Singapore, 20 May 2025

Highlights and Subsequent Events - Q1 2025

o	Robust TCE Performance: The Company reported Time Charter Equivalent (TCE)
income for Q1 2025, averaging US$39,800 per available day and US$38,800 per
calendar day.
o	Dividend Declared: A cash dividend of US$0.28 per share was declared for Q1
2025, representing 75% of Shipping net profit after tax (NPAT) for the quarter.
This underscores the Company's continued commitment to shareholder returns.
o	Strategic Financing Activities:
o	Successfully completed a US$65 million JOLCO (Japanese Operating Lease with
Call Option) financing for one vessel on 28 February 2025.
o	Currently in the final stages of securing approximately US$380 million in bank
financing
Both transactions on competitive terms.
o	Vessel Sale Agreement: The Company has agreed to sell BW Chinook and BW
Pampero to BW India at a price of approximately US$75 million per vessel.
Delivery of the vessels is expected in Q3 2025.
o	Share Buyback Execution: The Company initiated a share buyback program between
8 to 17 April 2025, purchasing 316,437 ordinary shares at an average price of
US$8.63 per share, reflecting confidence in the long-term value of the business.
o	Fleet Coverage and Hedging: For the 2025 calendar year, 28% of available days
are secured through fixed rate time charter-out contracts at US$45,000 per day,
with an additional 2% hedged via Forward Freight Agreements (FFAs) at US$50,600
per day.

Financial Performance

BW LPG Limited ("BW LPG", the "Company", NYSE ticker code: "BWLP", OSE ticker
code: "BWLPG.OL") reported a Q1 2025 Net Profit After Tax (NPAT) of US$67
million, yielding an annualised return on equity of 14%. The Q1 profit
attributable to the equity holders of the company was US$46 million, and
earnings per share were US$0.30.
 
The Company reported ample liquidity of $633M.

The net leverage ratio declined slightly, from 32.7% as of 31 December 2024 to
31.2% as of 31 March 2025, primarily driven by an increase in cash balances
(excluding restricted cash held with brokers) and decreased lease liabilities.

The Board has declared a cash dividend of US$0.28 per share, representing a 75%
payout ratio from Shipping NPAT. The Q1 dividend represents an annualised
dividend yield of 10%. 

Commercial Performance Shipping

Q1 VLGC freight rates averaged US$39,800 per available day and US$38,800 per
calendar day, with 96% fleet utilisation. Time Charter Equivalent (TCE) income
was US$158.7 million for the quarter, with our India subsidiary contributing a
stable TCE income of US$31.7 million for the quarter.

Over the last months, the chartering team has concluded several time charters
with commencement through 2025. For the calendar year 2025, we currently have
28% of fleet exposure covered by fixed rate time charter out at US$45,000 per
day, and 2% covered by FFA hedges at US$50,600 per day.

Product Services

Product Services continued to post strong realised gains from delivered cargos
of US$33 million for Q1 2025, reflecting effective execution and strong market
engagement. On the unrealised open positions, we reported a negative change in
mark-to-market valuation of US$36 million on our cargo and paper positions,
which resulted in Product Services reporting a gross trading loss position of
US$4 million.

After accounting for other expenses which comprise mainly of payroll and
administrative costs, Product Services reported a net loss after tax of US$12.5
million for Q1 2025.

Corporate Update

The Company completed a JOLCO financing covering one vessel and released US$65
million on 28 February 2025