(Singapore, 30 May 2024) 

Highlights and Subsequent Events
- Strong quarterly performance with daily TCE of USD 61,500 per available day
and USD 59,400 per calendar day.
- Generated NPAT of USD 150 million or earnings per share of USD 1.07. Declared
a Q1 cash dividend of USD 1.00 per share which represents 106% of earnings from
the shipping activity and 93% of total earnings in the quarter.
- For the second quarter of 2024, we have fixed 84% at an average rate of ~USD
49,000 per available day
- BW Product Services generated a net accounting profit of USD 21 million in Q1
after adjusting for G&A and tax provisions. 
- BW Product Services is pleased to announce a multi-year cargo contract with
Enterprise Product Partners, with optionality to double the current cargo volume
in the US Gulf. This will significantly improve the combined shipping and cargo
trading flexibility.
- Delivered one VLGC to new owners for further trading in February 2024,
generating USD 65 million in proceeds.
- BW LPG successfully listed on the New York Stock Exchange (NYSE) on 29 April
2024. 

Financial Performance
BW LPG Limited ("BW LPG", the "Company", NYSE ticker code: "BWLP", OSE ticker
code: "BWLPG.OL") reported a Q1 2024 Net Profit After Tax (NPAT) of USD 150
million, yielding an annualised return on equity of 37% with USD 468.5 million
free cash flow generated. The Q1 operating profit was USD 157.8 million, and
earnings per share was USD 1.07. 

The net leverage ratio was at an all-time low at 7% in Q1 with available
liquidity at USD 661 million at the end of the quarter. On the back of another
strong quarter, the Board has declared a cash dividend of USD 1.00 per share, or
a total dividend of USD 132 million. This represents a 93% earnings payout ratio
and an annualised dividend yield of 22%.

Commercial Performance
Shipping - Q1 VLGC freight rates averaged USD 61,500 per available day or USD
59,400 per calendar day, with 95% fleet utilisation. Time Charter Equivalent
(TCE) income was USD 186.5 million for the quarter, and our India subsidiary
contributed a stable TCE income of USD 10 million for Q1.

BW LPG delivered BW Princess (2008-built, Hyundai Heavy Industries, Korea) in
February 2024 to new owners for further trading. Her sale generated USD 65
million in proceeds and a net book gain of USD 20 million.

Product Services - Product Services reported a USD 33 million gross profit for
Q1. After considering other expenses, comprising mainly of G&A and income tax
expenses, Product Services reported a net profit after tax of USD 21 million for
the quarter. 

Corporate Update
BW LPG successfully listed on the New York Stock Exchange (NYSE) on 29 April
2024, while maintaining the current listing on the Oslo Stock Exchange (OSE).
The Company thanks all stakeholders and shareholders for their support and looks
forward to increasing the presence in the largest capital market in the world. 

The Company is in the process of redomiciling from Bermuda to Singapore. A
Scheme Meeting will be held in Bermuda on 12 June. More information is available
in the press release dated 21 May 2024 "BW LPG Limited - Notice of Scheme
meeting regarding redomiciling to Singapore". 

Market Outlook
At the start of 2024, VLGC spot rates for the US/Far East route soared to nearly
$140,000/day. 

However, as in previous years during January and February, a cold snap in the US
increased domestic demand for LPG and temporarily reduced production, leading to
a significant rise in US LPG prices. Concurrently, demand in the Far East
declined resulting in falling LPG prices in Asia. Following a decrease in fixing
activity and a rapid collapse of the US/Far East LPG price arbitrage during
January and early February, spot rates fell by approximately 90% during that
period.

After spot rates bottomed out around OPEX levels in early February, the market
experienced a significant recovery, driven by recalibrated product prices and
strong US LPG export growth. The EIA reports that YTD average net propane
exports from the US have increased by 14% compared to the same period in 2023.
The demand side also picked up, and China's imports of LPG delivered on VLGCs
grew by 6% in the first quarter of 2024 compared to the same period last year.
By the end of May, spot rates reached the high $60,000s/day.

The futures market reflects continued strength in spot earnings, trading in the
low to mid $60,000s/day for the remainder of 2024. 

Transit restrictions in the Panama Canal changed more rapidly than anticipated
in January, allowing more VLGCs to transit through the Canal. By the end of the
first quarter, the number of daily slots had normalized to levels seen in the
summer of 2023. However, we anticipate that congestion may occur from time to
time, depending on usage by container and LNG vessels, and the canal's water
level.

At the beginning of 2024, the global VLGC fleet stood at 378 vessels. Since
then, 16 VLGCs have been added, bringing the current fleet to 394. Over the next
18 months, we observe a sharply abating number of newbuildings for delivery,
with six additional VLGCs to be added for the remainder of 2024 and 13 scheduled
for delivery in 2025. 

Q1 2024 Earnings Presentation and Interim Financial Report
Please see the attachments for the Q1 2024 Earnings Presentation and Interim
Financial Report.

- BW LPG Q1 2024 Earnings Presentation
- BW LPG Q1 2024 Interim Financial Report

BW LPG will present its financial results at 13:00hrs CET today. The
presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu (CFO).

With reference to the press release dated 16 May 2024, please note the change in
dial-in details for the Presentation. The Presentation will be held live via
Zoom. Please register at the link below:

https://bit.ly/BWLPGQ12024EP

A presentation recording will also be available after the event on the Company's
website at: https://www.investor.bwlpg.com. 

For further information, please contact:

Kristian Sørensen, CEO
Samantha Xu, CFO
E-mail: investor.relations@bwlpg.com


About BW LPG
BW LPG is the world's leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over
3 million CBM. With five decades of operating experience in LPG shipping,
experienced employees and an in-house LPG trading division, BW LPG offers an
integrated, flexible, and reliable service to customers. More information about
BW LPG can be found at https://www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved
in shipping, floating infrastructure, deepwater oil & gas production, and new
sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of
over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and
LPG ships constituting the largest gas fleet in the world. In the renewables
space, the group has investments in solar, wind, batteries, biofuels and water
treatment.

This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.