the end of Covid-related costs. Our G&A on a per day
basis increased primarily due to our reducing fleet calendar days.

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, whilst improving our emissions profile. 
We ended the quarter with 63 vessels in the fleet. During the quarter we
continued to exercise on our fleet strategy, resulting in the sale of one more
non-core vessel, in part facilitated by improving demand for second-hand
vessels, resulting in our average vessel size being over 8% larger year on year.
Our year-on-year emissions have reduced by 3.4% with an AER of 23.32g of
CO2/dwt-tm as we continue to invest in carbon emission reduction, especially
during routine dry docking, in areas such as silicon paints and other energy
saving initiatives. 

In line with the Company's dividend policy to target a twice-yearly payment of
50% of net profit, our Board has declared a cash dividend of $0.073327 per share
amounting to $11.7 million, payable on or about 5 September 2023 to shareholders
on record as of 31 August 2023.

The stronger market and our larger average fleet size mean we conclude the
second quarter with 54% cover at $13,324 per day, a year-on-year increase of
12.5% or $1,481 per day. We anticipate a 4.1% growth in LPG seaborne trade over
2023, with smaller gas vessel fleet growth forecast at 1.8% before any further
scrapping, which should result in further positive earnings momentum over the
medium term. The market has eased downwards in the third quarter due to seasonal
summer weakness, but with our improved level of cover, we expect to maintain
better year-on-year earnings."


Conference Call and Slide Presentation

A live Zoom meeting to discuss these results is scheduled for 18 August 2023 at
08:00 AM (New York) / 02:00PM (Oslo) / 08:00PM (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 www.bwek.com

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

https://tinyurl.com/BWEKQ22023EP

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.


About BW Epic Kosan

BW Epic Kosan Ltd. owns and operates the world's largest fleet of gas carriers
providing seaborne services for the transportation of liquefied petroleum gas,
petrochemicals and other speciality gases. The Company controls a fleet of 62
vessels  that serve the international supply chains of leading oil majors and
commodity traders throughout Asia, Europe, Africa and the Americas. The Company
has significant commercial and technical capability across pressurised,
semi-refrigerated, refrigerated gas and petrochemical transportation, and aims
to deliver customers the best solution for their transportation needs, along
with leading service and operational standards. The Company is headquartered in
Singapore, with Copenhagen as a regional office alongside offices in Manila and
Tokyo. The Company's shares are listed and tradable on Euronext Growth Oslo
under the symbol "BWEK".


For more information please contact:
BW Epic Kosan Ltd.
Charles Maltby	
Chief Executive Officer	

Uta Urbaniak-Sage	
Chief Financial Officer	

Tel. +65 6230 7801
ir@bwek.com
www.bwek.com